Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 143

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 143
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)% For the Nine Months Ended September 30, 20252024$ Change% ChangeOperating income$7,955 $21,997 $(14,042)(63.8)%Other income (expense):Other income2,298 3,295 (997)(30.3)%Interest expense(15,004)(16,492)1,488 (9.0)%Dividends declared on cumulative term preferred stock(2,264)(2,264)— —%Gain on dispositions of real estate assets, net16,323 6,641 9,682 145.8%Property and casualty recovery (loss), net137 (284)421 NMLoss from investments in unconsolidated entities(128)(143)15 (10.5)%Total other income (expense), net1,362 (9,247)10,609 (114.7)%Net income9,317 12,750 (3,433)(26.9)%Aggregate dividends declared on and gain recognized on extinguishment of cumulative redeemable preferred stock, net(18,006)(17,742)(264)1.5%Net (loss) income attributable to common stockholders$(8,689)$(4,992)$(3,697)74.1%

NM = Not Meaningful

Other Income (Expense)

Other income generally consists of interest patronage received from Farm Credit (as defined in Note 5, “Borrowings,” in the accompanying notes to our condensed consolidated financial statements) and interest earned on short-term investments.  Other 

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income decreased primarily due to less interest earned on short-term investments and a decrease in interest patronage received from Farm Credit (primarily due to decreased borrowings from Farm Credit).

During the three months ended March 31, 2025, we recorded approximately $1.7 million of interest patronage from Farm Credit related to interest accrued during 2024, as compared to approximately $1.9 million of interest patronage recorded during the prior-year period that related to interest accrued during 2023.  In addition, during the three months ended September 30, 2024, we received approximately $108,000 of interest patronage related to interest accrued during 2024, as certain Farm Credit associations paid a portion of the 2024 interest patronage (which would typically be paid during the first half of 2025) early.  In total, 202