Farmland Partners Inc Stock Price, News & Analysis

Farmland Partners Inc. (NYSE: FPI) reported no significant damage to its farms from Hurricanes Ida and Nicholas, despite severe weather in the Delta region. The company shared updates on lease renewals, indicating that approximately 40,100 acres (27% of its owned portfolio) are up for renewal in 2021, with 23,250 acres (59% of renewals) completed. The renewal trends show a weighted average increase of 10-11%. These renewals are set to begin contributing to revenue more significantly in 2022 and beyond. The next earnings call will provide further updates.

Farmland Partners Inc. (NYSE: FPI) announced a $29 million investment through its Promised Land Opportunity Zone Farms I, LLC, acquiring a farm in eastern North Carolina. This acquisition brings the OZ Fund's total portfolio value to approximately $53 million, covering around 8,300 acres across four states. The company increased its membership interest in the OZ Fund to about 10%, aiming to leverage its asset management capabilities for shareholder value through management fees.

Promised Land Opportunity Zone Farms I, LLC acquired 4,528 acres of cropland in eastern North Carolina for $29 million. This strategic investment aims to boost economic activity and labor opportunities in the area. The newly added land enhances Promised Land's portfolio to approximately $53 million, spanning 8,300 acres across multiple states, including North Carolina and Illinois. The farmland includes over 4,000 tillable acres and is poised for capital improvements such as drainage, irrigation, and grain storage. Farmland Partners Inc. (NYSE: FPI) manages the property, leveraging scalable investment opportunities.

Farmland Partners Inc. (NYSE:FPI) announced the closing of a $2.1 million loan to a Michigan farmer under its FPI Loan Program. The loan, due in 2023, has a loan-to-value ratio of approximately 65% and aims to unlock equity for refinancing existing credit facilities. The program supports farmers in generating liquidity and targets loans ranging from $500,000 to $10 million. CEO Paul Pittman emphasized the opportunity to provide profitable debt financing despite a strong agriculture economy.

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.