Gladstone Land Q3 net loss widens to $5.8M; AFFO per share down 15.7% YoY

GLADSTONE LAND Corp

2024-Q3 EPS reported -$0.14 revenue$64,120,000

Net loss to common stockholders $5.8M ($0.16/share) vs $3.0M loss ($0.08) prior year; AFFO $0.13/share vs $0.15.
Total operating revenue $22.6M, down 4.1% YoY; fixed base cash rents fell $2.6M partly from Florida farm sale.
NAV per share fell 23.4% to $15.57 from $20.33, driven by farm reappraisals and higher interest rates.
Leased 21 farms; annual row crop NOI +11% but permanent crop NOI -15% due to lease restructuring.
Subsequent: selling 11 Michigan blueberry farms for ~$5.0M; raised $4.6M via ATM common offering.

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