Farmland Partners: 2Q Earnings Snapshot
DENVER (AP) _ Farmland Partners Inc. (FPI) on Monday reported a loss in funds from operations in its second quarter, after reporting a profit in the same period a year earlier. The results did not meet Wall Street expectations.
The real estate investment trust, based in Denver, said it had a funds from operations loss of $1.4 million, or 4 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for a funds from operations loss 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 $2.9 million, or 10 cents per share.
The real estate investment trust specializing in farmland posted revenue of $10.5 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $11 million.
The company's shares have risen 2.5% since the beginning of the year. The stock has risen slightly more than 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FPI at https://www.zacks.com/ap/FPI