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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, 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 August 9, 2021, was 31,327,349.


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GLADSTONE LAND CORPORATION
FORM 10-Q FOR THE QUARTER ENDED
JUNE 30, 2021
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, 2021December 31, 2020
ASSETS
Real estate, at cost$1,165,366 $1,095,439 
Less: accumulated depreciation(60,402)(49,236)
Total real estate, net1,104,964 1,046,203 
Lease intangibles, net5,038 3,732 
Cash and cash equivalents66,789 9,218 
Other assets, net24,843 8,136 
TOTAL ASSETS$1,201,634 $1,067,289 
LIABILITIES AND EQUITY
LIABILITIES:
Borrowings under lines of credit$100 $100 
Notes and bonds payable, net627,408 623,961 
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 June 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 June 30, 2021; 0 shares authorized, issued, or outstanding as of December 31, 2020, net
58,482  
Accounts payable and accrued expenses10,806 9,081 
Due to related parties, net1,994 2,484 
Other liabilities, net21,530 19,279 
Total liabilities720,320 683,499 
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 June 30, 2021, and December 31, 2020
6 6 
Series C cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 25,999,862 shares authorized, 2,029,455 shares issued and outstanding as of June 30, 2021; 25,999,862 shares authorized, 1,088,435 shares issued and outstanding as of December 31, 2020
2 1 
Common stock, $0.001 par value; 63,944,073 shares authorized, 30,478,064 shares issued and outstanding as of June 30, 2021; 65,544,073 shares authorized, 26,219,019 shares issued and outstanding as of December 31, 2020
30 26 
Additional paid-in capital549,123 440,470 
Distributions in excess of accumulated earnings(68,533)(55,213)
Accumulated other comprehensive loss(1,344)(1,500)
Total stockholders’ equity479,284 383,790 
Non-controlling interests in Operating Partnership2,030  
Total equity481,314 383,790 
TOTAL LIABILITIES AND EQUITY$1,201,634 $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 June 30,For the Six Months Ended June 30,
 2021202020212020
OPERATING REVENUES:
Lease revenue, net$16,893 $12,638 $32,927 $27,918 
Total operating revenues16,893 12,638 32,927 27,918 
OPERATING EXPENSES:
Depreciation and amortization6,285 3,843 12,336 8,100 
Property operating expenses906 717 1,336 1,238 
Base management fee1,376 1,047 2,746 2,081 
Incentive fee  1,162 1,334 
Administration fee347 357 703 740 
General and administrative expenses581 490 1,119 1,044 
Total operating expenses9,495 6,454 19,402 14,537 
OTHER INCOME (EXPENSE):
Other income20 21 2,255 1,345 
Interest expense(6,141)(4,990)(12,334)(9,953)
Dividends declared on Series A and Series D cumulative term preferred stock(755)(458)(1,559)(916)
Loss on dispositions of real estate assets, net(1,042)(567)(1,840)(666)
Property and casualty recovery, net   66 
(Loss) income from investments in unconsolidated entities(11)(8)(24)26 
Total other expense, net(7,929)(6,002)(13,502)(10,098)
NET (LOSS) INCOME(531)182 23 3,283 
Net loss (income) attributable to non-controlling interests1 2  (39)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY(530)184 23 3,244 
Dividends declared on Series B and Series C cumulative redeemable preferred stock(2,939)(2,262)(5,702)(4,388)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(3,469)$(2,078)$(5,679)$(1,144)
LOSS PER COMMON SHARE:
Basic and diluted$(0.12)$(0.10)$(0.20)$(0.05)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted29,360,515 21,418,455 28,124,440 21,340,268 
COMPREHENSIVE INCOME:
Net (loss) income attributable to the Company$(530)$184 $23 $3,244 
Change in fair value related to interest rate hedging instruments(1,211)(169)156 (1,426)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY$(1,741)$15 $179 $1,818 

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 June 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 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
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.




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GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(In thousands, except share data)
(Unaudited)
Three Months Ended June 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 March 31, 20205,977,647$6 $ 21,346,458$21 $348,020 $(40,701)$(1,647)$305,699 $2,356 $308,055 
Issuance of Series B Preferred Stock, net— — — (66)— — (66)— (66)
Redemption of Series B Preferred Stock(5,165)— — — (124)— — (124)— (124)
Issuance of Series C Preferred Stock, net— 130,702— — 2,963 — — 2,963 — 2,963 
Redemption of OP Units— — 144,152— 2,092 — — 2,092 (2,092) 
Issuance of common stock, net— — 44,1291 707 — — 708 — 708 
Net income (loss)— — — — 184 — 184 (2)182 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (2,262)— (2,262)— (2,262)
Distributions—OP Units and common stock— — — — (2,874)— (2,874)(30)(2,904)
Comprehensive loss attributable to the Company— — — — — (169)(169)— (169)
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — (915)— — (915)915  
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 
Six Months Ended June 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(12,918)— — — (309)— — (309)— (309)
Issuance of Series C Preferred Stock, net— 130,702— — 2,963 — — 2,963 — 2,963 
Redemption of OP Units— — 144,152— 2,092 — — 2,092 (2,092) 
Issuance of common stock, net— — 453,9291 6,031 — — 6,032 — 6,032 
Net income— — — — 3,244 — 3,244 39 3,283 
Dividends—Series B Preferred Stock and Series C Preferred Stock— — — — (4,388)— (4,388)— (4,388)
Distributions—OP Units and common stock— — — — (5,724)— (5,724)(68)(5,792)
Comprehensive loss attributable to the Company— — — — — (1,426)(1,426)— (1,426)
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership— — — (919)— — (919)919  
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 
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 CASH FLOWS
(In thousands)
(Unaudited)
 For the Six Months Ended June 30,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$23 $3,283 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization12,336 8,100 
Amortization of debt issuance costs641 365 
Amortization of deferred rent assets and liabilities, net(294)(139)
Amortization of right-of-use assets from operating leases and operating lease liabilities, net(11)(24)
Loss (income) from investments in unconsolidated entities24 (26)
Bad debt expense6 12 
Loss on dispositions of real estate assets, net1,840 666 
Changes in operating assets and liabilities:
Other assets, net(2,413)(1,426)
Accounts payable and accrued expenses and Due to related parties, net2,630 (501)
Other liabilities, net2,183 (373)
Net cash provided by operating activities16,965 9,937 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of new real estate assets(81,752)(25,134)
Capital expenditures on existing real estate assets(2,423)(9,427)
Proceeds from dispositions of real estate assets 166 
Deposits on prospective real estate acquisitions and investments(775)(705)
Net cash used in investing activities(84,950)(35,100)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of preferred and common equity109,720 39,563 
Offering costs(2,903)(2,917)
Redemptions of cumulative redeemable preferred stock (Series B and Series C)— (309)
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 payable9,903 16,300 
Repayments of notes and bonds payable(6,607)(6,588)
Payments of financing fees(2,221)(378)
Dividends paid on cumulative redeemable preferred stock (Series B and Series C)(6,283)(3,625)
Distributions paid on non-controlling common interests in Operating Partnership(37)(68)
Distributions paid on common stock(7,641)(5,724)
Net cash provided by financing activities125,556 36,254 
NET INCREASE IN CASH AND CASH EQUIVALENTS57,571 11,091 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD9,218 13,688 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$66,789 $24,779 


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 CASH FLOWS (Continued)
(In thousands)
(Unaudited)
 For the Six Months Ended June 30,
 20212020
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, net997 3,785 
Stock offering and OP Unit issuance costs included in Accounts payable and accrued expenses and Due to related parties, net19  
Financing fees included in Accounts payable and accrued expenses and Due to related parties, net118 95 
Unrealized loss related to interest rate hedging instrument(1,344)(1,816)
Dividends paid on Series C Preferred Stock via additional share issuances46  


The accompanying notes are an integral part of these condensed consolidated financial statements.
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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, 2021 and December 31, 2020, the Company owned approximately 99.3% and 100.0%, 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, 2021, and for the tax year ended December 31, 2020, 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. In the opinion of our management, all adjustments (consisting solely of normal recurring accruals) necessary for the fair statement of financial statements for the interim period have been included. 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, 2020, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2021 (the “Form 10-K”). The results of operations for the three and six months ended June 30, 2021, 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, including the impact of extraordinary events, such as the novel coronavirus (“COVID-19”) pandemic, the results of which form the basis for making certain judgments. Actual results may materially differ from these estimates.
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Recently-Issued Accounting Pronouncements
In April 2020, the FASB issued a staff question-and-answer document, “Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic” (the “COVID-19 Q&A”), to address certain frequently-asked questions pertaining to lease concessions arising from the effects of the COVID-19 pandemic. Existing lease guidance requires entities to determine if a lease concession is a result of a new arrangement reached with the tenant (which would be addressed under the lease modification accounting framework) or if a lease concession is under the enforceable rights and obligations within the existing lease agreement (which would not fall under the lease modification accounting framework). The COVID-19 Q&A clarifies that entities may elect to not evaluate whether lease-related relief granted in light of the effects of COVID-19 is a lease modification, provided that the concession does not result in a substantial increase in rights of the lessor or obligations of the lessee. This election is available for concessions that result in the total payments required by the modified contract being substantially the same as or less than the total payments required by the original contract. We have not needed to make use of this election to date.
NOTE 3.