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

Quarterly report pursuant to Section 13 or 15(d)

Real Estate and Intangible Assets (Tables)

Real Estate and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2013

Real Estate and Intangible Assets [Abstract]

Summary information of twelve farm properties


Property Name	Location	Date Acquired		Encumbrances			Acquisition Price⁽¹⁾		Number of Farms		Number of Leases		Farmable Acres		Total Acres		Lease Expiration Date
San Andreas	Watsonville, CA		6/16/1997	$	100,000	⁽²⁾	$	4,929,307		1		1		237		306		12/31/2014
West Gonzales	Oxnard, CA		9/15/1998		13,473,792			15,185,928		1		2		501		653		12/31/2013
West Beach	Watsonville, CA		1/3/2011		5,068,800			8,472,073		3		1		195		198		10/31/2013
Dalton Lane	Watsonville, CA		7/7/2011		2,587,853			2,808,000		1		1		70		72		10/31/2015
Keysville Road	Plant City, FL		10/26/2011		1,152,000			1,227,816		2		1		50		59		7/1/2016
Colding Loop	Wimauma, FL		8/9/2012		3,366,720			3,499,644		1		1		181		219		6/14/2013
Trapnell Road	Plant City, FL		9/12/2012		3,840,000			4,000,000		3		1		110		124		6/30/2017

				$	29,589,165		$	40,122,768		12		8		1,344		1,631

⁽¹⁾

Consists of the initial acquisition price (including the costs allocated to both tangible and intangible assets) plus subsequent improvements on the properties

⁽²⁾

Represents borrowings outstanding as of March 31, 2013, on our line of credit with MetLife, under which the San Andreas Farm is pledgd as collateral

Summary of components of investments in real estate


	As of March 31, 2013			As of December 31, 2012
Real estate:
Land	$	30,828,325		$	30,828,325
Building		1,311,027			1,311,027
Cooler		4,963,243			4,963,243
Drain system		2,576,373			2,576,373

Real estate, gross		39,678,968			39,678,968
Accumulated depreciation		(2,670,139	)		(2,535,084	)

Real estate, net	$	37,008,829		$	37,143,884

Future operating lease payments from tenants under non-cancelable leases


Period		Tenant Lease Payments
For the remaining nine months ending December 31:	2013	$	2,298,560
For the fiscal years ending December 31:	2014		875,113
	2015		379,210
	2016		320,109
	2017		126,599
	2018		—
	Thereafter		—

Value of intangible assets and the accumulated amortization


	March 31, 2013					December 31, 2012
	Lease Intangibles		Accumulated Amortization			Lease Intangibles		Accumulated Amortization
In-place leases	$	286,975	$	(204,880	)	$	286,975	$	(186,843	)
Leasing commissions		63,638		(20,710	)		63,638		(17,627	)
Customer relationships		93,187		(35,131	)		93,187		(31,270	)

	$	443,800	$	(260,721	)	$	443,800	$	(235,740	)

Estimated aggregate amortization expense


Period		Estimated Amortization Expense
For the remaining nine months ending December 31:	2013	$	48,531
For the fiscal years ending December 31:	2014		39,223
	2015		37,021
	2016		26,014
	2017		14,935
	2018		3,857
	Thereafter		13,498

Summary of geographic locations of properties


	As of and for the Three Months Ended March 31, 2013												As of and for the Three Months Ended March 31, 2012
State	Number of Farms		Total Acres		% of Total Acres			Rental Revenue		% of Total Rental Revenue			Number of Farms		Total Acres		% of Total Acres			Rental Revenue		% of Total Rental Revenue
California		6		1,229		75.4	%	$	795,541		87.0	%		6		1,229		95.4	%	$	796,391		97.9	%
Florida		6		402		24.6	%		119,042		13.0	%		2		59		4.6	%		17,084		2.1	%

		12		1,631		100.0	%	$	914,583		100.0	%		8		1,288		100.0	%	$	813,475		100.0	%

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details