Farmland Partners Inc. Reports Results for the Quarter Ended March 31, 2017; Announces First Quarter Revenue of $7.1 Million - a 52% Period-Over-Period Increase

During the three months ended March 31, 2017 the Company converted $105.7 million of MetLife term loans from variable to fixed interest rates.

Acquisition Activity

The Company has completed nearly $370 million of acquisitions since January 1, 2017.

First Quarter 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
• Eleven acquisitions in Illinois, South Carolina, Michigan, Colorado, California, Georgia and Kansas totaling 16,540 acres for an aggregate purchase price of $98.5 million

Second Quarter 2017 Property Acquisitions To Date

• Three acquisitions in South Dakota, Illinois and Georgia totaling 1,829 acres for an aggregate purchase price of $7.6 million

In addition, subsequent to March 31, 2017, the Company entered into an agreement to purchase one property totaling 1,477 acres for a purchase price of $5.0 million, comprised of cash and shares of restricted stock. The acquisition is expected to close in the second quarter of 2017.

Operating Results

The Company owns or has under contract over 154,000 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 recorded total operating revenues of $7.1 million and net operating income of $5.3 million for the three months ended March 31, 2017, as compared to total operating revenues of $4.7 million and net operating income of $4.3 million for the same period in 2016. The Company recorded net loss of $2.0 million and basic net loss available to common stockholders of $0.10 per share for the three months ended March 31, 2017, as compared to net loss of $1.9 million and basic net loss available to common stockholders of $0.15 per share for the same period in 2016. The Company received cash rents totaling $17.1 million for the three months ended March 31, 2017, as compared to receiving $10.7 million in cash rents in the three months ended March 31, 2016.

See "Non-GAAP Financial Measures" for a complete definition of net operating income and the financial table accompanying this press release for reconciliations of total operating revenues to net operating income.

In the first quarter of 2017, the Company did not recognize full revenue for the quarter for a number of leases due to mid-quarter start dates of new or renewed leases, including the leases related to the properties integrated into the Company's portfolio in connection with the AFCO merger. Additionally, the Company incurred several one-time expenses related to the termination of the Prudential Sub-Advisory agreement and the acquisition and due diligence costs in connection with the AFCO merger. Please refer to the First Quarter 2017 Earnings Call Supplement for further detail.

Adjusted Funds from Operations and Adjusted EBITDA

AFFO was $0.4 million for the first quarter of 2017, as compared to $0.7 million for the first quarter of 2016. AFFO per fully diluted share was $0.01 for the first quarter of 2017, as compared to $0.04 for the first quarter of 2016.

Adjusted EBITDA was $4.0 million for the first quarter of 2017, as compared to $2.6 million for the first quarter of 2016.

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.

Conference Call Information

The Company has scheduled a conference call on Tuesday, May 9, 2017 at 11:00 a.m. (Eastern Time) to discuss its financial results for the first quarter ended March 31, 2017 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 by dialing (412) 902-4107.  Participants can reference the Farmland Partners Inc. First Quarter 2017 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 May 9, 2017 at 1:00 p.m. (Eastern Time) until May 23, 2017 at 11:59 p.m. (Eastern Time), by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (International); passcode: 10106944. A replay of the webcast will also be accessible on the Investor Relations website for a limited time 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 over 154,000 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" within the meaning of the federal securities laws, including, without limitation, statements with respect to proposed and pending acquisitions, financing activities, crop yields and prices 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 our Annual Report on Form 10-K for the year ended December 31, 2016, 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.

Farmland Partners Inc.
Consolidated Balance Sheets
As of March 31, 2017 and December 31, 2016
(Unaudited)
		March 31,			December 31,
		2017			2016
ASSETS
Land, at cost		$	822,189		$	551,392
Grain facilities			8,518			6,856
Groundwater			12,072			11,933
Irrigation improvements			45,398			15,988
Drainage improvements			5,907			4,757
Permanent plantings			51,663			1,845
Other			6,564			2,901
Construction in progress			5,241			1,615
Real estate, at cost			957,552			597,287
Less accumulated depreciation			(4,555)			(3,224)
Total real estate, net			952,997			594,063
Deposits			333			5,721
Cash			6,363			47,166
Notes and interest receivable, net			4,247			2,843
Deferred offering costs			276			216
Deferred financing fees, net			413			—
Accounts receivable, net			2,960			4,181
Inventory			198			283
Prepaid and other assets			3,480			1,056
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 08:56 - PR Newswire Samson Rock Capital LLP - Form 8.3 - TClarke Plc 02:00 - PR Newswire International Business Machines Corp - Doc re Form 8-K 02:00 - PR Newswire Kasei Digital Assets Plc - Launch of New Interactive Investor Hub SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59