Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 96

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 50.0% and 20.5%, respectively.  As our investments in the Fresno LLC and Umatilla LLC are both deemed to constitute “significant influence,” we have accounted for these investments under the equity method.We recorded an aggregate loss of approximately $51,000 and $186,000 during the three and six months ended June 30, 2025, respectively, and approximately $85,000 and $171,000 during the three and six months ended June 30, 2024, respectively (included in Loss from investments in unconsolidated entities on our Condensed Consolidated Statements of Operations and Comprehensive Income), which represents our pro-rata share of the aggregate loss recognized by the Fresno LLC and Umatilla LLC.  As of June 30, 2025, and December 31, 2024, our combined ownership interest in the Fresno LLC and the Umatilla LLC had an aggregate carrying value of approximately $5.6 million and $5.7 million, respectively, and is included within Other assets, net on the accompanying Condensed Consolidated Balance Sheets.Portfolio ConcentrationsCredit RiskAs of June 30, 2025, our farms were leased to various different, unrelated third-party tenants, with certain tenants leasing more than one farm.  One unrelated third-party tenant (“Tenant A”) leases six of our farms under leases expiring in 2030 or later.  During the six months ended June 30, 2025, aggregate lease revenue attributable to Tenant A accounted for approximately $3.7 million, or 12.9% of the total lease revenue recorded during the six months ended June 30, 2025.  If Tenant A fails to make rental payments or elects to terminate its leases prior to their expirations (and we cannot re-lease the farms on satisfactory terms), there could be a material adverse effect on our financial performance.  No other individual tenant represented greater than 10% of the total lease revenue recorded during the six months ended June 30, 2025.Geographic RiskFarms located in California and Florida accounted for approximately $17.1 million (58.8%) and $4.7 million (16.2%), respectively, of the total lease revenue recorded during the six months ended June 30, 2025.  We seek to continue to further diversify geographically, as may be desirable or feasible.  If an unexpected natural disaster (such as an earthquake, wildfire