Farmland Partners Inc. Reports Results for the Quarter and Year Ended December 31, 2016 and Announces Operating Revenues of $31.0 million, Earnings Per Share of $0.09 and AFFO Per Share of $0.58 for 2

The Company has completed or put under contract over $600 million of farmland acquisitions since January 1, 2016.

2016 Property Acquisitions

• Seven acquisitions in Illinois totaling 22,631 acres for an aggregate purchase price of $201.5 million, including 2,608,695 common units of limited partnership interest in the Company's operating partnership ("OP Units") and $117 million of preferred units of limited partnership interest in the Company's operating partnership
• One acquisition in Louisiana totaling 7,400 acres for a purchase price of $31.8 million
• One acquisition in Florida totaling 2,426 acres for a purchase price of $9.5 million
• Two acquisitions in Texas totaling 2,696 acres for an aggregate purchase price of $7.9 million
• Two acquisitions in Colorado totaling 1,403 acres for an aggregate purchase price of $7.3 million
• Six acquisitions in Georgia totaling 2,014 acres for an aggregate purchase price of $5.6 million
• One acquisition in Arkansas totaling 1,122 acres for a purchase price of $4.1 million, including 69,961 OP Units
• One acquisition in Mississippi totaling 624 acres for a purchase price of $2.3 million 
• One acquisition in Michigan totaling 265 acres for a purchase price of $1.6 million
• One acquisition in South Carolina totaling 330 acres for a purchase price of $1.5 million
• One acquisition in Kansas totaling 158 acres for a purchase price of $0.3 million

2017 Property Acquisitions

• 21 properties in six states totaling 17,817 acres with a total enterprise value of approximately $262 million as a result of the merger with AFCO
• Two acquisitions in Illinois totaling 8,773 acres for an aggregate purchase price of $57.7 million, including the issuance of $3.4 million of OP Units
• One acquisition in South Carolina totaling 144 acres for a purchase price of $0.5 million

Properties Under Contract

• One acquisition in Michigan totaling 1,726 acres for a purchase price of $10.0 million, with consideration consisting of cash and OP Units
• One acquisition in South Dakota totaling 1,690 acres for a purchase price of $6.8 million
• One acquisition in Colorado totaling 1,083 acres for a purchase price of $5.5 million
• Two acquisitions in South Carolina totaling 944 acres for an aggregate purchase price of $2.7 million
• One acquisition in Georgia totaling 614 acres for a purchase price of $1.9 million
• One acquisition in Kansas totaling 155 acres for a purchase price of $0.5 million

Including properties under contract, the Company's portfolio is approximately 75% row crop farmland and 25% specialty and permanent crop farmland by value.

Financing Activity

During 2016, the Company increased borrowings by $122.6 million under four new credit facilities with MetLife Agricultural Investments ("MetLife"), which provide for a total of $142.7 million of term loans, entered into a new facility with Prudential Agricultural Investments, which provides for a loan of $6.6 million and entered into a new facility with Farm Credit of Central Florida, which provides for a loan of $5.1 million. The Company also paid off $31.8 million in loans with First Midwest Bank and Farmer Mac in 2016. As of December 31, 2016, the Company had total outstanding debt of $309.9 million.

Subsequent to December 31, 2016, the Company increased total borrowings to $420.4 million by entering into two new MetLife facilities, which provide for a total of $35.5 million of term loans, and five revolving credit facilities, arranged by Rutledge Investment Company ("Rutledge"), with an aggregate capacity of $120 million. Four of the revolving credit facilities with Rutledge were assumed by the Company at the closing of the AFCO merger. A fifth facility, totaling $30 million, was entered into with Rutledge at closing of the merger. As of February 22, 2017, the first three Rutledge facilities were fully drawn at $75 million, and the remaining two facilities were undrawn with aggregate capacity of $45 million.

Operating Results

The Company recorded rental income of $13.2 million and net income of $6.5 million for the three months ended December 31, 2016, as compared to rental income of $4.7 million and net income of $0.9 million for the same period in 2015. The Company recorded rental income of $29.7 million and a net income of $6.0 million for the year ended December 31, 2016, as compared to rental income of $13.5 million and net income of $1.7 for the same period in 2015.

The Company agreed to terminate its leases with a tenant effective as of December 31, 2016. As part of the termination settlement, the tenant agreed to pay an additional rent amount related to 2016 of $2.8 million. In addition, the Company fully recognized as 2016 revenue certain rent payments, totaling $3.7 million, made by the tenant in June 2015 that the Company had not yet recognized under its revenue recognition policy.

"The highly seasonal nature of the agriculture industry causes seasonality in our business to some extent," said Luca Fabbri, the Company's CFO. "Our financial performance should be evaluated on an annual basis, which eliminates quarterly performance variability due to crop share revenues, lease periods not matching fiscal years, and other similar factors that may cause our quarterly results to vary during the course of the year."

Adjusted Funds from Operations and Adjusted EBITDA

AFFO was $7.3 million for the fourth quarter of 2016, compared to $1.6 million for the fourth quarter of 2015, and $11.0 million for the year ended December 31, 2016, compared to $4.1 million for the year ended December 31, 2015. AFFO per diluted weighted average share was $0.36 for the fourth quarter of 2016 and $0.58 for the year ended December 31, 2016, compared to $0.10 for the fourth quarter of 2015 and $0.31 for the year ended December 31, 2015.

Adjusted EBITDA was $10.2 million for the fourth quarter of 2016, compared to $3.0 million for the fourth quarter of 2015, and $21.6 million for the year ended December 31, 2016, compared to $8.7 million for the year ended December 31, 2015.

See "Non-GAAP Financial Measures" for complete definitions of AFFO and Adjusted EBITDA and the financial tables accompanying this press release for reconciliations of net income to AFFO and Adjusted EBITDA.

2017 Rental Revenue Outlook

The Company expects 2017 operating revenues to total between $42 million and $47 million. In accordance with GAAP accounting, fixed cash rent revenues are recorded on a straight-line basis throughout the year and crop share revenue is recognized upon harvest and sale. As such, quarterly results are not always indicative of run rate revenue.

The Company expects that farm rents will be flat or will modestly increase nationwide in 2017. Some regions, like the Corn Belt, may see modest declines in rents, which will be offset by increases in rents in other areas. While the Company believes its assumptions with respect to its expected 2017 operating revenues and nationwide farm rents are reasonable, there can be no assurances that the Company's assumptions are correct and the Company's current expectations could differ materially from actual 2017 results.

Conference Call Information

The Company has scheduled a conference call on Thursday, February 23, 2017 at 11:00 a.m. (Eastern Time) to discuss its financial results for the fourth quarter and year ended December 31, 2016 and provide a company update. The conference call can be accessed live over the phone toll-free by dialing (866) 262-6804, or for international callers, (412) 902-4107.  Participants can reference the Farmland Partners Inc. Fourth Quarter and Fiscal Year 2016 Earnings Call. The conference call will also be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company's website, www.farmlandpartners.com. A replay of the conference call will be available beginning February 23, 2017 at 1:00 p.m. (Eastern Time) until Thursday, March 9, 2017 at 11:59 p.m. (Eastern Time), by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (International); passcode: 10101776. A replay of the webcast will also be accessible on the Investor Relations website for one year following the event.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns or has under contract over 148,000 acres in Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014.

Forward-Looking Statements

This press release includes "forward-looking statements," including, without limitation, statements with respect to proposed acquisitions, financing activities, crop yields and prices, expected 2017 revenues and 2017 annual rents. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company's common stock, changes in the Company's business strategy, availability, terms and deployment of capital, the Company's ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, availability of qualified personnel, changes in the Company's industry, interest rates or the general economy, adverse developments related to crop yields or crop prices, the degree and nature of the Company's competition, the timing, price or amount of repurchases, if any, under the Company's share repurchase program, the ability to consummate acquisitions under contract and the other factors described in the section entitled "Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2015 and our other filings with the Securities and Exchange Commission.   Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

($ in thousands)
Farmland Partners Inc.
Consolidated Balance Sheets
For the years ended December 31, 2016 and 2015
		December 31,
		2016			2015
ASSETS
Land, at cost		$	551,392		$	290,828
Grain facilities			6,856			4,830
Groundwater			11,933			6,333
Irrigation improvements			15,988			11,909
Drainage improvements			4,757			1,641
Permanent plantings			1,845			1,168
Other			2,901			913
Construction in progress			1,615			286
Real estate, at cost			597,287			317,908
Less accumulated depreciation			(3,224)			(1,671)
Total real estate, net			594,063			316,237
Deposits			5,721			765
Cash			47,166			23,514
Notes and interest receivable, net			2,843			2,812
Deferred offering costs			216			267
Accounts receivable, net			4,181			703
Inventory			283			249
Prepaid expenses and other assets			1,056			407
TOTAL ASSETS		$ Werbung Mehr Nachrichten zur Farmland Partners Inc. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 19.04.24 - PR Newswire BH Macro Limited - Transaction in Own Shares 19.04.24 - PR Newswire Fidelity Emerging Markets Ltd - Transaction in Own Shares 19.04.24 - PR Newswire Stellar Asset Management Ltd - Form 8.3 - Equals Group Plc Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59