Gladstone Land Corp

NASDAQ:LANDUnited States

MCLEAN, VA / ACCESSWIRE / November 15, 2024 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that Terry Lee Brubaker will be retiring as Chief Operating Officer of the Company effective December 2, 2024. Mr. Brubaker is also retiring as director and executive officer of Gladstone Management Corporation, the Company's investment adviser, and as a member of the board of managers and an executive officer of Gladstone Administration, LLC, the Company's administrator, also effective December 2, 2024. Following Mr. Brubaker's departure, Michael LiCalsi, the Company's General Counsel and Secretary, who also serves as Gladstone Administration's President, General Counsel and Secretary, will assume certain additional operational responsibilities while Gladstone Management will conduct a national search for a Chief Investment Officer to fill Mr. Brubaker's investment committee responsibilities.

Estimated NAV 914,286 Less: aggregate fair value of cumulative redeemable preferred stock(5) (356,302) ---------- Estimated NAV available to common stockholders and non-controlling OP Unitholders $ 557,984 ========== Total common shares and non-controlling OP Units outstanding 35,838,442 ---------- Estimated NAV per common share and non-controlling OP Unit $ 15.57 ========== (1) Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for accumulated depreciation and amortization. (2) As determined by the Company's valuation policy and approved by its board of directors. (3) Includes the principal balances outstanding of all long-term borrowings (consisting of notes and bonds payable) and the Series D Term Preferred Stock. (4) Long-term notes and bonds payable were valued using a discounted cash flow model. The Series D Term Preferred Stock was valued based on its closing stock price as of September 30, 2024. (5) The Series B Preferred Stock and Series C Preferred Stock were each valued based on their respective closing stock prices as of September 30, 2024, while the Series E Preferred Stock was valued at its liquidation value.