Farmland Partners gains after Q2 earnings

In its first report since coming public four months ago, Farmland Partners (FPI +1.9%) earned $266.6K in adjusted FFO during Q2, up from $217.7K one year ago. AFFO per share was $0.04 for Q2, $0.07 for H1. Dividend is $0.105.

Deploying the capital raised from the IPO ($53.2M raised), FPI closed on $32.1M in acquisitions in Q2 totaling 15,670 acres with an expected unlevered annual cash return of about 5%. About $12M in debt was repaid.

A follow-on offering on July 30 raised another $46M in gross proceeds.

Conference call at 11 ET

Previously: Farmland Partners reports Q2 profit

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