Farmland Partners Inc. (FPI) has reported an 88.78 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.07 million, or $0.06 a share in the quarter, compared with $0.62 million, or $0.04 a share for the same period last year.
Revenue during the quarter surged 66.61 percent to $6.95 million from $4.17 million in the previous year period.
Total expenses were $4.76 million for the quarter, up 136.03 percent or $2.74 million from year-ago period. Operating margin for the quarter contracted 2014 basis points over the previous year period to 31.53 percent.
Operating income for the quarter was $2.19 million, compared with $2.15 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.77 million compared with $3.15 million in the prior year period. At the same time, adjusted EBITDA margin contracted 689 basis points in the quarter to 68.72 percent from 75.61 percent in the last year period.
Revenue from real estate activities during the quarter surged 66.61 percent or $2.78 million to $6.95 million.
Income from operating leases during the quarter surged 52.31 percent or $2.12 million to $6.16 million. Revenue from tenant reimbursements was $0.11 million for the quarter, up 7.69 percent or $0.01 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.67 million, up 3,622.22 percent or $0.65 million from year-ago period.
"At the closing of the AFCO transaction, under the planned timeline, we will have acquired over a half of a billion dollars of farmland assets in the prior 12-month period," said Paul A. Pittman, chief executive officer of the Company. "Importantly, we have proved the ability to rapidly scale our business, and we believe that by early 2017 we will have achieved both the size and crop type mix that will allow us to more efficiently run the company and create stockholder value."
Real estate inventory stood at $0.38 million as on Sep. 30, 2016.
Total assets jumped 73.95 percent or $260.37 million to $612.46 million on Sep. 30, 2016. On the other hand, total liabilities were at $316.22 million as on Sep. 30, 2016, up 55.88 percent or $113.35 million from year-ago.
Return on assets moved down 28 basis points to 0.35 percent in the quarter. Return on equity was negative at 0.47 percent in the quarter against a positive 0.45 percent in the last year period.
Debt increases substantially
Total debt was at $302.39 million as on Sep. 30, 2016, up 59.10 percent or $112.33 million from year-ago.
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