Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 12

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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ITEM 1. FINANCIAL STATEMENTS

GLADSTONE LAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share data)

(Unaudited)

March 31, 2025December 31, 2024ASSETSReal estate, at cost$1,326,588 $1,324,632 Less:  accumulated depreciation(176,046)(167,782)Total real estate, net1,150,542 1,156,850 Lease intangibles, net3,440 3,588 Real estate and related assets held for sale, net— 46,314 Cash and cash equivalents42,917 18,275 Other assets, net84,837 87,168 TOTAL ASSETS$1,281,736 $1,312,195 LIABILITIES AND EQUITYLIABILITIES:Borrowings under lines of credit$200 $3,600 Notes and bonds payable, net498,631 523,922 Series D cumulative term preferred stock, net, $0.001 par value, $25.00 per share liquidation preference; 3,600,000 shares authorized, 2,415,000 shares issued and outstanding as of March 31, 2025, and December 31, 202460,032 59,930 Accounts payable and accrued expenses15,710 18,404 Due to related parties, net3,349 2,972 Other liabilities, net13,936 16,185 Total Liabilities591,858 625,013 Commitments and contingencies (Note 7)EQUITY:Stockholders’ equity:Series B cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 6,340,889 shares authorized, 5,840,889 shares issued and outstanding as of March 31, 2025, and December 31, 20246 6 Series C cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 25,700,791 shares authorized, 9,954,863 shares issued and outstanding as of March 31, 2025, and December 31, 202410 10 Series E cumulative redeemable preferred stock, $0.001 par value, $25.00