Farmland Partners Inc (FPI) saw its loss widen to $1.63 million, or $0.10 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.35 million, or $0.15 a share. Revenue during the quarter surged 52.39 percent to $7.15 million from $4.69 million in the previous year period.
Total expenses were $6.44 million for the quarter, up 130.40 percent or $3.65 million from year-ago period. Operating margin for the quarter contracted 3051 basis points over the previous year period to 9.90 percent.
Operating income for the quarter was $0.71 million, compared with $1.90 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $3.96 million compared with $2.58 million in the prior year period. At the same time, adjusted EBITDA margin improved 23 basis points in the quarter to 55.33 percent from 55.09 percent in the last year period.
Revenue from real estate activities during the quarter surged 52.39 percent or $2.46 million to $7.15 million.
Income from operating leases during the quarter surged 54.02 percent or $2.39 million to $6.80 million. Revenue from tenant reimbursements was $0.10 million for the quarter, up 50.72 percent or $0.03 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.24 million, up 17.96 percent or $0.04 million from year-ago period.
“The substantial quarter-over-quarter revenue increase is indicative of the growth we achieved in the last twelve months,” said Paul Pittman, the Company’s chief executive officer. “A combination of one-time expenses and understated revenue recognition due to the timing of the close of the AFCO merger as well as the effective dates of other new leases during the quarter negatively affected our reported financial performance measures.”
Real estate inventory stood at $0.20 million as on Mar. 31, 2017. Net receivables were at $2.96 million as on Mar. 31, 2017, down 33.94 percent or $1.52 million from year-ago.
Total assets jumped 62.46 percent or $373.43 million to $971.27 million on Mar. 31, 2017. On the other hand, total liabilities were at $464.12 million as on Mar. 31, 2017, up 50.75 percent or $156.24 million from year-ago.
Return on assets moved down 25 basis points to 0.07 percent in the quarter. Return on equity for the quarter stood at negative 0.65 percent as compared to a negative 1.64 percent for the previous year period.
Debt increases substantially
Total debt was at $436.68 million as on Mar. 31, 2017, up 50.79 percent or $147.08 million from year-ago. Shareholders equity stood at $389.27 million as on Mar. 31, 2017, up 257.57 percent or $280.40 million from year-ago. As a result, debt to equity ratio went down 154 basis points to 1.12 percent in the quarter.
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