American Farmland Co (AFCO) 10-Q Quarterly Report May 2016

New York, NY, May 16, 2016 – American Farmland Company (NYSE MKT LLC: 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 ended March 31, 2016.

“During the first quarter, we completed the Sun Dial acquisition, true showpiece permanent crop orchards, which increased our assets by approximately 30%, and which is expected to be accretive to funds from operations.” said Thomas S.T. Gimbel, Chief Executive Officer. “While we are extremely proud of the high quality farmland portfolio that we have assembled, we are disappointed with the stock price performance of our shares, which have consistently traded at a substantial discount to our NAV since our IPO last year. We believe our NAV reasonably reflects the value of our properties and, accordingly, we recently announced the commencement of a review of strategic alternatives aimed at enhancing shareholder value. We are in the early stages of this review and look forward to reporting back to shareholders once our Board of Directors has completed the review or has otherwise approved a specific action.”

Highlights and Recent Activity Include

Generated Adjusted Funds from Operations (AFFO) attributable to the Company of $0.04 per diluted share for the quarter ended March 31, 2016 as compared to $0.08 per diluted share for the quarter ended March 31, 2015;

Reported total operating revenues of $2.4 million for the quarter ended March 31, 2016 as compared to $2.3 million for the quarter ended March 31, 2015;

Reported net operating income (NOI) of $3.1 million for the quarter ended March 31, 2016 as compared to $1.9 million for the quarter ended March 31, 2015, with the increase being primarily due to cash rents received for the portion of the 2015/2016 crop season which commenced in advance of the lease commencement dates for the Sun Dial properties (defined below), which rents are being recognized as operating revenues on a straight-lined basis over the respective lease terms;

Generated same-property operating revenues of $1.5 million for the quarter ended March 31, 2016 as compared to $2.3 million for the quarter ended March 31, 2015, due primarily to lower participating rent from the Golden Eagle Ranch which as previously disclosed stems from lower 2015 production yield and lower almond prices;

Completed the previously announced acquisition of a portfolio of mature permanent crop properties (the “Sun Dial properties” or “Sun Dial acquisition”) aggregating to four mature permanent crop farms comprising 2,186 gross acres and 1,718 net plantable acres for a gross purchase price of $63.5 million, excluding transaction costs;

Declared and paid a cash dividend of $0.0625 per share on the common stock of the Company and a quarterly cash distribution of $0.0625 per unit on the operating partnership units of American Farmland Company L.P. for the first quarter of 2016; and

Announced that the Company has retained Citigroup Global Markets Inc. and Raymond James & Associates, Inc. to assist in conducting a review of strategic alternatives to enhance shareholder value, which may include, among other potential actions, joint venture arrangements, a merger of the Company, or a sale of all or part of the Company and/or its assets.

Financial and Operating Highlights

AFFO attributable to the Company was $0.6 million, or $0.04 per diluted share, for the first quarter of 2016, as compared to $0.9 million, or $0.08 per diluted share, for the first quarter of 2015. AFFO attributable to the Company for the first quarter of 2016 includes an add-back to Funds from Operations (FFO) of a $1.3 million straight line rent adjustment, primarily related to the cash rents received for the portion of the 2015/2016 crop season which commenced in advance of the lease commencement dates for the Sun Dial properties, which rents are being recognized as operating revenues on a straight-lined basis over the respective lease terms. The Sun Dial properties are predominantly comprised of fresh citrus varieties and almonds which have different crop seasons around which base rental payments are set. The crop year for the citrus farms is from July of one year through June of the following year, and the crop year for the almond farms is from December of one year through November of the following year.

The following information was filed by American Farmland Co (AFCO) on Monday, May 16, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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American Farmland Co provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

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Exhibit 32.1: Section 1350 Certification

Ticker: AFCO
CIK: 1474777
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-16-019532
Submitted to the SEC: Mon May 16 2016 4:08:28 PM EST
Accepted by the SEC: Mon May 16 2016
Period: Thursday, March 31, 2016
Industry: Real Estate Investment Trusts

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American Farmland Co (AFCO) SEC Filing 10-Q Quarterly report for the period ending Thursday, March 31, 2016

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