$8.5 million in net loss and negative $1.6 million in adjusted FFO marked Gladstone Land’s second quarter, while loss to common shareholders reached $13.5 million, or $0.32 a share.
Adjusted FFO still improved from a negative $3.5 million a year earlier as fixed base cash rents rose about $900,000, participation rents edged up and direct farming operations generated roughly $590,000 of profit.
Operating pressure persisted as recurring cash expenses increased about $560,000, citrus weakness forced Florida farm sales at a loss, and six leases expiring within six months account for 3.5% of leasing revenue.
Management kept the monthly common dividend flat at $0.0467 per share for the third quarter and said liquidity remained strong with about $125 million of available capital and $110 million of unpledged properties.
The outlook hinges on permanent-crop markets, with high almond and stronger pistachio prices supporting revenue potential but water constraints, lower pistachio yields and weaker fresh-produce demand still clouding results.
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