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

 

 

 

 

($ in thousands)

 

 

 

Land, at cost

 

$

7,170

Groundwater

 

 

634

Irrigation improvements

 

 

518

Permanent plantings

 

 

763

Below market lease

 

 

(29)

Total Consideration

 

$

9,056

 

Schedule of unaudited pro forma financial information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the nine months ended

($ in thousands)

 

September 30,

 

September 30,

Proforma

 

2017

    

2016

 

2017

    

2016

Revenue

 

$

12,046

 

$

6,946

 

$

30,655

 

$

17,669

Pro forma estimate(1)

 

 

 -

 

 

4,146

 

 

993

 

 

11,244

Total operating revenue

 

$

12,046

 

$

11,092

 

$

31,648

 

$

28,913

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

2,610

 

$

100

 

$

2,630

 

$

(513)

Pro forma estimate

 

 

 -

 

 

431

 

 

(367)

 

 

2,141

Total net income

 

$

2,610

 

$

531

 

$

2,263

 

$

1,628

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to common stockholders of Farmland Partners Inc.

 

$

221

 

$

(467)

 

$

(1,935)

 

$

(869)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per basic share attributable to common stockholders

 

$

0.01

 

$

(0.02)

 

$

(0.06)

 

$

(0.03)

Income (loss) per diluted share attributable to common stockholders

 

$

0.01

 

$

(0.02)

 

$

(0.06)

 

$

(0.03)

Weighted-average number of common shares - basic

 

 

32,862

 

 

28,447

 

 

32,374

 

 

27,427

Weighted-average number of common shares - diluted

 

 

32,862

 

 

28,447

 

 

32,374

 

 

27,427

(1)

Represents a linear extrapolation of revenues over the three and nine months ended September 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

$

181,072

Irrigation improvements

 

26,155

Permanent plantings

 

48,513

Buildings

 

1,499

In-place leases(1)

 

1,139

Lease origination costs

 

264

Cash

 

3,832

Other assets

 

1,831

Inventory

 

99

Deferred revenue

 

(4,434)

Other liabilities

 

(13,826)

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.