Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 16

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 16
---
ITEM 1. FINANCIAL STATEMENTS

GLADSTONE LAND CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share data)

(Unaudited)

September 30, 2025December 31, 2024ASSETSReal estate, at cost$1,311,339 $1,324,632 Less:  accumulated depreciation(190,214)(167,782)Total real estate, net1,121,125 1,156,850 Lease intangibles, net3,232 3,588 Real estate and related assets held for sale, net— 46,314 Cash and cash equivalents11,312 18,275 Investments in water assets41,530 40,230 Other assets, net48,579 46,938 TOTAL ASSETS$1,225,778 $1,312,195 LIABILITIES AND EQUITYLIABILITIES:Borrowings under lines of credit$200 $3,600 Notes and bonds payable, net480,156 523,922 Series D cumulative term preferred stock, net, $0.001 par value, $25.00 per share liquidation preference; 3,600,000 shares authorized, 2,415,000 shares issued and outstanding as of September 30, 2025, and December 31, 202460,238 59,930 Accounts payable and accrued expenses10,029 18,404 Due to related parties, net2,694 2,972 Other liabilities, net10,667 16,185 Total Liabilities563,984 625,013 Commitments and contingencies (Note 8)EQUITY:Series B cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 6,340,889 shares authorized, 5,840,889 shares issued and outstanding as of September 30, 2025, and December 31, 20246 6 Series C cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 25,700,791 shares authorized, 9,954,863 shares issued and outstanding as of September 30, 2025, and December 31, 202410 10 Series E cumulative redeemable preferred stock, $0.