Business Context and Reporting Period
Company: Farmland Partners Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: May 20, 2016
Reporting Period: Quarter ended March 31, 2016
Purpose: This filing corrects previously reported non-GAAP financial measures for the quarter ended March 31, 2016, originally disclosed in a Form 10-Q and press release on May 10, 2016. The corrections stem from a $145,000 reduction to the "Crop year revenue adjustment" line item.
Key Financial Metrics
The filing provides corrected non-GAAP metrics. GAAP financial statements (Net Loss) remain unchanged.
| Metric (in thousands, except per share) | Previously Reported | As Corrected | Change |
|---|---|---|---|
| Net Loss (GAAP) | $(1,930) | $(1,930) | — |
| Funds from Operations (FFO) | $(1,613) | $(1,613) | — |
| Adjusted Funds from Operations (AFFO) | $1,843 | $1,698 | $(145) |
| AFFO per Share (Fully Diluted) | $0.1082 | $0.0997 | $(0.0085) |
| Adjusted EBITDA | $3,686 | $3,541 | $(145) |
Note: The filing text does not provide specific values for total revenue, cash flow from operations, debt levels, or liquidity ratios beyond the non-GAAP adjustments listed above.
Material Changes Versus Prior Period
This filing does not report operational changes versus the prior comparable period. Instead, it reports a revision to the current period's non-GAAP calculations. The sole material change is the downward adjustment of the "Crop year revenue adjustment" by $145,000, which reduced AFFO and Adjusted EBITDA by the same amount.
Guidance, Outlook, and Risks
- Management Commentary: Management clarified that the corrections relate solely to non-GAAP financial measures and do not impact the unaudited GAAP financial statements presented in the Form 10-Q.
- Unusual Items: The revision was necessitated by a recalculation of the crop year revenue adjustment.
- Risks/Contingencies: The filing notes that the information in Item 2.02 is not deemed "filed" for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings unless expressly stated.
Investor Verification Checklist
- Verify the corrected AFFO per share of $0.0997 against the previously reported $0.1082.
- Confirm that the $145,000 reduction in the "Crop year revenue adjustment" is accurately reflected in the "Corrected Supplement" (Exhibit 99.2).
- Ensure that GAAP Net Loss of $(1,930) thousand remains unchanged in subsequent analyses.
- Review the "Non-GAAP Financial Measures" section in the Corrective Release (Exhibit 99.1) for the specific methodology behind the crop year revenue adjustment.