Farmland Partners Inc Stock Price, News & Analysis

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.