Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 94

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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.  The pronouncement is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.  Prospective application is required, and retrospective application or early adoption is permitted.  We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.

NOTE 3.  REAL ESTATE AND INTANGIBLE ASSETS

All of our properties are wholly-owned on a fee-simple basis, except where noted.  The following table summarizes certain information about the 148 farms we owned as of September 30, 2025 (dollars in thousands, except for footnotes):LocationNo. of FarmsTotalAcresFarm AcresAcre-feet ofWater AssetsNet Cost Basis(1)Encumbrances(2)California(3)(4)(5)6334,84532,32155,532$817,677 $358,574 Florida1810,4128,6350113,363 46,112 Washington62,5202,004052,055 14,843 Arizona(6)66,3205,333048,701 11,642 Colorado1232,77325,577045,312 13,225 Oregon(7)6898736029,315 10,575 Nebraska75,2234,949019,757 9,466 Michigan121,245778014,810 8,455 Texas13,6672,21909,386 — Maryland698786307,876 4,086 South Carolina359744703,384 2,051 Georgia223017502,275 1,553 North Carolina231029502,044 — New Jersey311610102,039 1,166 Delaware118014001,270 656 148100,32384,57355,532$1,169,264 $482,404 (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 long-term water assets and related acquisition costs, 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