Gladstone Land Q3 AFFO down 22.5% YoY to $5.6M ($0.15/sh); NAV rises to $20.33

GLADSTONE LAND Corp

2023-Q3 EPS reported -$0.16 revenue$65,946,000

Net income $3.1M vs $1.8M YoY; net loss to common $3.0M ($0.08/sh) improved from $3.6M loss.
AFFO $5.6M ($0.155/sh) vs $7.2M ($0.207/sh) YoY; driven by lower cash rents and higher fees.
Total operating revenues $23.5M, down 2.8% from $24.2M; fixed base cash rent fell 2.0%.
Estimated NAV per share increased 22.8% YoY to $20.33; occupancy 100%, 169 farms.
Lease amendments added $210K annual NOI; acquired 7,000 acre-feet of CA water rights for $1.2M.

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 0.91

GLADSTONE LAND Corp reported the third quarter ended September 30, 2023 results: net income Net income for the quarter was approximately $3.1 million, EPS $0.08 per share.

Period: the third quarter ended September 30, 2023
Net income: Net income for the quarter was approximately $3.1 million
EPS: $0.08 per share
Result: reported results

Exact text from the filing

On November 7, 2023, Gladstone Land Corporation issued a press release announcing its financial results for the third quarter ended September 30, 2023.

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GLADSTONE LAND Corp filing history →

Source: SEC EDGAR

accession 0001495240-23-000029

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