Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 179

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 179
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 as follows (dollars in thousands):PeriodFuture Lease Payments(1)For the fiscal years ending December 31:2025$62 202662 202762 202862 202962 Thereafter569 Total undiscounted lease payments879 Less:  imputed interest(381)Present value of lease payments$498 (1)Certain annual lease payments are set at the beginning of each year to then-current market rates (as determined by the lessor).  The amounts shown above represent estimated amounts based on the lease rates currently in place.As a result of these ground leases, we recorded lease expense (included within Property operating expenses on the accompanying Consolidated Statement of Operations and Comprehensive Income) of approximately $105,000, $103,000, and $92,000 during the years ended December 31, 2024, 2023, and 2022, respectively.LitigationIn the ordinary course of business incidental to our business, we may be involved in various legal proceedings from time to time which we may not consider material.  We are not currently subject to any known material litigation known or, to our knowledge, threatened litigation.

NOTE 8.  EQUITY

Amendment to Articles of Incorporation and Operating Partnership AgreementOn November 9, 2022, we amended our articles of incorporation (i) reclassifying and designating 15,551,347 authorized but unissued shares of our Series C Preferred Stock and 1,185,000 authorized but unissued shares of our Series D Term Preferred Stock as shares of common stock, (ii) setting forth the rights, preferences, and terms of the Series E Preferred Stock, and (iii) reclassifying and designating 16,000,000 shares of our authorized and unissued shares of common stock as shares of Series E Term Preferred Stock.  In connection with the authorization of the Series E Preferred Stock, we amended our Operating Partnership agreement to provide for the establishment and issuance of an equal number of 5.00% Series E Cumulative Redeemable Preferred Units (the “Series E Preferred OP Units”) as are issued shares of the Series E Preferred Stock by the Company.  Generally, the Series E Preferred OP Units have preferences, distribution rights, and other provisions substantially equivalent to those of the Series E Preferred Stock.Registration StatementOn March 28, 2023, we filed a universal registration statement on Form S-3, as amended (File No. 333-270901), with the