Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 98

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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 30, 2025, respectively, and approximately $456,000 and $(201,000) for the three and nine months ended September 30, 2024, respectively.AcquisitionsWe did not acquire any new farms during either of the three or nine months ended September 30, 2025 or 2024.Property Sales2025 Property SalesIn January 2025, we completed the sale of five farms in Florida totaling 5,630 gross acres for an aggregate sales price of approximately $52.5 million.  Including closing costs, we recognized a net gain on the sale of approximately $14.1 million.In February 2025, we completed the sale of two farms in Nebraska totaling 2,559 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.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.2024 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.Real Estate Held for SaleAs of December 31, 2024, we had three properties (consisting of seven farms) that were classified as held for sale.  Each of these properties were sold during the three months ended March 31, 2025, as noted above. Investments in Unconsolidated EntitiesIn connection with the acquisition of certain farmland located in Fresno County, California, we also acquired partial ownership of a related limited liability company (the “Fresno LLC”), the sole purpose of which is to own and maintain a pipeline conveying water to our and other neighboring properties.  In addition, in connection with the acquisition of certain farmland located in Umatilla County, Oregon, we also acquired partial ownership of a related limited liability company (the “Umatilla LLC”), the sole purpose of which is to own and maintain an irrigation system providing water to our and other neighboring properties.As of September 30, 2025, our aggregate ownership interest in the Fresno LLC and the Umatilla LLC was 50.0% and 20.5%, respectively