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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, 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 November 8, 2022, was 34,704,005.


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GLADSTONE LAND CORPORATION
FORM 10-Q FOR THE QUARTER ENDED
SEPTEMBER 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)

September 30, 2022December 31, 2021
ASSETS
Real estate, at cost$1,427,482 $1,357,800 
Less: accumulated depreciation(98,285)(74,002)
Total real estate, net1,329,197 1,283,798 
Lease intangibles, net5,951 4,456 
Cash and cash equivalents37,006 16,708 
Other assets, net65,658 46,588 
TOTAL ASSETS$1,437,812 $1,351,550 
LIABILITIES AND EQUITY
LIABILITIES:
Borrowings under lines of credit$100 $100 
Notes and bonds payable, net639,646 667,882 
Series D mandatorily-redeemable preferred stock, net, $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, 2022, and December 31, 2021
59,005 58,696 
Accounts payable and accrued expenses11,572 10,874 
Due to related parties, net3,253 4,224 
Other liabilities, net17,010 20,708 
Total liabilities730,586 762,484 
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 September 30, 2022, and December 31, 2021
6 6 
Series C cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 25,967,227 shares authorized, 8,992,776 shares issued and outstanding as of September 30, 2022; 25,989,942 shares authorized, 3,493,333 shares issued and outstanding as of December 31, 2021
9 3 
Common stock, $0.001 par value; 63,976,708 shares authorized, 34,704,005 shares issued and outstanding as of September 30, 2022; 63,953,993 shares authorized, 34,210,013 shares issued and outstanding as of December 31, 2021
35 34 
Additional paid-in capital802,496 668,275 
Distributions in excess of accumulated earnings(104,775)(80,467)
Accumulated other comprehensive income (loss)9,455 (1,036)
Total stockholders’ equity707,226 586,815 
Non-controlling interests in Operating Partnership 2,251 
Total equity707,226 589,066 
TOTAL LIABILITIES AND EQUITY$1,437,812 $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 September 30,For the Nine Months Ended September 30,
 2022202120222021
OPERATING REVENUES:
Lease revenue, net$24,209 $19,591 $64,445 $52,518 
Total operating revenues24,209 19,591 64,445 52,518 
OPERATING EXPENSES:
Depreciation and amortization9,146 6,944 25,883 19,280 
Property operating expenses706 696 2,103 2,031 
Base management fee2,086 1,748 6,165 4,494 
Incentive fee505 945 1,636 2,107 
Administration fee543 412 1,470 1,115 
General and administrative expenses729 462 1,983 1,582 
Write-off of costs associated with offering of Series C cumulative redeemable preferred stock851  851  
Total operating expenses14,566 11,207 40,091 30,609 
OTHER INCOME (EXPENSE):
Other income237 20 3,067 2,274 
Interest expense(6,476)(6,126)(19,446)(18,460)
Dividends declared on Series A and Series D cumulative term preferred stock(755)(755)(2,264)(2,314)
Loss on dispositions of real estate assets, net(819)(1)(2,100)(1,841)
Property and casualty recovery, net  49  
Loss from investments in unconsolidated entities(24)(19)(54)(42)
Total other expense, net(7,837)(6,881)(20,748)(20,383)
NET INCOME1,806 1,503 3,606 1,526 
Net income attributable to non-controlling interests(2)(8)(9)(8)
NET INCOME ATTRIBUTABLE TO THE COMPANY1,804 1,495 3,597 1,518 
Dividends declared on Series B and Series C cumulative redeemable preferred stock(5,389)(3,111)(13,786)(8,814)
Loss on extinguishment of Series C cumulative redeemable preferred stock(9)(23)(15)(23)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(3,594)$(1,639)$(10,204)$(7,319)
LOSS PER COMMON SHARE:
Basic and diluted$(0.10)$(0.05)$(0.30)$(0.25)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted34,607,440 31,362,423 34,472,018 29,215,628 
COMPREHENSIVE INCOME :
Net income attributable to the Company$1,804 $1,495 $3,597 $1,518 
Change in fair value related to interest rate hedging instruments3,199 357 10,491 513 
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY$5,003 $1,852 $14,088 $2,031 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

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

Three Months Ended September 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 June 30, 20225,956,065$6 6,529,895$7 34,520,068$35 $742,070 $(96,442)$6,256 $651,932 $ $651,932 
Issuance of Series C Preferred Stock, net— 2,480,9562 — 56,272 — — 56,274 — 56,274 
Redemptions of Series C Preferred Stock— (18,075)— — (411)(9)— (420)— (420)
Issuance of common stock, net— — 183,937— 4,563 — — 4,563 — 4,563 
Net income— — — — 1,804 — 1,804 2 1,806 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (5,389)— (5,389)— (5,389)
Distributions—OP Units and common stock— — — — (4,739)— (4,739) (4,739)
Comprehensive income attributable to the Company— — — — — 3,199 3,199 — 3,199 
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — 2 — — 2 (2) 
Balance at September 30, 20225,956,065$6 8,992,776$9 34,704,005$35 $802,496 $(104,775)$9,455 $707,226 $ $707,226 
Nine Months Ended September 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— 5,522,1586 — 125,291 — — 125,297 — 125,297 
Redemptions of Series C Preferred Stock— (22,715)— — (516)(15)— (531)— (531)
Redemptions of OP Units— — — (3,700)— — (3,700)(3,970)(7,670)
Issuance of common stock, net— — 493,9921 14,884 — — 14,885 — 14,885 
Net income— — — — 3,597 — 3,597 9 3,606 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (13,786)— (13,786)— (13,786)
Distributions—OP Units and common stock— — — — (14,104)— (14,104)(28)(14,132)
Comprehensive income attributable to the Company— — — — — 10,491 10,491 — 10,491 
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — (1,738)— — (1,738)1,738  
Balance at September 30, 20225,956,065$6 8,992,776$9 34,704,005$35 $802,496 $(104,775)$9,455 $707,226 $ $707,226 


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 September 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 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 
Redemptions 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
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— 1,522,0892 — 34,617 — 34,619 — 34,619 
Redemptions 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.
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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,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$3,606 $1,526 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization25,883 19,280 
Amortization of debt issuance costs817 905 
Amortization of deferred rent assets and liabilities, net(180)(397)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net69 10 
Loss from investments in unconsolidated entities54 42 
Bad debt expense68 11 
Write-off of unamortized deferred offering costs associated with cumulative redeemable preferred stock (Series C)798  
Loss on dispositions of real estate assets, net2,100 1,841 
Property and casualty recovery, net(49) 
Changes in operating assets and liabilities:
Other assets, net(7,549)(5,761)
Accounts payable and accrued expenses and Due to related parties, net(431)1,652 
Other liabilities, net(2,113)1,247 
Net cash provided by operating activities23,073 20,356 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of new real estate assets(59,102)(144,253)
Capital expenditures on existing real estate assets(16,072)(3,373)
Contributions to unconsolidated real estate entities(2,749) 
Deposits on prospective real estate acquisitions and investments(704)(1,875)
Net cash used in investing activities(78,627)(149,501)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of preferred and common equity151,237 161,318 
Offering costs(11,318)(4,359)
Redemptions of cumulative redeemable preferred stock (Series B and Series C)(531)(248)
Payments for redemptions of OP Units(7,669) 
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 40,683 
Repayments of notes and bonds payable(38,260)(18,816)
Payments of financing fees(826)(2,455)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C)(12,581)(9,370)
Distributions paid on non-controlling common interests in Operating Partnership(28)(65)
Distributions paid on common stock(14,104)(11,895)
Net cash provided by financing activities75,852 186,418 
NET INCREASE IN CASH AND CASH EQUIVALENTS20,298 57,273 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD16,708 9,218 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$37,006 $66,491 


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 Nine Months Ended September 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, net2,980 670 
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net10 6 
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net32 57 
Unrealized gain related to interest rate hedging instruments9,455 987 
Dividends paid on Series C Preferred Stock via additional share issuances290 106 


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 September 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 nine months ended September 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 nine months ended September 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 September 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 169 farms we owned as of September 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$866,226 $410,697 
Florida2622,60617,639