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Farmland Partners Reports First Quarter Results
Nebraska Ag Connection - 05/15/2018

Farmland Partners Inc. reported financial results for the quarter ended March 31, 2018.

"We are continuing to grow revenues while trimming our cost structure," said Paul A. Pittman, the company's CEO. "The benefits of scale are clearly showing up in our first quarter's financial results. We expect such benefits to increase even further as we progress through the year, largely due to the concentration of revenue recognition in the fourth quarter for some of our properties."

For the three months ended March 31, 2018, the company recorded net income of $0.5 million and a basic net loss to common stockholders of $0.08 per share, as compared to a net loss of $2.0 million and a basic net loss to common stockholders of $0.10 per share for the same period during 2017.

For the three months ended March 31, 2018, the company recorded Adjusted Funds from Operations of $0.0 million and AFFO per fully diluted share of $0.00, as compared to AFFO of $0.4 million and AFFO per fully diluted share of $0.01 for the same period during 2017.

For the three months ended March 31, 2018, the Company recorded total operating income of $4.8 million and net operating income ("NOI") of $9.5 million, as compared to total operating income of $0.7 million and NOI of $5.4 million for the same period in 2017.

During the quarter, the company closed $26.8 million in farm acquisitions.

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 166,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia. It has approximately 30 crop types and over 100 tenants. 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.

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