Sooooo....LAND shows an EPS of $.22 for 2012 and adding back D/A (from annual shareholder's report) = FFO of $.39/share, while the first two monthly dividends for Feb and Mar of .04 each, with dividend projections for Apr-May-Jun of $.12 each month or an annualized rate of $1.44??Their web site doesn't seem to have anything on dividends or investor relations for that matter. So you can really only go to their 2012 shareholder report for any kind of data.At the projected monthly dividend of $.12, it works out to be about an 8.2% yield at today's closing price. In looking through the 2012 summary, it appears that the cash raised from the Jan IPO will be used to pay dividends and operational costs. From the shareholder's report:To date, we have not invested any of the $51.5 million of net proceeds received in connection with the IPO in January 2013 in any new property acquisitions. However, we intend to use the capital we acquired as a result of our IPO and the proceeds of any indebtedness that we may incur in the future to purchase farms and farm-related properties, as well as to potentially make mortgage loans.Our sources of funds are primarily the net proceeds received in connection with the IPO, operating cash flows and borrowings, including our current line of credit that matures in April 2017. We believe that these cash resources will be sufficient to satisfy our cash requirements for the next 12 months.So it sounds like its going to be all ROC until the IPO is used to either purchase and lease farmland and/or originate farm loans.I invest for reliable income, but this isn't reliable and it really isn't income. LAND may be able to execute sell/leasebacks profitably, but until then, this is income risk well beyond my tolerance level.BruceM
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