Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 22

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 22
---
 ground leases had an aggregate net cost basis of zero.(7)Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms.  As of March 31, 2025, this investment had a net carrying value of approximately $4.7 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 March 31, 2025, and December 31, 2024 (dollars in thousands):March 31, 2025December 31, 2024Real estate:Land and land improvements$743,158 $743,141 Permanent plantings350,251 349,761 Irrigation and drainage systems170,010 169,098 Farm-related facilities49,063 49,063 Other site improvements14,106 13,569 Real estate, at cost1,326,588 1,324,632 Accumulated depreciation(176,046)(167,782)Total real estate, net$1,150,542 $1,156,850 Real estate depreciation expense on these tangible assets was approximately $8.3 million and $8.5 million for the three months ended March 31, 2025 and 2024, respectively.Intangible Assets and LiabilitiesThe following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of March 31, 2025, and December 31, 2024 (dollars in thousands):March 31, 2025December 31, 2024Lease intangibles:Leasehold interest – land$797 $3,372 In-place lease values1,798 1,798 Leasing costs2,279 2,280 Other(1)117 117 Lease intangibles, at cost4,991 7,567 Accumulated amortization(1,551)(3,979)Lease intangibles, net$3,440 $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 $148,000 and $231,000 for the three months ended March 31, 2025 and 2024, respectively,The following table summarizes the carrying values of certain