Farmland Partners Inc Stock Price, News & Analysis

Farmland Partners Inc. (NYSE: FPI) reported Q1 2021 financial results, highlighting a net income of $2.5 million ($5.0 million excluding litigation expenses). Despite a reported AFFO of -$1.6 million, it completed two acquisitions totaling $2.9 million and sold 14 properties for $28.5 million, achieving a gain of $3.4 million. Debt decreased by $20 million to $488.2 million. The company declared a dividend of $0.05 per common share, payable on July 15, 2021.

CEO Paul Pittman noted strong farm profitability and land value trends, although legal expenses impacted overall performance.

Farmland Partners Inc. (NYSE:FPI) will release its financial results for Q1 2021 on May 13, 2021, before 8 a.m. ET. A conference call to discuss the results will take place at 11:00 a.m. ET that same day. The call can be accessed toll-free at 1-866-262-6804 in the U.S. and will also be available via webcast on the Company’s website. A replay will be accessible until May 27, 2021. As of now, the company owns approximately 149,000 acres across 16 states, focusing on high-quality farmland acquisition and loans to farmers.

Farmland Partners Inc. (NYSE: FPI) reported its financial results for the year ending December 31, 2020. The company completed three acquisitions totaling $1.4 million and seven dispositions totaling $20.5 million, yielding a gain of $3.2 million. For Q4 2020, net income was $6.4 million, down from $9.8 million in Q4 2019. The annual net income was $7.5 million, a drop from $14.9 million in 2019, resulting in a basic net loss of $(0.18) per share. Despite challenges due to COVID-19, the company repurchased 1,034,167 shares at an average price of $6.59 and declared a quarterly dividend of $0.05 per share.

Farmland Partners Inc. (NYSE: FPI) announced the sale of 2,811 acres across eight farms to Promised Land Opportunity Zone Farms I, LLC for $18.3 million. The transaction allowed FPI to repay $7.8 million in debt while receiving $8.5 million in cash proceeds and a $2.0 million convertible note. This sale marks a significant step in FPI's partnership with the OZ Fund, which focuses on enhancing farmland within qualified opportunity zones. FPI's chairman emphasized the favorable outlook for farmers due to strong commodity prices in 2021.

Farmland Partners Inc. (NYSE:FPI) will release its financial results for the quarter and fiscal year ended December 31, 2020, after 4 p.m. ET on March 17, 2021. A conference call will follow on March 18, 2021, at 11:00 a.m. ET to discuss these results. Investors can join by phone or via a live webcast available on the Company's website. A replay of the call will be accessible until March 27, 2021. Farmland Partners is a real estate company focused on acquiring North American farmland and making secured loans to farmers, owning about 155,000 acres across 16 states.

Farmland Partners Inc. (NYSE: FPI) announced the appointment of Toby O'Rourke to its Board of Directors, effective February 11, 2021. Following this appointment, the Board will consist of six directors, five of whom are independent. O'Rourke, who has been the President and CEO of KOA, Inc. since March 2019, brings extensive marketing and technology experience to the Board. The Chairman and CEO, Paul Pittman, expressed that O'Rourke's addition enhances the Board's expertise as the company positions itself for long-term growth in the farmland market.

Farmland Partners Inc. (NYSE: FPI) has declared quarterly cash dividends of $0.05 per common share and $0.3750 per share of Series B Participating Preferred Stock. The dividend for common shares is payable on April 15, 2021, to stockholders on record by April 1, 2021. Similarly, the preferred stock dividend will be paid on March 31, 2021, to holders of record by March 15, 2021. Since being taxed as a REIT, the company aims to attract investment through stable dividends while managing approximately 154,000 acres across 16 states.

Farmland Partners Inc. (NYSE: FPI) has finalized agreements with Promised Land Opportunity Zone Farms I, LLC, for property sales and long-term management of farmland in economically distressed areas. The deal allows FPI to sell approximately $47 million worth of land while retaining management, thereby generating fees. This strategic initiative aims to enhance assets under management without dilutive equity capital raises. The OZ Fund focuses on farmland acquisitions in qualified opportunity zones, promising beneficial tax treatment for investments.

Farmland Partners Inc. (NYSE: FPI) announced a series of agreements to sell approximately 1,268 acres in Virginia to Ducks Unlimited for total gross proceeds of $8 million over three years. The transaction is expected to yield a gain of about $0.8 million, representing a 10.6% increase relative to book value for shareholders. The property is located in the Atlantic Flyway, enhancing conservation efforts in the area. Closings for the three tracts are scheduled between January 30, 2021, and November 30, 2023, pending funding and due diligence.