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, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2018

(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	7,157	4,350	—	—	—		579	—	4,350	579	—	4,929	(262	)
Ventura County, California:
Land, Buildings & Improvements	9/15/1998	27,890	9,895	5,256	—	—		293	—	9,895	5,549	—	15,444	(3,856	)
Santa Cruz County, California:
Land & Improvements	1/3/2011	6,241	8,328	—	—	444		527	—	8,772	527	—	9,299	(113	)
Hillsborough County, Florida:
Land, Buildings & Improvements	9/12/2012	2,775	2,199	1,657	—	14		1,255	—	2,213	2,912	—	5,125	(863	)
Marion County, Oregon:
Land, Buildings & Improvements	5/31/2013	1,765	2,494	703	—	1		596	—	2,495	1,299	—	3,794	(355	)
Monterey County, California:
Land, Buildings & Improvements	10/21/2013	4,473	7,187	164	—	180		3,051	—	7,367	3,215	—	10,582	(401	)
Ventura County, California:
Land & Improvements	12/27/2013	—	—	—	—	—		—	—	—	—	—	—	—
Cochise County, Arizona:
Land, Buildings & Improvements	12/27/2013	4,384	6,168	572	—	8		1,765	—	6,176	2,337	—	8,513	(948	)
Santa Cruz County, California:
Land, Building & Improvements	6/13/2014	3,644	5,576	207	—	—		—	—	5,576	207	—	5,783	(207	)
Ventura County, California:
Land, Buildings & Improvements	7/23/2014	3,647	6,219	505	—	—		84	—	6,219	589	—	6,808	(153	)
Kern County, California:
Land & Improvements	7/25/2014	4,069	5,841	67	—	—		993	—	5,841	1,060	—	6,901	(246	)
Manatee County, Florida:
Land, Buildings & Improvements	9/29/2014	9,698	8,466	5,426	—	—		667	—	8,466	6,093	—	14,559	(2,214	)
Ventura County, California:
Land, Buildings & Improvements	10/29/2014	14,208	23,673	350	—	—		2,195	—	23,673	2,545	—	26,218	(225	)
Ventura County, California:
Land & Improvements	11/4/2014	3,675	5,860	92	—	—		2	—	5,860	94	—	5,954	(39	)
Monterey County, California:
Land, Buildings & Improvements	1/5/2015	10,178	15,852	582	—	(156	)	1,501	—	15,696	2,083	—	17,779	(485	)
Manatee County, Florida:
Land, Buildings & Improvements	3/10/2015	4,041	2,403	1,871	—	—		—	—	2,403	1,871	—	4,274	(652	)
Hendry County, Florida
Land, Buildings & Improvements	6/25/2015	10,356	14,411	789	—	—		—	—	14,411	789	—	15,200	(432	)
Holt County, Nebraska
Land, Buildings & Improvements	8/20/2015	3,516	4,690	786	—	—		—	—	4,690	786	—	5,476	(220	)
Rock County, Nebraska
Land, Buildings & Improvements	8/20/2015	3,534	4,862	613	—	—		—	—	4,862	613	—	5,475	(268	)
Kern County, California:



Land & Improvements	9/3/2015	14,208	18,893	497	—	688		5,935	1,418		19,581	6,432	1,418	27,431	(1,064	)
Hendry County, Florida:
Land, Buildings & Improvements	11/2/2015	1,985	3,244	739	—	2		—	—		3,246	739	—	3,985	(359	)
Cochise County, Arizona:
Land, Buildings & Improvements	12/23/2015	3,210	4,234	1,502	—	5		1,344	—		4,239	2,846	—	7,085	(416	)
Saguache County, Colorado:
Land, Buildings & Improvements	3/3/2016	15,689	16,756	8,348	—	—		747	—		16,756	9,095	—	25,851	(2,912	)
Fresno County, California:
Land, Improvements & Horticulture	4/5/2016	8,657	3,623	1,228	11,455	—		192	—		3,623	1,420	11,455	16,498	(1,340	)
Saint Lucie County, Florida:
Land, Buildings & Improvements	7/1/2016	2,914	4,165	971	—	—		—	—		4,165	971	—	5,136	(243	)
Baca County, Colorado:
Land & Buildings	9/1/2016	3,157	6,167	214	—	—		—	—		6,167	214	—	6,381	(33	)
Stanislaus County, California:
Land & Improvements	9/14/2016	7,525	14,114	45	—	—		463	—		14,114	508	—	14,622	(32	)
Merced County, California:
Land & Improvements	9/14/2016	6,946	12,845	504	—	—		190	—		12,845	694	—	13,539	(52	)
Fresno County, California:
Land, Improvements & Horticulture	10/13/2016	3,708	2,937	139	3,452	—		—	—		2,937	139	3,452	6,528	(403	)
Baca County, Colorado:
Land & Improvements	12/28/2016	6,104	11,430	278	—	—		—	—		11,430	278	—	11,708	(111	)
Martin County, Florida:
Land & Improvements	1/12/2017	32,400	52,443	1,627	—	—		—	—		52,443	1,627	—	54,070	(128	)
Yuma County, Arizona:
Land & Improvements	6/1/2017	14,765	12,390	12,191	—	—		12,928	—		12,390	25,119	—	37,509	(1,132	)
Bladen County, North Carolina:
Land, Improvements & Horticulture	7/17/2017	7,680	5,048	777	7,818	2		13	—		5,050	790	7,818	13,658	(631	)
Okeechobee County, Florida:
Land & Improvements	8/9/2017	5,632	9,111	953	—	985		956	—		10,096	1,909	—	12,005	(103	)
Santa Barbara County, California:
Land, Improvements & Horticulture	8/9/2017	3,225	4,559	577	397	(50	)	904	602		4,509	1,481	999	6,989	(157	)
Walla Walla County, Washington:
Land, Improvements & Horticulture	9/8/2017	5,236	5,286	401	3,739	—		—	—		5,286	401	3,739	9,426	(677	)
Baca County, Colorado:
Land, Improvements & Horticulture	12/15/2017	3,444	2,016	324	3,626	(1	)	—	(3	)	2,015	324	3,623	5,962	(374	)
Kern County, California:
Land & Improvements	1/31/2018	1,451	2,733	249	—	(4	)	—	—		2,728	249	—	2,977	(23	)
Collier & Hendry, Florida:
Land & Improvements	7/12/2018	22,410	36,223	344	—	—		—	—		36,223	344	—	36,567	(23	)
Kings County, California:
Land & Improvements & Horticulture	9/13/2019	4,110	3,264	284	3,349	—		—	—		3,264	284	3,349	6,897	(5	)
Madera, California:
Land & Improvements & Horticulture	11/1/2018	13,800	12,305	1,718	9,015	—		—	—		12,305	1,718	9,015	23,038	(56	)
Hartley County, Texas
Land & Improvements	11/20/2018	5,280	7,320	1,054	—	—		—	—		7,320	1,054	—	8,374	(8	)
Merced County, California
Land	12/6/2018	4,305	8,210	—	—	—		—	—		8,210	—	—	8,210	—



Miscellaneous Investments
Land, Buildings, Improvements & Horticulture	N/A	15,134		17,393		4,104		3,338		9		912		688		17,402		5,016		4,026		26,445		(1,830		)
		$	338,226	$	415,183	$	58,708	$	46,189	$	2,127	$	38,092	$	2,705	$	417,310	$	96,800	$	48,894	$	563,004	$	(24,051	)


⁽¹⁾	The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $564.1 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 shorter of the estimated useful life or 40 years for horticulture, 5 to 10 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, 2018, and 2017, respectively (dollars in thousands):



	2018			2017
Balance, beginning of period	$	466,143		$	337,377
Additions:
Acquisitions during the period	90,671			129,226
Improvements	21,811			3,945
Deductions:
Dispositions during period	(15,621		)	(4,405		)
Balance, end of period	$	563,004		$	466,143

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2018, and 2017, respectively (dollars in thousands):



	2018			2017
Balance, beginning of period	$	16,657		$	11,066
Additions during period	8,230			6,180
Dispositions during period	(836		)	(589		)
Balance, end of period	$	24,051		$	16,657