Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 108

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 108
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 on dispositions of real estate assets, net5,886 5,208 678 13.0%Property and casualty loss, net(284)(1,016)732 (72.0)%Loss from investments in unconsolidated entities (60)(59)(1)1.7%Total other expense, net(15,984)(18,918)2,934 (15.5)%Net income13,290 14,565 (1,275)(8.8)%Net income attributable to non-controlling interests— — — NMNet income attributable to the Company13,290 14,565 (1,275)(8.8)%Aggregate dividends declared on and gain (loss) recognized on extinguishment of cumulative redeemable preferred stock, net(23,745)(24,417)672 (2.8)%Net loss attributable to common stockholders$(10,455)$(9,852)$(603)6.1%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 consolidated financial statements) and interest earned on short-term investments.  Other income decreased primarily due to less interest patronage received from Farm Credit (primarily due to decreased borrowings from Farm Credit), partially offset by an increase in additional interest earned on short-term investments due to higher interest rates.

During the three months ended March 31, 2024 we recorded approximately $1.9 million of interest patronage from Farm Credit related to interest accrued during 2023, as compared to approximately $2.3 million of interest patronage recorded during the prior-year period that related to interest accrued during 2022.  In addition, during the three months ended September 30, 2023, 

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we received approximately $111,000 of interest patronage related to interest accrued during 2023, as certain Farm Credit associations paid a portion of 2023 interest patronage (which would typically be paid during the first half of 2024) early.  In total, 2023 interest patronage resulted in a 22.0% reduction (approximately 101 basis points) to the interest rate of such borrowings.  

Interest expense decreased, primarily due to a decrease in overall borrowings.  The weighted-average principal balance of our aggregate borrowings (excluding our cumulative term preferred stock) outstanding for