LAND - Gladstone Land Q3 results exceed estimates on higher lease sales

Gladstone Land ( NASDAQ: LAND ) Q3 results surpassed Wall Street expectations Tuesday as the REIT saw higher lease revenues recorded during the quarter.

But against a backdrop of rising interest rates and overall economic uncertainty, "acquisition activity has been slower for us this year, and we expect it to remain slow for the rest of 2022 and likely into 2023," said President and CEO David Gladstone.

Q3 FFO of $0.19, topping the average analyst estimate of $0.17, climbed from $0.14 in Q2.

Revenue of $24.21M, exceeding the $22.1M consensus, increased from $20.29M for the three months ended June 30.

Operating expenses totaled $14.57M, up from $12.16M in the prior quarter.

Cash flows from operations stood at $3.72M, down from $11.80M in Q2

Net asset value of $16.56 per common share rose from $15.60 in Q2.

Occupancy rate was unchanged at 100.0%.

During the quarter, Gladstone Land ( LAND ) acquired four new farms, consisting of 1,317 gross acres in Washington and Oregon, and a 40-acre parcel in Arizona adjacent to an existing farm for a total of ~$37.4M, it said. Those acquisitions will yield an initial, minimum net capitalization rate of 6.2% on a weighted-average basis.

Conference call on November 9 at 8:30 a.m. ET.

Earlier, Gladstone Land FFO of $0.19 beats by $0.02, revenue of $24.21 beats by $2.11M .

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