Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 31

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 and nine months ended September 30, 2025, respectively, and approximately $19,000 and $58,000 for the three and nine months ended 

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September 30, 2024, respectively.  Total accretion related to below-market lease values was approximately $34,000 and $101,000 for the three and nine months ended September 30, 2025, respectively, and approximately $203,000 and $392,000 for the three and nine months ended September 30, 2024, respectively.  Total net (amortization) accretion related to lease incentives and other deferred revenue, net was approximately $(3.0) million and $(9.1) million for the three and nine months ended September 30, 2025, respectively, and approximately $456,000 and $(201,000) for the three and nine months ended September 30, 2024, respectively.AcquisitionsWe did not acquire any new farms during either of the three or nine months ended September 30, 2025 or 2024.Property Sales2025 Property SalesIn January 2025, we completed the sale of five farms in Florida totaling 5,630 gross acres for an aggregate sales price of approximately $52.5 million.  Including closing costs, we recognized a net gain on the sale of approximately $14.1 million.In February 2025, we completed the sale of two farms in Nebraska totaling 2,559 gross acres for an aggregate sales price of $12.0 million.  Including closing costs, we recognized an aggregate net gain on these sales of approximately $1.6 million.In August 2025, we completed the sale of two farms in Florida totaling 2,678 gross acres for an aggregate sales price of $21.5 million.  Including closing costs, we recognized an aggregate net gain on these sales of approximately $6.0 million.2024 Property SalesIn January 2024, we completed the sale of a 3,748-acre farm in Florida for approximately $65.7 million.  Including closing costs, we recognized a net gain on the sale of approximately $10.4 million.Real Estate Held for SaleAs of December 31, 2024, we had three properties (consisting of seven farms) that were classified as held for sale.  Each of these properties were sold during the three months ended March 31, 2025, as noted above. Investments in Unconsolidated