Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 134

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 134
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ATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except share and per-share data)

 For the Years Ended December 31, 202420232022OPERATING REVENUES:Lease revenue, net$84,763 $90,319 $89,236 Other operating revenue453 79 — Total operating revenues85,216 90,398 89,236 OPERATING EXPENSES:Depreciation and amortization35,055 37,161 35,366 Property operating expenses5,334 4,201 2,819 Base management fee8,370 8,603 8,307 Incentive fee109 1,771 3,225 Administration fee2,452 2,255 2,005 General and administrative expenses2,625 2,924 2,740 Write-off of costs associated with offering of Series C cumulative redeemable preferred stock— — 853 Impairment charge2,106 — — Total operating expenses56,051 56,915 55,315 Incentive fee waiver(109)— — Total operating expenses, net of credits to fees55,942 56,915 55,315 OTHER INCOME (EXPENSE):Other income3,378 3,633 3,441 Interest expense(21,885)(23,665)(25,738)Dividends declared on cumulative term preferred stock(3,019)(3,019)(3,019)Gain (loss) on dispositions of real estate assets, net5,886 5,208 (3,760)Property and casualty loss, net(284)(1,016)(56)Loss from investments in unconsolidated entities(60)(59)(73)Total other expense, net(15,984)(18,918)(29,205)NET INCOME 13,290 14,565 4,716 Net income attributable to non-controlling interests— — (8)NET INCOME ATTRIBUTABLE TO THE COMPANY13,290 14,565 4,708 Dividends declared on cumulative redeemable preferred stock(24,250)(24,371)(19,693)Gain (loss) on extinguishment of cumulative redeemable preferred stock, net505 (46)(25)NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(10,455