MCLEAN, Va. (AP) _ Gladstone Land Corp. (LAND) on Wednesday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The McLean, Virginia-based real estate investment trust said it had funds from operations of $3.6 million, or 15 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 19 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.
The company said it had a loss of $2.4 million, or 10 cents per share.
The real estate investment trust specializing in farmland posted revenue of $15.1 million in the period.
For the year, the company reported funds from operations of $14.3 million. Revenue was reported as $57 million.
The company's shares have increased 28% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.79, a climb of 34% in the last 12 months.