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MCLEAN, Va. (AP) _ Gladstone Land Corp. (LAND) on Tuesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The real estate investment trust, based in McLean, Virginia, said it had funds from operations of $3.7 million, or 13 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 15 cents per share.
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.
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The company said it had a loss of $3.5 million, or 12 cents per share.
The real estate investment trust specializing in farmland posted revenue of $16.9 million in the period.
The company’s shares have increased 60% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $23.49, an increase of 46% 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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