Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 69

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 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:Depreciation and amortization25,198 26,407 (1,209)(4.6)%Property operating expenses3,753 3,476 277 8.0%Base management and incentive fees, net of incentive fee waiver6,040 6,303 (263)(4.2)%Administration fee1,863 1,839 24 1.3%General and administrative expenses1,760 1,992 (232)(11.6)%Impairment charge316 2,106 (1,790)(85.0)%Total operating expenses38,930 42,123 (3,193)(7.6)%Operating income$7,955 $21,997 $(14,042)(63.8)%

NM = Not Meaningful

Operating Revenues

Lease revenue

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

33

For the Three Months Ended September 30,For the Nine Months Ended September 30,20252024$ Change%  Change20252024$ Change%  ChangeSame-property basis:Fixed lease payments$12,278 $18,179 $(5,901)(32.5)%$37,793 $