Gladstone Land Q2 net loss per share $0.11; acquires $24.6M in farms; raises distribution

GLADSTONE LAND Corp

2022-Q2 EPS reported -$0.19 revenue$40,236,000

Net loss to common stockholders $3.9M ($0.11/share) vs $2.7M ($0.08) prior Q; AFFO $4.5M ($0.13) vs $6.4M ($0.19).
Acquired 1,374 acres in CA and 15 acres in FL for $24.6M at 5.84% cap rate; post-Q acquired 4 farms for $37.4M at 6.23%.
Executed renewable energy lease on 16,595 acres in CO for wind/solar development, adding ~$332K annual rent.
Sold 1.48M shares of Series C Preferred for net $33.7M; post-Q sold 1.58M shares for $35.9M.
Increased monthly distribution to $0.0456/share for Jul-Sep (0.44% increase); 27th increase in 30 quarters, total 52%.

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