Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 27

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 to make decisions about allocating resources to individual properties and assessing performance.  The CODM will sometimes reference other metrics, including net operating income; however, as net income is the measure most consistent with the amounts disclosed in the consolidated financial statements, only net income is disclosed.Recently-Issued Accounting PronouncementsIn November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”).  ASU 2024-03 requires public entities to disaggregate specific types of expenses, including disclosures for depreciation, intangible 

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asset amortization, and selling expenses.  The pronouncement is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.  Prospective application is required, and retrospective application or early adoption is permitted.  We are currently assessing the impact of the requirements on our consolidated financial statements and disclosures.

NOTE 3.  REAL ESTATE AND INTANGIBLE ASSETS

All of our properties are wholly-owned on a fee-simple basis, except where noted.  The following table summarizes certain information about the 148 farms we owned as of September 30, 2025 (dollars in thousands, except for footnotes):LocationNo. of FarmsTotalAcresFarm AcresAcre-feet ofWater AssetsNet Cost Basis(1)Encumbrances(2)California(3)(4)(5)6334,84532,32155,532$817,677 $358,574 Florida1810,4128,6350113,363 46,112 Washington62,5202,004052,055 14,843 Arizona(6)66,3205,333048,701 11,642 Colorado1232,77325,577045,312 13,225 Oregon(7)6898736029,315 10,575 Nebraska75,2234,949019,757 9,466 Michigan121,245778014,810 8,455 Texas13,6672,21909,386 — Maryland698786307,876 4,086 South Carolina359744703,384 2,051 Georgia223017502,275 1,553 North Carolina231029502