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MCLEAN, Va. (AP) _ Gladstone Land Corp. (LAND) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The McLean, Virginia-based real estate investment trust said it had funds from operations of $6.4 million, or 19 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 18 cents per share.
Funds from operations is...
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 $2.7 million, or 8 cents per share.
The real estate investment trust specializing in farmland posted revenue of $19.9 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $20.4 million.
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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