MCLEAN, Va. (AP) _ Gladstone Land Corp. (LAND) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The McLean, Virginia-based real estate investment trust said it had funds from operations of $4.7 million, or 17 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 14 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $2.2 million, or 8 cents per share.
The real estate investment trust specializing in farmland posted revenue of $16 million in the period.
The company's shares have increased 69% since the beginning of the year. The stock has risen 59% in the last 12 months.
The Associated Press