Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 136

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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65.9)%Lease termination income, net2,380 — 2,380 NMTotal lease revenues46,835 63,667 (16,832)(26.4)%Other operating revenues50 453 (403)(89.0)Total operating revenues46,885 64,120 (17,235)(26.9)%Operating expenses:Depreciation and amortization25,198 26,407 (1,209)(4.6)%Property operating expenses3,753 3,476 277 8.0%Base management and incentive fees, net of incentive fee waiver6,040 6,303 (263)(4.2)%Administration fee1,863 1,839 24 1.3%General and administrative expenses1,760 1,992 (232)(11.6)%Impairment charge316 2,106 (1,790)(85.0)%Total operating expenses38,930 42,123 (3,193)(7.6)%Operating income$7,955 $21,997 $(14,042)(63.8)%

NM = Not Meaningful

Operating Revenues

Lease revenue

The following table provides a summary of our lease revenues during the three and nine months ended September 30, 2025 and 2024 (dollars in thousands):

33

For the Three Months Ended September 30,For the Nine Months Ended September 30,20252024$ Change%  Change20252024$ Change%  ChangeSame-property basis:Fixed lease payments$12,278 $18,179 $(5,901)(32.5)%$37,793 $56,640 $(18,847)(33.3)%Participation rents5,364 3,512 1,852 52.7%5,971 4,625 1,346 29.1%Lease termination and other income— 4 (4)(100.0)%2,380 10 2,370 NMTotal – Same-property basis17,642 21,695 (4,053)(18.7)%46,144 61,275 (15,131)(24.7)%Properties acquired or disposed of:Fixed lease payments— 734 (734)(100.0)%533 1,938 (1,405)(72.5)%Total – Properties acquired or disposed