Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 178

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 178
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ed as ofDecember 31, 2024Monterey, CA329$1,100 (2)Q4 2025$30 St. Lucie, FL549230 Q3 2025185 Ventura, CA4021,000 (2)Q4 2025518 Franklin & Grant, WA, & Umatilla, OR1,1264,203 (2)Q4 20322,903 Wicomico & Caroline, MD, and Sussex, DE833155 Q3 203449 Charlotte, FL975800 (2)Q3 2034748 (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 ObligationsIn connection with certain farms acquired through leasehold interests, we assumed certain ground lease arrangements under which we are the lessee.  These operating ground leases have lease expiration dates ranging from February 2025 through December 2041, and none of these leases contain any extension, renewal, or termination options.  At lease commencement, the net present value of the minimum lease payments was determined by discounting the respective future minimum lease payments using a discount rate equivalent to our fully-collateralized borrowing rate ranging from 4.22% to 8.72%.

90

As of December 31, 2024 and 2023, we recorded the following as a result of these operating ground leases (dollars in thousands, except for footnotes):December 31, 2024December 31, 2023Operating lease right-of-use assets(1)$521 $574 Operating lease liabilities(2)$498 $568 Weighted-average remaining lease term (years)14.915.0Weighted-average incremental borrowing rate8.35 %8.12 %(1)Operating lease right-of-use assets are shown net of prepaid lease payments of approximately $23,000 and $6,000 as of December 31, 2024, and 2023, respectively, and are included within Other assets, net on the accompanying Consolidated Balance Sheets.(2)Included within Other liabilities, net on the accompanying Consolidated Balance Sheets.Future minimum lease payments due under the remaining non-cancelable terms of these leases as of December 31, 2024, are