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, 2015

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, 2015


				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		Land and Land Improvements		Buildings & Improvements		Horticulture		Total⁽¹⁾		Accumulated Depreciation⁽²⁾
Santa Cruz County, California:
Land & Improvements	6/16/1997	$	4,677,258	$	4,350,000	$	—	$	—	$	—		$	579,307	$	4,350,000	$	579,307	$	—	$	4,929,307	$	(143,285	)
Ventura County, California:
Land, Buildings & Improvements	9/15/1998		23,796,549		9,895,497		5,255,736		—		—			230,280		9,895,497		5,486,016		—		15,381,513		(3,184,106	)
Santa Cruz County, California:
Land & Improvements	1/3/2011		4,556,294		8,328,475		—		—		468,456			527,341		8,796,931		527,341		—		9,324,272		(24,854	)
Santa Cruz County, California:
Land & Buildings	7/7/2011		1,509,625		2,314,113		414,075		—		—			—		2,314,113		414,075		—		2,728,188		(50,360	)
Hillsborough County, Florida:
Land, Buildings & Improvements	8/9/2012		2,640,000		2,513,696		909,491		—		162,059			667,042		2,675,755		1,576,533		—		4,252,288		(306,038	)
Hillsborough County, Florida:
Land, Buildings & Improvements	9/12/2012		2,522,250		2,198,728		1,657,339		—		—			446,108		2,198,727		2,103,447		—		4,302,174		(417,661	)
Marion County, Oregon:
Land, Buildings & Improvements	5/31/2013		1,666,610		2,493,809		703,453		—		1,102			416,115		2,494,911		1,119,569		—		3,614,480		(146,885	)
Monterey County, California:
Land, Buildings & Improvements	10/21/2013		3,763,311		7,186,774		164,114		—		—			1,093,225		7,186,774		1,257,339		—		8,444,113		(27,237	)
Ventura County, California:
Land, Buildings, Improvements & Horticulture	12/16/2013		1,612,848		2,847,948		72,753		34,690		3,405			671,133		2,851,353		743,886		34,690		3,629,929		(81,529	)
Morrow County, Oregon:
Land & Improvements	12/27/2013		7,526,622		12,937,446		1,118,325		—		3,646			315		12,941,092		1,118,640		—		14,059,732		(149,152	)
Cochise County, Arizona:
Land, Buildings & Improvements	12/27/2013		3,602,026		6,167,902		572,283		—		7,800			1,462,107		6,175,702		2,034,390		—		8,210,092		(337,862	)
Santa Cruz County, California:
Land, Building & Improvements	6/13/2014		3,171,933		5,576,138		206,636		—		—			—		5,576,138		206,636		—		5,782,774		(80,384	)
Ventura County, California:
Land, Buildings & Improvements	7/23/2014		3,704,173		6,219,293		504,673		—		—			—		6,219,293		504,673		—		6,723,966		(43,254	)
Kern County, California:
Land & Improvements	7/25/2014		3,118,172		5,840,750		67,000		—		—			933,330		5,840,750		1,000,330		—		6,841,080		(18,983	)
Manatee County, Florida:
Land, Buildings & Improvements	9/29/2014		7,742,812		8,466,185		5,426,170		—		(385	)		500,447		8,465,800		5,926,617		—		14,392,417		(625,270	)
Ventura County, California:
Land, Buildings & Improvements	10/29/2014		13,440,396		23,672,902		350,454		—		—			—		23,672,902		350,454		—		24,023,356		(40,886	)
Ventura County, California:
Land & Improvements	11/4/2014		3,675,000		5,859,721		91,848		—		—			2,210		5,859,721		94,058		—		5,953,779		(10,899	)
Monterey County, California:
Land, Buildings & Improvements	1/5/2015		10,178,000		15,852,466		581,879		—		—			—		15,852,466		581,879		—		16,434,345		(108,060	)
Manatee County, Florida:
Land, Buildings & Improvements	3/10/20150		2,374,680		2,403,064		1,871,285		—		—			—		2,403,064		1,871,285		—		4,274,349		(120,421	)
Hendry County, Florida
Land, Buildings & Improvements	6/25/2015		9,360,000		14,410,840		788,986		—		—			—		14,410,840		788,986		—		15,199,826		(61,766	)
Holt County, Nebraska
Land, Buildings & Improvements	8/20/2015		3,301,000		4,690,369		786,137		—		—			—		4,690,369		786,137		—		5,476,506		(24,402	)
Rock County, Nebraska
Land, Buildings & Improvements	8/20/2015		3,301,000		4,862,314		612,821		—		—			—		4,862,314		612,821		—		5,475,135		(29,816	)
Kern County, California:
Land & Improvements	9/3/2015		8,176,640		18,893,101		497,001		—		—			—		18,893,101		497,001		—		19,390,102		(21,641	)
Hendry County, Florida
Land, Buildings & Improvements	11/2/2015		3,760,000		3,243,825		738,835		—		—			—		3,243,825		738,835		—		3,982,660		(18,841	)
Cochise County, Arizona:
Land, Buildings & Improvements	12/23/2015		3,891,000		4,233,865		1,502,479		—		—			—		4,233,865		1,502,479		—		5,736,344		(5,109	)
Miscellaneous Investments
Land, Buildings, Improvements & Horticulture	N/A		5,664,958		5,909,381		2,267,406		1,456,005		5,697			216,621		5,915,078		2,484,027		1,456,005		9,855,110		(555,711	)

		$	142,733,157	$	191,368,602	$	27,161,179	$	1,490,695	$	651,780		$	7,745,581	$	192,020,381	$	34,906,761	$	1,490,695	$	228,417,837	$	(6,634,412	)

⁽¹⁾	The aggregate cost for land, buildings, improvements and horticulture for federal income tax purposes is approximately $222.3 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 and 5 to 7 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for leasehold improvements.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2015, 2014 and 2013, respectively:


	2015			2014			2013
Balance, beginning of period	$	148,371,478		$	78,478,053		$	39,678,968
Additions:
Acquisitions during the period		75,078,078			67,287,231			37,768,162
Improvements		5,036,926			2,726,734			1,030,923
Deductions:
Dispositions during period		(68,645	)		(120,540	)		—
Purchase price adjustments		—			—			—

Balance, end of period	$	228,417,837		$	148,371,478		$	78,478,053

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2015, 2014 and 2013, respectively:


	2015		2014		2013
Balance, beginning of period	$	4,431,290	$	3,166,870	$	2,535,084
Additions during period		2,203,122		1,264,420		631,786
Dispositions during period		—		—		—

Balance, end of period	$	6,634,412	$	4,431,290	$	3,166,870