Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 121

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 121
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19 farms subsequent to December 31, 2023.

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The fluctuations in tenant-reimbursed property operating expenses are primarily driven by miscellaneous property operating costs incurred by us in connection with our ownership interests in certain unconsolidated entities, for which our tenants are contractually obligated to reimburse us under the terms of the respective leases.  Such expenses will fluctuate commensurate with the timing and amount of miscellaneous operating costs incurred by the underlying entities.  Amounts recorded during the prior-year period include additional costs to deliver water to certain of our farms via a pipeline owned by an unconsolidated entity of ours, which costs were reimbursed to us by our tenants.

Related-Party Fees

The following table provides the calculations of the base management, incentive, and capital gains fees (as applicable) due to our Adviser pursuant to the Advisory Agreement for the three months ended March 31, 2025 and 2024 (dollars in thousands; for further discussion on certain defined terms used below, refer to Note 6, “Related-Party Transactions,” within the accompanying notes to our condensed consolidated financial statements):

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Quarter EndedYear to DateMarch 312025 Fee Calculations:Base Management Fee:Gross Tangible Real Estate(1)(2)$1,372,260 Quarterly rate0.150 %Base management fee(3)$2,058 $2,058 Incentive Fee:Total Adjusted Common Equity(1)(2)$318,209 First hurdle quarterly rate1.750 %First hurdle threshold$5,569 Second hurdle quarterly rate2.1875 %Second hurdle threshold$6,961 Pre-Incentive Fee FFO(1)$2,139 100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold$— 20% of Pre-Incentive Fee FFO in excess of second hurdle threshold— Total Incentive fee(3)$— $— Capital Gains Fee:Aggregate net realized capital gains(1)$5,443 Capital gains fee rate15.0 %Cumulative capital gains fee$816 Less capital gains fees recorded in prior periods(4)$(628)Total Capital Gains Fee(3)(5)$188 $188 Total fees due to Adviser$2,246 $2,246 2024 Fee Calculations:Base Management Fee:Gross Tangible Real Estate(1)(2)$1