Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 85

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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 banked water held by SWSD were conveyed to us by one of our tenants as partial consideration for rent payments owed.  The following table summarizes the total acre-feet of banked water obtained through exercising these contracts as of March 31, 2025 (dollars in thousands):Period AcquiredAcre-feet of Banked Water Available to Purchase per ContractAcre-feet of Banked Water Purchased(1)Value Attributed to Contract(2)Cost to Exercise ContractTotal Carrying Value of Banked Water PurchasedThree months ended December 31, 20231,0031,003$401 $62 $463 Three months ended March 31, 20242,3062,306923 141 1,064 Total3,3093,309$1,324 $203 $1,527 (1)All contracts to purchase additional banked water were exercised in the same quarter in which the respective contract was conveyed to us.(2)Represents noncash income received during the respective periods.  The straight-line impact of these receipts is included within Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.All banked water acquired was recognized at cost, including the subsequent cost to execute the contracts and any administrative fees necessary to transfer the water to our banked water account.  As of March 31, 2025, the 48,309 acre-feet of banked water held by SWSD was recognized as a long-term water asset and had an aggregate carrying value of approximately $35.5 million (included within Other assets, net on our Condensed Consolidated Balance Sheets).Westlands Water District Groundwater CreditsIn addition, from May 2023 through March 2024, we elected to participate in a groundwater recharge program established by Westlands Water District (“WWD”), a water district located in Fresno County, California.  Under the program, WWD paid for surplus surface water to be delivered to individual landowners’ properties with district-approved groundwater recharge facilities, also known as “water banks.”  The landowner was allowed to keep 50% of the net amount of groundwater credits generated under the program (after allowing for certain leave-behind and evaporative losses), and the remaining 50% was used to recharge the aquifer and retained by WWD.  Delivery of water under this program was subject to surplus water availability at WWD’s discretion.  WWD terminated the program for the 2024