Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 16

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 20245,956,065$6 10,156,509$10 247,181$— 35,838,442$36 $856,455 $(141,562)$8,374 $723,319 $— $723,319 

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

5

GLADSTONE LAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 For the Three Months Ended March 31, 20252024CASH FLOWS FROM OPERATING ACTIVITIES:Net income$15,108 $13,567 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization8,429 8,789 Amortization of debt issuance costs365 243 Amortization of deferred rent assets and liabilities, net3,253 492 Amortization of right-of-use assets from operating leases and operating lease liabilities, net24 23 Loss from investments in unconsolidated entities136 85 Bad debt expense38 12 Gain on dispositions of real estate assets, net(15,410)(10,273)Property and casualty recovery, net(137)— Changes in operating assets and liabilities:Other assets, net(1,265)(3,750)Accounts payable and accrued expenses and Due to related parties, net(3,597)(2,904)Other liabilities, net(2,477)(2,864)Net cash provided by operating activities4,467 3,420 CASH FLOWS FROM INVESTING ACTIVITIES:Capital expenditures on existing real estate assets(1,796)(1,478)Proceeds from dispositions of real estate assets, net62,012 63,997 Net cash provided by investing activities60,216 62,519 CASH FLOWS FROM FINANCING ACTIVITIES:Repayments of lines of credit(3,400)— Repayments of notes and bonds payable(25,546)(22,071)Payments of financing fees(7)(11)Proceeds from issuance of preferred and common equity— 284 Offering costs2 (40)Redemptions of cumulative redeemable preferred stock (18)— Dividends paid on cumulative redeemable preferred stock(6,002)(6,117)Distributions paid on common