Gladstone: 1Q Earnings Snapshot

MCLEAN, Va. (AP) _ Gladstone Land Corp. (LAND) on Tuesday reported a key measure of profitability in its first quarter.

The real estate investment trust, based in McLean, Virginia, said it had funds from operations of $2.1 million, or 14 cents per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had a loss of $318,000, or 2 cents per share.

The real estate investment trust specializing in farmland posted revenue of $9.2 million in the period.

The company's shares have decreased 5.5 percent since the beginning of the year. The stock has climbed 15 percent in the last 12 months.


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