Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 123

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 by our Administrator.

Other Operating Expenses

General and administrative expenses consist primarily of professional fees, director fees, stockholder-related expenses, overhead insurance, acquisition-related costs for investments no longer being pursued, and other miscellaneous expenses.  General and administrative expenses increased during the three months ended March 31, 2025, primarily due to an increase in professional fees (driven by higher legal fees) and additional stockholder-related expenses related to the annual stockholders’ meeting.

A comparison of results of other components contributing to net loss attributable to common stockholders 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 income$3,677 $7,261 $(3,584)(49.4)%Other income (expense):Other income1,952 2,428 (476)(19.6)%Interest expense(5,177)(5,555)378 (6.8)%Dividends declared on cumulative term preferred stock(755)(755)— —%Gain on dispositions of real estate assets, net15,410 10,273 5,137 50.0%Property and casualty recovery, net137 — 137 NMLoss from investments in unconsolidated entities(136)(85)(51)60.0%Total other income, net11,431 6,306 5,125 81.3%Net income15,108 13,567 1,541 11.4%Aggregate dividends declared on cumulative redeemable preferred stock, net(6,002)(6,118)116 (1.9)%Net income attributable to common stockholders$9,106 $7,449 $1,657 22.2%NM = Not Meaningful

Other Income (Expense)

Other income generally consists of interest patronage received from Farm Credit (as defined in Note 4, “Borrowings,” in the accompanying notes to our condensed consolidated financial statements) and interest earned on short-term investments.  Other income decreased primarily due to less interest earned on short-term investments and a decrease in interest patronage received from Farm Credit (primarily due to decreased borrowings from Farm Credit).

During the three months ended March 31, 2025, we recorded approximately $1.7 million of interest patronage from Farm Credit related to interest accrued during 2024, as compared