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, 2013

Real Estate And Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2013


			Initial Cost										Total Cost
Location of Property	Encum- brances		Land and Land Improve- ments		Buildings & Improve- ments		Horti- culture		Land Improve- ment Costs Capitalized Subsequent to Acquisition		Building & Improvements Costs Capitalized Subsequent to Acquisition		Land and Land Improve- ments		Buildings & Improve- ments		Horti- culture		Total⁽¹⁾		Accumulated Depre- ciation⁽²⁾		Net Real Estate		Date Acquired
Santa Cruz County, California:
Land & Irrigation System	$	100,000	$	4,350,000	$	—	$	—	$	—	$	579,307	$	4,350,000	$	579,307	$	—	$	4,929,307	$	64,339	$	4,864,968		6/16/1997
Ventura County, California:
Land, Buildings, Cooler & Irrigation System		27,900,311		9,895,497		—		—		—		5,290,432		9,895,497		5,290,432		—		15,185,929		2,766,761		12,419,168		9/15/1998
Santa Cruz County, California:
Land		5,206,014		8,328,475		—		—		23,000		—		8,351,475		—		—		8,351,475		—		8,351,475		1/3/2011
Santa Cruz County, California:
Land & Buildings		1,716,942		2,314,113		414,075		—		—		—		2,314,113		414,075		—		2,728,188		27,978		2,700,210		7/7/2011
Hillsborough County, Florida:
Land		917,338		1,227,816		—		—		—		—		1,227,816		—		—		1,227,816		—		1,227,816		10/26/2011
Hillsborough County, Florida:
Land, Buildings, Site Improvements & Irrigation System		2,176,837		2,513,696		909,491		—		—		656,071		2,513,696		1,565,562		—		4,079,258		92,149		3,987,109		8/9/2012
Hillsborough County, Florida:
Land, Cooler, Site Improvements & Irrigation System		2,414,143		2,198,728		1,657,339		—		—		351,852		2,198,728		2,009,191		—		4,207,919		146,752		4,061,167		9/12/2012
Van Buren County, Michigan:
Land, Buildings, Irrigation System & Horticulture		821,680		647,430		282,825		447,035		—		—		647,430		282,825		447,035		1,377,290		28,086		1,349,204		4/5/2013
Marion County, Oregon:
Land, Buildings & Irrigation System		1,900,900		2,493,809		703,454		—		—		—		2,493,809		703,454		—		3,197,263		22,167		3,175,096		5/31/2013
Monterey County, California:
Land, Buildings & Irrigation System		—		7,186,774		164,114		—		—		—		7,186,774		164,114		—		7,350,888		2,279		7,348,609		10/21/2013
Van Buren County, Michigan:
Land, Buildings, Irrigation System & Horticulture		—		805,773		722,575		488,604		5,900		—		811,673		722,575		488,604		2,022,852		12,677		2,010,175		11/5/2013
Ventura County, California:
Land, Buildings, Site Improvements, Irrigation System & Horticulture		—		2,847,948		72,753		103,211		—		—		2,847,948		72,753		103,211		3,023,912		3,682		3,020,230		12/16/2013
Morrow County, Oregon:
Land & Irrigation System		—		12,937,446		1,118,325		—		—		—		12,937,446		1,118,325		—		14,055,771		—		14,055,771		12/27/2013
Cochise County, Arizona:
Land, Buildings & Irrigation System		—		6,167,902		572,283		—		—		—		6,167,902		572,283		—		6,740,185		—		6,740,185		12/27/2013

	$	43,154,165	$	63,915,407	$	6,617,234	$	1,038,850	$	28,900	$	6,877,662	$	63,944,307	$	13,494,896	$	1,038,850	$	78,478,053	$	3,166,870	$	75,311,183

⁽¹⁾	The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is the same as the total gross cost of such assets.

⁽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 estimated useful life for horticulture and 5 to 7 years for equipment and fixtures.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2013, 2012 and 2011, respectively:


	2013		2012		2011
Balance, beginning of period	$	39,678,968	$	32,399,715	$	19,551,350
Additions:
Acquisitions during the period		37,768,162		7,279,253		12,284,480
Improvements		1,030,923		—		563,885
Deductions:
Dispositions during period		—		—		—
Purchase price adjustments		—		—		—

Balance, end of period	$	78,478,053	$	39,678,968	$	32,399,715

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2013, 2012 and 2011, respectively:


	2013		2012		2011
Balance, beginning of period	$	2,535,084	$	2,122,817	$	1,790,776
Additions during period		631,786		412,267		332,041
Dispositions during period		—		—		—

Balance, end of period	$	3,166,870	$	2,535,084	$	2,122,817