Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 157

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 157
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(3,979)(5,141)Lease intangibles, net$3,588 $4,782 (1)Other consists primarily of acquisition-related costs allocated to miscellaneous lease intangibles.Total amortization expense related to these lease intangible assets was approximately $1.1 million,  $1.0 million, and $1.0 million for the years ended December 31, 2024, 2023, and 2022, respectively.The following table summarizes the carrying values of certain lease intangible assets or liabilities (excluding those related to real estate held for sale) included in Other assets, net or Other liabilities, net, respectively, on the accompanying Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of December 31, 2024 and 2023 (dollars in thousands): December 31, 2024December 31, 2023Intangible Asset or LiabilityDeferredRent Asset(Liability)Accumulated(Amortization)AccretionDeferredRent Asset(Liability)Accumulated(Amortization)AccretionAbove-market lease values(1)$695 $(198)$695 $(121)Below-market lease values(2)(1,371)561 (1,944)624 Lease incentives and other deferred revenue, net(3)14,192 (3,691)675 (126)$13,516 $(3,328)$(574)$377 (1)Included as part of Other assets, net on the accompanying Consolidated Balance Sheets, and the related amortization is recorded as a reduction of Lease revenue, net on the accompanying Consolidated Statements of Operations and Comprehensive Income.(2)Included as a part of Other liabilities, net on the accompanying Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Consolidated Statements of Operations and Comprehensive Income.(3)Lease incentives are included as part of Other assets, net on the accompanying Consolidated Balance Sheets, and the related amortization is recorded as a reduction of Lease revenue, net on the accompanying Consolidated Statements of Operations and Comprehensive Income.  Other deferred revenue is primarily attributable to tenant-funded improvements and is included as a part of Other liabilities, net on the accompanying Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Consolidated Statements of Operations and Comprehensive Income.For the years ended December 31,