Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 168

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 168
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 properties we owned for the entirety of the respective comparative periods presented.

With regard to the comparison between both the three and six months ended June 30, 2025 and 2024:

•We owned 150 farms as of June 30, 2025, that are considered our same-property portfolio.  Same-property occupancy (including farms that were direct-operated or on non-accrual status) decreased approximately 3.4% to 95.9% as of June 30, 2025, compared to 99.3% as of June 30, 2024.

◦Included within our same-property portfolio are farms that were vacant, direct-operated, or on non-accrual status during all or a portion of the periods presented.

▪For the three months ended June 30, 2025, we had 16 farms that were vacant, direct-operated, or on non-accrual status, as compared to 8 farms in the prior-year period.

▪For the six months ended June 30, 2025, we had 17 farms that were vacant, direct-operated, or on non-accrual status, as compared to 9 farms in the prior-year period.

•From January 1, 2024, through June 30, 2025, we did not acquire any new farms and disposed of 19 farms.

A comparison of results of components comprising our operating income for the three and six months ended June 30, 2025 and 2024 is below (dollars in thousands):

32

 For the Three Months Ended June 30,   20252024$ Change% ChangeOperating revenues:Lease revenues:Fixed lease payments$12,121 $20,068 $(7,947)(39.6)%Variable lease payments – participation rents142 1,117 (975)(87.3)%Variable lease payments – tenant reimbursements and other33 85 (52)(61.2)%Total lease revenue12,296 21,270 (8,974)(42.2)%Other operating revenue— 27 (27)(100.0)%Total operating revenues12,296 21,297 (9,001)(42.3)%Operating expenses:Depreciation and amortization8,374 8,813 (439)(5.0)%Property operating expenses1,242 1,219 23 1.9%Base