American Farmland Co

CIK:0001474777|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
OPERATING REVENUES:
Fixed rent	$ 2,227,244	$ 1,273,446	$ 6,603,778	$ 3,809,739
Participating rent	1,978,045	545,716	2,670,162	2,875,280
Recovery of real estate taxes	235,255	119,545	642,605	350,304
Other income	56,411	20,935	83,911	62,735
Total operating revenues	4,496,955	1,959,642	10,000,456	7,098,058
OPERATING EXPENSES:
Depreciation	1,114,400	517,223	3,178,372	1,410,517
Management and performance fees—related party		715,060		2,739,856
Property operating expenses	653,598	312,741	1,825,464	1,117,155
Due diligence costs on non-consummated transactions			136,862
Professional fees	2,321,976	139,041	3,166,545	373,352
Sub-advisory fees	686,797		2,132,930
General and administrative expenses	913,286	40,710	3,607,526	187,425
Total operating expenses	5,690,057	1,724,775	14,047,699	5,828,305
OPERATING (LOSS) INCOME	(1,193,102)	234,867	(4,047,243)	1,269,753
Interest income	(347)	(302)	(2,026)	(1,200)
Interest expense and financing costs	422,456	189,613	1,240,039	403,103
Total other expense	422,109	189,311	1,238,013	401,903
(LOSS) INCOME BEFORE GAIN ON SALE OF ASSETS	(1,615,211)	45,556	(5,285,256)	867,850
Gain on sale of assets	2,170,720		2,163,462
INCOME (LOSS) BEFORE INCOME TAXES	555,509	45,556	(3,121,794)	867,850
Income tax provision	0	0	141,747	79,832
NET INCOME (LOSS)	555,509	45,556	(3,263,541)	788,018
Less net income (loss) attributable to non-controlling interests	89,952	54,203	(505,886)	316,941
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 465,557	$ (8,647)	$ (2,757,655)	$ 471,077
EARNINGS (LOSS) PER WEIGHTED AVERAGE COMMON SHARE:
Basic and diluted	$ 0.03	$ 0.00	$ (0.16)	$ 0.04
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic and diluted	16,921,897	10,890,847	16,914,984	10,890,847

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (3,263,541)	$ 788,018
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	3,178,372	1,410,517
Gain on sale of assets	(2,163,462)
Amortization of deferred financing costs	101,784	51,409
Share based compensation	219,146
Changes in operating assets and liabilities:
Decrease in other assets	85,317	51,467
(Increase) decrease in rent receivable	(510,418)	1,139,287
Increase (decrease) in unearned rent	1,563,343	(628,682)
Increase (decrease) in accrued expenses and other liabilities	1,744,143	(283,166)
Decrease in Legacy performance fee payable to Agricultural Sub-Adviser	(1,106,307)
Increase in performance fee payable to AFA		232,397
Increase in management fee payable to AFA		126,651
Net cash (used in) provided by operating activities	(151,623)	2,887,898
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of real estate investments	(63,525,430)	(25,080,819)
Capital expenditures on real estate investments	(3,689,838)	(7,286,443)
Proceeds from sale of assets	10,777,806
Net cash used in investing activities	(56,437,462)	(32,367,262)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit facility	53,750,000	31,800,000
Repayment of borrowings under credit facility	(5,950,000)
Offering costs paid	(50,000)	(4,398,803)
Financing costs paid	(2,677)	(366,980)
Dividends paid to shareholders	(3,253,940)	(1,392,311)
Distributions paid to non-controlling interests	(613,041)	(300,937)
Net cash provided by financing activities	43,880,342	25,340,969
Net decrease in cash and cash equivalents	(12,708,743)	(4,138,395)
Cash and cash equivalents at beginning of period	14,518,788	7,466,642
Cash and cash equivalents at end of period	1,810,045	3,328,247
NONCASH INVESTING ACTIVITIES:
Deposits for real estate investments paid in 2015, which closed in 2016	1,500,000
Capital expenditures payable in subsequent period	607,104
NONCASH FINANCING ACTIVITIES:
Dividends declared in one period and paid in subsequent period	139,870	166,425
Subscriptions received in prior year		5,250,000
Deferred offering costs		3,809,333
SUPPLEMENTAL DISCLOSURE
Cash interest paid	1,113,426	$ 347,910
Cash paid for income taxes	$ 86,016

Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
ASSETS:
Investments in real estate—net	$ 228,719,443	$ 171,342,731
Cash and cash equivalents	1,810,045	14,518,788
Rent receivable	2,276,672	1,766,254
Deferred financing costs, net	459,885	558,992
Other assets	514,019	2,099,336
Total assets	233,780,064	190,286,101
LIABILITIES:
Borrowings under credit facilities	75,000,000	27,200,000
Accrued expenses and other liabilities	4,418,386	2,377,305
Legacy performance fee payable to Agricultural Sub-Adviser		1,106,307
Unearned rent	2,398,201	834,858
Total liabilities	81,816,587	31,518,470
Commitments and contingencies
EQUITY:
Common stock, $0.01 par value—300,000,000 shares authorized; 16,921,897 shares issued and outstanding at September 30, 2016 and 16,890,847 shares issued and outstanding at December 31, 2015	169,219	168,908
Additional paid-in-capital	150,091,942	149,846,969
Accumulated deficit	(23,575,304)	(17,644,793)
Company stockholders’ equity	126,685,857	132,371,084
Non-controlling interests in operating partnership	25,277,620	26,396,547
Total equity	151,963,477	158,767,631
Total liabilities and equity	$ 233,780,064	$ 190,286,101