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November 9 , 2021 GLADSTONE LAND Gladstone Land Announces Third Quarter 2021 Results Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment decision . MCLEAN , VA / ACCESSWIRE / November 9 , 2021 / Gladstone Land Corporation ( NASDAQ : LAND ) ( " Gladstone Land " or the " Company " ) today reported financial results for the third quarter ended September 30 , 2021. A description of funds from operations ( " FFO " ) , core FFO ( " CFFO " ) , adjusted FFO ( " AFFO " ) , and net asset value ( " NAV " ) , all non - GAAP ( generally accepted accounting principles in the United States ) financial measures , appear at the end of this press release . All per - share references are to fully - diluted , weighted average shares of the Company's common stock , unless noted otherwise . For further detail , please refer to the Company's Quarterly Report on Form 10 - Q ( the " Form 10 - Q " ) , which is available on the Investors section of the Company's website at www.GladstoneLand.com . Third Quarter 2021 Activity : • Portfolio Activity : o Property Acquisitions : Acquired five new farms , consisting of 1,516 total acres in three different states ( CA , FL , and OR ) , and 5,000 acre - feet ( equal to approximately 1.6 billion gallons ) of banked water for approximately $ 62.3 million . On a weighted - average basis , these acquisitions will yield an initial , minimum net capitalization rate of 6.0 % . However , all of the leases on these farms contain certain provisions ( e.g. , annual rent escalations , CPI adjustments , or participation rents ) that are expected to drive cash rents higher in future years . o Leasing Activity - Lease Renewals : Executed six new lease agreements on certain of our farms in three different states ( CA , MI , and FL ) that are expected to result in an aggregate increase in annual net operating income of approximately $ 132,000 , or 10.3 % , over that of the prior leases . • Debt Activity - New Long - term Borrowings : Secured a total of approximately $ 30.8 million of new , long - term borrowings from two different lenders . On a weighted - average basis , these loans will bear interest at an expected effective interest rate of 2.75 % and are fixed for the next 10.0 years . • Equity Activity : o Series C Preferred Stock : Sold 578,426 shares of our 6.00 % Series C Cumulative Redeemable Preferred Stock ( the " Series C Preferred Stock " ) for net proceeds of approximately $ 13.2 million . • Common Stock - ATM Program : Sold 1,565,925 shares of our common stock for net proceeds of approximately $ 36.7 million under our " at - the - market " program ( the " ATM Program " ) . • Increased and Paid Distributions : Increased the distribution run rate on our common stock ( including OP Units held by non - controlling OP Unitholders ) by a total of 0.22 % and paid monthly cash distributions totaling $ 0.1353 per share of common stock during the quarter ended September 30 , 2021 .