Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 95

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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 and other deferred revenue included in Other liabilities, net; each as shown on the accompanying Condensed Consolidated Balance Sheets.(2)Excludes approximately $2.0 million of debt issuance costs related to notes and bonds payable, included in Notes and bonds payable, net on the accompanying Condensed Consolidated Balance Sheets.(3)Includes ownership in a special-purpose LLC that owns a pipeline conveying water to certain of our properties.  As of September 30, 2025, this investment had a net carrying value of approximately $872,000 and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.(4)Includes eight acres in which we own a leasehold interest via a ground lease with a private individual that expires in December 2040 and five acres in which we own a leasehold interest via a ground sublease with a California municipality that expires in December 2041.  As of September 30, 2025, these two ground leases had a net cost basis of approximately $622,000 and are included in Lease intangibles, net on the accompanying Condensed Consolidated Balance Sheets.(5)Includes 48,309 acre-feet of water stored with Semitropic Water Storage District, located in Kern County, California, and 7,223 surplus water credits in certain of our accounts with Westlands Water District, located in Fresno County, California.  See Note 4, “Investments in Water Assets,” for additional information.(6)Includes two farms consisting of 1,368 total acres and 1,221 farm acres in which we own leasehold interests via two ground leases with the State of Arizona that expire in February 2032 and February 2035, respectively.  As of September 30, 2025, the aggregate net cost basis of these ground leases was zero.(7)Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms.  As of September 30, 2025, this investment had a net carrying value of approximately $4.8 million and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.Real EstateThe following table sets forth the components of our investments in tangible real estate assets as of September 30, 2025, and December 31, 2024 (dollars in thousands):

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September 30, 2025December 31, 2024Real estate:Land and land improvements$728,591 $743,141