Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 89

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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Stated InterestRates(1)(Range; Wtd Avg)Maturity Dates(Range; Wtd Avg)Variable-rate revolving lines of credit$200 $3,600 6.31%12/15/2033Notes and bonds payable:Fixed-rate notes payable$467,938 $493,363 2.45%–6.97%; 3.70%4/14/2025–7/1/2051; December 2032Fixed-rate bonds payable32,826 32,946 3.13%–4.57%; 3.85%7/24/2025–12/30/2030; Jan 2028Total notes and bonds payable500,764 526,309 Debt issuance costs – notes and bonds payable(2,133)(2,387)N/AN/ANotes and bonds payable, net$498,631 $523,922 Total borrowings, net$498,831 $527,522 (1)Where applicable, stated interest rates are before interest patronage (as described below).As of March 31, 2025, the above borrowings were collateralized by certain of our farms with an aggregate net book value of approximately $1.0 billion.  The weighted-average stated interest rate charged on the above borrowings (excluding the impact of debt issuance costs and before any interest patronage, or refunded interest) was 3.79% for the three months ended March 31, 2025, as compared to 3.81% for the three months ended March 31, 2024.  In addition, 2024 interest patronage from our Farm Credit Notes Payable (as defined below) resulted in a 21.9% reduction (approximately 101 basis points) to the stated interest rates on such borrowings.  See below under “—Farm Credit Notes Payable—Interest Patronage” for further discussion on interest patronage.As of March 31, 2025, we were in compliance with all covenants applicable to the above borrowings.MetLife FacilityAs amended, our credit facility with Metropolitan Life Insurance Company (“MetLife”) consists of $75.0 million of revolving equity lines of credit (the “MetLife Lines of Credit”), a $75.0 million long-term note payable (the “2020 MetLife Term Note”), and a $100.0 million long-term note payable (the “2022