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Table of Contents
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, 2021
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
6.00% Series B Cumulative Redeemable Preferred Stock, $0.001 par value per shareLANDOThe Nasdaq Stock Market, LLC
5.00% Series D Cumulative Redeemable Term Preferred Stock, $0.001 par value per shareLANDMThe 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 8, 2021, was 34,210,013.


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GLADSTONE LAND CORPORATION
FORM 10-Q FOR THE QUARTER ENDED
SEPTEMBER 30, 2021
TABLE OF CONTENTS 
  PAGE


Table of Contents
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, 2021December 31, 2020
ASSETS
Real estate, at cost$1,223,935 $1,095,439 
Less: accumulated depreciation(67,007)(49,236)
Total real estate, net1,156,928 1,046,203 
Lease intangibles, net4,742 3,732 
Cash and cash equivalents66,491 9,218 
Other assets, net33,675 8,136 
TOTAL ASSETS$1,261,836 $1,067,289 
LIABILITIES AND EQUITY
LIABILITIES:
Borrowings under lines of credit$100 $100 
Notes and bonds payable, net645,967 623,961 
Series A cumulative term preferred stock, $0.001 par value, $25.00 per share liquidation preference; 0 shares authorized, 0 shares issued or outstanding as of September 30, 2021; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of December 31, 2020, net
 28,594 
Series D cumulative term preferred stock, $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, 2021; 0 shares authorized, issued, or outstanding as of December 31, 2020, net
58,594  
Accounts payable and accrued expenses8,409 9,081 
Due to related parties, net3,181 2,484 
Other liabilities, net20,138 19,279 
Total liabilities736,389 683,499 
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, 2021, and December 31, 2020
6 6 
Series C cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 25,989,942 shares authorized, 2,600,604 shares issued and outstanding as of September 30, 2021; 25,999,862 shares authorized, 1,088,435 shares issued and outstanding as of December 31, 2020
3 1 
Common stock, $0.001 par value; 63,953,993 shares authorized, 32,043,989 shares issued and outstanding as of September 30, 2021; 65,544,073 shares authorized, 26,219,019 shares issued and outstanding as of December 31, 2020
32 26 
Additional paid-in capital598,693 440,470 
Distributions in excess of accumulated earnings(74,427)(55,213)
Accumulated other comprehensive loss(987)(1,500)
Total stockholders’ equity523,320 383,790 
Non-controlling interests in Operating Partnership2,127  
Total equity525,447 383,790 
TOTAL LIABILITIES AND EQUITY$1,261,836 $1,067,289 
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,
 2021202020212020
OPERATING REVENUES:
Lease revenue, net$19,591 $13,989 $52,518 $41,907 
Total operating revenues19,591 13,989 52,518 41,907 
OPERATING EXPENSES:
Depreciation and amortization6,944 3,909 19,280 12,010 
Property operating expenses696 287 2,031 1,525 
Base management fee1,748 1,078 4,494 3,159 
Incentive fee945 821 2,107 2,155 
Administration fee412 344 1,115 1,084 
General and administrative expenses462 419 1,582 1,462 
Total operating expenses11,207 6,858 30,609 21,395 
OTHER INCOME (EXPENSE):
Other income20 323 2,274 1,668 
Interest expense(6,126)(5,202)(18,460)(15,155)
Dividends declared on Series A and Series D cumulative term preferred stock(755)(458)(2,314)(1,375)
Loss on dispositions of real estate assets, net(1)(195)(1,841)(861)
Property and casualty recovery, net 1  68 
(Loss) income from investments in unconsolidated entities(19)(19)(42)7 
Total other expense, net(6,881)(5,550)(20,383)(15,648)
NET INCOME1,503 1,581 1,526 4,864 
Net income attributable to non-controlling interests(8)(13)(8)(52)
NET INCOME ATTRIBUTABLE TO THE COMPANY1,495 1,568 1,518 4,812 
Dividends declared on Series B and Series C cumulative redeemable preferred stock(3,111)(2,361)(8,814)(6,749)
Loss on extinguishment of Series B and Series C cumulative redeemable preferred stock(23)(44)(23)(44)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(1,639)$(837)$(7,319)$(1,981)
LOSS PER COMMON SHARE:
Basic and diluted$(0.05)$(0.04)$(0.25)$(0.09)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted31,362,423 21,991,291 29,215,628 21,558,859 
COMPREHENSIVE INCOME:
Net income attributable to the Company$1,495 $1,568 $1,518 $4,812 
Change in fair value related to interest rate hedging instruments357 95 513 (1,331)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY$1,852 $1,663 $2,031 $3,481 

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, 2021
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Loss
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, 20215,956,065$6 2,029,455$2 30,478,064$30 $549,123 $(68,533)$(1,344)$479,284 $2,030 $481,314 
Issuance of Series C Preferred Stock, net— 581,0691 — 13,253 — — 13,254 — 13,254 
Redemption of Series C Preferred Stock— (9,920)— — (225)(23)— (248)— (248)
Issuance of common stock, net— — 1,565,9252 36,659 — — 36,661 — 36,661 
Net income— — — — 1,495 — 1,495 8 1,503 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (3,111)— (3,111)— (3,111)
Distributions—OP Units and common stock— — — — (4,255)— (4,255)(28)(4,283)
Comprehensive income attributable to the Company— — — — — 357 357 — 357 
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — (117)— — (117)117  
Balance at September 30, 20215,956,065$6 2,600,604$3 32,043,989$32 $598,693 $(74,427)$(987)$523,320 $2,127 $525,447 
Nine Months Ended September 30, 2021
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Loss
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, 20205,956,065$6 1,088,435$1 26,219,019$26 $440,470 $(55,213)$(1,500)$383,790 $ $383,790 
Issuance of Series C Preferred Stock, net— 1,522,0892 — 34,617 — — 34,619 — 34,619 
Redemption of Series C Preferred Stock— (9,920)— — (225)(23)— (248)— (248)
Issuance of OP Units as consideration in real estate acquisitions, net— — — — — — — 3,970 3,970 
Issuance of common stock, net— — 5,824,9706 122,045 — — 122,051 — 122,051 
Net income— — — — 1,518 — 1,518 8 1,526 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (8,814)— (8,814)— (8,814)
Distributions—OP Units and common stock— — — — (11,895)— (11,895)(65)(11,960)
Comprehensive income attributable to the Company— — — — — 513 513 — 513 
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — 1,786 — — 1,786 (1,786) 
Balance at September 30, 20215,956,065$6 2,600,604$3 32,043,989$32 $598,693 $(74,427)$(987)$523,320 $2,127 $525,447 

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


5

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GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(In thousands, except share data)
(Unaudited)

Three Months Ended September 30, 2020
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Loss
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 $(45,653)$(1,816)$305,236 $1,147 $306,383 
Redemption of Series B Preferred Stock(16,417)— — — (327)(44)— (371)— (371)
Issuance of Series C Preferred Stock, net— 289,528— — 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 8,392 — — 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 loss 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 $(49,457)$(1,721)$317,315 $ $317,315 
Nine Months Ended September 30, 2020
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Loss
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 $(38,785)$(390)$276,621 $2,349 $278,970 
Issuance of Series B Preferred Stock, net1,229,5311 — — 27,049 — — 27,050 — 27,050 
Redemption of Series B Preferred Stock(29,335)— — — (636)(44)— (680)— (680)
Issuance of Series C Preferred Stock, net— 420,230— — 9,526 — — 9,526 — 9,526 
Redemption of OP Units— — 288,303— 4,383 — — 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 $(49,457)$(1,721)$317,315 $ $317,315 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Table of Contents
GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 For the Nine Months Ended September 30,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$1,526 $4,864 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization19,280 12,010 
Amortization of debt issuance costs905 559 
Amortization of deferred rent assets and liabilities, net(397)(212)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net10 (12)
Loss (income) from investments in unconsolidated entities42 (7)
Bad debt expense11 12 
Loss on dispositions of real estate assets, net1,841 861 
Property and casualty recovery, net (68)
Changes in operating assets and liabilities:
Other assets, net(5,761)(3,192)
Accounts payable and accrued expenses and Due to related parties, net1,652 (1,663)
Other liabilities, net1,247 (1,559)
Net cash provided by operating activities20,356 11,593 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of new real estate assets(144,253)(64,658)
Capital expenditures on existing real estate assets(3,373)(10,725)
Proceeds from dispositions of real estate assets 247 
Deposits on prospective real estate acquisitions and investments(1,875)(550)
Insurance proceeds received capitalized as real estate additions 66 
Net cash used in investing activities(149,501)(75,620)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of preferred and common equity161,318 55,231 
Offering costs(4,359)(3,636)
Redemptions of cumulative redeemable preferred stock (Series B and Series C)(248)(681)
Proceeds from issuance of mandatorily-redeemable preferred stock (Series D)60,375  
Redemption of mandatorily-redeemable preferred stock (Series A)(28,750) 
Borrowings from notes and bonds payable40,683 20,781 
Repayments of notes and bonds payable(18,816)(10,599)
Borrowings from lines of credit 19,000 
Repayments of lines of credit (7,500)
Payments of financing fees(2,455)(497)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C)(9,370)(6,546)
Distributions paid on non-controlling common interests in Operating Partnership(65)(68)
Distributions paid on common stock(11,895)(8,691)
Net cash provided by financing activities186,418 56,794 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS57,273 (7,233)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD9,218 13,688 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$