Gladstone Land Q3 net income $1.5M, AFFO $0.17/share up 40.9% QoQ

GLADSTONE LAND Corp

2021-Q3 EPS reported -$0.25 revenue$52,518,000

Net income $1.5M vs prior Q loss $0.5M; net loss to common ($0.05)/share vs ($0.12).
AFFO $5.3M ($0.17/share) vs $3.7M ($0.13), up 40.9% QoQ on higher lease revenues and participation rents.
Acquired 5 farms for $62.3M in Q3; post-quarter 2 farms for $46.3M; weighted avg cap rates 6.0% and 4.7%.
NAV per share $13.80, up $0.64 from Q2; monthly distribution raised 0.22% to $0.0452.
Total operating revenues $19.6M, up 16% QoQ; fixed base cash rents +6.1%; occupancy 100% on 158 farms.

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