Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 154

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 154
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 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 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 157 farms we owned as of December 31, 2024 (dollars in thousands, except for footnotes):

77

LocationNo. ofFarmsTotalAcresFarmAcresAcre-feet ofWater AssetsNet Cost Basis(1)Encumbrances(2)California(3)(4)(5)6334,84532,32155,387$840,374 $372,780 Florida(6)2518,72013,891—166,471 76,917 Washington62,5202,004—56,171 15,196 Arizona(7)66,3205,333—49,840 11,939 Colorado1232,77325,577—45,579 13,849 Nebraska(6)97,7827,050—29,898 9,912 Oregon(8)6898736—28,991 10,873 Michigan121,245778—15,204 8,663 Texas13,6672,219—8,026 — Maryland6987863—7,948 4,218 South Carolina3597447—3,452 2,100 Georgia2230175—2,