Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 80

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 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 ASSETS

All of our properties are wholly-owned on a fee-simple basis, except where noted.  The following table provides certain summary information about the 150 farms we owned as of March 31, 2025 (dollars in thousands, except for footnotes):LocationNo. of FarmsTotalAcresFarm AcresAcre-feet ofWater AssetsNet Cost Basis(1)Encumbrances(2)California(3)(4)(5)6334,84532,32155,350$833,896 $364,788 Florida2013,09010,2790129,003 57,155 Washington62,5202,004055,219 15,196 Arizona(6)66,3205,333049,248 11,556 Colorado1232,77325,577045,490 13,562 Oregon(7)6898736029,020 10,801 Nebraska75,2234,949019,807 9,689 Michigan121,245778015,069 8,560 Texas13,6672,21908,990 — Maryland698786307,916 4,153 South Carolina359744703,429 2,076 Georgia223017502,331 1,577 North Carolina231029502,065 — New Jersey311610102,045 1,185 Delaware118014001,275 666 150103,00186,21755,350$1,204,803 $500,964 (1)Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for accumulated depreciation and amortization.  

8

Specifically, includes Total real estate, net and Lease intangibles, net; plus long-term water assets and related acquisition costs, net above-market lease values, net lease incentives, and net investments in special-purpose LLCs included in Other assets, net; and less net below-market lease values and other deferred revenue included in Other liabilities, net; each as shown on the accompanying Condensed Consolidated Balance Sheets.(2)Excludes approximately $2.1 million