Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 156

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 156
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1,221 farm acres in which we own leasehold interests via two ground leases with the State of Arizona that expire in February 2025 and February 2032, respectively.  As of December 31, 2024, these ground leases had an aggregate net cost basis of approximately $42,000 and are included in Lease intangibles, net on the accompanying Consolidated Balance Sheets.(8)Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms.  As of December 31, 2024, this investment had a net carrying value of approximately $4.7 million and is included within Other assets, net on the accompanying Consolidated Balance Sheets.Real EstateThe following table sets forth the components of our investments in tangible real estate assets as of December 31, 2024 and 2023, excluding real estate held for sale (dollars in thousands):December 31, 2024December 31, 2023Real estate:Land and land improvements$743,141 $792,277 Permanent plantings349,761 359,131 Irrigation and drainage systems169,098 168,545 Farm-related facilities49,063 50,517 Other site improvements13,569 13,272 Real estate, at cost1,324,632 1,383,742 Accumulated depreciation(167,782)(142,212)Real estate, net$1,156,850 $1,241,530 Real estate depreciation expense on these tangible assets was approximately $34.0 million, $36.1 million, and $34.3 million for the years ended December 31, 2024, 2023, and 2022, respectively.

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Intangible Assets and LiabilitiesThe following table summarizes the carrying value of certain lease intangible assets and the related accumulated amortization as of December 31, 2024 and 2023, excluding lease intangible assets related to real estate held for sale (dollars in thousands):December 31, 2024December 31, 2023Lease intangibles:Leasehold interest – land$3,372 $4,295 In-place lease values1,798 2,470 Leasing costs2,280 3,017 Other(1)117 141 Lease intangibles, at gross cost7,567 9,923 Accumulated amortization