Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 100

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 100
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 construct groundwater recharge facilities on two of our farms, which is included within Real estate, at cost on our Condensed Consolidated Balance Sheets.  Through June 30, 2025, we have also invested an additional $4.0 million in the aggregate in connection with certain agreements that are expected to result in additional groundwater credits in the future; however, the amount and timing of these credits, if any, is currently unknown and is dependent upon and subject to the recognition of such credits by the respective water districts, in their sole discretion.  Such costs are held in a deferred asset account (also included within Investments in water assets on our Condensed Consolidated Balance Sheets) until the related net water credits become estimable and are recognized by the respective water district, at which time the costs would be considered a long-term water asset within Investments in water assets.ImpairmentWe evaluate our entire portfolio each quarter for any impairment indicators and perform an impairment analysis on those select water assets that have an indication of impairment.  If this analysis indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset.  As of June 30, 2025, and December 31, 2024, we concluded that none of our water assets were impaired.

NOTE 5.  BORROWINGS

Our borrowings as of June 30, 2025, and December 31, 2024, are summarized below (dollars in thousands): Carrying Value as ofAs of June 30, 2025June 30, 2025December 31, 2024Stated InterestRates(1)(Range; Wtd Avg)Maturity Dates(Range; Wtd Avg)Variable-rate revolving lines of credit$200 $3,600 6.28%12/15/2033Notes and bonds payable:Fixed-rate notes payable$465,534 $493,363 2.45%–6.97%; 3.70%11/27/2025–7/1/2051; Jan 2033Fixed-rate bonds payable32,808 32,946 3.13%–4.57%; 3.85%7/24/2025–12/30/2030; Jan 2028Total notes and bonds payable498,342 526,309 Debt issuance costs – notes and bonds payable(2,158