Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 132

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 132
---
,998)(29.2)%Other operating revenues1 453 (452)(99.8)Total operating revenues29,099 41,549 (12,450)(30.0)%Operating expenses:Depreciation and amortization16,803 17,602 (799)(4.5)%Property operating expenses2,370 2,096 274 13.1%Base management fee, net of capital gains fee credit4,048 4,233 (185)(4.4)%Administration fee1,213 1,156 57 4.9%General and administrative expenses1,203 1,337 (134)(10.0)%Total operating expenses25,637 26,424 (787)(3.0)%Operating income$3,462 $15,125 $(11,663)(77.1)%

NM = Not Meaningful

Operating Revenues

Lease revenue

The following table provides a summary of our lease revenues during the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

33

For the Three Months Ended June 30,For the Six Months Ended June 30,20252024$ Change%  Change20252024$ Change%  ChangeSame-property basis:Fixed lease payments$12,121 $19,597 $(7,476)(38.1)%$26,042 $38,987 $(12,945)(33.2)%Participation rents142 1,117 (975)(87.3)%606 1,112 (506)(45.5)%Lease termination and other income— 7 (7)(100.0)%2,380 7 2,373 NMTotal – Same-property basis12,263 20,721 (8,458)(40.8)%29,028 40,106 (11,078)(27.6)%Properties acquired or disposed of:Fixed lease payments— 471 (471)(100.0)%7 679 (672)(99.0)%Total – Properties acquired or disposed of— 471 (471)(100.0)%7 679 (672)(99.0)%Tenant reimbursements and other(1)33 78 (45)(57.7)%63 311 (248)(79.7)%Total Lease revenues$12,296 $21,270 $(8