Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 142

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 142
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 farms and farm-related assets.  We continue to actively seek and evaluate acquisitions of additional farms and farm-related assets that satisfy our investment criteria; however, all potential acquisitions will be subject to our due diligence investigation of such properties, and there can be no assurance that we will be successful in identifying or acquiring any properties in the future.

Operating Commitments and Obligations

Operating Obligations

In connection with the execution of certain lease agreements, we have committed to provide capital improvements on certain of our farms.  Below is a summary of certain of those projects for which we have incurred or accrued costs as of June 30, 2025 (dollars in thousands):

FarmLocation(s)FarmAcreageTotalCommitmentObligatedCompletionDate(1)Net Amount Expendedor Accrued as ofJune 30, 2025Monterey, CA3291,100 (2)Q4 202530 Ventura, CA4021,000 (2)Q4 2025468 Hartley, TX2,2191,300 (2)Q4 2030982 Franklin & Grant, WA, & Umatilla, OR1,1264,203 (2)Q4 20323,396 Wicomico & Caroline, MD, and Sussex, DE833155 Q3 203458 

(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 June 30, 2025, are as follows (dollars in thousands):

PeriodFuture Lease Payments(1)For the remaining six 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(426)Present value of lease payments$770 

(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