Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 140

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 140
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 expenses and Due to related parties, net802 441 2,657 Tenant-funded improvements included within Real estate, at cost— 25 284 Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net4 11 108 Financing fees included in Accounts payable and accrued expenses and Due to related parties, net— 7 42 Dividends paid on Series C Preferred Stock via additional share issuances— 320 788 

(1)    Includes distributions made on our cumulative term preferred stock

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

70

GLADSTONE LAND CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

References to the number of farms/properties, acreage, and primary crops use are unaudited.

NOTE 1.  BUSINESS AND ORGANIZATION

BusinessGladstone Land Corporation (“we,” “us,” or the “Company”) is an agricultural real estate investment trust (“REIT”) that was re-incorporated in Maryland on March 24, 2011, having been originally incorporated in California on June 14, 1997.  We are primarily in the business of owning and leasing farmland.  Subject to certain restrictions and limitations, and pursuant to contractual agreements, our business is managed by Gladstone Management Corporation (the “Adviser”), a Delaware corporation, and administrative services are provided to us by Gladstone Administration, LLC (the “Administrator”), a Delaware limited liability company.  Our Adviser and Administrator are both affiliates of ours (see Note 6, “Related-Party Transactions,” for additional discussion regarding our Adviser and Administrator).OrganizationWe conduct substantially all of our operations through a subsidiary, Gladstone Land Limited Partnership (the “Operating Partnership”), a Delaware limited partnership.  As we currently control the sole general partner of the Operating Partnership and own, directly or indirectly, a majority of the common units of limited partnership interest in the Operating Partnership (“OP Units”), the financial position and results of operations of the Operating Partnership are consolidated within our financial statements.  As of each of December 31, 2024, 2023, and 2022, the Company owned approximately 100.0% of the outstanding OP Units (see Note 8, “Equity,” for additional discussion regarding OP Units).Gladstone Land Partners, LLC (“Land Partners”), a Delaware limited liability company and a subsidiary of ours,