Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 170

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 170
---
33.2)%Participation rents142 1,117 (975)(87.3)%606 1,112 (506)(45.5)%Lease termination and other income— 7 (7)(100.0)%2,380 7 2,373 NMTotal – Same-property basis12,263 20,721 (8,458)(40.8)%29,028 40,106 (11,078)(27.6)%Properties acquired or disposed of:Fixed lease payments— 471 (471)(100.0)%7 679 (672)(99.0)%Total – Properties acquired or disposed of— 471 (471)(100.0)%7 679 (672)(99.0)%Tenant reimbursements and other(1)33 78 (45)(57.7)%63 311 (248)(79.7)%Total Lease revenues$12,296 $21,270 $(8,974)(42.2)%$29,098 $41,096 $(11,998)(29.2)%

(1)Tenant reimbursements generally represent tenant-reimbursed property operating expenses on certain of our farms, including property taxes, insurance premiums, and other property-related expenses.  Similar amounts are also recorded as property operating expenses during the respective periods. 

Same-property Basis – 2025 compared to 2024

Lease revenues from fixed lease payments decreased primarily due to the execution of certain lease agreements pursuant to which we agreed to reduce or eliminate the fixed base rent amounts or, in certain cases, provide the tenant with a cash lease incentive, in exchange for significantly increasing the participation rent components in the leases, the majority of which is expected to be realized in the fourth quarter of 2025.  The year-over-year decreases in lease revenues were further impacted by certain of our farms that were vacant, direct-operated through third party management agreements, or on which lease revenues were recognized on a cash basis (rather than a straight-line basis), due to full collectability of future rental payments under the respective leases deemed not to be probable as a result of tenant credit issues during all or a portion of the three and six months ended June 30, 2025 and 2024.

The decrease in lease revenues from participation rents was primarily attributable to the earlier recognition of amounts related to the 2023 harvest on certain farms, as additional information became available during the three months ended June 30,