Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 184

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 184
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 cash to a unitholder upon a redemption request if the Company elects to redeem the OP Units for shares of its common stock.  When a non-controlling unitholder redeems OP Units and the Company elects to satisfy that redemption through the issuance of common stock, non-controlling interest in the Operating Partnership is reduced and stockholders’ equity is increased.During the year ended December 31, 2022, we redeemed 204,778 OP Units that were previously issued to noncontrolling OP Unitholders with a cash payment of approximately $7.7 million or $37.45 per OP Unit.  The Operating Partnership is required to make distributions on each OP Unit in the same amount as those paid on each share of the Company’s common stock, with the distributions on the OP Units held by the Company being utilized to make distributions to the Company’s common stockholders. DistributionsThe per-share distributions to preferred and common stockholders declared by our Board of Directors during the years ended December 31, 2024, 2023, and 2022 are reflected in the table below.For the Years Ended December 31,Issuance202420232022Series B Preferred Stock1.500000 1.500000 1.500000 Series C Preferred Stock1.500000 1.500000 1.500000 Series D Term Preferred Stock(1)1.250004 1.250004 1.250004 Series E Preferred Stock1.250004 1.250004 — Common Stock(2)0.559500 0.553500 0.546300 (1)Dividends are treated similar to interest expense on the accompanying Consolidated Statements of Operations and Comprehensive Income.(2)The same amounts were paid as distributions on each OP Unit held by non-controlling OP Unitholders.For federal income tax characterization purposes, distributions paid to stockholders may be characterized as ordinary income, capital gains, return of capital, or a combination thereof.  The characterization of distributions on our preferred and common stock during each of the years ended December 31, 2024, 2023, and 2022 is reflected in the following table:OrdinaryIncomeLong-termCapital GainReturn ofCapitalFor the Year Ended December 31, 2024Series B Preferred Stock47.178987 %23.885993 %28.935020 %Series C Preferred Stock47.178987 %23.885993