Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 103

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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 interest in the Operating Partnership is reduced, and stockholders’ equity is increased.The Operating Partnership is required to make distributions on each OP Unit in the same amount as those paid on each share of the Company’s common stock, with the distributions on the OP Units held by the Company being utilized to make distributions to the Company’s common stockholders.DistributionsThe per-share distributions to preferred and common stockholders declared by our Board of Directors during the three months ended March 31, 2025 and 2024 are reflected in the table below.

20

Three Months Ended March 31,Issuance20252024Series B Preferred Stock$0.375 $0.375 Series C Preferred Stock0.375 0.375 Series D Term Preferred Stock(1)0.312501 0.312501 Series E Term Preferred Stock0.312501 0.312501 Common Stock(2)0.1401 0.1395 (1)Dividends are treated similar to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.(2)The same amounts were paid as distributions on each OP Unit held by non-controlling OP Unitholders, if any, as of the applicable date of record.

NOTE 9.  LEASE REVENUES

The following table sets forth the components of our lease revenue for the three months ended March 31, 2025 and 2024 (dollars in thousands, except for footnotes):Three Months Ended March 31,20252024Fixed lease payments(1)$13,927 $19,593 Variable lease payments(2)2,876 233 Lease revenue, net(3)$16,803 $19,826 (1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the respective lease terms and includes the amortization of above-market lease values and lease incentives and the accretion of below-market lease values and other deferred revenue.(2)Variable lease payments include participation rents, which are generally based on a percentage of the gross crop revenues earned on the farm, and reimbursements of certain property operating expenses by tenants.  Participation rents are generally recognized when all contingencies have been resolved and when actual results become known or estimable, enabling us to estimate and/or measure our share of such gross revenues.  During the three months ended March 31, 2025 and 2024, we recorded participation rents of approximately $