Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 97

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 97
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 or LiabilityDeferredRent Asset(Liability)Accumulated(Amortization)AccretionDeferredRent Asset(Liability)Accumulated(Amortization)AccretionAbove-market lease values(1)$695 $(255)$695 $(198)Below-market lease values(2)(1,371)662 (1,371)561 Lease incentives and other deferred revenue, net(3)13,512 (11,148)14,192 (3,691)$12,836 $(10,741)$13,516 $(3,328)(1)Included as part of Other assets, net on the accompanying Condensed Consolidated Balance Sheets, and the related amortization is recorded as a reduction of Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.(2)Included as a part of Other liabilities, net on the accompanying Condensed Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.(3)Lease incentives are included as part of Other assets, net on the accompanying Condensed Consolidated Balance Sheets, and the related amortization is recorded as a reduction of Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.  Other deferred revenue is primarily attributable to tenant-funded improvements and is included as a part of Other liabilities, net on the accompanying Condensed Consolidated Balance Sheets, and the related accretion is recorded as an increase to Lease revenue, net on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.Total amortization related to above-market lease values was approximately $19,000 and $58,000 for the three and nine months ended September 30, 2025, respectively, and approximately $19,000 and $58,000 for the three and nine months ended 

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September 30, 2024, respectively.  Total accretion related to below-market lease values was approximately $34,000 and $101,000 for the three and nine months ended September 30, 2025, respectively, and approximately $203,000 and $392,000 for the three and nine months ended September 30, 2024, respectively.  Total net (amortization) accretion related to lease incentives and other deferred revenue, net was approximately $(3.0) million and $(9.1) million for the three and nine months ended September