Exhibit 99.1

March 7, 2016

 

 

AMERICAN FARMLAND ANNOUNCES FOURTH QUARTER AND FULL YEAR 2015 RESULTS

 

New York, NY, March 7, 2016 – American Farmland Company (NYSE MKT: AFCO) (the “Company”), a specialized real estate investment trust focused on the ownership, acquisition, development and management of a portfolio of diversified, high-quality U.S. farmland, today announced financial and operating results for the quarter and year ended December 31, 2015.

 

“The fourth quarter of 2015 was an exciting time for American Farmland Company, as we completed our entry into the public equity market and announced a significant accretive acquisition which we closed in early 2016,” said Thomas S.T. Gimbel, Chief Executive Officer.  “The quarter capped a strong year of top-line growth, with operating revenues for 2015 exceeding $10 million, reflecting 40% year-over-year growth, driven both by acquisitions and our same-property portfolio.  In addition, the appraised value of our farms grew to $216 million as of year-end, as orchard, vineyard and specialty row crop farm values continued their upward trend even as commodity row crop farm values softened in certain regions.”

 

Highlights and Recent Activity Include

 

 

·

Generated Adjusted Funds from Operations (AFFO) of $0.02 per diluted share for the quarter and $0.26 per diluted share for the year ended December 31, 2015;

 

·

Reported operating revenues of $3.1 million for the quarter and $10.1 million for the year ended December 31, 2015, increases of 34.0% and 39.8% as compared to the respective prior year periods;

 

·

Reported net operating income (NOI) of $2.5 million for the quarter and $8.5 million for the year ended December 31, 2015;

 

·

Generated same-property operating revenues of $8.2 million for the year ended December 31, 2015, a 13.5% increase over the prior year;

 

·

Net Asset Value (NAV) was $10.05 per diluted share as of December 31, 2015, based on independent third-party appraisals performed as of year-end;

 

·

Completed the company’s underwritten initial public offering and listing on the NYSE MKT LLC, issuing 6,000,000 new shares of common stock and generating net proceeds of $39.2 million after deducting underwriting discounts and offering expenses;

 

·

Increased the borrowing capacity available under the company’s revolving credit facilities by $15 million to an aggregate of $90 million;

 

·

Closed on the previously announced acquisition of four mature permanent crop farms comprising 2,186 gross acres and 1,718 net plantable acres for a combined gross purchase price of $63.5 million, excluding transaction costs, from Sun Dial Farms, LLC and its affiliates;

 

·

Announced a $0.0625 quarterly per share dividend for the fourth quarter of 2015, which was paid on December 29, 2015 to shareholders of record on December 22, 2015; and

 

·

Announced a $0.0625 quarterly per share dividend for the first quarter of 2016 ($0.25 annualized), payable on March 31, 2016 to shareholders of record on March 21, 2016

 

Financial Highlights

 

AFFO was $0.3 million, or $0.02 per diluted share, for the fourth quarter of 2015, as compared to $1.0 million, or $0.10 per diluted share, for the fourth quarter of 2014.  For the year ended December 31, 2015, AFFO was $3.3 million, or $0.26 per diluted share, as compared to $3.1 million, or $0.30 per diluted share, for the prior year.

 

Net loss was $(8.3) million, or $(0.54) per diluted share, for the fourth quarter of 2015, as compared to net income of $0.1 million, or $0.01 per diluted share, for the fourth quarter of 2014.  For the year ended December 31, 2015, net loss was $(7.9) million, or $(0.65) per diluted share, as compared to net income of $0.7 million, or $0.07 per diluted share, for the prior year.  The net loss for 2015 was impacted by the non-recurring Internalization expense incurred in the fourth quarter of 2015, which is further discussed below, and the dilutive effect of which was borne entirely by the existing shareholders of the Company and the holders of the limited partnership units in American Farmland Company L.P. prior to the initial public offering.


 


The following information was filed by American Farmland Co (AFCO) on Tuesday, March 8, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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