Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 153

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 153
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 Form 10-K.  There were no material changes to our critical accounting policies during the three months ended March 31, 2025.

RESULTS OF OPERATIONS

For the purposes of the following discussions on certain operating revenues and expenses, same-property basis represents properties we owned for the entirety of the comparative periods presented.

With regard to the comparison between the three months ended March 31, 2025 and 2024:

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•We owned 150 farms as of March 31, 2025, that are considered our same-property portfolio.  Same-property occupancy (including farms that were direct-operated or on non-accrual status) decreased approximately 3.0% to 95.9% as of March 31, 2025, compared to 98.9% as of March 31, 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 March 31, 2025, we had 15 farms that were either vacant, direct-operated, or on non-accrual status, as compared to 9 farms in the prior-year period.

•From January 1, 2024, through March 31, 2025, we did not acquire any new farms and disposed of 19 farms.

A comparison of results of components comprising our operating income for the three months ended March 31, 2025 and 2024 is below (dollars in thousands):

 For the Three Months Ended March 31,   20252024$ Change% ChangeOperating revenues:Lease revenues:Fixed lease payments$13,927 $19,593 $(5,666)(28.9)%Variable lease payments – participation rents465 — 465 NMVariable lease payments – tenant reimbursements and other2,411 233 2,178 934.8%Total lease revenue16,803 19,826 (3,023)(15.2)%Other operating revenue1 426 (425)(99.8)%Total operating revenues16,804 20,252 (3,448)(17.0)%Operating expenses:Depreciation and amortization8,429 8,789 (360)(4.1)%Property operating expenses1,128 877 251 28.6%Base management, incentive, and capital gains fees