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)

3 Months Ended

Mar. 31, 2018

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

The following table summarizes 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 March 31,
	2018			2017
Management fee⁽¹⁾⁽²⁾	$	656	⁽³⁾	$	394
Incentive fee⁽¹⁾⁽²⁾	—			350
Total fees to our Adviser	$	656		$	744
Administration fee⁽¹⁾⁽²⁾	$	274	⁽⁴⁾	$	227


⁽¹⁾	Pursuant to the agreements with our Adviser and Administrator as discussed above.


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

⁽³⁾

Includes the allocation of approximately $66,000 of the total accumulated costs incurred by our Adviser as a result of the crops harvested and sold on the farm operated by Land Advisers during the three months ended March 31, 2018, as further described above under “TRS Expense Sharing Agreement.” Excludes an additional $80,000 of accumulated costs incurred by our Adviser pursuant to the TRS Expense Sharing Agreement that continues to be deferred and included within Crop inventory on the accompanying Condensed Consolidated Balance Sheet.


⁽⁴⁾	Includes the portion of administration fee that was allocated to Land Advisers (approximately $12,000), as further described above under “TRS Administration Fee Allocation.”

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 March 31, 2018, and December 31, 2017, were as follows (dollars in thousands):



	March 31, 2018			December 31, 2017
Management fee due to Adviser	$	665	⁽¹⁾	$	666
Other due to Adviser⁽²⁾	11			16
Total due to Adviser	676			682
Administration fee due to Administrator	274		⁽³⁾	258
Total due to Administrator	274			258
Total due to related parties⁽⁴⁾	$	950		$	940


⁽¹⁾	Includes approximately $75,000 owed by Land Advisers to our Advisor, pursuant to the TRS Expense Sharing Agreement, as discussed above.


⁽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⁾	Includes approximately $12,000 owed by Land Advisers to our Administrator, in accordance with the TRS Administration Fee Allocation, as discussed above.


⁽⁴⁾	Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.