Gladstone Land Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Related-Party Transactions (Tables)

Related-Party Transactions (Tables)

9 Months Ended

Sep. 30, 2017

Summary of Management Fees, Incentive Fees and Associated Credits and Administration Fees

The following table summarizes certain related-party fees paid or accrued for and reflected in our accompanying Condensed Consolidated Statements of Operations (dollars in thousands):



	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2017			2016		2017			2016
Management fee⁽¹⁾⁽²⁾	$	523		$	385	$	1,446		$	1,158
Incentive fee⁽¹⁾⁽²⁾	261			22		688			181
Credits from voluntary, irrevocable waiver granted by Adviser’s board of directors⁽²⁾⁽³⁾	(54		)	—		(54		)	—
Net fees due to our Adviser	$	730		$	407	$	2,080		$	1,339
Administration fee⁽¹⁾⁽²⁾	$	211		$	184	$	656		$	575
Financing Fees to Gladstone Securities⁽⁴⁾	$	28		$	—	$	30		$	—


⁽¹⁾	Pursuant to the Advisory and Administration Agreements, respectively.


⁽²⁾	Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations.


⁽³⁾	The credit received from our Advisor for the three and nine months ended September 30, 2017, was granted as a voluntary, irrevocable waiver to be applied against the incentive fee payable to the Advisor.


⁽⁴⁾	Included in Mortgage notes and bonds payable, net on the Condensed Consolidated Balance Sheets and amortized into Interest expense on the Condensed Consolidated Statements of Operations.

Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets

Amounts due to related parties on our accompanying Condensed Consolidated Balance Sheets as of September 30, 2017, and December 31, 2016, were as follows (dollars in thousands):



	September 30, 2017			December 31, 2016
Management fee due to Adviser	$	523		$	384
Incentive fee due to Adviser	261			169
Credits to fees due to Adviser⁽¹⁾	(54		)	—
Other due to Adviser⁽²⁾	43			2
Total due to Adviser	773			555
Administration fee due to Administrator	211			202
Other due from Administrator⁽²⁾	—			(6		)
Total due to Administrator	211			196
Total due to related parties⁽³⁾	$	984		$	751


⁽¹⁾	The credit received from our Advisor for the three and nine months ended September 30, 2017, was granted as a voluntary, irrevocable waiver to be applied against the incentive fee payable to our Advisor.


⁽²⁾	Other fees due to or from related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf or by us on our Adviser's or Administrator's behalf.


⁽³⁾	Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.