Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 91

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 91
---
 ASSETS

All of our properties are wholly-owned on a fee-simple basis, except where noted.  The following table summarizes certain information about the 150 farms we owned as of June 30, 2025 (dollars in thousands, except for footnotes):

10

LocationNo. of FarmsTotalAcresFarm AcresAcre-feet ofWater AssetsNet Cost Basis(1)Encumbrances(2)California(3)(4)(5)6334,84532,32155,306$825,470 $363,072 Florida(6)2013,09010,2790128,585 56,865 Washington62,5202,004054,566 14,843 Arizona(7)66,3205,333049,093 11,849 Colorado1232,77325,577045,401 13,379 Oregon(8)6898736029,271 10,647 Nebraska75,2234,949019,782 9,689 Michigan121,245778014,942 8,560 Texas13,6672,21908,971 — Maryland698786307,916 4,153 South Carolina359744703,407 2,076 Georgia223017502,303 1,577 North Carolina231029502,055 — New Jersey311610102,044 1,166 Delaware118014001,277 666 150103,00186,21755,306$1,195,083 $498,542 (1)Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets acquired and liabilities assumed), plus subsequent improvements and other capitalized costs associated with the properties, and adjusted for accumulated depreciation and amortization.  Specifically, includes Total real estate, net and Lease intangibles, net; plus long-term water assets and related acquisition costs, net above-market lease values, net lease incentives, and net investments in special-purpose LLCs included in Other assets, net; and less net below-market lease values and other deferred revenue included in Other liabilities, net; each as shown on the accompanying Condensed Consolidated Balance Sheets.(2)Excludes approximately $2.2 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Condensed Consolidated Balance Sheets.(3)Includes ownership in a special-purpose LLC that owns a pipeline