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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 June 30, 2022
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 August 9, 2022, was 34,210,013.


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GLADSTONE LAND CORPORATION
FORM 10-Q FOR THE QUARTER ENDED
JUNE 30, 2022
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)

June 30, 2022December 31, 2021
ASSETS
Real estate, at cost$1,390,646 $1,357,800 
Less: accumulated depreciation(89,706)(74,002)
Total real estate, net1,300,940 1,283,798 
Lease intangibles, net5,031 4,456 
Cash and cash equivalents48,444 16,708 
Other assets, net55,906 46,588 
TOTAL ASSETS$1,410,321 $1,351,550 
LIABILITIES AND EQUITY
LIABILITIES:
Borrowings under lines of credit$100 $100 
Notes and bonds payable, net661,846 667,882 
Series D mandatorily-redeemable 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 June 30, 2022, and December 31, 2021, net
58,902 58,696 
Accounts payable and accrued expenses14,575 10,874 
Due to related parties, net2,974 4,224 
Other liabilities, net19,992 20,708 
Total liabilities758,389 762,484 
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 June 30, 2022, and December 31, 2021
6 6 
Series C cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 25,985,302 shares authorized, 6,529,895 shares issued and outstanding as of June 30, 2022; 25,989,942 shares authorized, 3,493,333 shares issued and outstanding as of December 31, 2021
7 3 
Common stock, $0.001 par value; 63,958,633 shares authorized, 34,520,068 shares issued and outstanding as of June 30, 2022; 63,953,993 shares authorized, 34,210,013 shares issued and outstanding as of December 31, 2021
35 34 
Additional paid-in capital742,070 668,275 
Distributions in excess of accumulated earnings(96,442)(80,467)
Accumulated other comprehensive income (loss)6,256 (1,036)
Total stockholders’ equity651,932 586,815 
Non-controlling interests in Operating Partnership 2,251 
Total equity651,932 589,066 
TOTAL LIABILITIES AND EQUITY$1,410,321 $1,351,550 

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 June 30,For the Six Months Ended June 30,
 2022202120222021
OPERATING REVENUES:
Lease revenue, net$20,293 $16,893 $40,236 $32,927 
Total operating revenues20,293 16,893 40,236 32,927 
OPERATING EXPENSES:
Depreciation and amortization8,392 6,285 16,738 12,336 
Property operating expenses695 906 1,398 1,336 
Base management fee2,043 1,376 4,079 2,746 
Incentive fee  1,131 1,162 
Administration fee463 347 926 703 
General and administrative expenses567 581 1,253 1,119 
Total operating expenses12,160 9,495 25,525 19,402 
OTHER INCOME (EXPENSE):
Other income63 20 2,829 2,255 
Interest expense(6,523)(6,141)(12,971)(12,334)
Dividends declared on Series A and Series D cumulative term preferred stock(755)(755)(1,509)(1,559)
Loss on dispositions of real estate assets, net(305)(1,042)(1,280)(1,840)
Property and casualty recovery, net  49  
Loss from investments in unconsolidated entities (11)(29)(24)
Total other expense, net(7,520)(7,929)(12,911)(13,502)
NET INCOME (LOSS)613 (531)1,800 23 
Net loss (income) attributable to non-controlling interests3 1 (6) 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY616 (530)1,794 23 
Dividends declared on Series B and Series C cumulative redeemable preferred stock(4,486)(2,939)(8,398)(5,702)
Loss on extinguishment of Series C cumulative redeemable preferred stock(3) (6) 
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(3,873)$(3,469)$(6,610)$(5,679)
LOSS PER COMMON SHARE:
Basic and diluted$(0.11)$(0.12)$(0.19)$(0.20)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted34,520,068 29,360,515 34,403,184 28,124,440 
COMPREHENSIVE INCOME (LOSS):
Net income (loss) attributable to the Company$616 $(530)$1,794 $23 
Change in fair value related to interest rate hedging instruments2,562 (1,211)7,292 156 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY$3,178 $(1,741)$9,086 $179 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

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

Three Months Ended June 30, 2022
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Income (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 March 31, 20225,956,065$6 5,045,023$5 34,520,068$35 $713,805 $(87,868)$3,694 $629,677 $2,248 $631,925 
Issuance of Series C Preferred Stock, net— 1,487,0322 — 33,739 — — 33,741 — 33,741 
Redemptions of Series C Preferred Stock— (2,160)— — (49)(3)— (52)— (52)
Redemptions of OP Units— — — (3,700)— — (3,700)(3,970)(7,670)
Net income— — — — 616 — 616 (3)613 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (4,486)— (4,486)— (4,486)
Distributions—OP Units and common stock— — — — (4,701)— (4,701)— (4,701)
Comprehensive income attributable to the Company— — — — — 2,562 2,562 — 2,562 
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — (1,725)— — (1,725)1,725  
Balance at June 30, 20225,956,065$6 6,529,895$7 34,520,068$35 $742,070 $(96,442)$6,256 $651,932 $ $651,932 
Six Months Ended June 30, 2022
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Income (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, 20215,956,065$6 3,493,333$3 34,210,013$34 $668,275 $(80,467)$(1,036)$586,815 $2,251 $589,066 
Issuance of Series C Preferred Stock, net— 3,041,2024 — 69,019 — — 69,023 — 69,023 
Redemptions of Series C Preferred Stock— (4,640)— — (105)(6)— (111)— (111)
Redemptions of OP Units— — — (3,700)— — (3,700)(3,970)(7,670)
Issuance of common stock, net— — 310,0551 10,321 — — 10,322 — 10,322 
Net income— — — — 1,794 — 1,794 6 1,800 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (8,398)— (8,398)— (8,398)
Distributions—OP Units and common stock— — — — (9,365)— (9,365)(27)(9,392)
Comprehensive income attributable to the Company— — — — — 7,292 7,292 — 7,292 
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — (1,740)— — (1,740)1,740  
Balance at June 30, 20225,956,065$6 6,529,895$7 34,520,068$35 $742,070 $(96,442)$6,256 $651,932 $ $651,932 


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


5

Table of Contents

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

Three Months Ended June 30, 2021
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Income (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 March 31, 20215,956,065$6 1,624,113$2 27,531,951$27 $476,996 $(61,066)$(133)$415,832 $1,835 $417,667 
Issuance of Series C Preferred Stock, net— 405,342 — 9,194 — — 9,194 — 9,194 
Issuance of common stock, net— — 2,946,1133 63,157 — — 63,160 — 63,160 
Net loss— — — — (530)— (530)(1)(531)
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (2,939)— (2,939)— (2,939)
Distributions—OP Units and common stock— — — — (3,998)— (3,998)(28)(4,026)
Comprehensive loss attributable to the Company— — — — — (1,211)(1,211)— (1,211)
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — (224)— — (224)224  
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 
Six Months Ended June 30, 2021
 Series B Preferred StockSeries C Preferred StockCommon StockAdditional
Paid-in 
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Income (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— 941,0201 — 21,364 — — 21,365 — 21,365 
Issuance of OP Units as consideration in real estate acquisitions, net— — — — — — — 3,970 3,970 
Issuance of common stock, net— — 4,259,0454 85,386 — — 85,390 — 85,390 
Net income— — — — 23 — 23 — 23 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (5,702)— (5,702)— (5,702)
Distributions—OP Units and common stock— — — — (7,641)— (7,641)(37)(7,678)
Comprehensive income attributable to the Company— — — — — 156 156 — 156 
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — 1,903 — — 1,903 (1,903) 
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 


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 Six Months Ended June 30,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$1,800 $23 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization16,738 12,336 
Amortization of debt issuance costs548 641 
Amortization of deferred rent assets and liabilities, net(93)(294)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net46 (11)
Loss from investments in unconsolidated entities29 24 
Bad debt expense67 6 
Loss on dispositions of real estate assets, net1,280 1,840 
Property and casualty recovery, net(49) 
Changes in operating assets and liabilities:
Other assets, net(2,516)(2,413)
Accounts payable and accrued expenses and Due to related parties, net1,366 2,630 
Other liabilities, net139 2,183 
Net cash provided by operating activities19,355 16,965 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of new real estate assets(24,320)(81,752)
Capital expenditures on existing real estate assets(10,118)(2,423)
Deposits on prospective real estate acquisitions and investments(709)(775)
Net cash used in investing activities(35,147)(84,950)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of preferred and common equity85,356 109,720 
Offering costs(6,191)(2,903)
Redemptions of cumulative redeemable preferred stock (Series B and Series C)(111) 
Payments for redemptions of OP Units(7,670) 
Proceeds from issuance of cumulative term preferred stock 60,375 
Redemption of cumulative term preferred stock (Series A) (28,750)
Borrowings from notes and bonds payable9,932 9,903 
Repayments of notes and bonds payable(15,925)(6,607)
Payments of financing fees(743)(2,221)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C)(7,728)(6,283)
Distributions paid on non-controlling common interests in Operating Partnership(27)(37)
Distributions paid on common stock(9,365)(7,641)
Net cash provided by financing activities47,528 125,556 
NET INCREASE IN CASH AND CASH EQUIVALENTS31,736 57,571 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD16,708 9,218 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$48,444 $66,789 


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 (Continued)
(In thousands)
(Unaudited)
 For the Six Months Ended June 30,
 20222021
NON-CASH INVESTING AND FINANCING INFORMATION:
Issuance of non-controlling interests in Operating Partnership in conjunction with acquisitions, net$ $3,970 
Real estate additions included in Accounts payable and accrued expenses and Due to related parties, net4,182 997 
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net10 19 
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net13 118 
Unrealized gain related to interest rate hedging instruments6,256 1,344 
Dividends paid on Series C Preferred Stock via additional share issuances170 46 


The accompanying notes are an integral part of these condensed consolidated financial statements.
8

Table of Contents
GLADSTONE LAND CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. BUSINESS AND ORGANIZATION
Business and Organization
Gladstone 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, and 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 June 30, 2022, and December 31, 2021, the Company owned 100.0% and approximately 99.4%, respectively, of the outstanding OP Units (see Note 8, “Equity,” for additional discussion regarding OP Units).
Gladstone Land Advisers, Inc. (“Land Advisers”), a Delaware corporation and a subsidiary of ours, was created to collect any non-qualifying income related to our real estate portfolio and to perform certain small-scale farming business operations. We have elected for Land Advisers to be taxed as a taxable REIT subsidiary (“TRS”) of ours. Since we currently own 100% of the voting securities of Land Advisers, its financial position and results of operations are consolidated within our financial statements. For the six months ended June 30, 2022, and for the tax year ended December 31, 2021, there was no taxable income or loss from Land Advisers, nor did we have any undistributed REIT taxable income.
Subject to certain restrictions and limitations, and pursuant to contractual agreements, our business is managed by Gladstone Management Corporation (the “Adviser”), a Delaware corporation, and administrative services are provided to us by Gladstone Administration, LLC (the “Administrator”), a Delaware limited liability company. Our Adviser and Administrator are both affiliates of ours (see Note 6, “Related-Party Transactions,” for additional discussion regarding our Adviser and Administrator).
All further references herein to “we,” “us,” “our,” and the “Company” refer, collectively, to Gladstone Land Corporation and its consolidated subsidiaries, except where indicated otherwise.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Information
Our interim financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q in accordance with Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. The interim financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 22, 2022 (the “Form 10-K”). The results of operations for the three and six months ended June 30, 2022, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making certain judgments. Actual results may materially differ from these estimates.
Recently-Issued Accounting Pronouncements
As of June 30, 2022, there were no recently-issued accounting pronouncements that had a material impact on our condensed consolidated financial statements.
9


NOTE 3. REAL ESTATE AND INTANGIBLE ASSETS
All of our properties are wholly-owned on a fee-simple basis, except where noted. The following table provides certain summary information about the 165 farms we owned as of June 30, 2022 (dollars in thousands, except for footnotes):
LocationNo. of FarmsTotal
Acres
Farm Acres
Net Cost Basis(1)
Encumbrances(2)
California(3)(4)(5)
6334,40131,951$871,999 $414,453 
Florida2622,60617,639223,674 126,624 
Arizona(6)
66,2805,22855,280 16,244 
Colorado1232,77325,57746,872 28,907 
Washington31,3841,00136,583 24,463 
Nebraska97,7827,05030,648 12,156 
Michigan231,8921,24524,284 14,368 
Oregon(7)
572660621,585 11,903 
Texas13,6672,2198,213 4,940 
Maryland6