Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 173

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 173
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2025, we did not acquire any new farms and disposed of 21 farms.

A comparison of results of components comprising our operating income for the three and nine months ended September 30, 2025 and 2024 is below (dollars in thousands):

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 For the Three Months Ended September 30,   20252024$ Change% ChangeOperating revenues:Lease revenues:Fixed lease payments$12,278 $18,913 $(6,635)(35.1)%Variable lease payments – participation rents5,364 3,512 1,852 52.7%Variable lease payments – tenant reimbursements and other94 146 (52)(35.6)%Total lease revenue17,736 22,571 (4,835)(21.4)%Other operating revenue49 — 49 NMTotal operating revenues17,785 22,571 (4,786)(21.2)%Operating expenses:Depreciation and amortization8,395 8,805 (410)(4.7)%Property operating expenses1,383 1,380 3 0.2%Base management and incentive fees, net of incentive fee waiver1,992 2,070 (78)(3.8)%Administration fee650 683 (33)(4.8)%General and administrative expenses556 655 (99)(15.1)%Impairment charge316 2,106 (1,790)(85.0)%Total operating expenses13,292 15,699 (2,407)(15.3)%Operating income$4,493 $6,872 $(2,379)(34.6)%For the Nine Months Ended September 30,20252024$ Change% ChangeOperating revenues:Lease revenues:Fixed lease payments$38,326 $58,578 $(20,252)(34.6)%Variable lease payments – participation rents5,971 4,625 1,346 29.1%Variable lease payments – tenant reimbursements and other158 464 (306)(65.9)%Lease termination income, net2,380 — 2,380 NMTotal lease revenues46,835 63,667 (16,832)(26.4)%Other operating revenues50 453 (403)(89.0)Total operating revenues46,885 64,120 (17,235)(26.9)%Operating expenses