DENVER (AP) — DENVER (AP) — Farmland Partners Inc. (FPI) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $1.4 million, or 3 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations 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 net income of $1 million, or 2 cents per share.
The real estate investment trust specializing in farmland, based in Denver, posted revenue of $13.3 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $11.9 million.
Farmland Partners expects full-year funds from operations in the range of 24 cents to 30 cents per share.
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