Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 94

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 94
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15,000 acre-feet of water per water year during years in which BBID has a surplus supply of water through February 28, 2031.  Thus far, we have recognized 1,600 acre-feet of water in our account with the local water district; the remaining water is expected to be recognized in our account within the next six months, net of standard losses, as may be applicable.

We currently own a total of 55,387 acre-feet of long-term water assets, and our investments in these long-term water assets have an aggregate carrying value of approximately $36.9 million.

Natural Disasters

In February 2024, certain parts of California, particularly the southern part of the state, experienced a “one-in-one-thousand year” rainfall event, as atmospheric river storms caused widespread flooding and mudslides in multiple areas.  Certain of our farms suffered minor damage as a result of the storms, but no farms were materially impacted.

In September and October 2024, Hurricanes Helene and Milton caused widespread destruction across many states in the Southeastern U.S., including areas where several of our farms are located.  As a result of Hurricane Helene in September 2024, one of our farms in Georgia suffered damage to certain permanent plantings on the farm, and we estimated the carrying value of such plantings to be approximately $275,000.  As such, during the year ended December 31, 2024, we wrote down the carrying value of these plantings and also recorded a corresponding property and casualty loss, included within Property and casualty loss, net on our Consolidated Statements of Operations and Comprehensive Income.  Certain of our other farms in the region suffered minor damage as a result of Hurricanes Helene and Milton, but no other farms were materially impacted.

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In January 2025, a series of wildfires caused widespread destruction in certain areas of southern California.  The fires were exacerbated by drought conditions and strong Santa Ana winds, among other factors.  None of our farms were impacted by these wildfires.

Financing Activity

Debt Activity

Loan Repayments

From January 1, 2024, through the date of this filing, we repaid approximately $53.0 million of loans, the majority of which were either maturing or scheduled for a price reset.  On a weighted-average basis, these borrowings bore interest at a stated rate of 4.31% and an effective interest rate (after interest patronage, where applicable) of