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, 2015

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

The following table summarizes the management fees, incentive fees and associated credits and the administration fees reflected in our accompanying Condensed Consolidated Statements of Operations:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2015		2014		2015			2014
Management fee⁽¹⁾⁽²⁾	$	356,871	$	300,552	$	981,011		$	778,047
Credit from voluntary, irrevocable waiver by Adviser’s board of directors⁽²⁾⁽³⁾		—		—		(320,905	)		—

Net fee to our Adviser	$	356,871	$	300,552	$	660,106		$	778,047

Administration fee⁽¹⁾⁽²⁾	$	180,722	$	144,952	$	489,510		$	276,157

⁽¹⁾	Pursuant to the Advisory and Administration Agreements, respectively, which became effective on February 1, 2013.

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

⁽³⁾

The credit received from our Adviser for the nine months ended September 30, 2015, was attributable to a finder’s fee earned by our Adviser in connection with a farm we acquired during the three months ended March 31, 2015, which fee was granted to us as a waiver to be applied against the fees we pay to our Adviser.

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, 2015, and December 31, 2014, were as follows:


	As of 9/30/2015		As of 12/31/2014
Management fee due to Adviser	$	356,871	$	301,487
Other due to Adviser⁽¹⁾		1,867		3,187

Total due to Adviser		358,738		304,674

Administration fee due to Administrator		180,722		166,427

Total due to Administrator		180,722		166,427

Total due to related parties ⁽²⁾	$	539,460	$	471,101

⁽¹⁾	Other fees due to related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf.

⁽²⁾	Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.