Financial Performance - Net income increased 94% from $31.7 million for the year ended December 31, 2023 to $61.5 million for the year ended December 31, 2024[24] - Adjusted Funds from Operation ("AFFO") increased 72.9% from $8.1 million for the year ended December 31, 2023 to $14.1 million for the year ended December 31, 2024[24] - Liquidity increased to $245.8 million as of December 31, 2024, compared to $206.6 million as of December 31, 2023[24] - The company completed dispositions of 54 properties for $312.0 million, recognizing an aggregate gain on sale of $54.1 million[24] - The company completed acquisitions of four properties for a total cash consideration of $17.9 million[24] Debt and Indebtedness - Total indebtedness decreased $158.5 million from $363.1 million at December 31, 2023 to $204.6 million at December 31, 2024[24] - As of December 31, 2024, the company had approximately $204.6 million of outstanding indebtedness, primarily secured by mortgages on its farms[83] - As of December 31, 2024, $78.9 million of the company's outstanding indebtedness was subject to interest rates that reset periodically[88] Property and Portfolio Management - The company owned approximately 93,500 acres of farmland across multiple states as of December 31, 2024[19] - Approximately 60% of the owned portfolio (by value) was used to grow primary crops, while 40% was used for specialty crops as of December 31, 2024[19] - The company managed approximately 48,300 acres of farmland on behalf of third parties as of December 31, 2024[49] - The company focuses on acquiring high-quality farmland with average or better-than-average soil quality and appropriate water availability[42][43] - The company has a diversified portfolio that includes not only farmland but also related real estate assets such as grain storage facilities and processing plants[41] Sustainability and Environmental Impact - The company emphasizes sustainability, aiming to help feed the world with minimal environmental impact, supported by its Board of Directors and senior management[65] - The company is committed to biodiversity, participating in the USDA's Conservation Reserve Program to improve water quality and protect wildlife habitat[70] - The company has leased acres to support 2 solar energy operational projects across 10 farms and 1 wind energy project on 1 farm, generating approximately 207 megawatts of renewable energy[69] Risks and Challenges - The company is susceptible to declines in tenant profitability, which could adversely affect cash flow and distributions to stockholders[80] - The company faces competition from various sources, including individual farmers and institutional investors, for farmland acquisition[71] - Increases in interest rates may adversely impact tenants' borrowing costs, potentially affecting their ability to make rental payments[89] - The company faces challenges due to elevated inflation and supply chain disruptions, which could adversely affect operations and demand for tenants' crops[92] - The company is subject to adverse weather conditions, which could materially affect its results of operations and ability to make distributions to stockholders[114] Corporate Governance and Structure - The company has 24 employees, with 23 being full-time, and none are members of a labor union as of December 31, 2024[75] - The partnership agreement allows the general partner to act in the interests of stockholders, potentially leading to conflicts with limited partners[149] - The company’s charter restricts ownership to a maximum of 9.8% of any class or series of stock, which may delay or prevent change of control transactions[152] - The Board of Directors has the authority to amend the charter to increase the number of authorized shares without stockholder approval[153] Cybersecurity and Legal Risks - Cybersecurity risks have increased, and the company has experienced past cyberattacks, which could negatively impact operations and financial condition[137] - The company has made provisions for potential litigation costs, which could impact earnings and cash flows if claims are resolved unfavorably[134] - The company may incur unrecoverable costs related to ongoing litigation against Sabrepoint, which could materially affect financial condition and results of operations[135] Future Outlook and Distributions - The company intends to continue declaring quarterly distributions, but future distributions will depend on actual results of operations, economic conditions, and other factors[212] - To maintain REIT qualification, the company must distribute at least 90% of its REIT taxable income annually, which may require using cash reserves or incurring debt[215] - The company’s ability to make distributions is influenced by historical and projected results, financial condition, and cash flows, which may lead to market price fluctuations[187]

Financial Data and Key Metrics Changes - For the full year ended December 31, 2024, net income was $61.5 million or $1.19 per share, an increase from the previous year due to asset dispositions, significant debt reductions, and strong lease renewals [21][22] - AFFO was $14.1 million or $0.29 per weighted average share, significantly higher than the same period in 2023, positively impacted by lower property taxes, reduced interest expenses, and increased sales of specialty crops [21][22][30] Business Line Data and Key Metrics Changes - The gain on disposition of assets was higher due to the sale of 54 properties in 2024, resulting in an aggregate gain of $54.1 million compared to 74 properties and $36.1 million in 2023 [22] - Direct operations revenue increased due to higher sales of citrus, avocado, and walnuts, along with lower impairment and cost of sales [26][30] Market Data and Key Metrics Changes - The company noted a plateau in land values in Illinois, with strong prices for quality properties, while expressing concerns about the California market due to water and regulatory challenges [34][40][41] - The company is monitoring the California farmland market, which is currently dislocated, with many properties available but few large investors entering the market [96][99] Company Strategy and Development Direction - The company has focused on asset sales to return cash to shareholders, evidenced by a $1.15 special dividend [11][12] - Future acquisitions will be considered based on valuation, particularly in Illinois and potentially in the Delta region, while being cautious about California [35][38][41] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for rent increases in 2025, driven by rising grain prices and improving farmer profitability [80][90] - The company anticipates AFFO per share guidance for 2025 to be between $0.25 and $0.30, above the current dividend rate of $0.24 [17][31] Other Important Information - The company has no debt subject to interest rate resets during 2025, and it had undrawn capacity on lines of approximately $167 million at the end of the year [24][25] - General and administrative expenses increased due to a one-time severance expense and a special bonus to executive officers [23] Q&A Session Summary Question: Thoughts on pricing environment for net acquisitions in 2025 - Management indicated a strong focus on Illinois, with a plateau in valuations but strong prices for quality properties, while expressing caution about California due to various challenges [34][40] Question: Thoughts on Ohio Deere dealerships and potential expansion - Management sees potential in the dealership business for current yield and long-term appreciation but will proceed cautiously [46][50] Question: Incremental borrowing rate for new debt - The current incremental borrowing rate is around 6% [55] Question: Impact of USDA funding freezes on tenants - Management does not have tenants exposed to funding freezes and remains focused on quality tenants without reliance on government payments [68][72] Question: Renewal lease terms and asking rates for new renewals - The three-year average on renewal rates is up 12.4%, but 2024 saw a slight decline of 0.8% due to property sales [76][78] Question: Farmers' income outlook and its impact on dividends - Management noted that farm income is climbing back up, driven by grain prices and direct payments, which could support rent increases [87][90] Question: Demand for the FPI loan program - There has been an uptick in demand for the loan program, driven by operators feeling squeezed in 2024 [111]

DENVER, February 19, 2025 (BUSINESS WIRE) -- Farmland Partners Inc. (NYSE: FPI) ("FPI" or the "Company") today reported financial results for the year ended December 31, 2024. Exhibit 99.1 Farmland Partners Inc. Reports Full Year 2024 Results Significant Reduction in Leverage and over 80% increase in AFFO per Share Year over Year During the year ended December 31, 2024, the Company: Subsequent to December 31, 2024, the Company: Financial and Operating Results ● The table below shows financial and operating ...

Samuel Smith has a diverse background that includes being lead analyst and Vice President at several highly regarded dividend stock research firms and running his own dividend investing YouTube channel. He is a Professional Engineer and Project Management Professional and holds a B.S. in Civil Engineering & Mathematics from the United States Military Academy at West Point and has a Masters in Engineering from Texas A&M with a focus on applied mathematics and machine learning.Samuel leads the High Yield Inve ...

Patient Enrolled at the Cancer Clinical Trial Unit, CALHN, Royal Adelaide Hospital Aethlon's Trial is a Safety, Feasibility, and Dose Finding Study of the Hemopurifier® in Patients with Solid Tumors Not Responding to Anti-PD-1 AntibodiesSAN DIEGO, Nov. 11, 2024 /PRNewswire/ -- Aethlon Medical, Inc. (Nasdaq: AEMD), a medical therapeutic company focused on developing products to treat cancer and life-threatening infectious diseases, today announced enrollment of the first patient in its Australian safety, fea ...

Table of Contents or UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36405 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock FPI Ne ...

Financial Data and Key Metrics Changes - For Q3 2024, net income was $1.8 million or $0.02 per share, lower than the same period in 2023 due to impacts from asset dispositions [24] - AFFO for Q3 2024 was $1.4 million or $0.03 per share, higher than the same period in 2023, positively impacted by lower property taxes and increased crop sales profitability [24] - For the nine months ended September 30, 2024, net income was $1.2 million or negative $0.02 per share, lower than the same period in 2023, while AFFO was $4.7 million or $0.10 per share, higher than the same period in 2023 [25] Business Line Data and Key Metrics Changes - Fixed farm rent decreased by approximately 3.5% due to dispositions in 2023, partially offset by acquisitions and higher rents from lease renewals [32] - Direct operations revenue increased by $1.6 million year-over-year due to higher crop sales volume and profitability [32] Market Data and Key Metrics Changes - The company sold over $500 million of farmland in the last 24 months, achieving significant gains for shareholders [10] - The average price per acre for the sold farms was approximately $7,000, above the U.S. average of $5,500 [50] Company Strategy and Development Direction - The company aims to close the valuation gap by increasing stock price or returning capital to shareholders through buybacks and distributions [11] - The focus remains on maintaining a high-quality portfolio, particularly in Illinois, which is expected to appreciate more than other regions [19] Management's Comments on Operating Environment and Future Outlook - Management noted that while the farming environment is challenging, it does not indicate massive bankruptcies, as farmers generally maintain positive cash flow due to land ownership [56][58] - Rent projections for 2025 are expected to be flat to a maximum of 5% increase, reflecting current market conditions [59] Other Important Information - A special dividend in the range of $1 to $1.10 per share is anticipated, driven by tax requirements and to signal business strength [22][36] - The company has reduced its debt load significantly, with a current leverage level lower than ever since going public [11] Q&A Session Summary Question: What was the annualized revenue on the 52 farms sold? - The annualized revenue for the farm sales was approximately $11.2 million [44] Question: What drove the significant increase in crop sales year-over-year? - The increase was primarily driven by strong performance from the Condor avocado farm and citrus crops [42] Question: How will asset sales impact revenue in 2025? - The company will be in a restricted position for asset sales due to REIT rules, but they are prepared to navigate these limitations creatively [43] Question: What is the expectation for rent increases in 2025? - The expectation is for flat rent projections, with potential increases of up to 5% [59] Question: What is the outlook for G&A expenses next year? - G&A expenses are expected to normalize back to the $10 million to $11 million range, excluding one-time costs [61]

FPI LISTED Q3 2024 Supplemental Package Farmland Partners Inc. (NYSE: FPI) is an internally managed real estate company that owns and seeks to acquire high-quality farmland throughout North America addressing the global demand for food, feed, fiber and fuel. www.farmlandpartners.com | 4600 S Syracuse St Suite #1450 Denver CO 80237 | 720.452.3100 Table of Contents | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------- ...

For the quarter ended September 2024, Farmland Partners (FPI) reported revenue of $13.32 million, up 14.6% over the same period last year. EPS came in at $0.03, compared to $0.07 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $11.88 million, representing a surprise of +12.07%. The company delivered an EPS surprise of +200.00%, with the consensus EPS estimate being $0.01. While investors scrutinize revenue and earnings changes year-over-year and how they compare wit ...

Farmland Partners (FPI) came out with quarterly funds from operations (FFO) of $0.03 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 200%. A quarter ago, it was expected that this real estate investment trust specializing in farmland would post FFO of $0.01 per share when it actually produced FFO of $0.01, delivering no surprise. Ove ...