Gladstone Land Q2 net loss $823K vs $7.9M income YoY; AFFO flat at $0.103/share

GLADSTONE LAND Corp

2024-Q2 EPS reported $0.02 revenue$41,549,000

Net loss to common stockholders $6.7M ($0.19/diluted share); prior-year net income $1.7M ($0.05/share).
Total operating revenue $21.3M, flat YoY; fixed base cash rents down $1.1M, participation rents up $1.1M.
AFFO $3.7M ($0.103/share), up 1.5% YoY; cash distributions increased 0.22% to $0.140/share.
NAV per share fell $1.56 to $17.59, driven by farm valuation decreases and higher interest rates.
Executed 3 lease amendments post-quarter for $395K annual NOI increase; repurchased 140,777 preferred shares.

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