Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 158

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 158
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 2024, 2023, and 2022, total amortization related to above-market lease values was approximately $77,000, $77,000, and $37,000, respectively; total accretion related to below-market lease values was approximately $511,000, $172,000 and $178,000, respectively; and total net (amortization) accretion related to lease incentives and other deferred revenue, net was approximately $(2.5) million, $(629,000), and $341,000, respectively.The estimated aggregate amortization expense to be recorded related to in-place lease values, leasing costs, and tenant relationships and the estimated net impact on lease revenue from the amortization of above-market lease values and lease incentives or accretion of above-market lease values and other deferred revenues for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):

79

PeriodEstimatedAmortizationExpenseEstimated NetIncrease (Decrease)to Lease RevenueFor the fiscal years ending December 31:2025$443 $(9,490)2026983 (39)2027326 1 2028324 (83)2029382 (126)Thereafter1,130 (451)$3,588 $(10,188)AcquisitionsWe did not acquire any new farms during either of the years ended December 31, 2024 or 2023.Property Sales2024 Property SalesIn January 2024, we completed the sale of a 3,748-acre farm in Florida for approximately $65.7 million.  Including closing costs, we recognized a net gain on the sale of approximately $10.4 million.In December 2024, we completed the sale of 11 farms (consisting of 647 gross acres of farmland) in Michigan for approximately $5.0 million.  During the three months ended September 30, 2024, we recognized an impairment charge of approximately $2.1 million related to these farms and, upon completing the sale of these farms in December 2024, recognized an aggregate net loss (inclusive of closing costs) of approximately $432,000.2023 Property SalesIn June 2023, we completed the sale of a 138-acre parcel of unfarmed land in Florida for $9.6 million.  Including closing costs, we recognized a net gain on the sale of approximately $6.4 million.Real Estate Held for