Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 92

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 conveying water to certain of our properties.  As of June 30, 2025, this investment had a net carrying value of approximately $839,000 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 June 30, 2025, these two ground leases had a net cost basis of approximately $632,000 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 6,997 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 certain farms classified as held for sale; see “—Real Estate Held for Sale” below for additional information.(7)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 June 30, 2025, the aggregate net cost basis of these ground leases was zero.(8)Includes ownership in a special-purpose LLC that owns certain irrigation infrastructure that provides water to two of our farms.  As of June 30, 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 June 30, 2025, and December 31, 2024 (dollars in thousands):June 30, 2025December 31, 2024Real estate:Land and land improvements$728,749 $743,141 Permanent plantings349,858 349,761 Irrigation and drainage systems170,218 169,098 Farm-related facilities49,048 49,063 Other site improvements14,776 13,569 Real estate, at cost1