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MCLEAN, Va. (AP) _ Gladstone Land Corp. (LAND) on Wednesday reported a key measure of profitability in its first quarter.
The McLean, Virginia-based real estate investment trust said it had funds from operations of $5.4 million, or 25 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 $976,000, or 5 cents per share.
The real estate investment trust specializing in farmland posted revenue of $15.3 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $13.6 million.
The company’s shares have increased almost 4% since the beginning of the year. The stock has risen slightly more than 7% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LAND at https://www.zacks.com/ap/LAND
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