By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Live Trading NewsLive Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
Reading: Farmland Partners Inc. (NYSE: FPI) is a Buy
Share
Live Trading NewsLive Trading News
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Search
  • Stocks
  • Forex
  • Gold
  • KNIGHTS
  • Luxury
  • Horse Racing
  • Trade Now
Follow US
© 2024 LiveTradingNews.com - All Rights Reserved.
Live Trading News > Blog > Stocks > US Stocks > Farmland Partners Inc. (NYSE: FPI) is a Buy
Real Estate

Farmland Partners Inc. (NYSE: FPI) is a Buy

Shayne Heffernan Ph.D.
Last updated: May 13, 2021 7:52 am
Shayne Heffernan Ph.D.
Share
8 Min Read
wp5432162 1
SHARE

Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial results for the quarter ended March 31, 2021.

Selected Q1 2021 Highlights

During the quarter ended March 31, 2021, the Company:

  • recorded net income of $2.5 million, $5.0 million excluding litigation-related legal expenses1;
  • recorded AFFO of -$1.6 million, $0.9 million excluding litigation-related legal expenses;
  • completed two acquisitions, for total consideration of $2.9 million;
  • completed 14 dispositions, for total consideration of $28.5 million, total gain on sale of $3.4 million;
  • reduced debt by $20 million;
  • bought back 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; and
  • grew the off-balance sheet asset management business to ten properties and $21.5 million of AUM.

CEO Comments

Paul A. Pittman, Chairman and CEO said: “The demand-driven bull market and farm productivity gains are generating a strong profit outlook for farmers, which, in turn, are generating positive momentum in land values and lease renewal rates.  Q1 2021 was a strong quarter for Farmland Partners, other than for legal expenses related to the on-going Rota Fortunae litigation.  Specialty crop performance is on track to equal or exceed 2020, but it is still early in the season.”

Macro Comments

  • Commodity Demand: Soy exports for the 2020/2021 marketing year are forecasted to be the largest ever, with the first six months (August to February) showing an increase of 78% over the prior year. Soybean inventory reached its lowest level since March 2016. Corn exports increased 77% for the first six months of the 2020/2021 marketing year (August to February). Ethanol was down 6% over the same period, but gasoline production is expected to increase relative to prior year as gasoline consumption recovers from COVID-19 related travel restrictions.

Financial 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.

You Might Also Like

125 Public Companies Now Hold Bitcoin

Banking Apocalypse, Bitcoin’s Just the Beginning

Bitcoin at ATH, What Next?

InfoFi: The Latest Abomination in Crypto

Ethereum Trading Outlook

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

Subscribe our newsletter for latest news around the world. Let's stay updated!

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
By Shayne Heffernan Ph.D.
Follow:
Shayne Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 40 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.
Previous Article wp2973287 Lion Group to enter the NFT industry
Next Article wp2204754 GBITS Crypto Sustainability Statement
Buy Bitcoin

Buy Bitcoin

Latest News

Ferrari Hypersail 1 1024x682 1
Ferrari Hypersail
Ferrari Formula One Headline News Lifestyles of the RIch and Famous Living Luxury Most Popular Must Read Opinion Shayne Heffernan Shayne Heffernan Sports Top Stories July 14, 2025
Saint Francis of Assisi in Ecstasy Caravaggio c.1595
St. Francis: The Deeds You Do Today
Catholic Featured Headline News Lifestyle Lifestyles of the RIch and Famous Living Luxury Opinion Politics Shayne Heffernan July 11, 2025
Screenshot 26 6 2025 132527
Tokenization and the Future of Financial Markets
Bitcoin Blockchain DeFI Digital Assets Economy Headline News KXCO Politics USD July 11, 2025
czi0oawj8y561
Asia’s Growth Resilience Amid U.S. Tariffs
America Asia Asia Business Featured Headline News KXCO Politics USD July 10, 2025

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
4.4kFollowersFollow
//

Stay informed with LiveTradingNews.com – your ultimate destination for timely and insightful updates on global markets, finance, and investment trends. Explore the latest news and analysis to empower your trading decisions.

Quick Link

  • About us
  • Advertise
  • Send us a tip!
  • Privacy Policy
  • Contact us

Top Categories

  • Knightsbridge Insights
  • Featured
  • Stocks
  • Shayne Heffernan
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Subscribe our newsletter for latest news around the world. Let's stay updated!

Live Trading NewsLive Trading News
Follow US
© 2025 LiveTradingNews - For The Traders, By The Traders – All Right Reserved By Knightsbridge Group
Welcome Back!

Sign in to your account

Register Lost your password?