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FULL YEAR: FARMLAND PARTNERS' REVENUES UP 21%, NET INCOME UP 31%
Source: Farmland Partners news release

To read the entire report click here.

Full Year 2018 Highlights

*Reported total operating revenues of $56.1 million, a 21.3% increase over 2017

*Reported operating income of $29.7 million, a 31.8% increase over 2017

*Reported basic net loss available to common stockholders of $0.01 per share

*Reported Adjusted EBITDAre of $40.3 million, an 18.9% increase over 2017

*Reported AFFO per share of $0.24

*Repurchased $20.6 million in shares of common stock at a weighted average price of $6.76 and $0.5 million of Series B Participating Preferred Stock at a weighted average price of $19.32

*Completed farm dispositions totaling $31.9 million at an 11.4% gain relative to gross book value and net book value
Additional Highlights

*Subsequent to quarter and fiscal year end, repurchased $5.0 million in shares of common stock at a weighted average price of $5.39 and $0.3 million in shares of Series B Participating Preferred stock at a weighted average price of $18.51

*Subsequent to quarter and fiscal year end, completed farm dispositions totaling $4.7 million for a gain of 10.2% relative to gross book value and net book value

"This has been a difficult year for our stockholders due to the anonymous short-and-distort attack perpetrated on Seeking Alpha. We continue to pursue the responsible parties and are optimistic that we will eventually hold the perpetrators of this stock manipulation scheme accountable" said Paul A. Pittman the Company's Chairman and CEO.

"We will continue to opportunistically buy back our stock as long as we believe that it will continue to provide stockholder value. The business faced headwinds from weather events and the trade war in 2018, but asset values remain stable to modestly increasing."

Financial Results

For the three months ended December 31, 2018, the Company recorded net income of $8.4 million and basic net income to common stockholders of $0.13 per share, as compared to net income of $6.5 million and basic net income to common stockholders of $0.08 per share for the same period during 2017. For the twelve months ended December 31, 2018, the Company recorded net income of $14.0 million and basic net loss to common stockholders of $0.01 per share, as compared to net income of $9.2 million and basic net income to common stockholders of $0.03 per share for the same period during 2017.

For the three months ended December 31, 2018, the Company recorded Adjusted Funds from Operations ("AFFO") of $8.1 million and AFFO per fully diluted share of $0.22, as compared to AFFO of $5.4 million and AFFO per fully diluted share of $0.16 for the same period during 2017. For the twelve months ended December 31, 2018, the Company recorded AFFO of $9.0 million and AFFO per fully diluted share of $0.24, as compared to AFFO of $13.5 million and AFFO per fully diluted share of $0.36 for the same period during 2017.

In 2018 the Company incurred extra expenses, including legal and employee retention expenses related to the Rota Fortunae short-and-distort attack and related litigation, that amounted to approximately $1.6 million, gross of insurance reimbursements.


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