Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 63

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 63
---
 earned by our Adviser during either of the three months ended March 31, 2025 or 2024, as our Pre-Incentive Fee FFO did not surpass the required hurdle rate in either period.

Our Adviser earned a capital gains fee during the three months ended March 31, 2025, driven by gains recognized on the sale of seven farms completed during the quarter (see “Recent Developments—Portfolio Activity—Existing Properties—Property Sales” above for further discussion on these sales).  The capital gains fee, net of any credits that may be granted by our Adviser, is due in arrears at the end of each fiscal year and is subject to further adjustment throughout the remainder of 2025 as additional assets are disposed of.

The administration fee paid to our Administrator increased primarily due to us using a higher overall share of our Administrator’s resources in relation to those used by affiliated companies serviced by our Administrator.

Other Operating Expenses

General and administrative expenses consist primarily of professional fees, director fees, stockholder-related expenses, overhead insurance, acquisition-related costs for investments no longer being pursued, and other miscellaneous expenses.  General and administrative expenses increased during the three months ended March 31, 2025, primarily due to an increase in professional fees (driven by higher legal fees) and additional stockholder-related expenses related to the annual stockholders’ meeting.

A comparison of results of other components contributing to net loss attributable to common stockholders for the three months ended March 31, 2025 and 2024 is below (dollars in thousands):

For the Three Months Ended March 31,20252024$ Change% ChangeOperating income$3,677 $7,261 $(3,584)(49.4)%Other income (expense):Other income1,952 2,428 (476)(19.6)%Interest expense(5,177)(5,555)378 (6.8)%Dividends declared on cumulative term preferred stock(755)(755)— —%Gain on dispositions of real estate assets, net15,410 10,273 5,137 50.0%Property and casualty recovery, net137 — 137 NMLoss from investments in unconsolidated entities(136)(85)(51)60.0%Total other income, net11,431 6,306 5,125 81.3%Net income15,108 13,567 1,541 11.