Farmland Partners: 3Q Earnings Snapshot
DENVER (AP) _ Farmland Partners Inc. (FPI) on Monday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier. The results fell short of Wall Street expectations.
The Denver-based real estate investment trust said it had a funds from operations loss of $2 million, or 6 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 1 cent per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $4.5 million, or 15 cents per share.
The real estate investment trust specializing in farmland posted revenue of $9.8 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $12 million.
The company’s shares have risen 46% since the beginning of the year. In the final minutes of trading on Monday, shares hit $6.65, a decline of 11% in the last 12 months.