Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 155

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 155
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222 1,600 North Carolina2310295—2,076 — New Jersey3116101—2,059 1,185 Delaware1180140—1,280 677 Totals157111,19091,93055,387$1,259,591 $529,909 (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 Real estate and related assets held for sale, net; plus long-term water assets, 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 Consolidated Balance Sheets.(2)Excludes approximately $2.4 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Consolidated Balance Sheets.(3)Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties.  As of December 31, 2024, this investment had a net carrying value of approximately $962,000 and is included within Other assets, net on the accompanying Consolidated Balance Sheet.(4)Includes eight acres in which we own a leasehold interest via a ground lease with a private individual that expires in December 2040 and five acres in which we own a leasehold interest via a ground sublease with a California municipality that expires in December 2041.  As of December 31, 2024, these two ground leases had a net cost basis of approximately $651,000 and are included in Lease intangibles, net on the accompanying Consolidated Balance Sheets.(5)Includes 48,309 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California, and 7,078 surplus water credits in our account with Westlands Water District, located in Fresno County, California.  See “—Investments in Water Assets” below for additional information.(6)Includes certain properties classified as held for sale; see “—Real Estate Held for Sale” below for additional information.   (7)Includes two farms consisting of 1,368 total acres and