DENVER (AP) _ Farmland Partners Inc. (FPI) on Tuesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $33.5 million, or 5 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 2 cents 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 $2.9 million, or 8 cents per share.
The real estate investment trust specializing in farmland posted revenue of $10.9 million in the period.
The company's shares have increased 26% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $5.74, a decrease of 14% in the last 12 months.