Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 96

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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Permanent plantings347,398 349,761 Irrigation and drainage systems171,292 169,098 Farm-related facilities49,049 49,063 Other site improvements15,009 13,569 Real estate, at cost1,311,339 1,324,632 Accumulated depreciation(190,214)(167,782)Total real estate, net$1,121,125 $1,156,850 Real estate depreciation expense on these tangible assets was approximately $8.3 million and $24.8 million for the three and nine months ended September 30, 2025, respectively, and approximately $8.5 million and $25.6 million for the three and nine months ended September 30, 2024, respectively.Intangible Assets and LiabilitiesThe following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of September 30, 2025, and December 31, 2024 (dollars in thousands):September 30, 2025December 31, 2024Lease intangibles:Leasehold interest – land$797 $3,372 In-place lease values1,744 1,798 Leasing costs2,199 2,280 Other(1)117 117 Lease intangibles, at cost4,857 7,567 Accumulated amortization(1,625)(3,979)Lease intangibles, net$3,232 $3,588 (1)Other includes tenant relationships and acquisition-related costs allocated to miscellaneous lease intangibles.Total amortization expense related to these lease intangible assets was approximately $103,000 and $357,000 for the three and nine months ended September 30, 2025, respectively, and approximately $318,000 and $838,000 for the three and nine months ended September 30, 2024, respectively.The following table summarizes the carrying values of certain lease intangible assets or liabilities (excluding those related to real estate held for sale) included in Other assets, net or Other liabilities, net, respectively, on the accompanying Condensed Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of September 30, 2025, and December 31, 2024 (dollars in thousands): September 30, 2025December 31, 2024Intangible Asset