Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 101

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 101
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 period presented;

◦Farms that were direct-operated at any point during either period presented; and

◦Farms with leases where revenue was recognized on a cash basis during either period presented (rather than a straight-line basis) due to full collectability of future rental payments under the respective leases being deemed not to be probable as a result of tenant credit issues.

From January 1, 2023 through December 31, 2024, we had 16 farms which were either vacant, direct-operated, or placed on non-accrual during all or a portion of either period.

A comparison of results of components comprising our operating income for the years ended December 31, 2024 and 2023 is below (dollars in thousands):

46

For the Years Ended December 31, 20242023$ Change% ChangeOperating revenues:Lease revenue:Fixed lease payments$73,952 $83,695 $(9,743)(11.6)%Variable lease payments – participation rents9,401 5,890 3,511 59.6%Variable lease payments – tenant reimbursements and other1,410 734 676 92.1%Total lease revenue84,763 90,319 (5,556)(6.2)%Other operating revenue453 79 374 473.4%Total operating revenues85,216 90,398 (5,182)(5.7)%Operating expenses:Depreciation and amortization35,055 37,161 (2,106)(5.7)%Property operating expenses5,334 4,201 1,133 27.0%Base management and incentive fees, net of incentive fee waiver8,370 10,374 (2,004)(19.3)%Administration fee2,452 2,255 197 8.7%General and administrative expenses2,625 2,924 (299)(10.2)%Impairment charge2,106 — 2,106 NMTotal operating expenses55,942 56,915 (973)(1.7)%Operating income$29,274 $33,483 $(4,209)(12.6)%

NM = Not Meaningful

Operating Revenues

Lease Revenue

The following table provides a summary of our lease revenue during the years ended December 31, 2024 and 2023 (dollars in thousands):

For the Years Ended