Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 89

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 89
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%453 0.5%South Carolina35970.5%244 0.3%35970.5%244 0.3%35970.5%244 0.3%Georgia22300.2%224 0.3%22300.2%224 0.3%22300.2%224 0.3%New Jersey31160.1%134 0.2%31160.1%129 0.1%31160.1%129 0.2%Delaware11800.2%76 0.1%11800.2%75 0.1%11800.2%74 —%North Carolina23100.3%(48)(0.1)%23100.3%114 0.1%23100.3%145 0.1%TOTALS157111,190100.0%$84,763 100.0%169115,584100.0%$90,319 100.0%169115,731100.0%$89,236 100.0%

(1)According to the California Chapter of the American Society of Farm Managers and Rural Appraisers, there are eight distinct growing regions within California; our farms are spread across six of these growing regions.

(2)Includes farms that were sold subsequent to December 31, 2024.  See below, under “—Recent Developments—Portfolio Activity—Existing Properties—Property Sales,” for information on these sales.

Leases

General

Most of our leases are on a triple-net basis, an arrangement under which, in addition to rent, the tenant is required to directly pay the related taxes, insurance costs, maintenance, and other operating costs.  Our leases generally have original terms ranging from 3 to 10 years for farms growing row crops and 7 to 15 years for farms growing permanent crops (in each case, often with options to extend the lease further).  Rent is generally payable to us in advance on either an annual, semi-annual, or quarterly basis, with such rent typically subject to periodic escalation clauses provided for within the lease.  Currently, 95 of our farms are leased on a pure, triple-net basis, 46 farms are leased on a partial-net basis (with us, as landlord, responsible for all or a portion of the related property taxes), 3 farms are leased on a single-net basis (with us, as landlord, responsible