Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 13

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 per share liquidation preference; 15,997,600 shares authorized, 251,636 shares issued and outstanding as of March 31, 2025; 15,998,400 shares authorized, 252,436 shares issued and outstanding as of December 31, 2024— — Common stock, $0.001 par value; 48,360,720 shares authorized, 36,184,658 shares issued and outstanding as of March 31, 2025; 48,359,920 shares authorized, 36,184,658 shares issued and outstanding as of December 31, 202436 36 Additional paid-in capital854,037 854,059 Distributions in excess of accumulated earnings(170,525)(174,561)Accumulated other comprehensive income6,314 7,632 Total stockholders’ equity689,878 687,182 Non-controlling interests in Operating Partnership— — Total Equity689,878 687,182 TOTAL LIABILITIES AND EQUITY$1,281,736 $1,312,195 

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

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Table of Contents

GLADSTONE LAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

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

(Unaudited)

 For the Three Months Ended March 31, 20252024OPERATING REVENUES:Lease revenue, net$16,803 $19,826 Other operating revenue1 426 Total operating revenues16,804 20,252 OPERATING EXPENSES:Depreciation and amortization8,429 8,789 Property operating expenses1,128 877 Base management fee2,058 2,156 Capital gains fee188 — Administration fee642 603 General and administrative expenses682 566 Total operating expenses, net of credits to fees13,127 12,991 OTHER INCOME (EXPENSE):Other income1,952 2,428 Interest expense(5,177)(5,555)Dividends declared on cumulative term preferred stock(755)(755)Gain on dispositions of real estate assets, net15,410 10,273 Property and casualty recovery, net137 — Loss from investments in unconsolidated entities(136)(85