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08.05.2018 22:06:25

Gladstone Land Announces First Quarter 2018 Results

McLEAN, Va., May 08, 2018 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") today reported financial results for the first quarter ended March 31, 2018.A reconciliation of funds from operations ("FFO"), core FFO ("CFFO"), and adjusted FFO ("AFFO"), all non-GAAP (generally accepted accounting principles in the United States) financial measures, to net loss, which the Company believes is the most directly-comparable GAAP measure for each, and a computation of fully-diluted net loss, FFO, CFFO, and AFFO per weighted-average share is set forth in the Quarterly Summary Information tables below, and a description of each of FFO, CFFO, and AFFO is located at the end of this press release.  In addition, a description of net asset value ("NAV"), a non-GAAP financial measure, and a reconciliation to total equity, which the Company believes is its most directly-comparable GAAP measure, is also located at the end of this press release.  All per-share references are to fully-diluted, weighted-average shares of common stock of the Company unless otherwise noted.  For further detail, please refer to the Company's Quarterly Report on Form 10-Q (the "Form 10-Q"), filed today with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website at www.SEC.gov and the Company's website at www.GladstoneLand.com.Please note that the limited information that follows in this press release is a summary and is not adequate for making an informed investment judgment.Quarterly Summary Information(Dollars in thousands, except per-share amounts) For and As of the Quarters Ended Change Change 3/31/2018 12/31/2017 ($ / #) (%)Operating Data:       Total operating revenues$9,245  $6,812  $2,433  35.7%Total operating expenses, net of credits(6,459) (3,864) (2,595) 67.2%Other expenses, net(3,104) (3,164) 60  (1.9)%Net loss available to common stockholders and OP Unitholders$(318) $(216) $(102) 47.2%Plus:  Real estate and intangible depreciation and amortization2,189  2,114  75  3.5%Less:  Gains on disposals of real estate assets—  (56) 56  (100.0)%FFO available to common stockholders and OP Unitholders$1,871  $1,842  $29  1.6%Plus:  Acquisition-related expenses134  60  74  123.3%Plus:  Acquisition-related accounting fees22  14  8  57.1%Plus:  Other charges(1)163  —  163  —%CFFO available to common stockholders and OP Unitholders$2,190  $1,916  $274  14.3%Net rent adjustment(2)(251) (45) (206) 457.8%Plus:  Amortization of deferred financing costs143  159  (16) (10.1)%AFFO available to common stockholders and OP Unitholders$2,082  $2,030  $52  2.6%        Share and Per-Share Data:       Weighted-average common shares outstanding – basic and diluted13,957,732  13,666,560  291,172  2.1%Weighted-average OP Units outstanding(3)977,271  1,095,159  (117,888) (10.8)%Weighted-average total shares outstanding14,935,003  14,761,719  173,284  1.2%        Diluted net loss per weighted-average total share$(0.021) $(0.015) $(0.007) (45.5)%Diluted FFO per weighted-average total share$0.125  $0.125  $—  0.4%Diluted CFFO per weighted-average total share$0.147  $0.130  $0.017  13.0%Diluted AFFO per weighted-average total share$0.139  $0.137  $0.002  1.4%Cash distributions declared per total share$0.133  $0.132  $0.000  0.3%        Balance Sheet Data:       Net investments in real estate, at cost(4)$461,186  $451,864  $9,322  2.1%Total assets$472,916  $462,278  $10,638  2.3%Total indebtedness(5)$323,780 Full story available on Benzinga.com
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