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Real Estate (Tables)
 6 Months Ended
Jun. 30, 2017
Real Estate  
Schedule of allocation of purchase price for farms acquired

 

 

 

 

($ in thousands)

 

 

 

Land, at cost

 

$

6,452

Groundwater

 

 

634

Irrigation improvements

 

 

374

Permanent plantings

 

 

763

Below market lease

 

 

(29)

Total Consideration

 

$

8,194

 

Schedule of unaudited pro forma financial information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

($ in thousands)

 

June 30,

 

June 30,

Proforma

 

2017

    

2016

 

2017

    

2016

Revenue

 

$

11,460

 

$

6,031

 

$

18,609

 

$

10,723

Pro forma estimate(1)

 

 

 -

 

 

4,305

 

 

993

 

 

7,098

Total operating revenue

 

$

11,460

 

$

10,336

 

$

19,602

 

$

17,821

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,021

 

$

1,317

 

$

19

 

$

(612)

Pro forma estimate

 

 

 -

 

 

2,742

 

 

(367)

 

 

1,710

Total net income (loss)

 

$

2,021

 

$

4,059

 

$

(348)

 

$

1,098

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss available to common stockholders of Farmland Partners Inc.

 

$

773

 

$

1,915

 

$

(2,042)

 

$

(377)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per basic share attributable to common stockholders

 

$

0.02

 

$

0.07

 

$

(0.06)

 

$

(0.01)

Income (loss) per diluted share attributable to common stockholders

 

$

0.02

 

$

0.07

 

$

(0.06)

 

$

(0.01)

Weighted-average number of common shares - basic

 

 

31,927

 

 

26,598

 

 

31,927

 

 

26,598

Weighted-average number of common shares - diluted

 

 

31,927

 

 

26,598

 

 

31,927

 

 

26,598

(1)

Represents a linear extrapolation of revenues over the three and six months ended June 30, 2017 and 2016 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.