Company: LANDO
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001495240-25-000028
Chunk: 53

Company: GLADSTONE LAND Corp
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 Preferred Stock0.312501 0.312501 0.937503 0.937503 Common Stock0.1401 0.1401 0.4203 0.4194 (1)Dividends are treated similar to interest expense on the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.

NOTE 10.  LEASE REVENUES

The following table sets forth the components of our lease revenue for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except for footnotes):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Fixed lease payments(1)$12,278 $18,913 $38,326 $58,578 Variable lease payments(2)5,458 3,658 8,509 5,089 Lease revenue, net(3)$17,736 $22,571 $46,835 $63,667 

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(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the respective lease terms and includes the amortization of above-market lease values and lease incentives and the accretion of below-market lease values and other deferred revenue.(2)Variable lease payments include participation rents, which are generally based on a percentage of the gross crop revenues earned on the farm, and reimbursements of certain property operating expenses by tenants.  Participation rents are generally recognized when all contingencies have been resolved and when actual results become known or estimable, enabling us to estimate and/or measure our share of such gross revenues.  During the three and nine months ended September 30, 2025, we recorded participation rents of approximately $5.4 million and $6.0 million, respectively, reimbursements of certain property operating expenses by tenants of approximately $94,000 and $158,000, respectively, and late fees of approximately $0 and $2,000, respectively.  In addition, during the three months ended March 31, 2025, we recorded a lease termination fee of approximately $2.4 million.  During the three and nine months ended September 30, 2024, we recorded participation rents of approximately $3.5 million and $4.6 million, respectively, reimbursements of certain property operating expenses by tenants of approximately $142,000 and $453,000,