Farmland Partners Inc. Reports First Quarter 2024 Results

Rhea-AI Summary

Farmland Partners Inc. (NYSE: FPI) reported its first quarter 2024 financial results, showing a net income of $1.4 million, AFFO of $2.8 million, and an increase in the 2024 AFFO guidance range to $0.19-$0.26 per share. The company focused on reducing expenses, acquiring new properties, and enhancing its farm portfolio. FPI declared a quarterly dividend of $0.06 per share of common stock and Class A Common OP unit. The company had total debt outstanding of $383.0 million at the end of March 2024 and access to liquidity of $185.1 million. FPI also announced a conference call scheduled for May 1, 2024, to discuss the financial results and provide an update.

Positive

• Farmland Partners Inc. reported a net income of $1.4 million and AFFO of $2.8 million for the first quarter of 2024.

• The company increased its 2024 AFFO guidance range to $0.19-$0.26 per share, reflecting a positive outlook.

• Farmland Partners Inc. completed acquisitions of three properties for a total consideration of $16.3 million, enhancing its farm portfolio.

• The company declared a quarterly cash dividend of $0.06 per share of common stock and Class A Common OP unit, demonstrating commitment to shareholders.

• Farmland Partners Inc. had access to liquidity of $185.1 million at the end of March 2024, providing financial flexibility for future endeavors.

Negative

• The company recorded a decrease in total operating revenues of $0.7 million or 5.4% compared to the same period in 2023.

• Farmland Partners Inc. experienced a decrease in average gross book value of real estate by 12.2% due to dispositions that occurred during 2023.

• There were no dispositions of properties during the first quarter of 2024, potentially impacting the company's overall growth strategy.

Insights

Financial Analyst

Farmland Partners Inc.'s report indicating a decrease in net income alongside an increase in AFFO suggests a mixed financial performance. The AFFO growth, specifically, reflects stronger cash flows from operations, which could signal improved operational efficiency or cost management. This metric is critical as it excludes non-cash items such as depreciation, providing a clearer picture of financial health to investors. The raised AFFO guidance for 2024 is a positive indicator of management's confidence in the company's future performance. It's important to note the impact of one-time benefits, like the $1.2 million from forfeited deposits, as such income spikes may not be sustainable. The debt increase, however, may raise questions about the company's leverage and interest obligations moving forward. Investors should monitor the balance between acquisitions, which can drive growth and the company's ability to manage additional debt.

Real Estate Investment Analyst

The strategic moves by Farmland Partners Inc., including the divestiture of assets in 2023 and the recent acquisitions, suggest a restructuring of their portfolio to optimize long-term returns. The focus on regions with favorable water availability and crop pricing could enhance the resilience and profitability of their holdings. For investors, this could mean a more sustainable revenue stream and a potential hedge against agricultural market volatility. The 12.2% decline in the gross book value of real estate, however, may be a point of concern if it signifies a shrinking asset base without corresponding reductions in liabilities. The real estate sector, especially farmland, is typically seen as a stable investment, so understanding the company's long-term strategy and asset quality is important for assessing future performance.

Increased Fiscal Year 2024 Guidance

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial results for the quarter ended March 31, 2024.

Selected Highlights

During the quarter ended March 31, 2024, the Company:

• recorded net income of $1.4 million, or $0.01 per share available to common stockholders, compared to $1.7 million, or $0.02 per share available to common stockholders for the same period in 2023;
• recorded AFFO of $2.8 million, or $0.06 per share, compared to $1.6 million, or $0.03 per share, for the same period in 2023;
• had average gross book value of real estate of $1.00 billion compared to $1.14 billion for the same period in 2023, a decrease of 12.2% as a result of dispositions that occurred during 2023, while total operating revenues decreased $0.7 million or 5.4%;
• recognized a decrease of approximately $1.0 million, or 12.7% in total operating expenses compared to the same period in 2023;
• increased the bottom and top end of 2024 AFFO guidance range to $0.19 to $0.26 from $0.15 to $0.23; and
• completed acquisitions of three properties for total consideration of $16.3 million.

CEO Comments

Luca Fabbri, President and Chief Executive Officer: “FPI had a very strong first quarter, with the highest first quarter AFFO ever recorded in our company's history at $2.8 million, which was aided by approximately $1.2 million of income from forfeited deposits. After the overall portfolio improvements and very strong rent increases of 2023, we have begun 2024 with a focus on continuing the reduction in overhead expenses, lowering senior executive compensation and shrinking our Board of Directors. While we completed a large number of asset dispositions in 2023, which we do not expect to repeat in 2024, we continue to pursue opportunities to further enhance our farm portfolio, by acquiring complementary assets in strong regions and evaluating selected farm dispositions on assets with a less favorable long-term outlook for water availability and/or crop pricing.”

Financial and Operating Results

• The table below shows financial and operating results for the three months ended March 31, 2024 and 2023.

(in thousands)		For the three months ended March 31,
Financial Results:		2024			2023				Change
Net Income		$	1,408		$	1,714			(17.9	)%
Net income available to common stockholders (1)		$	0.01		$	0.02			(50.0	)%
AFFO (2)		$	2,784		$	1,550			79.6	%
AFFO per weighted average common share		$	0.06		$	0.03			100.0	%
Adjusted EBITDAre (2)		$	8,582		$	7,088			21.1	%
Operating Results:
Total Operating Revenues		$	11,990		$	12,672			(5.4	)%
Net Operating Income (NOI)		$	9,651		$	9,544			1.1	%

___________________
NM = Not Meaningful
(1)		Basic net income per share available to common stockholders. See “Note 9—Stockholders’ Equity and Non-controlling Interests” in the Quarterly Report on Form 10-Q for the three months ended March 31, 2024, when filed, for more information.
(2)		Q1 2024 includes approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement.

• See “Non-GAAP Financial Measures” below for complete definitions of AFFO, Adjusted EBITDAre, and NOI and the financial tables accompanying this press release for reconciliations of net income to AFFO, Adjusted EBITDAre and NOI.

Acquisition and Disposition Activity

• During the three months ended March 31, 2024, the Company acquired three properties for total consideration of $16.3 million.
• During the three months ended March 31, 2024, there were no dispositions of properties.

Balance Sheet

• The Company had total debt outstanding of $383.0 million at March 31, 2024 compared to total debt outstanding of $363.1 million at December 31, 2023.
• At March 31, 2024, the Company had access to liquidity of $185.1 million, consisting of $6.2 million in cash and $178.9 million in undrawn availability under its credit facilities compared to cash of $5.5 million and $201.1 million in undrawn availability under its credit facilities at December 31, 2023.
• During the three months ended March 31, 2024, the Company did not repurchase any shares of common or preferred stock.
• As of April 25, 2024, the Company had 49,358,330 shares of common stock outstanding on a fully diluted basis.

Dividend Declarations

The Company’s Board of Directors declared a quarterly cash dividend of $0.06 per share of common stock and Class A Common OP unit. The dividends are payable on July 15, 2024, to stockholders and common unit holders of record on July 1, 2024.

2024 Earnings Guidance and Supplemental Package

For 2024 earnings guidance, please see page 15 of the supplemental package, which can be accessed through the Investor Relations section of the Company's website.

Conference Call Information

The Company has scheduled a conference call on May 1, 2024, at 11:00 a.m. (U.S. Eastern Time) to discuss the financial results and provide a company update.

The call can be accessed live over the phone by dialing 1-800-715-9871 and using the conference ID 2678168. The conference call will also be available via a live listen-only webcast that can be accessed through the Investor Relations section of the Company's website, www.farmlandpartners.com.

A replay of the conference call will be available beginning shortly after the end of the event until May 11, 2024, by dialing 1-800-770-2030 and using the playback ID 2678168. A replay of the webcast will also be accessible on the Investor Relations section of the Company's website for a limited time following the event.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of March 31, 2024, the Company owned and/or managed approximately 177,400 acres in 17 states, including Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, South Carolina and Texas. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company has approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws, including, without limitation, statements with respect to our outlook and the outlook for the farm economy generally, proposed and pending acquisitions and dispositions, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance, and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the ongoing war in Ukraine and the ongoing conflict in the Middle East and their impacts on the world agriculture market, world food supply, the farm economy generally, and our tenants’ businesses; changes in trade policies in the United States and other countries that import agricultural products from the United States; high inflation and elevated interest rates; the onset of an economic recession in the United States and other countries that impact the farm economy; extreme weather events, such as droughts, tornadoes, hurricanes or floods; the impact of future public health crises on our business and on the economy and capital markets generally; general volatility of the capital markets and the market price of the Company’s common stock; changes in the Company’s business strategy, availability, terms and deployment of capital; the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all; availability of qualified personnel; changes in the Company’s industry, interest rates or the general economy; adverse developments related to crop yields or crop prices; the degree and nature of the Company’s competition; the outcomes of ongoing litigation; the timing, price or amount of repurchases, if any, under the Company's share repurchase program; the ability to consummate acquisitions or dispositions under contract; and the other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Farmland Partners Inc.
Consolidated Balance Sheets
As of March 31, 2024 (Unaudited) and December 31, 2023
(in thousands)
		March 31,				December 31,
		2024				2023
ASSETS
Land, at cost		$	885,993			$	869,848
Grain facilities			12,459				12,222
Groundwater			11,472				11,472
Irrigation improvements			41,345				41,988
Drainage improvements			10,315				10,315
Permanent plantings			42,286				39,620
Other			4,698				4,696
Construction in progress			1,795				4,453
Real estate, at cost			1,010,363				994,614
Less accumulated depreciation			(33,596	)			(33,083	)
Total real estate, net			976,767				961,531
Deposits			—				426
Cash and cash equivalents			6,228				5,489
Assets held for sale			26				28
Loans and financing receivables, net			31,170				31,020
Right of use asset			355				399
Accounts receivable, net			1,741				7,743
Derivative asset			1,602				1,707
Inventory			2,699				2,335
Equity method investments			4,053				4,136
Intangible assets, net			2,030				2,035
Goodwill			2,706				2,706
Prepaid and other assets			1,697				2,447
TOTAL ASSETS		$	1,031,074			$	1,022,002
LIABILITIES AND EQUITY
LIABILITIES
Mortgage notes and bonds payable, net		$	380,890			$	360,859
Lease liability			355				399
Dividends payable			2,964				13,286
Accrued interest			4,376				4,747
Accrued property taxes			2,523				1,898
Deferred revenue			9,889				2,149
Accrued expenses			3,659				7,854
Total liabilities			404,656				391,192
Commitments and contingencies
Redeemable non-controlling interest in operating partnership, Series A preferred units			99,743				101,970
EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 48,154,991 shares issued and outstanding at March 31, 2024, and 48,002,716 shares issued and outstanding at December 31, 2023			466				466
Additional paid in capital			577,648				577,253
Retained earnings			32,041				31,411
Cumulative dividends			(98,830	)			(95,939	)
Other comprehensive income			2,476				2,691
Non-controlling interests in operating partnership			12,874				12,958
Total equity			526,675				528,840
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY		$	1,031,074			$	1,022,002

Farmland Partners Inc.
Consolidated Statements of Operations
Three Months Ended March 31, 2024 and 2023 (Unaudited)
(in thousands except per share amounts)
		For the Three Months Ended
		March 31,
		2024				2023
OPERATING REVENUES:
Rental income		$	10,207			$	10,726
Crop sales			660				360
Other revenue			1,123				1,586
Total operating revenues			11,990				12,672
OPERATING EXPENSES
Depreciation, depletion and amortization			1,481				1,794
Property operating expenses			1,798				2,182
Cost of goods sold			541				946
Acquisition and due diligence costs			27				14
General and administrative expenses			2,627				2,606
Legal and accounting			333				244
Other operating expenses			36				49
Total operating expenses			6,843				7,835
OTHER (INCOME) EXPENSE:
Other (income)			(120	)			(11	)
(Income) loss from equity method investment			(77	)			27
(Gain) loss on disposition of assets, net			86				(1,826	)
(Income) from forfeited deposits			(1,205	)			—
Interest expense			5,036				4,924
Total other expense			3,720				3,114
Net income before income tax (benefit) expense			1,427				1,723
Income tax expense			19				9
NET INCOME			1,408				1,714
Net (income) attributable to non-controlling interests in operating partnership			(35	)			(38	)
Net income attributable to the Company			1,373				1,676
Dividend equivalent rights allocated to performance-based unvested restricted shares			(2	)			—
Nonforfeitable distributions allocated to time-based unvested restricted shares			(22	)			(16	)
Distributions on Series A Preferred Units			(743	)			(803	)
Net income available to common stockholders of Farmland Partners Inc.		$	606			$	857
Basic and diluted per common share data:
Basic net income available to common stockholders		$	0.01			$	0.02
Diluted net income available to common stockholders		$	0.01			$	0.02
Basic weighted average common shares outstanding			47,704				54,007
Diluted weighted average common shares outstanding			47,704				54,007
Dividends declared per common share		$	0.06			$	0.06
Note: Due to a presentation change to the consolidated statements of operations, the Company now groups tenant reimbursement into rental income. Please see “Note 2—Revenue Recognition” of the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2024, when filed, for the detailed components of rental income.

Farmland Partners Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31, 2024 and 2023 (Unaudited)
		For the three months ended March 31,
(in thousands except per share amounts)		2024				2023
Net income		$	1,408			$	1,714
(Gain) loss on disposition of assets, net			86				(1,826	)
Depreciation, depletion and amortization			1,481				1,794
FFO (1)		$	2,975			$	1,682
Stock-based compensation and incentive			525				459
Deferred impact of interest rate swap terminations			—				198
Real estate related acquisition and due diligence costs			27				14
Distributions on Preferred units and stock			(743	)			(803	)
AFFO (1)		$	2,784			$	1,550
AFFO per diluted weighted average share data:
AFFO weighted average common shares			49,278				55,567
Net income available to common stockholders of Farmland Partners Inc.		$	0.01			$	0.02
Income available to redeemable non-controlling interest and non-controlling interest in operating partnership			0.03				0.01
Depreciation, depletion and amortization			0.03				0.03
Impairment of assets			0.00				0.00
Stock-based compensation and incentive			0.01				0.01
(Gain) on disposition of assets, net			0.00				(0.03	)
Distributions on Preferred units and stock			(0.02	)			(0.01	)
AFFO per diluted weighted average share (1)		$	0.06			$	0.03

		For the three months ended March 31,
(in thousands)		2024				2023
Net income		$	1,408			$	1,714
Interest expense			5,036				4,924
Income tax expense			19				9
Depreciation, depletion and amortization			1,481				1,794
(Gain) loss on disposition of assets, net			86				(1,826	)
EBITDAre (1)		$	8,030			$	6,615
Stock-based compensation and incentive			525				459
Real estate related acquisition and due diligence costs			27				14
Adjusted EBITDAre (1)		$	8,582			$	7,088

(1)

Q1 2024 includes approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement

Farmland Partners Inc.
Reconciliation of Non-GAAP Measures
Three Months Ended March 31, 2024 and 2023 (Unaudited)
		For the three months ended March 31,
($ in thousands)		2024				2023
OPERATING REVENUES:
Rental income		$	10,207			$	10,726
Crop sales			660				360
Other revenue			1,123				1,586
Total operating revenues			11,990				12,672
Property operating expenses			1,798				2,182
Cost of goods sold			541				946
NOI			9,651				9,544
Depreciation, depletion and amortization			1,481				1,794
Acquisition and due diligence costs			27				14
General and administrative expenses			2,627				2,606
Legal and accounting			333				244
Other operating expenses			36				49
Other (income)			(120	)			(11	)
(Income) loss from equity method investment			(77	)			27
(Gain) loss on disposition of assets, net			86				(1,826	)
(Income) from forfeited deposits			(1,205	)			—
Interest expense			5,036				4,924
Income tax expense			19				9
NET INCOME		$	1,408			$	1,714
Note: Due to a presentation change to the consolidated statements of operations, the Company now groups tenant reimbursement into rental income. Please see “Note 2—Revenue Recognition” of the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2024, when filed, for the detailed components of rental income.

Non-GAAP Financial Measures

The Company considers the following non-GAAP measures as useful to investors as key supplemental measures of its performance: FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of the Company’s operating performance. FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre, as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company.

FFO

The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit. Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate related depreciation, depletion and amortization (excluding amortization of deferred financing costs), impairment write-downs of depreciated property, and adjustments associated with impairment write-downs for unconsolidated partnerships and joint ventures. Management presents FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from sales of depreciable operating properties, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. The Company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs. However, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO.

AFFO

The Company calculates AFFO by adjusting FFO to exclude the income and expenses that the Company believes are not reflective of the sustainability of the Company’s ongoing operating performance, including, but not limited to, real estate related acquisition and due diligence costs, stock-based compensation and incentive, deferred impact of interest rate swap terminations, and distributions on the Company’s preferred units.

Changes in GAAP accounting and reporting rules that were put in effect after the establishment of Nareit’s definition of FFO in 1999 result in the inclusion of a number of items in FFO that do not correlate with the sustainability of the Company’s operating performance. Therefore, in addition to FFO, the Company presents AFFO and AFFO per share, fully diluted, both of which are non-GAAP measures. Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company’s operational performance than FFO. AFFO is not intended to represent cash flow or liquidity for the period and is only intended to provide an additional measure of the Company’s operating performance. Even AFFO, however, does not properly capture the timing of cash receipts, especially in connection with full-year rent payments under lease agreements entered into in connection with newly acquired farms. Management considers AFFO per share, fully diluted to be a supplemental metric to GAAP earnings per share. AFFO per share, fully diluted provides additional insight into how the Company’s operating performance could be allocated to potential shares outstanding at a specific point in time. Management believes that AFFO is a widely recognized measure of the operations of REITs and presenting AFFO will enable investors to assess the Company’s performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and AFFO per share, fully diluted and, accordingly, the Company’s AFFO and AFFO per share, fully diluted may not always be comparable to AFFO and AFFO per share amounts calculated by other REITs. AFFO and AFFO per share, fully diluted should not be considered as an alternative to net income (loss) or earnings per share (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to net income (loss) earnings per share (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions.

EBITDAre and Adjusted EBITDAre

The Company calculates Earnings Before Interest Taxes Depreciation and Amortization for real estate (“EBITDAre”) in accordance with the standards established by Nareit in its September 2017 White Paper. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates. EBITDAre is a key financial measure used to evaluate the Company’s operating performance but should not be construed as an alternative to operating income, cash flows from operating activities or net income, in each case as determined in accordance with GAAP. The Company believes that EBITDAre is a useful performance measure commonly reported and will be widely used by analysts and investors in the Company’s industry. However, while EBITDAre is a performance measure widely used across the Company’s industry, the Company does not believe that it correctly captures the Company’s business operating performance because it includes non-cash expenses and recurring adjustments that are necessary to better understand the Company’s business operating performance. Therefore, in addition to EBITDAre, management uses Adjusted EBITDAre, a non-GAAP measure.

The Company calculates Adjusted EBITDAre by adjusting EBITDAre for certain items such as stock-based compensation and incentive and real estate related acquisition and due diligence costs that the Company considers necessary to understand its operating performance. The Company believes that Adjusted EBITDAre provides useful supplemental information to investors regarding the Company’s ongoing operating performance that, when considered with net income and EBITDAre, is beneficial to an investor’s understanding of the Company’s operating performance. However, EBITDAre and Adjusted EBITDAre have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

In prior periods, the Company has presented EBITDA and Adjusted EBITDA. In accordance with Nareit’s recommendation, beginning with the Company’s reported results for the three months ended March 31, 2018, the Company is reporting EBITDAre and Adjusted EBITDAre in place of EBITDA and Adjusted EBITDA.

Net Operating Income (NOI)

The Company calculates net operating income (NOI) as total operating revenues (rental income, tenant reimbursements, crop sales and other revenue), less property operating expenses (direct property expenses and real estate taxes), less cost of goods sold. Since net operating income excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other income and losses and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and leasing farmland real estate, providing a perspective not immediately apparent from net income. However, net operating income should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other income and losses.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240430711499/en/

James Gilligan

ir@farmlandpartners.com

Source: Farmland Partners Inc.

FAQ

What is Farmland Partners Inc.'s stock symbol?

Farmland Partners Inc.'s stock symbol is FPI on the NYSE.

What was Farmland Partners Inc.'s net income for the first quarter of 2024?

Farmland Partners Inc. reported a net income of $1.4 million for the first quarter of 2024.

Did Farmland Partners Inc. declare a dividend for the first quarter of 2024?

Yes, Farmland Partners Inc. declared a quarterly cash dividend of $0.06 per share of common stock and Class A Common OP unit for the first quarter of 2024.