Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 120

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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$38,326 $58,578 Variable lease payments(2)5,458 3,658 8,509 5,089 Lease revenue, net(3)$17,736 $22,571 $46,835 $63,667 

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(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 share of such gross revenues.  During the three and nine months ended September 30, 2025, we recorded participation rents of approximately $5.4 million and $6.0 million, respectively, reimbursements of certain property operating expenses by tenants of approximately $94,000 and $158,000, respectively, and late fees of approximately $0 and $2,000, respectively.  In addition, during the three months ended March 31, 2025, we recorded a lease termination fee of approximately $2.4 million.  During the three and nine months ended September 30, 2024, we recorded participation rents of approximately $3.5 million and $4.6 million, respectively, reimbursements of certain property operating expenses by tenants of approximately $142,000 and $453,000, respectively, and late fees of approximately $4,000 and $11,000, respectively.(3)Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

NOTE 11.  EARNINGS PER SHARE OF COMMON STOCK

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2025 and 2024, computed using the weighted average number of common shares outstanding during the respective periods.(Dollars in thousands, except per-share amounts):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Net loss attributable to common stockholders$(3,915)$(5,787)$(8,689