Item 1.01. Entry into a Material Definitive Agreement

On January 27, 2021, Gladstone Land Corporation (the "Company") entered into three separate agreements of purchase and sale (collectively, the "Agreements") with King and Gardiner Farms, LLC and Gardiner Family, LLC (and in the case of one such agreement, also with V. Lions Operations, L.P.). The Agreements provide for the purchase of multiple parcels of irrigated farmland totaling approximately 2,370 gross acres, primarily consisting of almond and pistachio orchards, and approximately 75,000 acre-feet of banked water located in Kern County, California (the "Property"). The aggregate purchase price of the Property is expected to be approximately $90.0 million, subject to certain conditions as set forth in the Agreements.

The acquisition of the Property is subject to customary terms and conditions and termination rights for transactions of this type, including a due diligence inspection period for the Company. The transaction is expected to close through a wholly-owned subsidiary of the Company's operating partnership in multiple phases, with the first phase expected to close during the three months ending June 30, 2021, and the final phase completed by the three months ending December 31, 2021. However, there can be no assurance that this prospective acquisition will be consummated by a certain time, or at all.

Certain statements in this filing, including, but not limited to, the Company's ability to consummate the prospective acquisition, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on the Company's current plans that are believed to be reasonable as of the date of this filing. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.




Exhibit No.       Description

                  Cover Page Interactive Data File (embedded within the Inline XBRL
104               document)

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