Gladstone Land Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Gladstone Land Corp has filed its 2023 10-K report, detailing financial performance and corporate structure.</b>

AI Summary

GLADSTONE LAND Corp (LANDO) filed a Annual Report (10-K) with the SEC on February 20, 2024. Gladstone Land Corp filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Maryland (MD) and operates within the Real Estate Investment Trusts sector. Key financial data points for the fiscal years 2023, 2022, and 2021 are included in the filing. The filing details various preferred stock series (B, C, D, E) and common stock. Gladstone Land Corp's business address is located in McLean, VA.

Why It Matters

For investors and stakeholders tracking GLADSTONE LAND Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gladstone Land Corp's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future outlook. The detailed breakdown of preferred and common stock, along with historical financial data, allows for a thorough analysis of the company's capital structure and investment value.

Risk Assessment

Risk Level: medium — GLADSTONE LAND Corp shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies, indicating a medium level of risk associated with the information provided.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Gladstone Land Corp's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-20 — Filing Date (Filed as of date)
• 6798 — SIC Code (Standard Industrial Classification)
• 541892552 — IRS Number (IRS number)

Key Players & Entities

• GLADSTONE LAND Corp (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-20 (date) — Filing date
• MD (location) — State of incorporation
• McLean, VA (location) — Business address
• 703-287-5800 (phone) — Business phone
• Series B Preferred Stock (security) — Preferred stock series
• Series C Preferred Stock (security) — Preferred stock series

FAQ

Industry Context

Gladstone Land Corp operates as a Real Estate Investment Trust (REIT), focusing on agricultural land and related properties.

Regulatory Implications

As a publicly traded company, Gladstone Land Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the company's balance sheet and income statement for the fiscal year 2023.
2. Review any disclosed risk factors to understand potential threats to the company's operations and profitability.
3. Examine the details of preferred and common stock issuances and their impact on equity.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-20: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is a standard annual report (10-K) and does not inherently indicate a change from previous filings without comparative data within the document.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share LAND The Nasdaq Sto
• $16.27 — ed on the closing price on that date of $16.27 per share on the Nasdaq Global Market,

Filing Documents

• land-20231231.htm (10-K) — 3319KB
• landexhibit4-1.htm (EX-4.1) — 191KB
• secondamendmenttoloanagree.htm (EX-10.13) — 112KB
• ex21_123123.htm (EX-21) — 21KB
• ex23landconsent2023draft.htm (EX-23) — 2KB
• ex311_123123.htm (EX-31.1) — 8KB
• ex312_123123.htm (EX-31.2) — 8KB
• ex321_123123.htm (EX-32.1) — 4KB
• ex322_123123.htm (EX-32.2) — 4KB
• land-recoupmentpolicy35977.htm (EX-97.1) — 52KB
• ex991_123123seriese.htm (EX-99.1) — 2KB
• land-20231231_g1.jpg (GRAPHIC) — 98KB
• land-20231231_g2.jpg (GRAPHIC) — 6KB
• 0001495240-24-000004.txt (&nbsp;) — 15102KB
• land-20231231.xsd (EX-101.SCH) — 108KB
• land-20231231_cal.xml (EX-101.CAL) — 87KB
• land-20231231_def.xml (EX-101.DEF) — 539KB
• land-20231231_lab.xml (EX-101.LAB) — 1047KB
• land-20231231_pre.xml (EX-101.PRE) — 729KB
• land-20231231_htm.xml (XML) — 2419KB

ITEM 1 Business

PART I ITEM 1 Business 5

Risk Factors

ITEM 1A Risk Factors 13

Unresolved Staff Comments

ITEM 1B Unresolved Staff Comments 31

Cybersecurity

ITEM 1C Cybersecurity 31

Properties

ITEM 2 Properties 32

Legal Proceedings

ITEM 3 Legal Proceedings 33

Mine Safety Disclosures

ITEM 4 Mine Safety Disclosures 33 PART II ITEM 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

ITEM 7A Quantitative and Qualitative Disclosures About Market Risk 58

Financial Statements and Supplementary Data

ITEM 8 Financial Statements and Supplementary Data 59

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98

Controls and Procedures

ITEM 9A Controls and Procedures 98

Other Information

ITEM 9B Other Information 98

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98

ITEM 10 Directors, Executive Officers and Corporate Governance

PART III ITEM 10 Directors, Executive Officers and Corporate Governance 99

Executive Compensation

ITEM 11 Executive Compensation 99

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99

Certain Relationships and Related Transactions and Director Independence

ITEM 13 Certain Relationships and Related Transactions and Director Independence 99

Principal Accountant Fees and Services

ITEM 14 Principal Accountant Fees and Services 99

ITEM 15 Exhibits and Financial Statement Schedules

PART IV ITEM 15 Exhibits and Financial Statement Schedules 100

Form 10-K Summary

ITEM 16 Form 10-K Summary 102

SIGNATURES

SIGNATURES 2 Table of Content

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Our disclosure and analysis in this Annual Report on Form 10-K (the "Form 10-K") and the documents that are incorporated by reference herein contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements involve inherent risks and uncertainties as they relate to expectations, beliefs, projections, future plans and strategies, anticipated events, or trends concerning matters that are not historical facts and may ultimately prove to be incorrect or false. Forward-looking statements include information about possible or assumed future events, including, without limitation, those relating to the discussion and analysis of our business, financial condition, results of operations, and our strategic plans and objectives. Words such as "may," "might," "believe," "will," "anticipate," "future," "could," "growth," "plan," "intend," "expect," "should," "would," "if," "seek," "possible," "potential," "likely" and variations of these words and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these words. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those included within or contemplated by such statements, including, but not limited to, the description of risks and uncertainties in Part I, Item 1A, " Risk Factors ," of this Form 10-K. Additional information regarding risk factors that may affect us is included in Part II, Item 7, " Management's Discussion and Analysis of Financial Condition and Results of Operations ," of this Form 10-K, and readers of our Form 10-K should also read our SEC and other publicly-filed documents for further

BUSINESS

ITEM 1. BUSINESS Overview We are an externally-managed, agricultural REIT that is engaged in the business of owning and leasing farmland. We are not a grower of crops, nor do we typically farm the properties we own. We currently own 168 farms comprised of 111,836 acres across 15 states in the U.S. We also own several farm-related facilities that are necessary to the farming operations on the underlying farmland. Our farmland is predominantly concentrated in locations where farmers are able to grow either fresh produce annual row crops (e.g., certain berries and vegetables), which are typically planted and harvested annually, or certain permanent crops (e.g., almonds, blueberries, pistachios, and wine grapes). To a much lesser extent, we also own farms that grow certain commodity crops (e.g., corn and beans). In addition, we own several farm-related facilities, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. While our focus will continue to be on farmland growing either fresh produce annual row crops or certain permanent crops, in the future, we expect to acquire more farmland that grows commodity crops on a selective basis, as well as more farm-related facilities. We conduct substantially all of our business activities through an Umbrella Partnership Real Estate Investment Trust ("UPREIT") structure, by which all of our properties are held, directly or indirectly, by Gladstone Land Limited Partnership (the "Operating Partnership"). We control the sole general partner of the Operating Partnership and currently own, directly or indirectly, 100.0% of the common units of limited partnership interest in the Operating Partnership ("OP Units"). We have in the past, and may in the future, offer equity ownership in our Operating Partnership by issuing additional OP Units to farmland owners as consideration for acquiring their farms. See " Our Investment Process—Types of Investments " below for additional information rega

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View this 10-K filing on SEC EDGAR