Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 153

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 153
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 will record future tax consequences of uncertain tax positions in the financial statements.  An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods.  As of December 31, 2024 and 2023, we had no provisions for uncertain tax positions.  The prior three tax years remain open for an audit by the Internal Revenue Service.Comprehensive IncomeWe record the effective portion of changes in the fair value of the interest rate swap agreements that qualify as cash flow hedges to accumulated other comprehensive income.  For the years ended December 31, 2024, 2023, and 2022, we reconciled Net income attributable to the Company to Comprehensive income attributable to the Company on the accompanying Consolidated Statements of Operations and Comprehensive Income.Segment ReportingIn November 2023, the Financial Accounting Standards Board (“FASB”) issued accounting standard update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” to improve reportable segments’ disclosure requirements, primarily through enhanced disclosures about significant segment expenses.  The standard requires expanded disclosures regarding significant segments’ expense categories and a measure of profit or loss for each reportable segment.  The standard requires additional disclosures around significant segment expenses and the identification, title, and position of the company’s chief operating decision maker (“CODM”).  The pronouncement is effective for the fiscal year ended December 31, 2024, and interim periods thereafter.  The Company adopted ASU 2023-07 as of December 31, 2024.Our current business strategy includes one operating segment: Real Estate Rental Operations.  We generate revenues, earnings, net income, and cash flows through our single segment by collecting rents from our tenants through operating leases, including reimbursements for certain of our property operating costs.  We expect to generate earnings growth by increasing rents, maintaining high occupancy rates, and controlling expenses.  The primary driver of our revenue growth will be the renewal of existing leases at current market rental rates upon expiration and the acquisition of new properties.  We further believe our active portfolio management, combined with the skills of our asset management team, will allow us to maximize net income across our portfolio.  Our CODM is our President and CEO.  Our CODM uses net income to make decisions about allocating resources to individual properties and