Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 124

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 124
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 NAV per common share to be $14.91.  A reconciliation of NAV to total equity, which we believe is the most directly-comparable GAAP measure, is provided below (dollars in thousands, except per-share data):

Total equity per balance sheet$687,182 Fair value adjustment for long-term assets:Less:  net cost basis of real estate holdings and related assets(1)$(1,259,591)Plus:  estimated fair value of real estate holdings and related assets(2)1,405,350 Net fair value adjustment for real estate holdings and related assets145,759 Fair value adjustment for long-term liabilities:Plus:  book value of aggregate long-term indebtedness(3)586,684 Less:  fair value of aggregate long-term indebtedness(3)(4)(545,820)Net fair value adjustment for long-term indebtedness40,864 Estimated NAV$873,805 Less:  aggregate fair value of cumulative redeemable preferred stock(5)(334,451)Estimated NAV available to common stockholders and non-controlling OP Unitholders$539,354 Total common shares and non-controlling OP Units outstanding36,184,658 Estimated NAV per common share and OP Unit$14.91 

(1)Per Net Cost Basis as presented in the table above.

(2)Per Current Fair Value as presented in the table above.

(3)Includes the principal balances outstanding of all long-term borrowings (consisting of notes and bonds payable) and the Series D Term Preferred Stock.

(4)Long-term notes and bonds payable were valued using a discounted cash flow model.  The Series D Term Preferred Stock was valued based on its closing stock price as of December 31, 2024.

(5)The Series B Preferred Stock and Series C Preferred Stock were valued based on their respective closing stock prices as of December 31, 2024, while the Series E Preferred Stock was valued at its liquidation value, as discussed above.

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A quarterly rollforward in the estimated NAV per common share and OP Unit for the three months ended December 31, 2024, is provided below:

Estimated NAV per common share and non-controlling OP Unit as of September 30, 2024$15.57 Less net loss attributable to common stockholders and non-controlling OP Unitholders(0.15)Adjustments for net change in valuations:Net change in unrealized fair value of farmland portfolio(