Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 68

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 September 30, 2025, that are considered our same-property portfolio.  Same-property occupancy (based on farmable acres and including farms that were direct-operated or on non-accrual status) decreased approximately 3.8% to 95.7% as of September 30, 2025, compared to 99.5% as of September 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 September 30, 2025, we had 17 farms that were vacant, direct-operated, or on non-accrual status, as compared to 21 farms in the prior-year period.

▪For the nine months ended September 30, 2025, we had 18 farms that were vacant, direct-operated, or on non-accrual status, as compared to 22 farms in the prior-year period.

•From January 1, 2024, through September 30, 2025, we did not acquire any new farms and disposed of 21 farms.

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

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 For the Three Months Ended September 30,   20252024$ Change% ChangeOperating revenues:Lease revenues:Fixed lease payments$12,278 $18,913 $(6,635)(35.1)%Variable lease payments – participation rents5,364 3,512 1,852 52.7%Variable lease payments – tenant reimbursements and other94 146 (52)(35.6)%Total lease revenue17,736 22,571 (4,835)(21.4)%Other operating revenue49 — 49 NMTotal operating revenues17,785 22,571 (4,786)(21.2)%Operating expenses:Depreciation and amortization8,395 8,805 (410)(4.7)%Property operating expenses1,383 1,380 3 0.2%Base management and incentive fees, net of incentive fee waiver1,992 2,070 (78)(3.8)%Administration fee650 683 (33)(4.8)%General and administrative