Real Estate (Tables)

3 Months Ended

Mar. 31, 2017

Real Estate

Schedule of allocation of purchase price for farms acquired

($ in thousands)
Land, at cost	$	779
Irrigation improvements		63
Permanent plantings		788
Total Consideration	$	1,630

Schedule of unaudited pro forma financial information

	For the three months ended
($ in thousands)	March 31,
Proforma (unaudited)	2017		2016
Revenue	$	7,150	$	4,692
Proforma estimate(1)		993		2,793
Total operating revenue	$	8,143	$	7,485
Net loss	$	(2,001)	$	(1,930)
Proforma estimate		(367)		(1,032)
Total net loss	$	(2,368)	$	(2,962)
Earnings per share basic and diluted
Loss per basic share attributable to common stockholders	$	(0.09)	$	(0.25)
Loss per diluted share attributable to common stockholders	$	(0.09)	$	(0.25)
Weighted-average number of common shares - basic		26,699		11,834
Weighted-average number of common shares - diluted		26,699		11,834

(1) Represents a linear extrapolation of revenues over the full quarter, and therefore does not take into account the irregularity of certain of the Company's revenue components, such as crop share lease payments.

American Farmland Company

Real Estate

Schedule of allocation of purchase price for farms acquired

($ in thousands)
Land, at cost	$	180,309
Irrigation improvements		26,045
Permanent plantings		48,308
Buildings		1,493
In-place leases(1)		1,139
Lease origination costs		264
Cash		3,832
Other		1,250
Inventory		99
Accrued expenses		(16,595)
Gross Total Consideration		246,144
Mortgage notes and bonds payable, net		(75,000)
Total Consideration	$	171,144

(1) Weighted average amortization period of the in-place lease liability is 3 years.