Gladstone Land Corporation reported net income of $958,000 for the quarter, with AFFO reaching $3.5 million, or $0.17 per common share. The increase in AFFO was driven by higher lease revenues, partially offset by increased operating expenses. Total lease revenues increased by $2.5 million, primarily due to $1.5 million of participation rents and additional rents from recent acquisitions.
Net income for the quarter was approximately $958,000, compared to approximately $523,000 in the prior quarter.
AFFO for the quarter was approximately $3.5 million, an increase of approximately $589,000, or 19.9%, from the prior quarter.
AFFO per common share increased to approximately $0.17 for the current quarter, compared to $0.14 for the prior quarter.
Total lease revenues increased by approximately $2.5 million, or 22.5%, primarily driven by approximately $1.5 million of participation rents recorded during the current quarter.
Gladstone Land anticipates continued growth and success in 2020, driven by recent acquisitions and favorable lease terms.
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