Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 90

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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)Items as a Percentageof Pre-Tax IncomeTax Rate Reconciliation:Pre-tax income (loss)$(1,579)$(332)21.0 %State tax expense:Current— — — %Deferred— (83)5.3 %Meals & Entertainment— — — %Change in Valuation allowance— 415 (26.3)%Income tax expense$— — %Total current federal tax benefit$— Total current state tax benefit— Total deferred tax benefit— (1)The current federal statutory rate is 21%.Segment ReportingOur current business strategy includes one operating segment: Real Estate Rental Operations.  We generate revenues, earnings, net income, and cash flows through our single segment by collecting rents from our tenants through operating leases, including reimbursements for certain of our property operating costs.  We expect to generate earnings growth by increasing rents, maintaining high occupancy rates, and controlling expenses.  The primary driver of our revenue growth will be the renewal of existing leases at current market rental rates upon expiration and the acquisition of new properties.  We further believe our active portfolio management, combined with the skills of our asset management team, will allow us to maximize net income across our portfolio.Our Chief Operating Decision Maker (“CODM”) is our President and CEO.  Our CODM uses net income to make decisions about allocating resources to individual properties and assessing performance.  The CODM will sometimes reference other metrics, including net operating income; however, as net income is the measure most consistent with the amounts disclosed in the consolidated financial statements, only net income is disclosed.Recently-Issued Accounting PronouncementsIn November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”).  ASU 2024-03 requires public entities to disaggregate specific types of expenses, including disclosures for depreciation, intangible asset amortization, and selling expenses.  The pronouncement is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.  Prospective application is required, and retrospective application or early adoption is permitted.  We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.

NOTE 3.  REAL ESTATE AND INTANGIBLE