Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 64

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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▪For the six months ended June 30, 2025, we had 17 farms that were vacant, direct-operated, or on non-accrual status, as compared to 9 farms in the prior-year period.

•From January 1, 2024, through June 30, 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 and six months ended June 30, 2025 and 2024 is below (dollars in thousands):

32

 For the Three Months Ended June 30,   20252024$ Change% ChangeOperating revenues:Lease revenues:Fixed lease payments$12,121 $20,068 $(7,947)(39.6)%Variable lease payments – participation rents142 1,117 (975)(87.3)%Variable lease payments – tenant reimbursements and other33 85 (52)(61.2)%Total lease revenue12,296 21,270 (8,974)(42.2)%Other operating revenue— 27 (27)(100.0)%Total operating revenues12,296 21,297 (9,001)(42.3)%Operating expenses:Depreciation and amortization8,374 8,813 (439)(5.0)%Property operating expenses1,242 1,219 23 1.9%Base management fee, net of capital gains fee credit1,802 2,076 (274)(13.2)%Administration fee572 553 19 3.4%General and administrative expenses520 772 (252)(32.6)%Total operating expenses12,510 13,433 (923)(6.9)%Operating (loss) income$(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)(