Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 113

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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559 gross acres for an aggregate sales price of $12.0 million.  Including closing costs, we recognized an aggregate net gain on these sales of approximately $1.6 million.

Leasing Activity

The following table summarizes certain leasing activity that has occurred on our existing properties since January 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)CA, CO, & OR613,257$2,438 24 / 2 / 0$2,376 6.124 / 2 / 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 with a cash lease incentive, in exchange for significantly increasing the participation rent component, the results of which will not be known until the second half of 2025 or later.

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(3)“NNN” refers to leases under triple-net lease arrangements, “NN” refers to leases under partial-net lease arrangements, and “N” refers to leases under single-net lease arrangements, in each case, as described above under “Leases—General.”

Vacant, Direct-operated, and Non-accrual Properties

During a portion of the three months ended March 31, 2025, we had 15