Depreciation, depletion and amortization decreased $0.7 million, or 11.4%, for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021. This decrease is a result of asset dispositions and more assets becoming fully depreciated partially offset by depreciable assets being placed into service.
Property operating expenses increased $0.5 million, or 8.8%, for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021, resulting from higher tax and insurance expenses, partially offset by lower repairs.
General and administrative expenses increased $3.4 million, or 63.8%, for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021. $2.2 million of this increase was related to the November 2021 acquisition of MWA. The remaining increase was largely driven by higher personnel costs, travel and consulting expenses. As the farm economy has strengthened, the Company has focused on growth by adding people, increasing travel and pursuit cost to rebuild its acquisition pipeline.
Legal and accounting expenses decreased $5.8 million, or 69.9%, for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021, which was primarily the result of lower legal fees incurred in relation to litigation, as discussed under Part I, Item 1 “Note 8—Commitments and Contingencies—Litigation”.
Other operating expenses increased $0.1 million for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021.
Other income increased $0.3 million, or 544.1%, for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021. This is increase is primarily due to proceeds from a property insurance claim due to weather-related damage, partially offset by a loss on early extinguishment of debt as the Company reduced its leverage during the year.
Income from equity method investment were negligible during the nine months ended September 30, 2022 and remained relatively consistent compared to the nine months ended September 30, 2021.
Gain on disposition of assets increased $0.6 million, or 17.7%, for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021, primarily due to the fact that the sale prices for the farms, in excess of book value, sold during the nine months ended September 30, 2022 were greater than the nine months ended September 30, 2021.
Interest expense decreased $0.5 million, or 4.3%, for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021. This decrease is the result of lower outstanding debt.
Liquidity and Capital Resources
Overview
Liquidity is a measure of our ability to meet potential cash requirements, including ongoing commitments to repay any outstanding borrowings, fund and maintain our assets and operations, acquire new properties, make distributions to our stockholders and unitholders, and other general business needs.
Our short- and long-term liquidity requirements consist primarily of funds necessary to make principal and interest payments on outstanding borrowings, make distributions on our Series A preferred units, make distributions necessary to qualify for taxation as a REIT, and fund our operations. In addition, we require liquidity to acquire additional farmland, extend loans under the FPI Loan Program, and make other investments and capital expenditures. We expect to meet our liquidity needs through cash on hand, undrawn availability under lines of credit, operating cash flows, borrowings, equity issuances and asset dispositions, if necessary.
We entered into equity distribution agreements on October 29, 2021 in connection with the ATM Program, under which we were authorized to issue and sell from time to time, through the sales agents, shares of our common stock having