Farmland Partners Inc. Reports First Quarter 2021 Results

• For the three months ended March 31, 2021, the Company recorded net income of $2.5 million ($5.0 million excluding litigation-related legal expenses), as compared to net income of $0.4 million for the same period during 2020.
• For the three months ended March 31, 2021, the Company recorded basic net loss to common stockholders of $0.02 per share (basic net income to common stockholders of $0.07 per share excluding litigation-related legal expenses), as compared to basic net loss to common stockholders of $­­­0.09 per share for the same period during 2020.
• For the three months ended March 31, 2021, the Company recorded Adjusted Funds from Operations ("AFFO") of -$1.6 million ($0.9 million excluding litigation-related legal expenses), as compared to AFFO of -$0.4 million for the same period during 2020.
• For the three months ended March 31, 2021, the Company recorded AFFO per fully diluted share of -$0.05 ($0.03 excluding litigation-related legal expenses), as compared to AFFO per fully diluted share of -$0.01 for the same period during 2020.
• For the three months ended March 31, 2021, the Company recorded Adjusted Earnings Before Interest Taxes Depreciation and Amortization for real estate ("Adjusted EBITDAre") of $5.3 million ($7.8 million excluding litigation-related legal expenses), as compared to $7.4 million for the same period during 2020.
• See "Non-GAAP Financial Measures" for complete definitions of AFFO and Adjusted EBITDAre and the financial tables accompanying this press release for reconciliations of net income to AFFO and Adjusted EBITDAre.

Operating Results            

• For the three months ended March 31, 2021, the Company recorded total operating revenues of $11.6 million, as compared to $11.7 million for the same period during 2020.
• For the three months ended March 31, 2021, the Company recorded total operating income of $3.1 million ($5.6 million excluding litigation-related legal expenses), as compared to total operating income of $5.3 million for the same period in 2020.
• For the three months ended March 31, 2021, the Company recorded net operating income ("NOI") of $9.6 million, as compared to NOI of $9.8 million for the same period in 2020.
• See "Non-GAAP Financial Measures" for a complete definition of NOI and the financial tables included in this press release for reconciliations of net income to NOI.

Acquisition and Disposition Activity

• During the quarter ended March 31, 2021, the Company completed two acquisitions for total consideration of $2.9 million.
• During the quarter ended March 31, 2021, the company the Company completed disposal of 14 properties for total consideration of $28.5 million and total gain on sale was $3.4 million.

Balance Sheet

• During the quarter ended March 31, 2021, the Company did not repurchase any shares of common stock.
• During the quarter ended March 31, 2021, the Company repurchased 8,291 shares of Series B preferred stock at a weighted average price of $25.82 for an aggregate purchase price of $0.2 million.
• As of March 31, 2021, and the date of this press release, the Company had 32,319,978 shares of common stock outstanding on a fully diluted basis.
• The Company had total debt outstanding of $488.2 million at March 31, 2021, compared to total debt outstanding of $508.2 million at December 31, 2020.

Dividend Declarations

• The Company's Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock and per Class A Common OP unit. The dividends are payable on July 15, 2021, to stockholders and common unit holders of record on July 1, 2021.
• The Company's Board of Directors declared a quarterly cash dividend of $0.3750 per share of Series B Participating Preferred Stock. The dividends are payable on June 30, 2021 to holders of Series B Participating Preferred Stock of record on June 15, 2021.

Conference Call Information

The Company has scheduled a conference call on May 13, 2021 at 11:00 a.m. (Eastern Time) to discuss the financial results and provide a company update.  The call can be accessed live over the phone toll-free by dialing 1-866-262-6804 (U.S.), or 1-855-669-9657 (Canada), or 1-412-902-4107 (International).  Participants can reference the Farmland Partners Inc. First Quarter 2021 Earnings Conference Call.  The conference call will also be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company's website, www.farmlandpartners.com.  A replay of the conference call will be available beginning shortly after the end of the event until May 27, 2021 at 11:59 p.m. (Eastern Time), by dialing 1-877-344-7529 (U.S.), or 1-855-669-9658 (Canada), or 1-412-317-0088 (International); passcode: 10155371 . A replay of the webcast will also be accessible on the Investor Relations section of the Company's website for a limited time following the event.

A supplemental information package accompanying this release will be made available on the Investor Relations section of the Company's website.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns approximately 149,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014.  Additional information: www.farmlandpartners.com or (720) 452-3100.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements with respect to our outlook, proposed and pending acquisitions and dispositions, the potential impact of trade disputes and recent extreme weather events on the Company's results, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company's common stock or Series B participating preferred stock, changes in the Company's business strategy, availability, terms and deployment of capital, the Company's ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, availability of qualified personnel, changes in the Company's industry, interest rates or the general economy, adverse developments related to crop yields or crop prices, the degree and nature of the Company's competition, the timing, price or amount of repurchases, if any, under the Company's share repurchase program, the ability to consummate acquisitions or dispositions under contract and the other factors described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and the Company's other filings with the Securities and Exchange Commission.  Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Farmland Partners Inc.
Consolidated Balance Sheets
As of March 31, 2021 (unaudited) and December 31, 2020 (audited)
(in thousands except par value and share data)
		March 31,			December 31,
		2021			2020
ASSETS
Land, at cost		$	903,728		$	924,952
Grain facilities			11,283			12,091
Groundwater			10,214			10,214
Irrigation improvements			52,077			53,887
Drainage improvements			12,606			12,805
Permanent plantings			53,519			54,374
Other			6,930			8,167
Construction in progress			9,893			9,284
Real estate, at cost			1,060,250			1,085,774
Less accumulated depreciation			(33,366)			(32,654)
Total real estate, net			1,026,884			1,053,120
Deposits			52			—
Cash			36,070			27,217
Assets held for sale			541			—
Notes and interest receivable, net			2,416			2,348
Convertible notes receivable			2,417			—
Right of use asset			58			93
Deferred financing fees, net			66			87
Accounts receivable, net			3,071			4,120
Inventory			1,104			1,117
Prepaid and other assets			2,530			2,889
TOTAL ASSETS		$	1,075,209		$ Werbung Mehr Nachrichten zur Farmland Partners Inc. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 19.06.24 - PR Newswire Worldwide Healthcare Trust PLC - Transaction in Own Shares 19.06.24 - PR Newswire BlackRock Greater Europe Investment Trust Plc - Transaction in Own Shares Kaufalarm!    Warum diese Aktie jetzt massiv durchstartet und wie Sie zu neuen Gratis-Aktien kommen… weiterlesen» Anzeige wo-site-teaser-box-17316_site-teaser-box_2024-06-20_08%253A00%253A00_2024-06-21_09%253A00%253A59