MCLEAN, Va. (AP) _ Gladstone Land Corp. (LAND) on Wednesday reported a key measure of profitability in its second quarter.
The McLean, Virginia-based real estate investment trust said it had funds from operations of $2.3 million, or 13 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 $719,000, or 4 cents per share.
The real estate investment trust specializing in farmland, based in McLean, Virginia, posted revenue of $8.4 million in the period.
The company's shares have risen 0.5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.54, a decline of 11% in the last 12 months.