Gladstone Land Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2022

Acquisition Activity

Subsequent to June 30, 2022, we acquired four new farms, which are summarized in the table below (dollars in thousands, except for footnotes):


Property Name	Property Location	Acquisition Date	Total Acres	No. of Farms	Primary Crop(s) / Use	Lease Term	Renewal Options	Total Purchase Price		Acquisition Costs(1)		Annualized Straight-line Rent(2)
Reagan Road(3)	Cochise, AZ	7/13/2022	40	0	Corn	12.5 years	None	$	120	$	14	$	39
North Columbia River Road and Prunedale Road(4)	Franklin & Grant, WA, and Umatilla, OR	7/21/2022	1,317	4	Wine Grapes	8.6 years	None	37,250		94		2,569
			1,357	4				$	37,370	$	108	$	2,608

(1)Acquisitions will be accounted for as asset acquisitions in accordance with ASC 360. The figures above represent only costs paid or accrued for as of the date of this filing.

(2)Annualized straight-line rent is based on the minimum cash rental payments guaranteed under the applicable leases, as required under GAAP, and excludes contingent rental payments, such as participation rents.

(3)Represents the acquisition of a parcel of farmable land adjacent to an existing farm.

(4)Upon acquisition, we executed four new leases with the existing tenants on these farms. The lease terms above represent the weighted-average lease term and aggregate annualized straight-line rent of these four leases.

Financing Activity

Debt Activity

Subsequent to June 30, 2022, we repaid approximately $16.9 million of maturing loans. On a weighted-average basis, these borrowings bore interest at a stated rate of 4.47% and an effective interest rate (after interest patronage) of 2.89%.

Equity Activity

The following table provides information on equity sales that have occurred subsequent to June 30, 2022 (dollars in thousands, except per-share amounts):


Type of Issuance	Number of Shares Sold	Weighted Average Offering Price Per Share		Gross Proceeds		Net Proceeds(1)
Series C Preferred Stock(2)	1,579,580	$	24.80	$	39,178	$	35,935

(1)Net of Selling Commissions and Dealer-Manager Fees or underwriting discounts and commissions (in each case, as applicable).

(2)Excludes approximately 6,365 shares issued pursuant to the DRIP.

Distributions

On July 12, 2022, our Board of Directors authorized and we declared the following monthly cash distributions to holders of our preferred and common stock:


Issuance	Record Date	Payment Date	Distribution per Share
Series B Preferred Stock:	July 22, 2022	July 29, 2022	$	0.125
	August 23, 2022	August 31, 2022	0.125
	September 22, 2022	September 30, 2022	0.125
Total Series B Preferred Stock Distributions:			$	0.375

Series C Preferred Stock:	July 27, 2022	August 5, 2022	$	0.125
	August 25, 2022	September 6, 2022	0.125
	September 27, 2022	October 5, 2022	0.125
Total Series C Preferred Stock Distributions:			$	0.375

Series D Term Preferred Stock:	July 22, 2022	July 29, 2022	$	0.104167
	August 23, 2022	August 31, 2022	0.104167
	September 22, 2022	September 30, 2022	0.104167
Total Series D Term Preferred Stock Distributions:			$	0.312501

Common Stock(1):	July 22, 2022	July 29, 2022	$	0.0456
	August 23, 2022	August 31, 2022	0.0456
	September 22, 2022	September 30, 2022	0.0456
Total Common Stock Distributions:			$	0.1368

(1)The same amounts paid to common stockholders will be paid as distributions on each OP Unit held by non-controlling OP Unitholders as of the above record dates.