Gladstone Land Q2 earnings miss estimates by $0.05 per share

Gladstone Land Corp. (NASDAQ: LAND) reported second-quarter earnings that missed Wall Street estimates by $0.05 per share, while revenue surpassed expectations.

The farmland real estate investment trust (REIT) posted adjusted funds from operations (FFO) of $0.18 per share, below the $0.23 per share forecast compiled by Refinitiv. Revenue for the quarter totaled $32.1 million, exceeding the $30.5 million consensus estimate.

Net income attributable to common shareholders declined to $1.5 million, or $0.03 per diluted share, from $2.1 million, or $0.04 per share, in the same period last year. The company attributed the decline to higher interest expenses and lower gains on land sales.

Gladstone Land’s portfolio includes 168 farms across 10 states, primarily focused on leasing land to farmers growing berries, vegetables and other high-value crops. The REIT has emphasized its exposure to essential food production as a defensive play amid broader market volatility.

Management did not provide updated guidance during the earnings call but noted continued strong demand for its farmland properties. The company has been expanding its landholdings through acquisitions, targeting regions with favorable water access and sustainable farming practices.

Shares of Gladstone Land were down 3.2% in after-hours trading following the release of the results.