Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 185

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 185
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 %28.935020 %Series D Term Preferred Stock47.178987 %23.885993 %28.935020 %Series E Preferred Stock47.178987 %23.885993 %28.935020 %Common Stock— %— %100.000000 %For the Year Ended December 31, 2023Series B Preferred Stock30.782342 %22.611772 %46.605886 %Series C Preferred Stock30.782342 %22.611772 %46.605886 %Series D Term Preferred Stock30.782342 %22.611772 %46.605886 %Series E Preferred Stock30.782342 %22.611772 %46.605886 %Common Stock— %— %100.000000 %For the Year Ended December 31, 2022Series B Preferred Stock34.205000 %— %65.795000 %Series C Preferred Stock34.205000 %— %65.795000 %Series D Term Preferred Stock34.205000 %— %65.795000 %Common Stock— %— %100.000000 %

NOTE 9.  LEASE REVENUES

The following table sets forth the components of our lease revenue for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands, except for footnotes):

94

For the Years Ended December 31,202420232022Fixed lease payments(1)$73,952 $83,695 $81,423 Variable lease payments(2)10,811 6,624 7,813 Lease revenue, net(3)$84,763 $90,319 $89,236 (1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the respective lease terms and includes the amortization of above-market lease values and lease incentives and the accretion of below-market lease values and other deferred revenue.(2)Variable lease payments include participation rents, which are generally based on a percentage of the gross crop revenues earned on the farm, and reimbursements of certain property operating expenses by tenants.  Participation rents are generally recognized when all contingencies have been resolved and when actual results become known or estimable, enabling us to estimate and/or measure our