Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 118

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 118
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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 fees2,246 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