Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 159

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 159
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 SaleAs of December 31, 2024, we had three properties (consisting of seven farms) that were classified as held for sale.  As of December 31, 2024, one property (consisting of five farms), located in Florida, had a net cost basis of approximately $36.3 million, and two properties (consisting of two farms), located in Nebraska, had an aggregate net cost basis of approximately $10.0 million.  Each of these sales was completed subsequent to December 31, 2024; see Note 11, “Subsequent Events—Portfolio Activity—Property Sales,” for additional information on these sales. As of December 31, 2023, we had one property located in Florida that was classified as held for sale. As of December 31, 2023, this property had a net cost basis of approximately $53.6 million and was sold in January 2024, as noted above.Investments in Unconsolidated EntitiesIn connection with the acquisition of certain farmland located in Fresno County, California, we also acquired an ownership in 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 an ownership in 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 December 31, 2024, our aggregate ownership interest in the Fresno LLC and the Umatilla LLC was 50.0% and 20.5%, respectively.  As our investments in the Fresno LLC and Umatilla LLC are both deemed to constitute “significant influence,” we have accounted for these investments under the equity method.During the years ended December 31, 2024, 2023, and 2022, we recorded an aggregate loss of approximately $60,000, $59,000, and $73,000, respectively (included in Loss from investments in unconsolidated entities on our Consolidated Statements of Operations and Comprehensive Income), which represents our pro-rata share of the aggregate loss recognized by the Fresno LLC and Umatilla LLC.  As of December 31, 2024 and 2023, our combined ownership interest in the Fresno LLC and Umatilla