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)

6 Months Ended

Jun. 30, 2013

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 June 30,					For the Six Months Ended June 30,
	2013			2012		2013			2012
Management Fee:
Allocated payroll and benefits	$	—		$	32,594	$	38,668		$	64,818
Allocated overhead expenses		—			11,545		7,538			23,357

Prior management advisory fee⁽¹⁾		—			44,139		46,206			88,175
Amended base management fee⁽²⁾		25,136			—		38,095			—

Total management fee⁽³⁾	$	25,136		$	44,139	$	84,301		$	88,175

Incentive Fee:
Incentive Fee⁽³⁾	$	—		$	—	$	41,037		$	—
Credit from voluntary, irrevocable waiver by Adviser’s board of directors ⁽³⁾⁽⁴⁾		(41,037	)		—		(41,037	)		—

Net incentive fee	$	(41,037	)	$	—	$	—		$	—

Administration Fee:
Allocated payroll and benefits	$	—		$	27,279	$	14,034		$	44,213
Allocated overhead expenses		—			8,962		4,498			14,833

Prior administration fee⁽¹⁾		—			36,241		18,532			59,046
Amended administration fee⁽²⁾		57,508			—		77,308			—

Total administration fee⁽³⁾	$	57,508		$	36,241	$	95,840		$	59,046

⁽¹⁾	Pursuant to the Prior Advisory and Administration Agreements, respectively, as defined and described in further detail above, both of which were terminated on January 31, 2013.

⁽²⁾	Pursuant to the Amended Advisory and Administration Agreements, respectively, as defined and described in further detail above, both of which became effective on February 1, 2013.

⁽³⁾	Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations .

⁽⁴⁾

An incentive fee of $41,037 was paid to our Adviser related to the three months ended March 31, 2013; however, during the three months ended June 30, 2013, our Adviser issued a one-time, irrevocable waiver equal to the full amount of the incentive fee paid related to the three months ended March 31, 2013.

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 were as follows:


	As of June 30, 2013			As of December 31, 2012
Management fee due to Adviser	$	25,136		$	46,710
Incentive fee due from Adviser⁽¹⁾		(41,037	)		—
Other due to Adviser⁽²⁾		27,154			2,934

Total due to Adviser	$	11,253		$	49,644

Administration fee due to Administrator	$	57,508		$	55,138
Other due to Administrator⁽²⁾		5,355			—

Total due to Aministrator	$	62,863		$	55,138

Total due to related parties ⁽³⁾	$	74,116		$	104,782

⁽¹⁾	Balance relates to a one-time, irrevocable waiver issued by our Adviser during the three months ended June 30, 2013.

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

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