Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 104

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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465,000 and $0, respectively, and reimbursements of certain property operating expenses by tenants of approximately $31,000 and $233,000, respectively.  In addition, during the three months ended March 31, 2025, we recorded a lease termination fee of approximately $2.4 million.(3)Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

NOTE 10.  EARNINGS PER SHARE OF COMMON STOCK

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2025 and 2024, computed using the weighted average number of common shares outstanding during the respective periods.  Earnings figures are presented net of non-controlling interests in the earnings per share calculations.  The non-controlling limited partners’ outstanding OP Units (which may be redeemed for shares of common stock) have been excluded from the diluted per-share calculation, as there would be no effect on the amounts since the non-controlling OP Unitholders’ share of earnings would also be added back to net income or loss.(Dollars in thousands, except per-share amounts):Three Months Ended March 31,20252024Net income attributable to common stockholders$9,106 $7,449 Weighted average shares of common stock outstanding – basic and diluted36,184,658 35,838,442 Income per common share – basic and diluted$0.25 $0.21 

There were no OP Units held by non-controlling OP Unitholders during either of the three months ended March 31, 2025 or 2024.

NOTE 11.  SUBSEQUENT EVENTS

DistributionsOn April 8, 2025, our Board of Directors declared the following monthly cash distributions to holders of our preferred and common stock:

21

IssuanceRecord DatePayment DateDistribution per ShareSeries B Preferred Stock:April 21, 2025April 30, 2025$0.125 May 21, 2025May 30, 20250.125 June 20, 2025June 30, 20250.125 Total Series B Preferred Stock Distributions:$0.375 Series C Preferred Stock:April 21, 2025April 30, 2025$0.125 May 21, 2025May 30, 20250.125 June 20