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

Quarterly report pursuant to Section 13 or 15(d)

EQUITY (Tables)

EQUITY (Tables)

6 Months Ended

Jun. 30, 2022

The following table provides information on sales of our Series C Preferred Stock during the three and six months ended June 30, 2022 and 2021 (dollars in thousands, except per-share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Number of shares sold(1)	1,479,544		404,049		3,028,475		939,020
Weighted-average offering price per share	$	24.70	$	24.75	$	24.75	$	24.83
Gross proceeds	$	36,551	$	10,000	$	74,967	$	23,315
Net proceeds(2)	$	33,660	$	9,192	$	68,898	$	21,363

(1)Excludes shares issued pursuant to the DRIP. We issued approximately 7,488 and 12,727 shares of the Series C Preferred Stock pursuant to the DRIP during the three and six months ended June 30, 2022, respectively, and approximately 1,293 and 2,001 shares of the Series C Preferred Stock pursuant to the DRIP during the three and six months ended June 30, 2021, respectively.

(2)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.

The following table provides information on shares of common stock sold by the Sales Agents under the ATM Program during the three and six months ended June 30, 2022 and 2021 (dollars in thousands, except per-share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Number of shares sold	—		2,946,113		310,055		4,259,045
Weighted-average offering price per share	$	—	$	21.68	$	33.64	$	20.29
Gross proceeds	$	—	$	63,868	$	10,431	$	86,405
Net proceeds(1)	$	—	$	63,229	$	10,327	$	85,541

(1)Net of underwriting commissions.

Monthly Distributions Declared and Paid by Company's Board of Directors

The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and six months ended June 30, 2022 and 2021 are reflected in the table below.


	Three months ended June 30,				Six months ended June 30,
Issuance	2022		2021		2022		2021
Series A Term Preferred Stock(1)(2)	$	—	$	—	$	—	$	0.1815104
Series B Preferred Stock	0.375		0.375		0.750		0.750
Series C Preferred Stock	0.375		0.375		0.750		0.750
Series D Term Preferred Stock(1)(3)	0.312501		0.312501		0.625002		0.559029
Common Stock(4)	0.13620		0.13500		0.27210		0.26985

(1)Dividends are treated similar to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

(2)The Series A Term Preferred Stock was redeemed in full on February 12, 2021.

(3)The Series D Term Preferred Stock was issued on January 19, 2021.

(4)The same amounts were paid as distributions on each OP Unit held by non-controlling OP Unitholders.