Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 90

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 90
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 for the related property taxes, as well as certain maintenance, repairs, and insurance costs), 1 farm is direct-operated, and 5 farms are vacant.  Additionally, 27 of our farms are leased under agreements that include a variable rent component, called “participation rents,” that are based on the gross revenues earned on the respective farms (though such leases often include a guarantee of a minimum amount of rental income).

Lease Expirations

Agricultural leases are often shorter term in nature (relative to leases of other types of real estate assets), so in any given year, we may have multiple leases up for extension or renewal.  The following table summarizes the lease expirations by year for the farms owned and with leases in place as of December 31, 2024 (dollars in thousands):

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YearNumber ofExpiringLeases(1)Expiring / ExpiredLeased Acreage% of TotalAcreageLease Revenue for the Year Ended December 31, 2024% of TotalLeaseRevenue20251416,96115.2%$14,750 17.4%2026710,1969.2%4,6175.4%202798,4977.6%11,48813.5%2028134,8684.4%4,7965.7%202971,9731.8%3,0363.6%Thereafter4256,10150.5%40,85148.2%Other(2)1131—%4980.6%Terminated/expired leases and sold properties(3)012,56311.3%4,7275.6%Totals103111,190100.0%$84,763 100.0%

(1)Certain lease agreements encompass multiple farms.

(2)Primarily consists of ancillary leases (e.g., renewable energy leases; oil, gas, and mineral leases; telecommunications leases; etc.) with varying expirations on certain of our farms.

(3)Includes lease revenues of approximately $3.1 million from 9 farms on which the respective leases expired and which are currently either direct-operated or vacant; $0 from 12 farms sold during the year ended December 31, 2024; and approximately $1.6 million from 7 farms sold subsequent to December 31, 2024.

We currently have three agricultural leases scheduled to expire within the next six months that,