Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 78

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 2
Chunk 78
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ITEM 2.PROPERTIES

All of our properties are wholly-owned on a fee-simple basis, except where noted.  The following table provides certain summary information about the 157 farms we owned as of December 31, 2024 (dollars in thousands, except for footnotes):

LocationNo. of FarmsTotalAcresFarm AcresAcre-feet ofWater AssetsNet Cost Basis(1)Encumbrances(2)California(3)(4)(5)6334,84532,32155,387$840,374 $372,780 Florida(6)2518,72013,891—166,471 76,917 Washington62,5202,004—56,171 15,196 Arizona(7)66,3205,333—49,840 11,939 Colorado1232,77325,577—45,579 13,849 Nebraska(6)97,7827,050—29,898 9,912 Oregon(8)6898736—28,991 10,873 Michigan121,245778—15,204 8,663 Texas13,6672,219—8,026 — Maryland6987863—7,948 4,218 South Carolina3597447—3,452 2,100 Georgia2230175—2,222 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