Gladstone Land Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Crop inventory consisted of the following (dollars in thousands, except for footnotes):



	March 31, 2018		December 31, 2017
Growing costs	$	1,770	$	1,335
Harvesting and selling costs	160		—
Overhead costs⁽¹⁾	129		193
Total Crop inventory	$	2,059	$	1,528


⁽¹⁾	Includes approximately $80,000 and $71,000 of unallocated fees earned by our Adviser from Land Advisers as of March 31, 2018, and December 31, 2017, respectively (see Note 6, “Related-Party Transactions—TRS Fee Arrangements” for further discussion on this fee).

Schedule Of Revenue And Cost Of Sales

Revenues from the sale of harvested crops and accumulated costs allocated to the crops sold are shown in the following table (dollars in thousands, except for footnotes):



	For the Three Months Ended March 31, 2018
Sales revenues⁽¹⁾	$	2,546
Cost of sales^(2)(3)(4)	(2,359		)


⁽¹⁾	Included within Other operating revenues on the accompanying Condensed Consolidated Statement of Operations.


⁽²⁾	Included within Other operating expenses on the accompanying Condensed Consolidated Statement of Operations.


⁽³⁾	Excludes rent expense owed to the Company and interest expense owed on a loan from the Company to Land Advisers, both of which expenses were eliminated in consolidation.


⁽⁴⁾	Excludes the allocation of a fee earned by our Adviser from Land Advisers of approximately $66,000, which is included within Management Fee on the accompanying Condensed Consolidated Statement of Operations (see Note 6, “Related-Party Transactions—TRS Fee Arrangements—TRS Expense Sharing Agreement” for further discussion on this fee).