Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 20

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 resources to individual properties and assessing performance.  The CODM will sometimes reference other metrics, including net operating income; however, as net income is the measure most consistent with the amounts disclosed in the consolidated financial statements, only net income is disclosed.Recently-Issued Accounting PronouncementsIn November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”).  ASU 2024-03 requires public entities to disaggregate specific types of expenses, including disclosures for depreciation, intangible asset amortization, and selling expenses.  The pronouncement is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.  Prospective application is required, and retrospective application or early adoption is permitted.  We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.

NOTE 3.  REAL ESTATE AND INTANGIBLE ASSETS

All of our properties are wholly-owned on a fee-simple basis, except where noted.  The following table provides certain summary information about the 150 farms we owned as of March 31, 2025 (dollars in thousands, except for footnotes):LocationNo. of FarmsTotalAcresFarm AcresAcre-feet ofWater AssetsNet Cost Basis(1)Encumbrances(2)California(3)(4)(5)6334,84532,32155,350$833,896 $364,788 Florida2013,09010,2790129,003 57,155 Washington62,5202,004055,219 15,196 Arizona(6)66,3205,333049,248 11,556 Colorado1232,77325,577045,490 13,562 Oregon(7)6898736029,020 10,801 Nebraska75,2234,949019,807 9,689 Michigan121,245778015,069 8,560 Texas13,6672,21908,990 — Maryland698786307,916 4,153 South Carolina359744703,429 2,076 Georgia223017502,331 1,577 North Carolina231029502,065 — New Jersey