Farmland Partners Inc Stock Price, News & Analysis

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.

Farmland Partners Inc. (FPI) has appointed real estate veteran Tom Heneghan to its board of directors. Heneghan's entity will acquire 1,250,000 shares at $8.00 per share, totaling $10 million. He brings over 30 years of experience in institutionalizing various real estate sectors. Heneghan's investment highlights his confidence in the company's potential, particularly in a farmland market valued at $2.5 trillion, where institutional ownership is underrepresented. The management believes that farmland's predictability makes it an attractive asset class.

Farmland Partners (NYSE: FPI) reported Q3 2020 financial results, showing net income of $0.6 million, an improvement from a net loss of $1.5 million in Q3 2019. Basic net loss to common stockholders was $0.09 per share, compared to $0.15 per share the previous year. Total operating revenues increased to $10.6 million from $9.8 million year-over-year. Adjusted Funds from Operations (AFFO) remained negative at $(1.4 million). The company also declared a quarterly cash dividend of $0.05 per share payable on January 15, 2021. Despite challenges from COVID-19, the outlook for farmland values remains stable.

Farmland Partners Inc. (NYSE:FPI) announced it will release its financial results for Q3 2020 on November 9, 2020, before 9:00 a.m. ET. A conference call will also be held on the same day at 11:00 a.m. ET to discuss these results and provide updates. Investors can participate via phone or listen to a live webcast on the company's website. A replay of the call will be available from November 9 at 1:00 p.m. ET until November 19 at 11:59 p.m. ET.