Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 168

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 168
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-related curtailments.  These initiatives include floodwater capture and storage projects, voluntary fallowing programs, and strategic investments in water infrastructure to ensure long-term access to reliable water supplies.  Periods of surplus surface water often result in increased availability of lower-cost water from purveyors, and we continue to monitor such opportunities as part of our long-term water procurement strategy.  We believe our farms are well-positioned for the 2026 growing season with respect to both groundwater and surface water availability.

Recent Developments

Portfolio Activity—Existing Properties

Property Sales

29

In August 2025, we completed the sale of two farms in Florida totaling 2,678 gross acres for an aggregate sales price of $21.5 million.  Including closing costs, we recognized an aggregate net gain on these sales of approximately $6.0 million.

Leasing Activity

The following table summarizes certain leasing activity that has occurred on our existing properties since July 1, 2025, through the date of this filing (dollars in thousands, except for footnotes):

PRIOR LEASESNEW LEASES(1)FarmLocationsNumberofLeasesTotalFarmAcresTotalAnnualizedStraight-lineRent(2)# of LeaseswithParticipationRentsLeaseStructures(# of NNN/ NN / N)(3)TotalAnnualizedStraight-lineRent(2)Wtd. Avg.Term(Years)# of LeaseswithParticipationRentsLeaseStructures(# of NNN/ NN / N)(3)CA2314$992 02 / 0 / 0$1,057 2.402 / 0 / 0

(1)In connection with certain of these leases, we committed to provide cash allowances or capital for certain operations and improvements on these farms, which are excluded in the figures above.  See Note 3, “Real Estate and Intangible Assets—Intangible Assets and Liabilities,” within the accompanying notes to our condensed consolidated financial statements and “Liquidity and Capital Resources—Operating Commitments and Obligations—Operating Obligations” below for additional information on these and other commitments.

(2)Based on the minimum cash rental payments guaranteed under the applicable leases (presented on an annualized basis), as required under GAAP, and excludes contingent rental payments, such as participation rents.  In executing certain lease renewals, particularly those on certain western permanent crop farms, we reduced or eliminated the base rent component or, in certain cases, provided the tenants