Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 80

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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terey, CA329$1,100 (2)Q4 2025$30 Ventura, CA4021,000 (2)Q4 2025468 Hartley, TX2,2191,300 (2)Q4 20301,190 Franklin & Grant, WA, & Umatilla, OR1,1264,447 (2)Q4 20323,446 Wicomico & Caroline, MD, and Sussex, DE833155 Q3 203447 

(1)Our obligation to provide capital to fund these improvements does not extend beyond these respective dates.

(2)Pursuant to contractual agreements, we will earn additional rent on the cost of these capital improvements as the funds are disbursed by us.

Ground Lease Obligations

In connection with certain farms acquired through a leasehold interest, we assumed certain ground lease arrangements under which we are the lessee.  Future minimum lease payments due under the remaining non-cancelable terms of these leases as of September 30, 2025, are as follows (dollars in thousands):

PeriodFuture Lease Payments(1)For the remaining three months ending December 31:2025$40 For the fiscal years ending December 31:2026100 2027100 2028100 2029100 Thereafter756 Total undiscounted lease payments1,196 Less:  imputed interest(412)Present value of lease payments$784 

(1)Certain annual lease payments are set at the beginning of each year to then-current market rates (as determined by the lessor).  The amounts shown above represent estimated amounts based on the lease rates currently in place.

As a result of these ground leases, we recorded lease expense of approximately $26,000 and $79,000 during the three and nine months ended September 30, 2025, respectively, and approximately $27,000 and $79,000 during the three and nine months ended September 30, 2024, respectively.

Cash Flow Resources

39

The following table summarizes total net cash flows from operating, investing, and financing activities for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

 For the Nine Months Ended September 30,   20252024$ Change% ChangeNet change in cash from:Operating activities$(3,620)$17,966 $(21,586)(