Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 112

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 112
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 well as reduced fixed lease payments largely attributable to the execution of certain lease agreements in 2024, pursuant to which we agreed to reduce the fixed base rent amounts or, in certain instances, provide certain cash allowances to tenants in exchange for increasing the participation rent components in the leases, the results of which will not be known until the second half of 2025 or later.  This decrease was partially offset by an increase in cash payments received for participation rents and decreases in related-party fees and interest payments made.

Investing Activities

The change in cash from investing activities was primarily due to proceeds received from the sales of a 3,748-acre farm in Florida for approximately $65.7 million during the year ended December 31, 2024, which resulted in a net gain of approximately $10.4 million, and a decrease in the amount of cash paid for capital improvements on existing farms during the current year.

Financing Activities

The change in cash from financing activities was primarily due to a decrease in aggregate net proceeds received from preferred and common equity offerings of approximately $15.5 million and an increase in aggregate preferred stock repurchases of approximately $5.4 million, partially offset by a decrease in aggregate net borrowings of approximately $5.8 million.

53

Debt Capital

MetLife Facility

As amended, our credit facility with MetLife currently consists of $75.0 million of revolving equity lines of credit and an aggregate of $175.0 million of term notes (the “MetLife Facility”).  We currently have $200,000 outstanding under the lines of credit and approximately $36.3 million outstanding on the term notes.  While $213.5 million of the full commitment amount under the  MetLife Facility remains undrawn, based on the current level of collateral pledged, we currently have approximately $110.0 million of availability under the MetLife Facility.  The revolving equity lines of credit mature on December 15, 2033, and the draw period for both term notes expires on December 31, 2026, after which MetLife has no obligation to disburse any additional undrawn funds under the term notes.

Farmer Mac Facility

As amended, our agreement with Federal Agricultural Mortgage Corporation (“Farmer Mac”) currently provides for bond issuances up to an aggregate amount of $225.0 million (the “Farmer Mac Facility”) by December 31, 2026, after which Farmer Mac has no obligation to purchase additional bonds under this facility.