Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 126

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 126
---
, in certain situations, growing and operational costs on existing farms, repurchasing shares of preferred stock, and funding new farmland and farm-related acquisitions consistent with our investment strategy.

In the near term, we believe that our current and short-term cash resources will be sufficient to service our debt, fund our operating costs, pay dividends on our currently-designated preferred securities, and fund our distributions to common stockholders (including non-controlling OP Unitholders).  We expect to meet our long-term liquidity requirements through various sources of capital, including capacity under current lines of credit, long-term mortgage indebtedness and bond issuances, future equity issuances (including, but not limited to, shares of our 5.00% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series E Preferred Stock”), OP Units through our Operating Partnership as consideration for future acquisitions, and shares of common stock through our ATM Program), and other secured and unsecured borrowings.

We intend to use a significant portion of any current and future available liquidity to purchase additional farms and farm-related assets as opportunities arise.  We continue to actively seek and evaluate acquisitions of additional farms and farm-related assets 

34

that satisfy our investment criteria, and we have several properties that are in various stages of our due diligence process.  However, all potential acquisitions will be subject to our due diligence investigation of such properties, and there can be no assurance that we will be successful in identifying or acquiring any properties in the future.

Operating Commitments and Obligations

Operating Obligations

In connection with the execution of certain lease agreements, we have committed to provide capital improvements on certain of our farms.  Below is a summary of certain of those projects for which we have incurred or accrued costs as of March 31, 2025 (dollars in thousands):

FarmLocation(s)FarmAcreageTotalCommitmentObligatedCompletionDate(1)Net Amount Expendedor Accrued as ofMarch 31, 2025St. Lucie, FL549$230 Q3 2025$185 Monterey, CA3291,100 (2)Q4 202530 Ventura, CA4021,000 (2)Q4 2025458 Hartley, TX2,2191,300 (2)Q4 2030982 Franklin & Grant, WA, & Umatilla, OR1,1264,203 (