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1ST HALF: FARMLAND PARTNERS' REVENUES UP 2%, NET INCOME DOWN SHARPLY
Source: Farmland Partners news release

To view the complete report, click here.

Denver - Farmland Partners Inc. (NYSE: FPI) (the "Company") today reported financial results for the quarter ended June 30, 2020.

"The biggest events this quarter were the unmasking of Rota Fortunae (Quinton Mathews) and co-conspirators Sabrepoint Capital Management, LP, George Baxter and Donald Marchiony, and the Court's denial of Rota Fortunae's motion to dismiss our complaint," said Paul A. Pittman, the Company's CEO. "We now have additional information that strongly suggests this was a "short and distort" market manipulation scheme orchestrated by one or more hedge funds and their personnel who conspired with their paid author Mathews. We will continue to pursue financial recovery from the parties who committed this fraud against the company and its shareholders."

Impact of the COVID-19 Pandemic
So far, the direct impact of the COVID-19 pandemic on the Company's business and operations has been limited. As broader sectors of the U.S. agricultural economy are affected through supply chain and commodity price disruptions, the Company believes it may experience some yet largely unidentified impact in the medium term. In the long term, the Company does not expect that the pandemic will affect materially the global demand for food, feed, fuel and fiber, and therefore the value of its farmland portfolio.

Financial Results
For the three months ended June 30, 2020, the Company recorded net income of $0.2 million and basic net loss to common stockholders of $0.10 per share, as compared to net income of $6.5 million and basic net income to common stockholders of $0.09 per share for the same period during 2019.

For the six months ended June 30, 2020, the Company recorded net income of $0.6 million and basic net loss to common stockholders of $0.19 per share, as compared to net income of $6.5 million and basic net loss to common stockholders of $0.01 per share for the same period during 2019.

For the three months ended June 30, 2020, the Company recorded Adjusted Funds from Operations ("AFFO") of $(1.4 million) and AFFO per fully diluted share of $(0.04), as compared to AFFO of ($1.6 million) and AFFO per fully diluted share of $(0.05) for the same period during 2019. For the six months ended June 30, 2020, the Company recorded AFFO of $(1.8 million) and AFFO per fully diluted share of $(0.06), as compared to AFFO of $(2.6 million) and AFFO per fully diluted share of $(0.08) for the same period during 2019.

For the three months ended June 30, 2020, the Company recorded Adjusted Earnings Before Interest Taxes Depreciation and Amortization for real estate ("Adjusted EBITDAre") of $6.0 million, as compared to $6.5 million for the same period during 2019. For the six months ended June 30, 2020, the Company recorded Adjusted EBITDAre of $13.4 million, as compared to $13.6 million for the same period during 2019.

See "Non-GAAP Financial Measures" for complete definitions of AFFO and Adjusted EBITDAre and the financial tables accompanying this press release for reconciliations of net income to AFFO and Adjusted EBITDAre.


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