Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 183

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 183
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 17, 2025.  Under the Repurchase Program, repurchases are intended to be implemented through open market transactions on U.S. exchanges and/or in privately-negotiated transactions facilitated by a third-party broker acting as agent for us in accordance with applicable securities laws.  Any repurchases will be made during applicable trading window periods or pursuant to applicable Rule 10b5-1 trading plans.The following table summarizes repurchase activity under the Repurchase Program during the year ended December 31, 2024 (dollars in thousands, except per-share amounts):For the year ended December 31, 2024Series B Preferred Stock:Number of shares repurchased115,176 Gross repurchase price(1)$2,429 Weighted-average repurchase price per share$21.09 Gain on repurchase(2)$133 Series C Preferred Stock:Number of shares repurchased201,646 Gross repurchase price(1)$4,201 Weighted-average repurchase price per share$20.83 Gain on repurchase(2)$372 (1)Inclusive of broker commissions.(2)The gain on the repurchase of cumulative redeemable preferred stock is included within Gain (loss) on extinguishment of cumulative redeemable preferred stock, net on our accompanying Consolidated Statements of Operations and Comprehensive Income.Non-Controlling Interests in Operating PartnershipWe consolidate our Operating Partnership, which is a majority-owned partnership.  As of each of December 31, 2024, 2023, and 2022, we owned 100.0%, of the outstanding OP Units, and there were no OP Units held by non-controlling OP Unitholders.  On or after 12 months after becoming a holder of OP Units, each non-controlling OP Unitholder has the right, subject to the terms and conditions set forth in the partnership agreement of the Operating Partnership, to require the Operating Partnership to redeem all or a portion of such units in exchange for cash or, at the Company’s option, shares of our common stock on a one-for-one basis.  The cash redemption per OP Unit would be based on the market price of our common stock at the time of redemption.  A limited partner will not be entitled to exercise redemption rights if the delivery of common stock to the redeeming limited partner would breach restrictions on the ownership of common stock imposed under our charter and other limitations thereof.

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Regardless of the rights described above, the Operating Partnership will not have an obligation to issue