Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 181

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 181
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-level expenses.

Cash provided by operating activities decreased primarily due to the disposition of a large farm in Florida in January 2025 and a reduction in cash received from fixed lease payments, primarily attributable to the execution of certain lease agreements, pursuant to which we agreed to reduce or eliminate the fixed base rent amounts or, in certain instances, provided 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 fourth quarter of 2025 or later.  This decrease was partially offset by an increase in cash payments received for participation rents, as well as decreases in cash payments made for the acquisition of water assets, related-party fees, and interest payments made.  

Investing Activities

The change in cash from investing activities was primarily due to additional capital expenditures spent on certain of our farms during the current year, as well as slightly less proceeds received from property sales during the current year.  During the six months ended June 30, 2025, we sold five farms in Florida and two farms in Nebraska for aggregate net proceeds (after closing costs) of approximately $62.0 million.  During the six months ended June 30, 2024, we sold one farm in Florida for aggregate net proceeds (after closing costs) of approximately $64.0 million.

Financing Activities

The change in cash from financing activities was primarily due to an increase in aggregate debt repayments of approximately $6.4 million, partially offset by a decrease in cash paid for redemptions of certain preferred securities of approximately $2.9 million.

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 $35.6 million outstanding on the term notes.  While $214.2 million of the full commitment amount under the MetLife Facility remains undrawn, based on the level of collateral pledged, we currently have approximately $110.6 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,