<SEC-DOCUMENT>0001193125-17-351415.txt : 20180112
<SEC-HEADER>0001193125-17-351415.hdr.sgml : 20180112
<ACCEPTANCE-DATETIME>20171124160532
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-351415
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLADSTONE LAND Corp
		CENTRAL INDEX KEY:			0001495240
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				541892552
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703-287-5800

	MAIL ADDRESS:	
		STREET 1:		1521 WESTBRANCH DRIVE
		STREET 2:		SUITE 100
		CITY:			MCLEAN
		STATE:			VA
		ZIP:			22102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gladstone Land Corp
		DATE OF NAME CHANGE:	20100624
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g491802snap-gladstonelogo.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">November&nbsp;24, 2017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">ATTN:</TD>
<TD ALIGN="left" VALIGN="top">Mr.&nbsp;Wilson&nbsp;K. Lee, Office of Real Estate and Commodities </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Mr.&nbsp;Eric McPhee, Office of Real Estate and Commodities </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Gladstone Land Corporation </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2016 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Filed February&nbsp;21, 2017 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-35795</FONT> </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Messrs. Lee and McPhee: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Gladstone Land Corporation (the &#147;<U>Company</U>&#148;) and in response to the request contained in the letter (the
&#147;<U>Comment Letter</U>&#148;) from the staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the United States Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;), dated November&nbsp;14, 2017 (the
&#147;<U>Comment</U>&#148;), with respect to our Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2016, filed with the SEC on February&nbsp;21, 2017 (the &#147;<U>2016 Form
<FONT STYLE="white-space:nowrap">10-K</FONT></U>&#148;), we submit this letter containing the Company&#146;s response. For your convenience, we have set forth below the Staff&#146;s Comment, followed by the Company&#146;s response. Capitalized terms
not defined herein are defined in the 2016 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Staff Comment</U>: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2016 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">We note that the purchase prices of your acquisitions of the Gunbarrel Road and Citrus Boulevard properties exceeded 10% of your total assets as of the respective prior audited balance sheet dates. Please tell us how
you considered the need to present audited historical financial statements for these properties in accordance with Rule <FONT STYLE="white-space:nowrap">3-14</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Company Response</U>: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With regard to
the Staff&#146;s question regarding our consideration of audited historical financial statements (&#147;<U><FONT STYLE="white-space:nowrap">3-14</FONT> Financial Statements</U>&#148;) pursuant to Rule <FONT STYLE="white-space:nowrap">3-14</FONT> of
Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> (&#147;<U>Rule <FONT STYLE="white-space:nowrap">3-14</FONT></U>&#148;) for our Gunbarrel Road and Citrus Boulevard acquisitions, we respectfully submit the following response: </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Gunbarrel Road: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We acquired Gunbarrel Road, which consisted of real property (land and buildings), on March&nbsp;3, 2016, for a total purchase price of
approximately $25.7&nbsp;million. Per our Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2015, filed with the SEC on February&nbsp;23, 2016 (the &#147;<U>2015 Form
<FONT STYLE="white-space:nowrap">10-K</FONT></U>&#148;), our total assets as of December&nbsp;31, 2015, were approximately $228.7&nbsp;million (resulting in a 10% threshold of approximately $22.9 million). The 2015 Form <FONT
STYLE="white-space:nowrap">10-K</FONT> was our most recently-audited balance sheet at the time we acquired Gunbarrel Road. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
acquisition of Gunbarrel Road consisted of four separate agreements (two purchase and sale agreements (each a &#147;<U>PSA</U>&#148;), each of which the consideration paid consisted solely of cash; and two contribution agreements (each a
&#147;<U>CA</U>&#148;), each of which the consideration paid consisted solely of limited partnership interests in our operating partnership (&#147;<U>OP Units</U>&#148;)) with three separate entities (Seller A, which consisted of two married
individuals, acting jointly, as husband and wife; Seller&nbsp;B, which was a corporation; and Seller&nbsp;C, which was a limited liability company whose ownership was split evenly between Seller&nbsp;A and Seller&nbsp;B). Seller&nbsp;A and
Seller&nbsp;B were otherwise unrelated parties. The operator on all real property conveyed in the sale was a limited liability company (Grower&nbsp;A) that was wholly-owned by Seller A. As such, a portion of the transaction (that portion of real
property owned by Seller&nbsp;A) was owner-operated prior to our acquisition and thus had no prior leasing history. For clarity purposes, the structure of the transaction is laid out in tabular format below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="67%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.50pt; font-size:8pt; font-family:Times New Roman"><B>Seller</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Operator</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Agreement<BR>Type</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Type of<BR>Consideration</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total<BR>Consideration</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>%&nbsp;of&nbsp;Total<BR>Assets<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><I>Owner-operated property:</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller A<B><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Grower&nbsp;A<B><SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">PSA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Cash</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">8,656,324</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;3.8%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><I>Subtotal: Total owner-operated property</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,656,324</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>&nbsp;&nbsp;3.8%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Non-owner-operated</FONT>
property:</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller B<B><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Grower&nbsp;A<B><SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">PSA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Cash</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,627,638</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;4.6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller B<B><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Grower&nbsp;A<B><SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">CA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">OP&nbsp;Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">516,587</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;0.2%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seller C<B><SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">Grower&nbsp;A<B><SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">CA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">OP Units</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,935,267</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">&nbsp;&nbsp;2.6%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><I>Subtotal: Total <FONT STYLE="white-space:nowrap">non-owner-operated</FONT>
property</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>17,079,491</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>&nbsp;&nbsp;7.5%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="7"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Purchase Price</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>25,735,815</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;11.3%&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="7" VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD ALIGN="left" VALIGN="top">Measured against our total assets per our 2015 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD ALIGN="left" VALIGN="top">Two married individuals, acting jointly, as husband and wife. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></TD>
<TD ALIGN="left" VALIGN="top">A corporation. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></TD>
<TD ALIGN="left" VALIGN="top">An LLC, owned 50% by Seller A and 50% by Seller B. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></B></TD>
<TD ALIGN="left" VALIGN="top">An LLC, wholly-owned by Seller A. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Item No.&nbsp;2330.10 of the Division of
Corporation Finance&#146;s Financial Reporting Manual (&#147;<U>FRM 2330.10</U>&#148;), <FONT STYLE="white-space:nowrap">3-14</FONT> Financial Statements are not required for acquired properties that have no prior leasing history. The portion of
real property owned and operated by Seller A made up approximately $8.7&nbsp;million of the total purchase price of Gunbarrel Road and was thus excluded from </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
our analysis for purposes of Rule <FONT STYLE="white-space:nowrap">3-14.</FONT> The remaining portions of the acquisition made up a total of approximately $17.1&nbsp;million, which was below the
10% threshold of total assets included in the audited balance sheet of the 2015 Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Citrus Boulevard:
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We acquired Citrus Boulevard on January&nbsp;12, 2017, for a total purchase price of $54.0&nbsp;million. Per our 2016 Form <FONT
STYLE="white-space:nowrap">10-K,</FONT> our total assets as of December&nbsp;31, 2016, were approximately $334.0&nbsp;million (resulting in a 10% threshold of approximately $33.4 million). The 2016 Form <FONT STYLE="white-space:nowrap">10-K</FONT>
was our most recently-audited balance sheet following the acquisition of Citrus Boulevard. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The acquisition of Citrus Boulevard was a
sale-leaseback, with the entire property previously being owner-operated. Pursuant to FRM 2330.10, <FONT STYLE="white-space:nowrap">3-14</FONT> Financial Statements are not required for acquired properties that have no prior leasing history. As no
prior leasing history existed prior to our acquisition of it, the transaction was excluded from our analysis for purposes of Rule <FONT STYLE="white-space:nowrap">3-14.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any additional questions or require any further information regarding the response contained in this letter, please do not
hesitate to contact me at (703) <FONT STYLE="white-space:nowrap">287-5817</FONT> or <U>Lewis.Parrish@GladstoneCompanies.com</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Lewis Parrish</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Lewis Parrish</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Gladstone Land Corporation, CFO</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g491802snap-gladstonelogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g491802snap-gladstonelogo.jpg
M_]C_X  02D9)1@ !  $ 8 !@  #__@ ?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$  @&!@<&!0@'!P<*"0@*#18.#0P,#1L3%! 6(!PB(1\<
M'QXC*#,K(R8P)AX?+#TM,#4V.3HY(BL_0SXX0S,X.3<!"0H*#0L-&@X.&C<D
M'R0W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W-S<W
M-S<W-S<W-__$ :(   $% 0$! 0$!           ! @,$!08'" D*"P$  P$!
M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MN6_H*T]E0I?$[LS]I6G\*L,'@^_LIUU/Q=X\EMI5Y AGV8]@3_04W5C)<M.
M>S:?-4D:%U\6]!TR)++3!>ZS<*-H;'WC[L>3^ K..$G+66A3Q,8Z+4?8_&'2
MQ(L&MZ=>:5,>[H67_']*)8.7V'<(XJ/VE8[32_$>CZR@;3M2M[G_ &4<;A^'
M6N:5.<-T=$:D);,T\U!H+0!2U?5;71-(N]4OGV6MK&99#WP!T'OVJ)SY(W94
M8N3LCAO"$^M_$33_ .W]6OKG3=&FD/V/3K&4PLZ*6&^25<2$D]E91\HX.:UY
M.2*Y_BW\E_GIW^[M'.I-J&R^]_Y?TO73USP;<QZ>]SX;UG6;358%9X ^I2SQ
MR-C 5TF9U(_ ?6I3M)=KJ_I=7_ >EG?^NWXG,?&[[7I'AVQU33M6U.SO9;V*
MWD>WOI8U*%6S\@;:#P.0*4$GB(QZ2?\ D-75&3>\5^IZ=IFGQ:98I;0R7$B#
MG=<7$D[DG_:<D_AFKD[D0VN7*DH\?^*WBKQ#I^J13>'I'%GX>:&ZU,)(5$AD
M;"QMCJ, D@]F!J(2Y:G/+X;\OS:U^[1+S94H\T.2/Q-7^2V_73JD>K:;J%OJ
MNF6NH6K[[>YB66-O56&16TXN$G%]#*$N:*9Y3?V5S_POFST,:MJXTBXL&NI+
M==5N% ?Y^00^0,@< XK.@KJHG]FUO_)?^"76NO9M=6[_ (_\ ZS7/!%T;,W'
MASQ#K&GZI K-!YNHRW$,C8X$B2LX(^G3.><5,W**YH_=_77L5%1;M+8I> _B
M.WB7P3J&IW]KY6I:0KB\A08#%5)!&>F<'CL0:NM)1I>VALU^/^6Q-.,G5]C+
M=%7X?0S^.O#2^)==U>_EN+V1PEO9WTUK#;(K$! L3+D^[9/3FKE!0BDMVKW_
M *TT_.Y*GS2ET2T2_KJ_ZL:=GX2UB1H;/4-;U.73K2\D*,U\\<TL!B 0,\15
MFPY8Y8YXJ%K9RWLU\^;1]OA7WL;O=J.UU]UG?SW?W(Y2]L98/CGIOAU-7UD:
M1/I[3O;_ -KW7+C?SN\S=_".]%'WO:7Z6M_Y+_FPK>ZJ;75N_P!S_P" =K+Y
M/@#3]?UJ]OKN?2D1)(HI[N6X="!@J#(QQN8C'/>HE/DA9ZN^GS2T^^_HBXPY
MIZ;6U^5VW]UC-\*V.K^,])MO$/B/4[RWBNU,MKIMA</;1PQG&TLZ$.[$#/+8
M^;@5JX>STEK+K_E;_/T\WFI\^RLOQTOO_P "QB^,YO$'PN$7B'2M6O=4T)K@
M+>:?J$QG,8;@%)6RZCH "3S@G.:SC/DDH3U3OKU3_73^KNY;AS1<HZ-?<^GY
M_P!:6-GQ^TFO?#N/6-!U"\M;R=8/L<L%Y+ /WLB#Y@C8/#=P<=J=2G*-106]
M[?F.C*,XWEM9O[E_P"#X4>.;G7K&?P_KVZ+Q)I.8YTD^]*JG&_W.>#[X/>M6
MXU(>TA\_7^ON>G8R2E3ER2^7]?U==]34\5:3]I\6>'6%_J4$5U/)%<16^H3Q
M)(HA=E^5' '*@Y&,]\UG3TJ/T;^=XK]=MBYNU->J7YLYWXZ276D^$8=7TS4]
M1L;T7,<.ZVO98U*$-D% VW/OC/'6H3M5@NC>II!)PEY+]4=+=^"HKOP_(MAJ
MFL6]_)!^ZF.M79".1P2#(1U]C6TO=J:;)_A?7\#"E*\$WV_0[!1A0,YP.M0R
MHJR2/(OB;%<6/CGP?!9:OJUI#J]ZT=W'#J4ZJZ[H^ N["?>/W<=:*"O6<'M9
MO\V55=J#FM[I?>>L6EM'96L=M$TK)&, RRM*Y^K,2Q_$TV[DI6)J0SQ?QCXX
MUK2OB!9ZW;S./">FW@TR[57(621ES(Q X.W.!Z%2.]*@[S][:=TOEU^;OZI,
M=9/DM#>-F_GT^ZWHW<]G5@ZAE(*D9!'>J:MHR4TU='B/Q#U'Q%X*\=IK>AW-
M]<Z39P13ZA9S7LLL9$DDBDA68A1\N!CA3CC%12DH-\_PWM^']?EU-*D.:"<?
MBU?W6_S_ %Z'KND:M8>)M!@U+3YS+9W<>596*L.Q&1R"#D>H(JZD+>ZS*$[Z
MG/>#M)\C4O$?FW^HW AOFMX5GU">41Q&.-L ,Y&<D_-UYZT+6DK];_A)I?@-
MNU5I=+?E<X_PYI]Q>?&'Q1H=WJ^LRZ58P1O;Q?VO<CRRP0]1(&/4]2:5'WJ,
MI/=2M_Z5_D@JWC5BELU?\O\ @G0>+O#6K:'I5QK_ (4UW5(KVQA,AL[N\DNX
M+A%^9@5E+$,0.""/3C.:B4W3][IU]/ZW\C2,%4]W9]/7^O\ ,W_ GBV'QMX2
MM=9BB\F1\I-%UV2+U ]NX]B*WJ146FMF8PE>Z>Z.?\76OQ(D\S^R+JS^S=EM
MALEQ]6_I711=!?&<]55G\)Y;#:P6NIL_C^UULG=PV<K^)/\ 0UWN5X_N;'$E
M9_O;GJ_AJ[\""U(\,G38[S;\@N!M?/N6Y_*O/JJO?W[V.VFZ-O=.?\6GXID/
MY7E_9.QTSKC\?FK:C]6Z[^9E5]OTV..T5?"2W);QD^L?;QRRS*0A/I_>KIG[
M3_EU:QA#D_Y>7.JL_'>G6S?9/ W@UII.@E,7Z\9/YFN=T)/6M,V59+2G$[#1
M!XCUJW*^+]!TQ+7!)+L"P_X#R/U%<T^2#_=-G1'FDOWB.0\5Z)\,[%WD34FL
M;Q>BV$A<@_3D#\Q732GB):6OZF%2-!;/4YS0/$_C9;PP^'9[_4[0'""YAW C
MW.>/SK>=*CR^_HS&%2K?W=CVKPW=>)+JVW:_IUK9R8X\F8L3]1V_.O*J*"?N
M,]&FYM>\9/Q8LKF_^%VO06BEI?)$FT=2JNK-^@-<E;1)O9-'71^*WD_R8SX0
MZC:ZC\,-%-LP)MXO(E4'E74X(/Z'\:[:VZ?DORL<E+1->;_%W'>/O&VJ>!M.
M;5#HEK>Z<)$B#"_:.7<WJGE$8R/[U<Z;<XP_F=D;J-TVNG^9S'QUDFE^'NC2
M7$213MJ,!=$?>JML?(#8&1[X'TK2"2Q=-+O^J)C+FP]1_P!W]4>MK]Q?I4O0
MF'PHHZCK-EIFA7.LRS*UE! 9S(AW!E SP>^>U14ER1;-(1YI<O\ 7G]QY]X;
MBU&;PCJ$6K>#M6N)]>:6XNW22U (D&%4;IE8!4VCD C%54IVIJCV_P#2MV_O
M_"Q,*EZCJKKMZ;)?=^9%\$M3NK;3-3\':FCQ7^ASE5CD(W>4Q)'0D<'/0GJ*
MUYO:THU.NS^7]6^1'+[.HX='JOZ^Y_,2_F"_M+Z4@Y)T=E/MRY_I6>'_ .7W
MR_\ ;2Z[LJ2\W^3/4Y98X(7EE<)'&I9F)P !U-3*2C%R>R&DV[(\>^"%LJV7
MBOQ-<L(--U"\9HS*=J"-2Q9LGM\^,_[)JX1Y<-3IS6O_  R_04GS8F4H?UK?
M_+[S9F^#.EVTE]/X;\0:WX?>Z^81V-V5@5L<$KPS#DG&[OQBI2<8\J>W?^OZ
M\QWC)\UON$^%^M>(6UOQ'X6U^^_M)M%DC2*\*@,ZD$ -ZG"@Y.3DG)-:1DJE
M+VEK.[7]?UV(DG3J<E]&K_E_F4]3_P"3E]%_[!+_ /M2HP__ "^^7_MI5?X:
M7J_R9M_&>RN+[X5:PELK,\825E7J55U+?D 3^%8U='%]G_FOU-:6MX]U_P '
M_@&G\-=3M]5^'&@W%N5VI:)"P7^%D&UA^8KLKZU'+OK]_P#5CEHZ1MVN9'QK
MN((?A7JL<PW/.T442]R_F*1C\B?PKCJ)N4(K>YU4FH\TGLD_\OS&G3Y]'^#^
MAV-X-D]N;!9%/&T^?%D'Z5V3:^L02[I?<K'-1_A2?=2?WILS/BGX1OK6]@\?
M^%E,>N:;AKA%&?M$0&#D=R!P?5?H*Y5/V$N?[+W_ *[=^V^FK-^55H\CW6W]
M?E]W4T]*\76/C7_A#=6LB%9KR59H<Y:&06\F5/\ ,>H(KHY>6HVMG%V_\"B<
M[DW32>ZDORD9G[0G'PV3_K^B_DU<LG:K!^?Z'53^&?I^J.GL?#^HW":%?_\
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MII4[)=#=TRR&FZ59V"OO%M"D08C&[:H&<?A5U)<\W+N3"+C%)NYR'C+P%?\
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FDG=J[_KI_G<&W;E6GY_UZ'6HBQHJ(H55&  , "FVV[L222LC_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
