Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 58

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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For the purposes of the following discussions on certain operating revenues and expenses, same-property basis represents properties we owned for the entirety of the comparative periods presented.

With regard to the comparison between the three months ended March 31, 2025 and 2024:

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•We owned 150 farms as of March 31, 2025, that are considered our same-property portfolio.  Same-property occupancy (including farms that were direct-operated or on non-accrual status) decreased approximately 3.0% to 95.9% as of March 31, 2025, compared to 98.9% as of March 31, 2024.

◦Included within our same-property portfolio are farms that were vacant, direct-operated, or on non-accrual status during all or a portion of the periods presented.  For the three months ended March 31, 2025, we had 15 farms that were either vacant, direct-operated, or on non-accrual status, as compared to 9 farms in the prior-year period.

•From January 1, 2024, through March 31, 2025, we did not acquire any new farms and disposed of 19 farms.

A comparison of results of components comprising our operating income for the three months ended March 31, 2025 and 2024 is below (dollars in thousands):

 For the Three Months Ended March 31,   20252024$ Change% ChangeOperating revenues:Lease revenues:Fixed lease payments$13,927 $19,593 $(5,666)(28.9)%Variable lease payments – participation rents465 — 465 NMVariable lease payments – tenant reimbursements and other2,411 233 2,178 934.8%Total lease revenue16,803 19,826 (3,023)(15.2)%Other operating revenue1 426 (425)(99.8)%Total operating revenues16,804 20,252 (3,448)(17.0)%Operating expenses:Depreciation and amortization8,429 8,789 (360)(4.1)%Property operating expenses1,128 877 251 28.6%Base management, incentive, and capital gains fees2,246 2,156 90 4.2%Administration fee642 603 39 6.5%General and administrative expenses682 566