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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number: 001-35795  
GLADSTONE LAND CORPORATION
(Exact name of registrant as specified in its charter)
Maryland 54-1892552
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer Identification No.)
1521 Westbranch Drive,Suite 100
McLean,Virginia22102
(Address of principal executive offices)(Zip Code)
(703) 287-5800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.001 par value per shareLANDThe Nasdaq Stock Market, LLC
6.375% Series A Cumulative Term Preferred Stock, $0.001 par value per shareLANDPThe Nasdaq Stock Market, LLC
6.00% Series B Cumulative Redeemable Preferred Stock, $0.001 par value per shareLANDOThe Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company


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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  
The number of shares of the registrant’s Common Stock, $0.001 par value per share, outstanding as of November 3, 2020, was 24,102,406.


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GLADSTONE LAND CORPORATION
FORM 10-Q FOR THE QUARTER ENDED
SEPTEMBER 30, 2020
TABLE OF CONTENTS 
  PAGE


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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share data)
(Unaudited)
 
September 30, 2020December 31, 2019
ASSETS
Investments in real estate, net$858,753 $792,081 
Lease intangibles, net3,626 4,827 
Cash and cash equivalents6,455 13,688 
Other assets, net9,543 6,191 
TOTAL ASSETS$878,377 $816,787 
LIABILITIES AND EQUITY
LIABILITIES:
Borrowings under lines of credit$11,600 $100 
Notes and bonds payable, net491,921 481,829 
Series A cumulative term preferred stock, $0.001 par value, $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of September 30, 2020, and December 31, 2019, net
28,535 28,359 
Accounts payable and accrued expenses11,997 10,132 
Due to related parties, net2,266 2,169 
Other liabilities, net14,743 15,228 
Total liabilities561,062 537,817 
Commitments and contingencies (Note 7)
EQUITY:
Stockholders’ equity:
Series B cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 6,456,065 shares authorized 5,956,065 shares issued and outstanding as of September 30, 2020; 6,485,400 shares authorized, 4,755,869 shares issued and outstanding as of December 31, 2019
6 5 
Series C cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 26,000,000 shares authorized, 420,230 shares issued and outstanding as of September 30, 2020; no shares authorized, issued, or outstanding as of December 31, 2019
  
Common stock, $0.001 par value; 65,543,935 shares authorized 22,204,906 shares issued and outstanding as of September 30, 2020; 91,514,600 shares authorized, 20,936,658 shares issued and outstanding as of December 31, 2019
22 21 
Additional paid-in capital368,465 315,770 
Accumulated other comprehensive loss(1,721)(390)
Distributions in excess of accumulated earnings(49,457)(38,785)
Total stockholders’ equity317,315 276,621 
Non-controlling interests in Operating Partnership 2,349 
Total equity317,315 278,970 
TOTAL LIABILITIES AND EQUITY$878,377 $816,787 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

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GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except share and per-share data)
(Unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
OPERATING REVENUES:
Lease revenue, net$13,989 $11,012 $41,907 $27,203 
Total operating revenues13,989 11,012 41,907 27,203 
OPERATING EXPENSES:
Depreciation and amortization3,909 3,419 12,010 8,952 
Property operating expenses287 536 1,525 1,939 
Base management fee1,078 862 3,159 2,741 
Incentive fee821  2,155  
Administration fee344 311 1,084 866 
General and administrative expenses419 447 1,462 1,465 
Total operating expenses6,858 5,575 21,395 15,963 
Credits to fees from Adviser   (1,542)
Total operating expenses, net of credits to fees6,858 5,575 21,395 14,421 
OTHER INCOME (EXPENSE):
Other income323 62 1,668 937 
Interest expense(5,202)(4,401)(15,155)(11,396)
Dividends declared on Series A cumulative term preferred stock
(458)(458)(1,375)(1,375)
Loss on dispositions of real estate assets, net(195)(134)(861)(154)
Property and casualty recovery, net1 17 68 10 
(Loss) income from investments in unconsolidated entities
(19) 7  
Total other expense, net(5,550)(4,914)(15,648)(11,978)
NET INCOME1,581 523 4,864 804 
Net loss (income) attributable to non-controlling interests
(13)(6)(52)(9)
NET INCOME ATTRIBUTABLE TO THE COMPANY1,568 517 4,812 795 
Dividends declared on Series B cumulative redeemable preferred stock
(2,238)(1,161)(6,604)(2,655)
Other charges related to Series B cumulative redeemable
preferred stock
(44) (44) 
Dividends declared on Series C cumulative redeemable preferred stock
(123) (145) 
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
$(837)$(644)$(1,981)$(1,860)
LOSS PER COMMON SHARE:
Basic and diluted$(0.04)$(0.03)$(0.09)$(0.10)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted21,991,291 20,763,615 21,558,859 19,154,744 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (Continued)
(In thousands, except share and per-share data)
(Unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
COMPREHENSIVE INCOME:
Net income attributable to the Company
$1,568 $517 $4,812 $795 
Change in fair value related to interest rate hedging instruments
95 (347)(1,331)(347)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY
$1,663 $170 $3,481 $448 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except share data)
(Unaudited)
Three months ended September 30, 2020
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Accumulated
Other
Comprehensive
Loss
Distributions
in Excess of
Accumulated
Earnings
Total
Stockholders’
Equity
Non-
Controlling
Interests
Total
Equity
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Balance at June 30, 20205,972,482 $6 130,702 $ 21,534,739 $22 $352,677 $(1,816)$(45,653)$305,236 $1,147 $306,383 
Redemptions of Series B Preferred Stock
(16,417)0— — — — (327)— (44)(371)— (371)
Issuance of Series C Preferred Stock, net
— — 289,528 0 — 6,563 — — 6,563 — 6,563 
Redemption of OP Units
— — — — 144,151 2,291 — — 2,291 (2,291) 
Issuance of common stock, net
— —   526,016 08,392 — — 8,392 — 8,392 
Net income
— — — — — — — — 1,568 1,568 13 1,581 
Dividends—Series B Preferred Stock and Series C Preferred Stock— —    — — — (2,361)(2,361)— (2,361)
Distributions—OP Units and common stock
— —    — — — (2,967)(2,967)(2,967)
 Comprehensive income attributable to the Company— — — — — — — 95 — 95 — 95 
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership
— — — — — — (1,131)— — (1,131)1,131  
Balance at September 30, 20205,956,065 $6 420,230 $ 22,204,906 $22 $368,465 $(1,721)$(49,457)$317,315 $ $317,315 
Nine months ended September 30, 2020
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Accumulated
Other
Comprehensive
Loss
Distributions
in Excess of
Accumulated
Earnings
Total
Stockholders’
Equity
Non-
Controlling
Interests
Total
Equity
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Balance at December 31, 20194,755,869$5 $— 20,936,658$21 $315,770 $(390)$(38,785)$276,621 $2,349 $278,970 
Issuance of Series B Preferred Stock, net1,229,5311 — — 27,049 — — 27,050 — 27,050 
Redemptions of Series B Preferred Stock
(29,335)— — (636)— (44)(680)— (680)
Issuance of Series C Preferred Stock, net— 420,2300— 9,526 — — 9,526 — 9,526 
Redemptions of OP Units
— — 288,3034,383 — — 4,383 (4,383) 
Issuance of common stock, net— — 979,9451 14,423 — — 14,424 — 14,424 
Net income— — — — — 4,812 4,812 52 4,864 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — — (6,749)(6,749)— (6,749)
Distributions—OP Units and common stock
— — — — — (8,691)(8,691)(68)(8,759)
      Comprehensive loss attributable to the Company— — — — (1,331)— (1,331)— (1,331)
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership
— — — (2,050)— — (2,050)2,050  
Balance at September 30, 20205,956,065$6 420,230$ 22,204,906$22 $368,465 $(1,721)$(49,457)$317,315 $ $317,315 

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

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Three Months Ended September 30, 2019
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Accumulated
Other
Comprehensive
Loss
Distributions
in Excess of
Accumulated
Earnings
Total
Stockholders’
Equity
Non-
Controlling
Interests
Total
Equity
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Balance at June 30, 20192,636,068$3 — 20,532,770$21 $263,249 $— $(31,919)$231,354 $— $231,354 
Issuance of Series B Preferred Stock, net831,5790 — — 18,517 — — 18,517 — 18,517 
Redemptions of Series B Preferred Stock
(2,120)— — (48)— — (48)— (48)
Issuance of OP Units as consideration in real estate acquisitions, net
— — — — — — — 3,276 3,276 
Issuance of common stock, net
— — 355,3050 3,996 — — 3,996 — 3,996 
Net income
— — — — — 517 517 6 523 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — — (1,161)(1,161)— (1,161)
Distributions—OP Units and common stock
— — — — — (2,781)(2,781)(39)(2,820)
Comprehensive loss attributable to the Company(347)— (347)(347)
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership
— — — 848 — — 848 (848) 
Balance at September 30, 20193,465,527$3 $ 20,888,075$21 $286,562 $(347)$(35,344)$250,895 $2,395 $253,290 
Nine Months Ended September 30, 2019
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Accumulated
Other
Comprehensive
Loss
Distributions
in Excess of
Accumulated
Earnings
Total
Stockholders’
Equity
Non-
Controlling
Interests
Total
Equity
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Number
of Shares
Par
Value
Balance at December 31, 20181,144,393$1 — 17,891,340$18 $202,053 $— $(25,826)$176,246 $4,807 $181,053 
Issuance of Series B Preferred Stock, net
2,330,6542  — 51,975 — — 51,977 — 51,977 
Redemptions of Series B Preferred Stock
(9,520)— — (214)— — (214)— (214)
Issuance of OP Units as consideration in real estate acquisitions, net
   — — — — — 3,276 3,276 
Redemption of OP Units— — 570,8791 4,714 — — 4,715 (4,715) 
Issuance of common stock, net— — 2,425,8562 27,143 — — 27,145 — 27,145 
Net income— — — — — 795 795 9 804 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — — (2,655)(2,655)— (2,655)
Distributions—OP Units and common stock— — — — — (7,658)(7,658)(91)(7,749)
Comprehensive loss attributable to the Company(347)— (347)— (347)
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership
— — — 891 — — 891 (891) 
Balance at September 30, 20193,465,527$3 $ 20,888,075$21 $286,562 $(347)$(35,344)$250,895 $2,395 $253,290 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 For the Nine Months Ended September 30,
 20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$4,864 $804 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization12,010 8,952 
Amortization of debt issuance costs559 461 
Amortization of deferred rent assets and liabilities, net(212)(226)
Amortization of right-of-use asset from operating leases and operating lease liabilities, net(12)(18)
Income from investments in unconsolidated entities(7) 
Bad debt expense12 24 
Loss on dispositions of real estate assets, net861 154 
Property and casualty recovery, net(68)(10)
Changes in operating assets and liabilities:
Other assets, net(3,192)281 
Accounts payable and accrued expenses and Due to related parties, net(