Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 82

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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 improvements14,106 13,569 Real estate, at cost1,326,588 1,324,632 Accumulated depreciation(176,046)(167,782)Total real estate, net$1,150,542 $1,156,850 Real estate depreciation expense on these tangible assets was approximately $8.3 million and $8.5 million for the three months ended March 31, 2025 and 2024, respectively.Intangible Assets and LiabilitiesThe following table summarizes the carrying values of certain lease intangible assets and the related accumulated amortization as of March 31, 2025, and December 31, 2024 (dollars in thousands):March 31, 2025December 31, 2024Lease intangibles:Leasehold interest – land$797 $3,372 In-place lease values1,798 1,798 Leasing costs2,279 2,280 Other(1)117 117 Lease intangibles, at cost4,991 7,567 Accumulated amortization(1,551)(3,979)Lease intangibles, net$3,440 $3,588 (1)Other includes tenant relationships and acquisition-related costs allocated to miscellaneous lease intangibles.Total amortization expense related to these lease intangible assets was approximately $148,000 and $231,000 for the three months ended March 31, 2025 and 2024, respectively,The following table summarizes the carrying values of certain lease intangible assets or liabilities (excluding those related to real estate held for sale) included in Other assets, net or Other liabilities, net, respectively, on the accompanying Condensed 

9

Consolidated Balance Sheets and the related accumulated amortization or accretion, respectively, as of March 31, 2025, and December 31, 2024 (dollars in thousands): March 31, 2025December 31, 2024Intangible Asset or LiabilityDeferredRent Asset(Liability)Accumulated(Amortization)AccretionDeferredRent Asset(Liability)Accumulated(Amortization)AccretionAbove-market lease values(1)$695 $(217)$695 $(198)Below-market lease values(2)(1,371)595 (1,371)561 Lease incentives and other deferred revenue, net(3)13,625