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, 2023

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



	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
Number of shares sold(1)	1,479,544		3,028,475
Weighted-average offering price per share	$	24.70	$	24.75
Gross proceeds	$	36,551	$	74,967
Net proceeds(2)	$	33,660	$	68,898

(1)Excludes shares issued pursuant to the DRIP. We issued approximately 0 and 14,067 shares of the Series C Preferred Stock pursuant to the DRIP during the three and six months ended June 30, 2023, respectively, and 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.

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

The following table provides information on sales of our Series E Preferred Stock during the three and six months ended June 30, 2023 (dollars in thousands, except per-share amounts):


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Number of shares sold	75,209		135,409
Weighted-average offering price per share	$	24.93	$	24.95
Gross proceeds	$	1,875	$	3,378
Net proceeds(1)	$	1,692	$	3,047

(1)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, 2023 and 2022 (dollars in thousands, except per-share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Number of shares sold	66,100		—		729,685		310,055
Weighted-average offering price per share	$	17.31	$	—	$	19.50	$	33.64
Gross proceeds	$	1,144	$	—	$	14,228	$	10,431
Net proceeds(1)	$	1,133	$	—	$	14,086	$	10,327

(1)Net of underwriting commissions.

Schedule of 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, 2023 and 2022 are reflected in the table below.


	Three Months Ended June 30,				Six Months Ended June 30,
Issuance	2023		2022		2023		2022

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)	0.312501		0.312501		0.625002		0.625002
Series E Term Preferred Stock	0.312501		—		0.625002		—
Common Stock(2)	0.1380		0.1362		0.2757		0.2721

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

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