Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 145

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 145
---
 Expirations

Agricultural leases are often shorter term in nature (relative to leases of other types of real estate assets), so in any given year, we may have multiple leases up for extension or renewal.  The following table summarizes the lease expirations by year for the farms owned and with leases in place as of March 31, 2025 (dollars in thousands):

24

YearNumber ofExpiringLeases(1) Expiring / Expired Leased Acreage% of TotalAcreageLease Revenue for theThree Months Ended March 31, 2025% of TotalLeaseRevenue20251617,74017.2%$(1,107)(2)(6.6)%202689,4459.2%779 4.6%202798,4978.3%2,358 14.0%2028124,9824.8%1,050 6.3%202971,9731.9%796 4.7%Thereafter4053,75052.2%8,846 52.7%Other(3)1131—%127 0.8%Terminated/expired leases and sold properties(4)—6,5836.4%3,954 23.5%Totals103103,001100.0%$16,803 100.0%

(1)Certain lease agreements encompass multiple farms.

(2)Reflects the net impact of cash lease incentives we granted to tenants on certain of our farms in exchange for increasing the participation rent components in the respective leases, the results of which will not be known until the fourth quarter of 2025 or later.

(3)Primarily consists of ancillary leases (e.g., renewable energy leases; oil, gas, and mineral leases; telecommunications leases; etc.) with varying expirations on certain of our farms.

(4)Includes lease revenues of approximately $3.9 million from nine farms on which the respective leases expired and which are currently either direct-operated or vacant, and approximately $7,000 from seven farms sold during the three months ended March 31, 2025.

We are currently exploring a variety of options with certain of our 2025 lease expirations, including negotiating lease terms with existing and prospective new tenants and discussing sale options with prospective buyers.  In addition, while we seek to lease all properties under traditional leases that involve a certain level of fixed base rent, with respect