Farmland Partners Inc (FPI) has reported 623.96 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $4.71 million in the quarter, compared with $0.65 million for the same period last year.

Revenue during the quarter surged 189.89 percent to $13.33 million from $4.60 million in the previous year period.

Total expenses were $5.02 million for the quarter, up 115.77 percent or $2.69 million from year-ago period. Operating margin for the quarter expanded 1294 basis points over the previous year period to 62.34 percent.

Operating income for the quarter was $8.31 million, compared with $2.27 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $10.21 million compared with $3.04 million in the prior year period. At the same time, adjusted EBITDA margin improved 1052 basis points in the quarter to 76.56 percent from 66.04 percent in the last year period.

Farmland Partners Inc expects revenue to be in the range of $42 million to $47 million for financial year 2017.

Revenue from real estate activities during the quarter surged 189.89 percent or $8.73 million to $13.33 million.

Income from operating leases during the quarter surged 182.06 percent or $8.52 million to $13.21 million. Revenue from tenant reimbursements was $0.01 million for the quarter, up 90.58 percent or $0.12 million from year-ago period.

Revenue from other real estate activities during the quarter was $0.14 million, up 152.73 percent or $0.08 million from year-ago period.

"Since the start of 2016, we have completed roughly $600 million of farmland acquisitions," said Paul Pittman, chief executive officer of the Company. "With nearly $1 billion of farm real estate assets across the country and a market cap of over $400 million, we have achieved a level of scale and diversification where we expect to realize further returns from continued growth across different regions and crop types, and we believe this scale and diversification is beginning to appear in our financial results."

Real estate inventory rose 13.65 percent or $0.03 million to $0.28 million on Dec. 31, 2016. Net receivables were at $4.18 million as on Dec. 31, 2016, up 494.74 percent or $3.48 million from year-ago.

Total assets jumped 90.03 percent or $310.57 million to $655.53 million on Dec. 31, 2016. On the other hand, total liabilities were at $320.02 million as on Dec. 31, 2016, up 62.67 percent or $123.29 million from year-ago.

Return on assets moved up 66 basis points to 1.31 percent in the quarter. At the same time, return on equity moved up 140 basis points to 1.78 percent in the quarter.