Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 23

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 stock(18,006)(18,246)Distributions paid on common stock(15,209)(15,031)Net cash used in financing activities(79,745)(83,363)NET DECREASE IN CASH AND CASH EQUIVALENTS(6,963)(5,358)CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD18,275 18,571 CASH AND CASH EQUIVALENTS AT END OF PERIOD$11,312 $13,213 NON-CASH INVESTING AND FINANCING INFORMATION:Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net$878 $452 

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

7

GLADSTONE LAND CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1.  BUSINESS AND ORGANIZATION

Business and OrganizationGladstone 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, including through lease structures that include a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent.  From time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a taxable REIT subsidiary (“TRS”).  As of September 30, 2025, we owned 148 farms totaling 100,323 acres across 15 states in the U.S. and 55,532 acre-feet of water assets in California.  In addition, as of September 30, 2025, two of our properties (comprising four farms) were being directly operated by us.We 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 both September