Farmland Partners reports funds from operations loss of US$1.1M in Q2; results don't meet Wall Street expectations

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DENVER , July 26, 2023 (press release) –

Farmland Partners Inc. (FPI) on Wednesday reported a loss in a key measure in its second quarter. 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 $1.1 million , or 2 cents per share, in the period.

The average estimate of three 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 $7 million , or 12 cents per share.

The real estate investment trust specializing in farmland, based in Denver , posted revenue of $11.6 million in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $12 million .

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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