Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 132

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 132
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 procedures and evaluating management’s significant assumptions related to the rental rates and expected hold periods. 

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others (i) testing management’s process for developing the projection of the undiscounted future cash flows; (ii) evaluating the appropriateness of the undiscounted cash flow model; (iii) testing the completeness and accuracy of underlying data used in the undiscounted cash flow model; and (iv) evaluating the reasonableness of the significant assumptions used by management related to rental rates and expected holding periods. Evaluating management’s assumptions related to the rental rates and expected holding periods involved evaluating whether the assumptions used by management were reasonable considering (i) the consistency with external market and industry data and (ii) whether the rental rates assumption was consistent with evidence obtained in other areas of the audit.

/s/ PricewaterhouseCoopers LLP

Washington, DC

February 19, 2025

We have served as the Company’s auditor since 2005.

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GLADSTONE LAND CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 (In thousands, except share and per-share data)

December 31, 2024December 31, 2023ASSETSReal estate, at cost$1,324,632 $1,383,742 Less: accumulated depreciation(167,782)(142,212)Total real estate, net1,156,850 1,241,530 Lease intangibles, net3,588 4,782 Real estate and related assets held for sale, net46,314 53,626 Cash and cash equivalents18,275 18,571 Other assets, net87,168 68,815 TOTAL ASSETS$1,312,195 $1,387,324 LIABILITIES AND EQUITYLIABILITIES:Borrowings under lines of credit$3,600 $200 Notes and bonds payable, net523,922 573,911 Series D cumulative term preferred stock, net, $0.001 par value, $25.00 per share liquidation preference; 3,600,000 shares authorized, 2,415,000 shares issued and outstanding as of December 31, 2024, and December 31, 202359,930 59,519 Accounts payable and accrued expenses18,404