Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 75

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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 ended September 30, 2025.  

The base management fee decreased primarily due to the disposition of 21 farms since December 31, 2023.

No incentive fee was earned by our Adviser during the three or nine months ended September 30, 2025, as our Pre-Incentive Fee FFO did not exceed the required hurdle rate in either period.  Our Adviser earned an incentive fee during the three months ended September 30, 2024; however, our Adviser granted us a non-contractual, unconditional, and irrevocable waiver to be applied against the entire incentive fee earned in the third quarter of 2024. 

The changes in the administration fee were driven by our relative utilization of our Administrator’s resources compared with affiliated companies also serviced by our Administrator.

36

Other Operating Expenses

General and administrative expenses consist primarily of professional fees, director fees, stockholder-related expenses, overhead insurance, acquisition-related costs for investment opportunities no longer being pursued, and other miscellaneous expenses.  General and administrative expenses decreased for both the three and nine months ended September 30, 2025, primarily due to a decrease in professional fees, driven by a reduction in certain consulting services.

During the three months ended September 30, 2025, we recognized an impairment charge of approximately $316,000 on one property (encompassing two farms) located in St. Lucie County, Florida, due to the estimated fair value being lower than the carrying value.  During the three months ended September 30, 2024, we recognized an aggregate impairment charge of approximately $2.1 million on portions of four properties (encompassing a total of 11 farms) located in Allegan and Van Buren, Michigan, due to the estimated fair values being lower than the respective carrying values.

A comparison of results of other components contributing to net (loss) income attributable to common stockholders for the three and nine months ended September 30, 2025 and 2024 is below (dollars in thousands):

For the Three Months Ended September 30,20252024$ Change% ChangeOperating income$4,493 $6,872 $(2,379)(34.6)%Other income (expense):Other income79 370 (291)(78.6)%Interest expense(4,850)(5,402)552 (10.2)%Dividends declared on cumulative term preferred stock(755)(755)— —%Gain (