Farmland Partners Inc Stock Price, News & Analysis

Farmland Partners Inc. (NYSE: FPI) announced the sale of 862 acres of farmland in White County, Arkansas, for $3.7 million, representing a 24% gain over its net book value. The buyer is a local farmer planning to cultivate cotton. FPI retains all solar energy option payments and a 30% share in future revenue from a renewable energy project associated with the land. Following this transaction, FPI owns nearly 12,000 acres in Arkansas and approximately 195,000 acres across 19 states. The company continues seeking prime farmland opportunities while managing financial performance for its shareholders.

Farmland Partners Inc. (NYSE: FPI) announced the appointment of Jennifer Grafton to its Board of Directors, effective March 16, 2023. Grafton brings extensive legal expertise and executive leadership experience, currently serving as Executive Vice President and General Counsel at E2open Parent Holdings, Inc. She has a strong background in corporate governance, ESG, and risk management. Grafton expressed enthusiasm for contributing to the Company’s continued success following a strong performance in 2022. Farmland Partners manages approximately 196,100 acres across 19 states and is positioned as a significant player in the North American farmland sector.

Farmland Partners Inc. announced the elevation of Luca Fabbri as CEO, succeeding Paul Pittman, who will continue as Executive Chairman. This transition is part of a previously approved succession plan. Fabbri co-founded FPI and has been with the company since its inception, previously serving as CFO and President. He holds degrees from the University of Naples and MIT.

FPI manages approximately 196,100 acres across 19 states and operates as a REIT. The company aims to leverage its deep understanding of agriculture as it moves forward under Fabbri's leadership.

Farmland Partners Inc. (NYSE: FPI) reported record financial results for 2022, achieving a net income of $12.0 million ($0.16 per share) compared to $10.3 million for 2021. The company posted Adjusted Funds from Operations (AFFO) of $15.8 million ($0.30 per share), a significant increase from $0.4 million in 2021. FPI reduced its total debt by $73.9 million to $439.5 million and increased liquidity to $176.7 million. The company renewed 95% of its row crop fixed farm rent leases with a 16% average increase. While facing challenges in specialty crops and rising interest costs, FPI remains positive about the farm economy and its business outlook.

Farmland Partners Inc. (NYSE: FPI) will disclose its financial results for the fourth quarter and fiscal year ended December 31, 2022, on February 22, 2023, post 5 p.m. ET. A conference call for discussion will take place on February 23, 2023, at 11:00 a.m. ET. The call can be accessed toll-free via different numbers for the USA, Canada, and other locations, with a passcode of 185046. A replay will be available until March 5, 2023. As of December 31, 2022, FPI owns and manages approximately 196,100 acres across 19 states, focusing on high-quality North American farmland and associated real estate loans.

Farmland Partners Inc. (NYSE: FPI) announced the acquisition of 291 acres of farmland in Schuyler County, Illinois, for $2.16 million at an auction on November 29. This property is strategically located near another FPI farm, which is expected to enhance operational efficiency and rental rates. The new farmland is leased to the existing tenant of a nearby FPI farm, promising strong rental income and potential asset appreciation, given that Illinois agricultural land has averaged 5.7% annual appreciation since 1970. As of now, FPI owns and manages approximately 195,000 acres across 19 states.

Farmland Partners Inc. (NYSE: FPI) has announced the acquisition of a 3,843-acre farm in Texas for $12.1 million, marking its first purchase in the state since 2020. The farm, located in Dallam and Hartley Counties, focuses on producing potatoes, corn, and wheat. FPI emphasizes the significance of this acquisition, which includes a favorable lease with CSS Farms, a major potato grower. Historically, Texas agricultural land has averaged 5.7% annual appreciation since 1970, suggesting strong future value.

Farmland Partners Inc. (NYSE: FPI) has announced that President Luca Fabbri will succeed Paul Pittman as CEO after the filing of the Annual Report for the fiscal year ended December 31, 2022. Pittman will remain as Executive Chairman. Fabbri, a co-founder and former CFO, has played a significant role in FPI's strategic direction. He expressed enthusiasm for leading the company and ensuring strong risk-adjusted returns for shareholders. FPI manages over 190,000 acres across 18 states, focusing on high-quality farmland acquisition.