Farmland Partners Inc. Reports Third Quarter 2021 Results

DENVER, Oct. 27, 2021

Selected 2021 Highlights

During the nine months ended September 30, 2021, the Company:

• recorded net income of $(3.1) million, $3.8 million excluding litigation-related items¹, compared to $1.2 million, $1.9 million excluding litigation related items², for the same period in 2020;
• recorded AFFO of $(8.5) million, $(1.6) million excluding litigation-related items¹, compared to $(3.2) million, $(2.4) million excluding litigation related items², for the same period in 2020;
• completed five acquisitions, for total consideration of $31.0 million;
• completed seventeen property dispositions, for total consideration of $31.1 million and total gain on sale of $3.4 million;
• retained property management for ten out of seventeen disposed properties and closed an additional acquisition in the third quarter, growing the asset management business's assets under management to over $50 million; and
• sold 1,959,512 shares of common stock at an average price of $13.12 for aggregate net proceeds of $25.4 million under the ATM Program.

__________________________
	1	For the nine months ended September 30, 2021, legal and accounting expense included $7.4 million related to litigation and revenue included $0.6 million of litigation settlement proceeds related to Rota Fortunae, resulting in a net impact of $6.9 million.
	2 ARIVA.DE Börsen-Geflüster Kurse Farmland Partners Inc. 9,92 € -1,20%	For the nine months ended September 30, 2020, legal and accounting expense included $0.8 million related to litigation.

The Company also:

• announced the conversion of its 6.00% Series B Preferred Stock into shares of common stock effective October 4, 2021 (FPI press release);
• reopened its loan program to enhance farmers' access to liquidity;
• experienced strong farmland values with accelerating appreciation, especially in row crop regions;
• showed substantial increases in lease renewal rates, reflecting increased farmer profitability; and
• reached a settlement with Quinton Mathews regarding the falsity of claims that were used to launch the "short and distort" scheme targeting FPI, its management, and its stockholders (FPI press release).

CEO Comments

Paul A. Pittman, Chairman and CEO said: "This was another solid quarter for FPI, but for the litigation expense.  We converted the Series B Preferred Stock to common stock after quarter-end, a transaction that creates value for shareholders by improving cash flow, reducing leverage, and increasing equity market capitalization. Strong farmer profits are driving our 2021 lease renewals to an increase of over 10% through approximately 70% of the year's renewals.  We are actively pursuing investment opportunities and building a strong pipeline of potential transactions."

Macro Comments

Farmers, particularly in the row crop sector, are experiencing strong profitability driven by increased exports to China and production problems in other parts of the world.

• Farm Sector Income: According to a USDA report published in September, net cash farm income is forecast to increase by 21.5% to $134.7 billion in 2021.
• Farmland Appreciation: According to the Chicago Fed's August 2021 AgLetter, the value of good farmland in Illinois increased by 12% from July 2020 to July 2021. Farmland values for the Seventh Federal Reserve District had their largest gain in eight years.

Financial and Operating Results

• The table below shows financial and operating results for the three months ended September 30, 2021 and 2020. The values are shown as reported and after adjusting for litigation items.

		As reported						Adjusted for litigation (1)
		For the three months ended						For the three months ended
		September 30,						September 30,
Financial Results:		2021			2020			2021			2020
Net Income (Loss)		$	(2,669)		$	561		$	(439)		$	550
Net income (loss) per share available to common stockholders		$	(0.17)		$	(0.09)		$	(0.11)		$	(0.09)
AFFO		$	(3,236)		$	(1,410)		$	(1,006)		$	(1,421)
AFFO per diluted weighted average share		$	(0.09)		$	(0.04)		$	(0.03)		$	(0.05)
Adjusted EBITDAre		$	3,707		$	5,874		$	5,937		$	5,863
Operating Results:
Total Operating Revenues		$	10,105		$	10,604		$	10,105		$	10,604
Operating Income		$	1,434		$	3,649		$	3,664		$	3,638
Net Operating Income (NOI)		$	8,112		$	8,643		$	8,112		$	8,643 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 05.06.24 - PR Newswire Fidelity Japan Trust Plc - Transaction in Own Shares 05.06.24 - PR Newswire Finsbury Growth & Income Trust PLC - Transaction in Own Shares