By GAI News Staff

Farmland Partners has released its latest financial results revealing an eventful first quarter for 2016.

Over the course of the first three months of the year, the company completed the acquisition of 32,785 acres of farmland for an aggregate purchase price of $239.5 million including 2,608,695 common units and $117 million of preferred units in the company’s operating partnership.

Included in these acquisitions, the firm closed on a deal to acquire 118 farms totaling 22,100 acres surrounding Paris, Illinois for a total consideration of $197 million from an unnamed seller. Under the finalized terms of the deal, Farmland Partners paid $50 million in cash and $147 million of limited partnership preferred operating partnership interest for the land. The acquisition, which increased Farmland Partners’ portfolio from 74,400, to nearly 100,000 acres, was originally announced by the company in November of last year.

“Our large Paris, Illinois acquisition highlighted a transformative quarter for our Company,” said Paul Pittman, the Company’s CEO in a company statement. “Our first quarter operating revenues more than doubled year-over-year, which is indicative of the scale that we have achieved in a relatively short period of time.”

The firm saw revenue of $4.7 million for the quarter – an increase of 123% over the first quarter of 2015, and adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $3.7 million – a 224% increase year on year over the first quarter 2015.

On the funding side, the firm entered into a loan agreement with Metropolitan Life Insurance Company for $127 million in term loans during the first quarter, while declaring a dividend of $0.1275 for the first quarter making for an annualized dividend of $0.51.