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

Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2017

(In Thousands)



			Initial Cost			Subsequent Capitalized Additions				Total Cost
Location and Description of Property	Date Acquired	Encumbrances	Land and Land Improvements	Buildings & Improvements	Horticulture	Land Improvements		Buildings & Improvements	Horticulture	Land and Land Improvements	Buildings & Improvements	Horticulture	Total⁽¹⁾	Accumulated Depreciation⁽²⁾
Santa Cruz County, California:
Land & Improvements	6/16/1997	7,875	4,350	—	—	—		579	—	4,350	579	—	4,929	(222	)
Ventura County, California:
Land, Buildings & Improvements	9/15/1998	30,689	9,895	5,256	—	—		293	—	9,895	5,549	—	15,444	(3,631	)
Santa Cruz County, California:
Land & Improvements	1/3/2011	6,867	8,328	—	—	469		527	—	8,797	527	—	9,324	(83	)
Hillsborough County, Florida:
Land, Buildings & Improvements	9/12/2012	2,868	2,199	1,657	—	14		1,129	—	2,213	2,786	—	4,999	(692	)
Marion County, Oregon:
Land, Buildings & Improvements	5/31/2013	1,942	2,494	703	—	1		507	—	2,495	1,210	—	3,705	(279	)
Monterey County, California:
Land, Buildings & Improvements	10/21/2013	4,922	7,187	164	—	—		2,311	—	7,187	2,475	—	9,662	(252	)
Ventura County, California:
Land & Improvements	12/27/2013	9,264	12,937	1,118	—	4		134	—	12,941	1,252	—	14,193	(307	)
Cochise County, Arizona:
Land, Buildings & Improvements	12/27/2013	4,823	6,168	572	—	8		1,531	—	6,176	2,103	—	8,279	(732	)
Santa Cruz County, California:
Land, Building & Improvements	6/13/2014	4,010	5,576	207	—	—		—	—	5,576	207	—	5,783	(184	)
Ventura County, California:
Land, Buildings & Improvements	7/23/2014	4,013	6,219	505	—	—		84	—	6,219	589	—	6,808	(115	)
Kern County, California:
Land & Improvements	7/25/2014	4,478	5,841	67	—	—		993	—	5,841	1,060	—	6,901	(168	)
Manatee County, Florida:
Land, Buildings & Improvements	9/29/2014	10,025	8,466	5,426	—	—		667	—	8,466	6,093	—	14,559	(1,673	)
Ventura County, California:
Land, Buildings & Improvements	10/29/2014	15,634	23,673	350	—	—		1,374	—	23,673	1,724	—	25,397	(113	)
Ventura County, California:
Land & Improvements	11/4/2014	3,675	5,860	92	—	—		2	—	5,860	94	—	5,954	(30	)
Monterey County, California:
Land, Buildings & Improvements	1/5/2015	10,178	15,852	582	—	(156	)	1,110	—	15,696	1,692	—	17,388	(324	)
Manatee County, Florida:
Land, Buildings & Improvements	3/10/2015	4,177	2,403	1,871	—	—		—	—	2,403	1,871	—	4,274	(475	)
Hendry County, Florida
Land, Buildings & Improvements	6/25/2015	9,360	14,411	789	—	—		—	—	14,411	789	—	15,200	(309	)
Holt County, Nebraska
Land, Buildings & Improvements	8/20/2015	3,301	4,690	787	—	—		—	—	4,690	787	—	5,477	(155	)
Rock County, Nebraska
Land, Buildings & Improvements	8/20/2015	3,301	4,862	613	—	—		—	—	4,862	613	—	5,475	(189	)
Kern County, California:



Land & Improvements	9/3/2015	12,841		18,893		497		—		688		5,935		1,400		19,581		6,432		1,400		27,413		(631		)
Hendry County, Florida:
Land, Buildings & Improvements	11/2/2015	2,076		3,244		739		—		2		—		—		3,246		739		—		3,985		(245		)
Cochise County, Arizona:
Land, Buildings & Improvements	12/23/2015	3,210		4,234		1,502		—		5		152		—		4,239		1,654		—		5,893		(270		)
Saguache County, Colorado:
Land, Buildings & Improvements	3/3/2016	14,849		16,756		8,348		—		—		—		—		16,756		8,348		—		25,104		(2,052		)
Fresno County, California:
Land, Improvements & Horticulture	4/5/2016	8,914		3,623		1,228		11,455		—		13		—		3,623		1,241		11,455		16,319		(811		)
Saint Lucie County, Florida:
Land, Buildings & Improvements	7/1/2016	2,995		4,165		971		—		—		—		—		4,165		971		—		5,136		(146		)
Baca County, Colorado:
Land & Buildings	9/1/2016	3,474		6,167		214		—		—		—		—		6,167		214		—		6,381		(19		)
Stanislaus County, California:
Land & Improvements	9/14/2016	8,280		14,114		45		—		—		464		—		14,114		509		—		14,623		(7		)
Merced County, California:
Land & Improvements	9/14/2016	7,643		12,845		504		—		—		161		—		12,845		665		—		13,510		(25		)
Fresno County, California:
Land, Improvements & Horticulture	10/13/2016	3,806		2,937		139		3,451		—		—		—		2,937		139		3,451		6,527		(221		)
Baca County, Colorado:
Land & Improvements	12/28/2016	6,717		11,430		278		—		—		—		—		11,430		278		—		11,708		(56		)
Martin County, Florida:
Land & Improvements	1/12/2017	32,400		52,444		1,627		—		—		—		—		52,444		1,627		—		54,071		(63		)
Yuma County, Arizona:
Land & Improvements	6/1/2017	15,300		12,390		12,191		—		—		—		—		12,390		12,191		—		24,581		(281		)
Bladen County, North Carolina:
Land, Improvements & Horticulture	7/17/2017	7,947		5,048		777		7,818		2		—		—		5,050		777		7,818		13,645		(198		)
Okeechobee County, Florida:
Land & Improvements	8/9/2017	5,820		9,111		953		—		8		—		—		9,119		953		—		10,072		(17		)
Santa Barbara County, California:
Land, Improvements & Horticulture	8/9/2017	3,225		4,559		577		397		—		660		—		4,559		1,237		397		6,193		(39		)
Walla Walla County, Washington:
Land, Improvements & Horticulture	9/8/2017	5,412		5,286		401		3,739		—		—		—		5,286		401		3,739		9,426		(153		)
Baca County, Colorado:
Land, Improvements & Horticulture	12/15/2017	3,555		2,016		324		3,626		—		—		—		2,016		324		3,626		5,966		(15		)
Miscellaneous Investments
Land, Buildings, Improvements & Horticulture	N/A	13,122		14,589		3,356		2,361		9		968		556		14,598		4,324		2,917		21,839		(1,475		)
		$	302,988	$	355,262	$	55,430	$	32,847	$	1,054	$	19,594	$	1,956	$	356,316	$	75,024	$	34,803	$	466,143	$	(16,657	)


⁽¹⁾	The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $457.9 million.


⁽²⁾	The Company computes depreciation using the straight-line method over the shorter of the estimated useful life or 39 years for buildings and improvements, the the shorter of the estimated useful life or 25 years for horticulture, 5 to 7 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2017, 2016, and 2015, respectively (dollars in thousands):



	2017			2016			2015
Balance, beginning of period	$	337,377		$	228,418		$	148,371
Additions:
Acquisitions during the period	129,226			100,356			75,078
Improvements	3,945			8,773			5,037
Deductions:
Dispositions during period	(4,405		)	(170		)	(68		)
Purchase price adjustments	—			—			—
Balance, end of period	$	466,143		$	337,377		$	228,418

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2017, 2016, and 2015, respectively (dollars in thousands):



	2017			2016			2015
Balance, beginning of period	$	11,066		$	6,634		$	4,431
Additions during period	6,180			4,446			2,203
Dispositions during period	(589		)	(14		)	—
Balance, end of period	$	16,657		$	11,066		$	6,634