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, 2024

The following table provides information on sales of our Series E Preferred Stock during the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except per-share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Number of shares sold	800		75,209		12,140		135,409
Weighted-average offering price per share	$	25.00	$	24.93	$	25.00	$	24.95
Gross proceeds	$	20	$	1,875	$	304	$	3,378
Net proceeds(1)	$	18	$	1,692	$	273	$	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, 2024 and 2023 (dollars in thousands, except per-share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Number of shares sold	—		66,100		—		729,685
Weighted-average offering price per share	$	—	$	17.31	$	—	$	19.50
Gross proceeds	$	—	$	1,144	$	—	$	14,228
Net proceeds(1)	$	—	$	1,133	$	—	$	14,086

(1)Net of underwriting commissions.

The following table summarizes repurchase activity under the Repurchase Program during the three and six months ended June 30, 2024 (dollars in thousands, except per-share amounts):



	Three and Six Months Ended June 30, 2024
Series B Preferred Stock:
Number of shares repurchased	54,735
Gross repurchase price(1)	$	1,133
Weighted-average repurchase price per share	$	20.70
Gain on repurchase(2)	$	84
Series C Preferred Stock:
Number of shares repurchased	86,042
Gross repurchase price(1)	$	1,762
Weighted-average repurchase price per share	$	20.47
Gain on repurchase(2)	$	190

(1)Inclusive of broker commissions.

(2)The gain on the repurchase of cumulative redeemable preferred stock is included within Gain (loss) on extinguishment of cumulative redeemable preferred stock, net on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

The following table provides information on equity sales that occurred subsequent to June 30, 2024 (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 E Preferred Stock(1)	3,195	$	24.88	$	79	$	72

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

The following table summarizes repurchase activity under the Repurchase Program subsequent to June 30, 2024, (dollars in thousands, except per-share amounts):


Series B Preferred Stock:
Number of shares repurchased	42,196
Gross repurchase price(1)	$	902
Weighted-average repurchase price per share	$	21.37
Gain on repurchase	$	37
Series C Preferred Stock:
Number of shares repurchased	60,920
Gross repurchase price(1)	$	1,285
Weighted-average repurchase price per share	$	21.09
Gain on repurchase	$	97

(1)Inclusive of broker commissions.

Schedule of Dividends Declared

The per-share distributions to preferred and common stockholders declared by our Board of Directors during the three and six months ended June 30, 2024 and 2023 are reflected in the table below.


	Three Months Ended June 30,				Six Months Ended June 30,
Issuance	2024		2023		2024		2023

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		0.312501		0.625002		0.625002
Common Stock(2)	0.1398		0.1380		0.2793		0.2757

(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, if any, as of the applicable date of record.

On July 9, 2024, our Board of Directors 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, 2024	July 31, 2024	$	0.125
	August 21, 2024	August 30, 2024	0.125
	September 20, 2024	September 30, 2024	0.125
Total Series B Preferred Stock Distributions:			$	0.375

Series C Preferred Stock:	July 22, 2024	July 31, 2024	$	0.125
	August 21, 2024	August 30, 2024	0.125
	September 20, 2024	September 30, 2024	0.125
Total Series C Preferred Stock Distributions:			$	0.375

Series D Term Preferred Stock:	July 22, 2024	July 31, 2024	$	0.104167
	August 21, 2024	August 30, 2024	0.104167
	September 20, 2024	September 30, 2024	0.104167
Total Series D Term Preferred Stock Distributions:			$	0.312501

Series E Preferred Stock:	July 25, 2024	August 5, 2024	$	0.104167
	August 26, 2024	September 5, 2024	0.104167
	September 25, 2024	October 4, 2024	0.104167
Total Series E Preferred Stock Distributions:			$	0.312501

Common Stock(1):	July 22, 2024	July 31, 2024	$	0.0467
	August 21, 2024	August 30, 2024	0.0467
	September 20, 2024	September 30, 2024	0.0467
Total Common Stock Distributions			$	0.1401

(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.