Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 154

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 154
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2,246 2,156 90 4.2%Administration fee642 603 39 6.5%General and administrative expenses682 566 116 20.5%Total operating expenses13,127 12,991 136 1.0%Operating income$3,677 $7,261 $(3,584)(49.4)%

NM = Not Meaningful

Operating Revenues

Lease revenue

The following table provides a summary of our lease revenues during the three months ended March 31, 2025 and 2024 (dollars in thousands):

For the Three Months Ended March 31,20252024$ Change%  ChangeSame-property basis:Fixed lease payments$13,920 $19,385 $(5,465)(28.2)%Participation rents465 — 465 NMLease termination and other income2,380 — 2,380 NMTotal – Same-property basis16,765 19,385 (2,620)(13.5)%Properties acquired or disposed of:Fixed lease payments7 208 (201)(96.6)%Total – Properties acquired or disposed of7 208 (201)(96.6)%Tenant reimbursements and other(1)31 233 (202)(86.7)%Total Lease revenues$16,803 $19,826 $(3,023)(15.2)%

(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

29

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 increase in lease revenues from participation rents was primarily attributable to additional cash collections from wine grape sales during the three months ended March 31, 2025.

During the three months ended March 31, 2025, we received a lease termination payment from an outgoing tenant who leased three of our farms.  After applying a portion of the amount towards certain