Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 180

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 180
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 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 $(2,379)(34.6)%Other income (expense):Other income79 370 (291)(78.6)%Interest expense(4,850)(5,402)552 (10.2)%Dividends declared on cumulative term preferred stock(755)(755)— —%Gain (loss) on dispositions of real estate assets, net3,062 (832)3,894 NMProperty and casualty loss, net— (275)275 NMGain from investments in unconsolidated entities58 28 30 107.1%Total other expense, net(2,406)(6,866)4,460 (65.0)%Net income2,087 6 2,081 34,683.3%Aggregate dividends declared on and gain recognized on extinguishment of cumulative redeemable preferred stock, net(6,002)(5,793)(209)3.6%Net loss attributable to common stockholders$(3,915)$(5,787)$1,872 (32.3)% For the Nine Months Ended September 30, 20252024$ Change% ChangeOperating income$7,955 $21,997 $(14,042)(63.8)%Other income (expense):Other income2,298 3,295 (997)(30.3)%Interest expense(15,004)(16,492)1,488