Gladstone: 3Q Earnings Snapshot

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

The McLean, Virginia-based real estate investment trust said it had funds from operations of $2.4 million, or 15 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 net income of $5.6 million, or 35 cents per share.

The real estate investment trust specializing in farmland posted revenue of $8 million in the period.

The company's shares have declined 3 percent since the beginning of the year. The stock has fallen almost 5 percent in the last 12 months.


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