Company: LANDO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001495240-25-000005
Chunk: 105

Company: GLADSTONE LAND Corp
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 105
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 in certain unconsolidated entities, for which our tenants are contractually obligated to reimburse us under the terms of the respective leases.  Such expenses will fluctuate commensurate with the timing and amount of miscellaneous operating costs incurred by the underlying entities.  Amounts recorded during the current year include additional costs to deliver water to certain of our farms via a pipeline owned by an unconsolidated entity of ours, which costs were reimbursed to us by our tenants.

Related-Party Fees

The following table provides the calculations of the base management and incentive fees due to our Advisor pursuant to the Advisory Agreement for the years ended December 31, 2024 and 2023 (dollars in thousands; for further discussion on certain defined terms used below, refer to Note 6, “Related-Party Transactions,” within the accompanying notes to our consolidated financial statements):

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Quarters EndedYear to DateMarch 31June 30September 30December 31FY 2024 Fee Calculations:Base Management Fee:Gross Tangible Real Estate(1)(2)$1,437,812 $1,384,228 $1,380,264 $1,378,060Quarterly rate0.150 %0.150 %0.150 %0.150 %Base management fee(3)$2,157 $2,076 $2,070 $2,067 $8,370 Incentive Fee:Total Adjusted Common Equity(1)(2)$344,128 $346,578 $334,913 $324,105 First hurdle quarterly rate1.750 %1.750 %1.750 %1.750 %First hurdle threshold$6,022 $6,065 $5,861 $5,672 Second hurdle quarterly rate2.1875 %2.1875 %2.1875 %2.1875 %Second hurdle threshold$7,528 $7,581 $7,326 $7,090 Pre-Incentive Fee FFO(1)$5,988 $4,974 $5,970 $3,955 100% of Pre-Incentive Fee FFO in excess of first hurdle threshold, up to second hurdle threshold$— $— $109 $— 20% of Pre-Incentive Fee FFO in excess of second hurdle threshold— —