Welcome to our dedicated page for Farmland Partners news (Ticker: FPI), a resource for investors and traders seeking the latest updates and insights on Farmland Partners stock.
Farmland Partners Inc. (NYSE: FPI) is an internally managed real estate company focused on owning and acquiring high-quality North American farmland. Founded by farmers, the management team brings years of hands-on farm operations experience, aligning with top-quality operators across the United States. This strategy helps build a diverse portfolio of agricultural assets.
FPI's core business involves purchasing and leasing farmland properties. The company generates revenue primarily from rental income received from tenants. The portfolio includes land used for growing primary crops such as corn, soybeans, wheat, rice, and cotton, as well as specialty crops like almonds, citrus, blueberries, and vegetables.
As of March 28, 2016, Farmland Partners owned 258 farms spanning 108,163 acres across 13 states, including Arkansas, Colorado, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, Texas, and Virginia. These assets offer stable rental income and potential value appreciation, providing an attractive risk-adjusted return over time.
FPI also makes loans to farmers, secured by farm real estate, further diversifying its revenue streams and supporting the agricultural community. The company's recent achievements include acquiring Murray Wise Associates LLC in November 2021, a leading national agricultural real estate auction and brokerage company.
Farmland Partners continues to expand its footprint and capabilities by leveraging its extensive industry knowledge and strategic partnerships. With a focus on sustainable farming practice, the company supports innovative agricultural operations like hydroponic growing systems, which conserve water and improve crop yields.
Investors can find the latest updates and news about Farmland Partners Inc. on various platforms, including StockTitan, ensuring they stay informed about the company's performance and developments.
Farmland Partners (NYSE: FPI) has declared a special one-time dividend of $1.15 per share of common stock and Class A Common OP Unit, payable on January 8, 2025, to shareholders of record on December 23, 2024. This follows a successful year where FPI sold farmland and related assets for approximately $308 million, generating a total gain of about $51 million (20% over aggregate net book value). The company has improved its performance by reducing operational expenses, decreasing debt exposure, and increasing rental rates on its remaining portfolio. This special dividend, required for REIT compliance, is additional to the previously declared quarterly dividend of $0.06 per share.
Farmland Partners Inc. (NYSE: FPI) reported third quarter 2024 financial results. Net income was $1.8 million, or $0.02 per share, down from $4.3 million, or $0.07 per share, in the same period in 2023. AFFO increased to $1.4 million, or $0.03 per share, compared to a loss of $0.5 million, or ($0.01) per share, in Q3 2023. Total operating revenues rose 14.6% to $13.3 million. The company reduced total operating expenses by 30.2% and completed $308 million in farm dispositions, repaying $189.4 million in debt. Debt as a percentage of gross book value decreased to 27.1%. FPI increased its 2024 AFFO guidance and projects a special dividend of at least $1.00 per share. CEO Luca Fabbri highlighted the company's strong operating quarter and strategic moves to reduce debt and enhance shareholder value.
Farmland Partners (NYSE: FPI) has scheduled its Q3 2024 earnings release for October 30, 2024, after 5 p.m. Eastern Time. The company will host a conference call on October 31, 2024, at 11:00 a.m. Eastern Time to discuss financial results and provide updates. Investors can access the call via phone (1-800-715-9871, ID: 4868033) or through a live webcast on the company's website. A replay will be available until November 10, 2024.
Farmland Partners Inc. (NYSE: FPI) has completed a $289 million all-cash sale of a farmland portfolio to Farmland Reserve, Inc. The transaction, which closed on October 16, 2024, involved 46 farms totaling 41,554 acres across seven states. FPI generated an approximate $50 million gain, representing a 21% increase over the portfolio's net book value.
The company has already used $146.6 million of the proceeds to reduce its debt. FPI is considering further debt reductions and may use the remaining capital for stock buybacks, new farmland acquisitions, and other corporate purposes. Additionally, FPI anticipates being in a position to issue a significant special dividend to stockholders at the end of the year as a result of this transaction.
Farmland Partners Inc. (NYSE: FPI) has announced the sale of a 46-farm portfolio, totaling 41,554 acres, for $289 million to Farmland Reserve, Inc. The all-cash transaction is set to close on October 16, 2024. The portfolio spans several states, excluding Illinois farmland. FPI expects a total gain of approximately $50 million, representing a 21% increase over the aggregate net book value.
FPI's President and CEO, Luca Fabbri, emphasized that this sale, following a similar $200 million asset sale in 2023, demonstrates the company's undervalued status and the unrealized intrinsic value of its stock. The company plans to use the proceeds to reduce debt by about $140 million, buy back stock, pursue acquisitions, and potentially make a significant special distribution to shareholders at year-end.
Elizabeth Strom, Vice President of Murray Wise Associates (MWA), has been named the 2024 Land Broker of the Year by the Illinois chapter of the REALTORS® Land Institute (RLI). This prestigious award recognizes Strom's exceptional professionalism, ethics, market knowledge, and client service in the land brokerage industry.
Strom, who joined MWA in 2021, serves farmland buyers and sellers across the Midwest and oversees business development for MWA's farm management division. She holds multiple professional designations and licenses, including Accredited Farm Manager (AFM) and Real Estate Broker in Illinois, Iowa, and Tennessee.
MWA, a leading national agricultural real estate auction and brokerage company, was acquired by Farmland Partners Inc. (NYSE: FPI) in November 2021. The company manages over 45,000 acres of farmland assets across the country.
Farmland Partners Inc. (NYSE: FPI) has announced the appointment of Dr. Bruce Sherrick to its Board of Directors, effective July 23, 2024. Dr. Sherrick, a renowned agricultural economist and farmland expert, brings extensive experience in agricultural economics, farmland investment, and public company board service. He currently holds the Marjorie and Jerry Fruin Professorship at the University of Illinois and runs the TIAA-CREF Center for Farmland Research. Dr. Sherrick's expertise includes credit risk assessment, farmland investment performance tracking, and agricultural finance. His appointment is expected to provide valuable economic insights and a unique perspective to FPI's board, potentially strengthening the company's operational performance and future planning.
Farmland Partners Inc. (NYSE: FPI) reported its Q2 2024 financial results, showing a net loss of $2.1 million ($0.06 per share) compared to a net income of $7.9 million in Q2 2023. The company's AFFO improved to $0.5 million ($0.01 per share), excluding a one-time severance expense, compared to -$1.1 million in the same period last year. Total operating revenues slightly decreased by 1.2%, while operating expenses were reduced by 7.0%. The company's average gross book value of real estate decreased by 10.4% to $1.01 billion due to 2023 dispositions. FPI appointed Susan Landi as CFO and Treasurer, and declared a quarterly cash dividend of $0.06 per share. The company's total debt stood at $393.0 million as of June 30, 2024, with access to $163.8 million in liquidity.
Farmland Partners Inc. (NYSE: FPI) has announced the schedule for its second quarter 2024 earnings release and conference call. The company will release its financial results for the quarter ended June 30, 2024, after 5 p.m. (Eastern Time) on Wednesday, July 24, 2024. A conference call will follow on Thursday, July 25, 2024, at 11:00 a.m. (Eastern Time) to discuss the financial results and provide a company update.
Investors can access the call live by dialing 1-800-715-9871 and using the conference ID 5408499. A live listen-only webcast will also be available through the Investor Relations section of the Company's website. A replay of the conference call will be accessible until August 4, 2024, by dialing 1-800-770-2030 and using the playback ID 5408499. A webcast replay will also be available on the company's website for a time.
Farmland Partners (NYSE: FPI) has announced the promotion of Susan Landi to Chief Financial Officer (CFO) and Treasurer, effective May 28, 2024. Landi, who has been with the company for over four years, will oversee finance, accounting, treasury, and SEC financial reporting functions. She succeeds James Gilligan, who will remain with the company until June 30, 2024, to ensure a smooth transition. This staffing change is part of Farmland Partners' cost-cutting initiative aimed at reducing expenses and improving shareholder returns. Landi's extensive experience includes roles at Moss Adams and Hein & Associates before joining Farmland Partners in 2019.
FAQ
What is the current stock price of Farmland Partners (FPI)?
What is the market cap of Farmland Partners (FPI)?
What does Farmland Partners Inc. do?
Where is Farmland Partners Inc.'s farmland located?
What types of crops are grown on Farmland Partners Inc.'s properties?
How does Farmland Partners Inc. generate revenue?
What is the significance of Farmland Partners Inc.'s management team?
Does Farmland Partners Inc. support sustainable farming practices?
When did Farmland Partners Inc. acquire Murray Wise Associates LLC?
What is the company's strategy for achieving risk-adjusted returns?
How can investors stay updated about Farmland Partners Inc.?
What is the primary goal of Farmland Partners Inc.?
