Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 169

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 169
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 management fee, net of capital gains fee credit1,802 2,076 (274)(13.2)%Administration fee572 553 19 3.4%General and administrative expenses520 772 (252)(32.6)%Total operating expenses12,510 13,433 (923)(6.9)%Operating (loss) income$(214)$7,864 $(8,078)(102.7)%For the Six Months Ended June 30,20252024$ Change% ChangeOperating revenues:Lease revenues:Fixed lease payments$26,049 $39,666 $(13,617)(34.3)%Variable lease payments – participation rents606 1,112 (506)(45.5)%Variable lease payments – tenant reimbursements and other63 318 (255)(80.2)%Lease termination income, net2,380 — 2,380 NMTotal lease revenues29,098 41,096 (11,998)(29.2)%Other operating revenues1 453 (452)(99.8)Total operating revenues29,099 41,549 (12,450)(30.0)%Operating expenses:Depreciation and amortization16,803 17,602 (799)(4.5)%Property operating expenses2,370 2,096 274 13.1%Base management fee, net of capital gains fee credit4,048 4,233 (185)(4.4)%Administration fee1,213 1,156 57 4.9%General and administrative expenses1,203 1,337 (134)(10.0)%Total operating expenses25,637 26,424 (787)(3.0)%Operating income$3,462 $15,125 $(11,663)(77.1)%

NM = Not Meaningful

Operating Revenues

Lease revenue

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

33

For the Three Months Ended June 30,For the Six Months Ended June 30,20252024$ Change%  Change20252024$ Change%  ChangeSame-property basis:Fixed lease payments$12,121 $19,597 $(7,476)(38.1)%$26,042 $38,987 $(12,945)(