Gladstone Land Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

As of December 31, 2017, crop inventory consisted of the following (dollars in thousands, except for footnote):



Growing costs	$	1,335
Overhead costs⁽¹⁾	193
Total Crop inventory	$	1,528


⁽¹⁾	Includes approximately $71,000 of unallocated fees earned by our Adviser from Land Advisers as of December 31, 2017 (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 for the year ended December 31, 2018, are shown in the following table (dollars in thousands, except for footnotes):



Sales revenues⁽¹⁾	$	7,308
Cost of sales^(2)(3)(4)	(7,680		)


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


⁽²⁾	Included within Other operating expenses on the accompanying 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 $176,000 during the year ended December 31, 2018, which is included within Base management fee on the accompanying Consolidated Statements of Operations (see Note 6, “Related-Party Transactions—TRS Fee Arrangements—TRS Expense Sharing Agreement” for further discussion on this fee).