Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 164

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 164
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 or renewal.  The following table summarizes the lease expirations by year for the farms owned and with leases in place as of September 30, 2025 (dollars in thousands):

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YearNumber ofExpiringLeases(1)(5) Expiring / Expired Leased Acreage% of TotalAcreageLease Revenue for theNine Months Ended September 30, 2025% of TotalLeaseRevenue2025(2)1314,90314.8%$(1,391)(3)(3.0)%202699,5059.5%2,549 5.4%202798,4978.5%8,391 17.9%2028124,9825.0%3,661 7.8%202971,9732.0%2,387 5.1%Thereafter4053,75153.6%26,222 56.0%Other(4)1131—%452 1.0%Terminated/expired leases and sold properties(5)—6,6816.6%4,564 9.8%Totals101100,323100.0%$46,835 100.0%

(1)Certain lease agreements encompass multiple farms.

(2)Includes three leases that were extended subsequent to September 30, 2025.  See “Recent Developments—Portfolio Activity—Existing Properties—Leasing Activity” below for a summary of certain recent leasing activity.

(3)Reflects the net impact of cash lease incentives we granted to tenants on certain of our farms in exchange for increasing the participation rent components in the respective leases, the results of which will not be known until the fourth quarter of 2025 or later.

(4)Primarily consists of ancillary leases (e.g., renewable energy leases; oil, gas, and mineral leases; telecommunications leases; etc.) with varying expirations on certain of our farms.

(5)Includes lease revenues of approximately $4.0 million from 10 farms for which the respective leases have expired and which are currently either vacant or direct-operated, and approximately $533,000 from 9 farms that were sold during the nine months ended September 30, 2025.

We are currently exploring a variety of options with certain of our 2025 lease expirations, including negotiating lease terms with existing and prospective new tenants and discussing sale options with prospective buyers.  In addition,