Farmland Partners Inc. Reports Second Quarter 2020 Results

For the three months ended June 30, 2020, the Company recorded Adjusted Earnings Before Interest Taxes Depreciation and Amortization for real estate ("Adjusted EBITDAre") of $6.0 million, as compared to $6.5 million for the same period during 2019. For the six months ended June 30, 2020, the Company recorded Adjusted EBITDAre of $13.4 million, as compared to $13.6 million for the same period during 2019.

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 June 30, 2020, the Company recorded total operating revenues of $10.5 million, as compared to $10.9 million for the same period during 2019. For the six months ended June 30, 2020, the Company recorded total operating revenues of $22.2 million, as compared to $21.8 million for the same period during 2019.

For the three months ended June 30, 2020, the Company recorded total operating income of $3.7 million and net operating income ("NOI") of $8.7 million, as compared to total operating income of $4.0 million and NOI of $8.8 million for the same period in 2019. For the six months ended June 30, 2020, the Company recorded total operating income of $9.0 million and NOI of $18.5 million, as compared to total operating income of $8.5 million and NOI of $17.7 million for the same period in 2019.

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 June 30, 2020, the Company completed two acquisitions, consisting of four properties in the Corn Belt region, for a total consideration of $1.4 million. In the same period, the Company completed three dispositions, consisting of four properties in Corn Belt and High Plains regions, for a total consideration of $7.5 million and an aggregate gain on sale of $0.8 million.

Balance Sheet

During the quarter ended June 30, 2020, the Company repurchased 269,792 shares of common stock at a weighted average price of $6.66 per share for an aggregate purchase price of $1.8 million, and 92,190 shares of Series B preferred stock at a weighted average price of $22.98 per share for an aggregate purchase price of $2.1 million. As of June 30, 2020, the Company had approximately $44.7 million in shares that it can repurchase under its stock repurchase plan.

As of June 30, 2020, and the date of this press release, the Company had 31,499,735 shares of common stock outstanding on a fully diluted basis.

The Company had total debt outstanding of $512.2 million at June 30, 2020, compared to $512.9 million at December 31, 2019.

Dividend Declarations

The Company announced that its Board of Directors has 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 October 15, 2020, to stockholders and unit holders of record on October 1, 2020.

The Company also announced today that its Board of Directors has declared a quarterly cash dividend of $0.3750 per share of Series B Participating Preferred Stock. The dividends are payable on September 30, 2020 to holders of Series B Participating Preferred Stock of record on September 15, 2020.

Conference Call Information

The Company has scheduled a conference call on August 10, 2020, at 11:00 a.m. (Eastern Time) to discuss its financial results for the quarter ended June 30, 2020. 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. Second Quarter 2020 Earnings 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 August 10, 2020 at 1:00 p.m. (Eastern Time) until August 24, 2020, 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: 10146723. 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.

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 156,500 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.

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, the impact of the ongoing COVID-19 pandemic on our business, expectations with respect to pending litigation, 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: the impact of the COVID-19 pandemic and efforts to reduce its spread on our business and on the economy and capital markets generally, 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, 2019, 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 June 30, 2020 (unaudited) and December 31, 2019 (audited) (in thousands except par value and share data)
		June 30,			December 31,
		2020			2019
ASSETS
Land, at cost		$	934,260		$	937,813
Grain facilities			12,091			12,091
Groundwater			10,214			11,473
Irrigation improvements			53,793			53,871
Drainage improvements			12,606			12,674
Permanent plantings			54,545			52,089
Other			8,013			7,827
Construction in progress			9,360			11,911
Real estate, at cost			1,094,882			1,099,749
Less accumulated depreciation			(28,813)			(25,277)
Total real estate, net			1,066,069			1,074,472
Deposits			—			1
Cash			11,598			12,561
Notes and interest receivable, net			2,448			4,767
Right of use asset			163			73
Deferred financing fees, net			131			174
Accounts receivable, net			3,144			5,515
Inventory			2,132			1,550
Prepaid and other assets			1,637			3,440
TOTAL ASSETS		$	1,087,322		$	1,102,553 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 15.06.24 - wallstreet:online ... Warren Buffett: Der alte Mann und das "Mehr" 15.06.24 - XTB GOLD: Moderate Erholungen! --- Die aktuelle Gold-Analyse 15.06.24 - bullvestor Breaking News: Wird dieser Pennystock zu “BioNTech 2”? Sensationelle News:    Hat East Africa bisher nur an der Oberfläche gekratzt?! weiterlesen» Anzeige wo-site-teaser-box-17274_site-teaser-box_2024-06-15_09%253A00%253A00_2024-06-16_09%253A00%253A59