DENVER (AP) — DENVER (AP) — Farmland Partners Inc. (FPI) on Wednesday reported a key measure of profitability in its first quarter.
The Denver-based real estate investment trust said it had funds from operations of $2.3 million, or 5 cents per share, in the period.
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 $1.3 million, or 3 cents per share.
The real estate investment trust specializing in farmland, based in Denver, posted revenue of $10.3 million in the period.
Farmland Partners expects full-year funds from operations in the range of 28 cents to 34 cents per share.
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