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.
Promised Land Opportunity Zone Farms I closed a $50 million debt financing with Conterra Agricultural Capital. This 10-year financing aims to promote economic development in agricultural communities. John Heneghan, President of Servant Financial, emphasized the growing potential of Agricultural Opportunity Zones. The financing will accelerate Promised Land's investments and partnerships within these zones, which offer preferential tax treatment for new investments. Managed by Farmland Partners Inc. (FPI), Promised Land controls about 3,800 acres across Illinois, South Carolina, and Mississippi.
Farmland Partners Inc. (FPI) has announced the updated Cumulative Farmland Value Appreciation (FVA) for its 6.00% Series B Participating Preferred Stock. As of September 30, 2021, the Cumulative FVA stands at 12.33%, resulting in an FVA Factor of 6.16% and an FVA Amount of $1.54. The total value, including initial liquidation preference, reaches $26.54. These figures are derived from the USDA's 2021 Land Values report and reflect the company's portfolio across multiple states, enhancing its investment appeal for current and prospective shareholders.
Farmland Partners Inc. (FPI) reported its financial results for the six months ended June 30, 2021. Highlights include a net income of $(0.4) million and AFFO of $(5.3) million, showing declines compared to the previous year. However, the company experienced strong farmland value appreciation and increased lease renewal rates, driven by strong farmer profitability. FPI completed four acquisitions totaling $29.9 million and disposed of fifteen properties, generating a gain of $3.5 million. The Board declared dividends of $0.05 per share, payable on October 15, 2021.
Farmland Partners Inc. (NYSE:FPI) will release its financial results for Q2 2021 on August 4, 2021, after 5 p.m. ET. A conference call is scheduled for August 5, 2021, at 12:00 p.m. ET to discuss the results and provide a company update. Participants can join via phone or a live webcast on the company's website. As of now, Farmland Partners manages approximately 161,000 acres across 16 states and operates with 26 crop types and over 100 tenants, functioning as a real estate investment trust (REIT) since December 31, 2014.
Farmland Partners Inc. (NYSE:FPI) announced the closing of new loans under its FPI Loan Program, aimed at providing liquidity to farmers through land equity. The loans, ranging from $500,000 to $10 million, are intended for various purposes including farm expansion and improving working capital. Recently, the company closed $1.6 million in loans to a major High Plains operator, with a loan-to-value ratio of about 75%. This program complements FPI's existing business model of acquiring farmland and leasing it to farmers.
Farmland Partners Inc. (NYSE: FPI) announced the acquisition of 182 acres of cropland in Northern Florida for $1 million, comprising 160 irrigated, tillable acres. The property will generate a yield of approximately 5% and will be leased for several years. Chairman and CEO Paul A. Pittman emphasized the farm's value as a long-term investment due to its irrigation capacity and versatility in crop production. This acquisition expands the company's portfolio, which currently includes approximately 161,000 acres across 16 states.
Farmland Partners (NYSE: FPI) announced the voluntary dismissal of a derivative claim by Anna Barber against the company and its leadership, following a false fraud allegation made by short-seller Quinton Mathews in a 2018 article. Mathews admitted that his statements were untrue, which adversely affected FPI's stock price. The Maryland Circuit Court also dismissed two related claims. CEO Paul Pittman views this dismissal as a step toward vindication and urges class-action plaintiffs to reconsider their lawsuits based on the false claims.
Farmland Partners Inc. (FPI) has resolved its litigation against Quinton Mathews, author of a defamatory article published on July 11, 2018, which harmed FPI's stock price. Mathews has admitted that his article contained false statements and will pay FPI multiples of the profits he made from shorting the stock. The article had caused a 39% drop in FPI's stock price on the publication day. The company plans to continue pursuing claims against the hedge fund associated with Mathews, which reportedly paid him over $100,000 for his role in the scheme.
Farmland Partners Inc. (NYSE: FPI) announced that the Maryland Circuit Court dismissed shareholder derivative claims against the company and its officers, stemming from allegations made by a short-seller. The claims were based on purportedly false statements regarding undisclosed loans to farmers. The court ruled that the plaintiffs failed to prove their demands for litigation were wrongfully refused. CEO Paul Pittman stated this dismissal brings the company closer to resolving ongoing litigation and reducing unnecessary costs.
Farmland Partners Inc. (NYSE: FPI) acquired 8,349 acres of cropland in Southern Louisiana for $26.8 million. This property includes 5,943 tillable acres known for rice and soybean production and features advanced irrigation capabilities. The transaction also protects over 1,200 acres of fresh-water marshland, boosting environmental and recreational benefits. The farm will be leased at a yield of approximately 4.2%, enhancing FPI's portfolio in the Delta region, according to CEO Paul A. Pittman.
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