Exhibit 99.1

November 14, 2016

 

AMERICAN FARMLAND ANNOUNCES THIRD QUARTER 2016 RESULTS

 

New York, NY, November 14, 2016 – American Farmland Company (NYSE MKT LLC: AFCO) (the “Company” or “AFCO”), 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 results for the quarter ended September 30, 2016.

 

“We are pleased to announce our third quarter 2016 results and reiterate our enthusiasm about our planned merger with Farmland Partners, Inc.  With respect to our third quarter 2016 results, we note that both revenue and earnings were generated at levels above those of either the first or second quarters and above those of the comparable period in 2015.  Regarding the planned merger which we announced in September as a conclusion to our strategic alternatives review process, we continue to believe this transaction will create the largest and most diverse public farmland REIT in the United States and that the combined scale, diversification and lower cost structure will be of significant benefit to our shareholders. We currently expect the transaction to close during the early part of the first quarter of 2017, subject to customary closing conditions, including the approval of the shareholders of both AFCO and Farmland Partners, Inc.,” remarked Thomas S.T. Gimbel, Chief Executive Officer.

Highlights and Recent Activity Include

 

 

Announced on September 12, 2016 that the Company had entered into a definitive agreement and plan of merger pursuant to which Farmland Partners Inc. (NYSE: FPI) agreed to acquire all of the outstanding common stock of AFCO in a stock-for-stock transaction.

 

Reported net income attributable to the Company of $0.03 per diluted share for the quarter ended September 30, 2016 as compared to net loss of $(0.00) per diluted share for the quarter ended September 30, 2015;

 

Reported total operating revenues of $4.50 million for the quarter ended September 30, 2016 as compared to $1.96 million for the quarter ended September 30, 2015;

 

Generated same-property operating revenues of $1.96 million for the quarter ended September 30, 2016 as compared to $1.85 million for the quarter ended September 30, 2015.

 

Reported net income attributable to the Company of $466,000 for the quarter ended September 30, 2016 as compared to net loss attributable to the Company of $9,000 for the quarter ended September 30, 2015, and reported net operating income (NOI) of $3.7 million for the quarter ended September 30, 2016 as compared to $1.6 million for the quarter ended September 30, 2015;

 

Announced that on July 27, 2016 that the Company sold its Hawk Creek Ranch pistachio development property for a gross sales price of $11.25 million; and

 

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 third quarter of 2016.

 

Financial and Operating Highlights

 

Net income attributable to the Company was $466,000, or $0.03 per diluted share, for the third quarter of 2016, as compared to net loss of $9,000, or $(0.00) per diluted share, for the third quarter of 2015.  The net income was impacted by higher depreciation due to the larger depreciable asset base and higher professional fees and general and administrative expenses associated with operating as an independent public company as compared to the prior year quarter.  Included in net income for the third quarter of 2016 were charges of $2,042,000 for legal fees and general expenses related to the ongoing strategic alternatives review process.  These expenses are considered one-time in nature because they are not reasonably likely to recur and have not previously occurred and have been added back to net income in the calculation of Core FFO attributable to the Company.  Core FFO attributable to the Company was $1.29 million for the third quarter of 2016, as compared to $0.64 million for the third quarter of 2015.

 

Total operating revenues for the third quarter of 2016 were $4.50 million, an increase of $2.54 million or 129.5%, as compared to the third quarter of 2015.  The increase in total operating revenues over the prior year quarter was primarily due to higher fixed rent in the incremental amount of $0.95 million primarily driven by new leases at properties acquired during the first quarter of 2016 (the “Sun Dial properties” which include Cougar Ranch, Cheetah Ranch, Puma Ranch and Lynx Ranch) and

 


The following information was filed by American Farmland Co (AFCO) on Monday, November 14, 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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