Gladstone Land Q1 AFFO $0.17, NAV $17.12; leases increase annual NOI 12.2%

GLADSTONE LAND Corp

2023-Q1 EPS reported -$0.12 revenue$21,202,000

Net loss to common stockholders $4.3M ($0.12/share) vs $2.7M ($0.08) YoY; total revenues $21.2M (+6.3%).
AFFO $6.0M ($0.17/share) vs $6.4M ($0.19); NAV per share increased to $17.12 from $15.54 YoY.
Five new leases expected to add $598k annual NOI (+12.2%); California flood damage $855k, fully covered.
Repaid $21.8M in maturing loans; sold 663,585 shares under ATM for $13.0M; issued Series E preferred for $1.4M.
Filed new $1.5B registration statement; distribution run rate increased 0.22% (30th increase in 33 quarters).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GLADSTONE LAND Corp reported the first quarter ended March 31, 2023 results: net income approximately $1.8 million, EPS $0.12 per share.

Period: the first quarter ended March 31, 2023
Net income: approximately $1.8 million
EPS: $0.12 per share
Result: reported results

Exact text from the filing

First Quarter 2023 Results: Net income for the quarter was approximately $1.8 million, compared to approximately $1.2 million in the prior-year quarter.

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Source: SEC EDGAR

accession 0001495240-23-000014

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