Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 22

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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,034)$5,775 $691,204 

The accompanying notes are an integral part of these condensed consolidated financial statements

6

GLADSTONE LAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 For the Nine Months Ended September 30, 20252024CASH FLOWS FROM OPERATING ACTIVITIES:Net income$9,317 $12,750 Adjustments to reconcile net income to net cash (used in) provided by operating activities:Depreciation and amortization25,198 26,407 Impairment charge316 2,106 Amortization of debt issuance costs801 687 Amortization of deferred rent assets and liabilities, net9,075 (134)Amortization of right-of-use assets from operating leases and operating lease liabilities, net74 69 Loss from investments in unconsolidated entities128 143 Bad debt expense106 292 Gain on dispositions of real estate assets, net(16,323)(6,641)Property and casualty (recovery) loss, net(137)284 Changes in operating assets and liabilities:Investments in water assets (909)(2,663)Other assets, net(12,776)(6,810)Accounts payable and accrued expenses(12,574)(4,155)Due to related parties, net(279)(1,069)Other liabilities, net(5,637)(3,300)Net cash (used in) provided by operating activities(3,620)17,966 CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures on existing real estate assets(6,063)(3,958)Proceeds from dispositions of real estate assets, net82,465 63,997 Net cash provided by investing activities76,402 60,039 CASH FLOWS FROM FINANCING ACTIVITIES:Repayments of lines of credit(3,400)— Borrowings from notes and bonds payable10,600 — Repayments of notes and bonds payable(54,705)(43,767)Payments of financing fees(114)(23)Proceeds from issuance of preferred and common equity1,140 393 Offering costs(20)(58)Redemptions of cumulative redeemable preferred stock (31)(6,631)Dividends paid on cumulative redeemable preferred