LAND - Gladstone Land Q2 revenue earnings miss estimates as expenses decline

Gladstone Land ( NASDAQ: LAND ), a farmland REIT, saw its revenue increase during Q2 as its operating expenses declined from the prior quarter.

Q2 adjusted FFO per share of $0.13, missed the $0.14 consensus estimate and declined from $0.19 in the previous quarter.

Estimated net asset value per share was $15.60 at June 30, 2022, up from $15.54 at March 31, 2022.

"Given the cyclical nature of the second quarter — that is, no interest patronage and very little participation rent to record — we were pleased with the operating results for the quarter, as we were able to increase top-line revenues while keeping our property - operating expenses relatively flat when compared to the first quarter," said President and CEO David Gladstone.

Q2 total operating revenue of $20.3M, less than the $20.8M csn increased from $19.9M in the previous quarter and total operating expenses of $12.2M declined from $13.4M in Q1.

Cash flows from operations of $11.8M for Q2 rose by ~$4.2M from Q1, primarily due to a decrease in the amount of cash payments made for interest and related-party fees and increase in cash rental payments received, partly offset by interest patronage received during the prior quarter from Farm Credit.

Farmland portfolio value of $1.50B rose 1.7% from the prior quarter.

Conference call on Aug. 10 at 8:30 AM ET.

Earlier, Gladstone Land ( LAND ) FFO of $0.13 misses by $0.01, revenue of $20.29M misses by $0.05M

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