Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 175

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 175
---
 first quarter.  During the three months ended June 30, 2025, we incurred additional capital losses associated with the disposition of certain assets, resulting in a reversal of the capital gains fee recorded during the first quarter. 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 if and when we dispose of additional assets.

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 decreased during each of the three and six months ended June 30, 2025, primarily due to a decrease in professional fees (driven by lower consulting fees) and, for the three months ended June 30, 2025, a decrease in stockholder-related expenses related to the annual stockholders’ meeting.  

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

For the Three Months Ended June 30,20252024$ Change% ChangeOperating (loss) income$(214)$7,864 $(8,078)(102.7)%Other (expense) income:Other income267 497 (230)(46.3)%Interest expense(4,976)(5,535)559 (10.1)%Dividends declared on cumulative term preferred stock(755)(755)— —%Loss on dispositions of real estate assets, net(2,149)(2,800)651 (23.3)%Property and casualty loss, net— (9)9 (100.0)%Loss from investments in unconsolidated entities(51)(85)34 (40.0)%Total other expense, net(7,664)(8,687)1,023 (11.8)%Net loss(7,878)(823)(7,055)857.2%Aggregate dividends declared on and gain recognized on extinguishment of cumulative redeemable preferred stock, net(6,002)(5,831