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]

Financial Performance - Net income for Q3 2024 was $1838 thousand, a 574% decrease compared to $4315 thousand for the same period in 2023[8] - AFFO for Q3 2024 was $1399 thousand, compared to $(465) thousand for the same period in 2023[8] - Total operating revenues increased by $17 million, or 146%, despite a 67% decrease in the average gross book value of real estate[4] - Total operating expenses decreased by approximately $35 million, a 302% decrease compared to the same period in 2023[4] - The company increased the bottom and top end of 2024 AFFO guidance range to $024 to $030 from $020 to $026[5] Balance Sheet and Debt Management - Subsequent to September 30, 2024, the company completed 52 farm dispositions for $3080 million in aggregate consideration[5] - The company repaid $1894 million of debt with a weighted average interest rate of 577%, projecting $109 million of annual interest savings[5] - Debt as a percentage of gross book value decreased from 388% as of September 30, 2024, to 271% as of October 28, 2024[5] - The company had total debt outstanding of approximately $3940 million at September 30, 2024, compared to $3631 million at December 31, 2023[10] Portfolio and Dividend - As of September 30, 2024, the portfolio included approximately 1347 thousand acres of owned farmland and 478 thousand acres of managed farmland[43] - The company expects to issue a special dividend to shareholders at year-end, projected to be between $100 and $110 per share[6]

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 ...

Company Performance - Farmland Partners (FPI) reported quarterly funds from operations (FFO) of $0.03 per share, exceeding the Zacks Consensus Estimate of $0.01 per share, and compared to a loss of $0.01 per share a year ago, indicating a 200% surprise in FFO [1] - The company posted revenues of $13.32 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 12.07%, compared to year-ago revenues of $11.62 million [2] - Over the last four quarters, Farmland Partners has surpassed consensus FFO estimates two times and topped consensus revenue estimates just once [2] Stock Performance - Farmland Partners shares have declined approximately 11.9% since the beginning of the year, while the S&P 500 has gained 22.3% [3] - The current consensus FFO estimate for the coming quarter is $0.15 on $20.1 million in revenues, and $0.22 on $55.42 million in revenues for the current fiscal year [7] Industry Outlook - The REIT and Equity Trust - Other industry, to which Farmland Partners belongs, is currently ranked in the top 24% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, suggesting that investors can track these revisions for better investment decisions [5]

[Report Overview and Highlights](index=1&type=section&id=Report%20Overview%20and%20Highlights) [Third Quarter 2024 Highlights](index=1&type=section&id=Third%20Quarter%202024%20Highlights) FPI reported lower Q3 2024 net income due to prior year's asset gain, but AFFO turned positive with 14.6% revenue growth and 30.2% expense reduction | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $1.8 million | $4.3 million | (58.1)% | | Net Income per Share | $0.02 | $0.07 | (71.4)% | | AFFO | $1.4 million | ($0.5) million | Positive Turnaround | | AFFO per Share | $0.03 | ($0.01) | Positive Turnaround | | Total Operating Revenues | +14.6% | - | - | | Total Operating Expenses | -30.2% | - | - | - The increase in operating revenues was achieved despite a **6.7% decrease** in the average gross book value of real estate, from **$1.08 billion** in 2023 to **$1.01 billion** in 2024, due to strategic asset dispositions[2](index=2&type=chunk) [Subsequent Events (Post-Q3 2024)](index=1&type=section&id=Subsequent%20Events) Post-Q3, FPI completed $308 million farm dispositions, repaid $189.4 million debt, significantly improving leverage and raising 2024 AFFO guidance - Completed **52 farm dispositions** for aggregate consideration of **$308.0 million**[3](index=3&type=chunk) - Repaid **$189.4 million** of debt with a weighted average interest rate of **5.77%**, eliminating all floating rate debt exposure and projecting **$10.9 million** in annual interest savings[3](index=3&type=chunk) - Leverage was significantly reduced, with debt as a percentage of gross book value decreasing from **38.8% to 27.1%** and the total debt to EBITDAre ratio falling from **10.9 to 5.8**[3](index=3&type=chunk) - Increased the full-year 2024 AFFO guidance range to **$0.24 - $0.30 per share** from **$0.20 - $0.26 per share**[3](index=3&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Luca Fabbri attributed strong performance to operational efficiencies and asset sales, which drove debt reduction, increased guidance, and a projected special year-end dividend - The CEO credits strong operating results to efficiencies from portfolio improvements and cost-saving measures initiated in 2023[4](index=4&type=chunk) - Asset sales generated gains of approximately **$53 million**, demonstrating the strong value embedded in the company's portfolio[4](index=4&type=chunk) - The company expects to issue a special dividend projected to be between **$1.00 and $1.10 per share** at year-end[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) [Financial and Operating Results Summary](index=2&type=section&id=Financial%20and%20Operating%20Results%20Summary) FPI's Q3 2024 net income decreased, but AFFO improved, while Adjusted EBITDAre and NOI showed healthy growth for both three and nine-month periods | Metric (in thousands) | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $1,838 | $4,315 | $1,194 | $13,927 | | AFFO | $1,399 | ($465) | $4,713 | ($46) | | Adjusted EBITDAre | $7,649 | $6,317 | $22,752 | $18,804 | | Total Operating Revenues | $13,317 | $11,617 | $36,752 | $35,874 | | Net Operating Income (NOI) | $9,784 | $8,815 | $28,249 | $26,536 | [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2024, FPI's total assets slightly increased to $1.027 billion, liabilities rose to $406.5 million, and equity slightly decreased to $519.4 million | Balance Sheet Item (in thousands) | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total real estate, net | $974,646 | $961,531 | | Cash and cash equivalents | $8,090 | $5,489 | | **Total Assets** | **$1,027,123** | **$1,022,002** | | Mortgage notes and bonds payable, net | $392,244 | $360,859 | | **Total Liabilities** | **$406,482** | **$391,192** | | **Total Equity** | **$519,413** | **$528,840** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2024 total operating revenues increased 14.6% to $13.3 million, expenses fell to $8.1 million, resulting in $1.8 million net income despite lower asset disposition gains | Income Statement Item (in thousands) | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Total Operating Revenues | $13,317 | $11,617 | | Total Operating Expenses | $8,094 | $11,602 | | (Gain) on disposition of assets, net | ($1,980) | ($10,293) | | Interest Expense | $5,496 | $6,230 | | **Net Income** | **$1,838** | **$4,315** | | Basic Net Income per Share | $0.02 | $0.07 | [Portfolio and Capital Management](index=2&type=section&id=Portfolio%20and%20Capital%20Management) [Acquisition and Disposition Activity](index=2&type=section&id=Acquisition%20and%20Disposition%20Activity) In the first nine months of 2024, FPI acquired three properties for $16.3 million with no dispositions, though significant dispositions occurred post-quarter - Acquired **three properties** for a total of **$16.3 million** during the nine months ended September 30, 2024[8](index=8&type=chunk) - There were no property dispositions during the nine months ended September 30, 2024[8](index=8&type=chunk) [Balance Sheet, Debt, and Liquidity](index=2&type=section&id=Balance%20Sheet%2C%20Debt%2C%20and%20Liquidity) As of September 30, 2024, FPI's total debt was $394.0 million with $140.2 million liquidity, significantly improving post-quarter with a $189.4 million debt repayment | Metric (in millions) | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Debt Outstanding | $394.0 | $363.1 | | Cash | $8.1 | $5.5 | | Undrawn Credit Availability | $132.1 | $201.1 | | **Total Liquidity** | **$140.2** | **$206.6** | - Subsequent to September 30, 2024, the Company repaid debt totaling **$189.4 million**[8](index=8&type=chunk) [Dividend Declaration](index=2&type=section&id=Dividend%20Declaration) On October 29, 2024, the Board declared a regular quarterly cash dividend of $0.06 per share of common stock - A quarterly cash dividend of **$0.06 per share** was declared, payable on January 15, 2025, to stockholders of record as of January 2, 2025[9](index=9&type=chunk) [Outlook and Guidance](index=1&type=section&id=Outlook%20and%20Guidance) [2024 Earnings Guidance](index=1&type=section&id=2024%20Earnings%20Guidance) FPI raised its full-year 2024 AFFO guidance to $0.24 - $0.30 per share, reflecting strong operational performance and recent asset sales and debt reduction | Guidance Metric | Previous Range | Updated Range | | :--- | :--- | :--- | | 2024 AFFO per Share | $0.20 - $0.26 | $0.24 - $0.30 | [Special Dividend Projection](index=1&type=section&id=Special%20Dividend%20Projection) The company projects a special year-end dividend of $1.00 to $1.10 per share, funded by gains from recent asset sales - A special dividend is projected for year-end 2024 with an expected value between **$1.00 and $1.10 per share**[4](index=4&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The report provides detailed reconciliations of GAAP net income to non-GAAP metrics like FFO, AFFO, EBITDAre, Adjusted EBITDAre, and NOI, clarifying adjustments for performance measurement Q3 2024 Reconciliation of Net Income to AFFO (in thousands) | Line Item | Amount | | :--- | :--- | | Net income | $1,838 | | (Gain) on disposition of assets, net | ($1,980) | | Depreciation, depletion and amortization | $1,414 | | FFO | $1,272 | | Stock-based compensation | $870 | | Distributions on Preferred units | ($743) | | **AFFO** | **$1,399** | Q3 2024 Reconciliation of Net Income to Adjusted EBITDAre (in thousands) | Line Item | Amount | | :--- | :--- | | Net income | $1,838 | | Interest expense | $5,496 | | Depreciation, depletion and amortization | $1,414 | | (Gain) on disposition of assets, net | ($1,980) | | EBITDAre | $6,779 | | Stock-based compensation | $870 | | **Adjusted EBITDAre** | **$7,649** | [Definitions of Non-GAAP Measures](index=8&type=section&id=Definitions%20of%20Non-GAAP%20Measures) FPI defines non-GAAP measures including Nareit-standard FFO and EBITDAre, plus company-specific AFFO, Adjusted EBITDAre, and NOI, providing supplemental performance insights - **FFO (Funds from Operations):** Calculated per Nareit standards, it excludes gains/losses from property sales and real estate depreciation to measure operational performance[22](index=22&type=chunk) - **AFFO (Adjusted Funds from Operations):** FFO adjusted to exclude items not reflective of sustainable operating performance, such as stock-based compensation and acquisition costs[23](index=23&type=chunk) - **EBITDAre and Adjusted EBITDAre:** EBITDAre is calculated per Nareit standards. Adjusted EBITDAre further removes items like stock-based compensation to better reflect ongoing operating performance[25](index=25&type=chunk)[26](index=26&type=chunk) - **NOI (Net Operating Income):** Calculated as total operating revenues less property operating expenses and cost of goods sold, reflecting performance directly associated with owning and leasing farmland[28](index=28&type=chunk) [Other Information](index=2&type=section&id=Other%20Information) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) A conference call and webcast are scheduled for October 31, 2024, at 11:00 a.m. U.S. Eastern Time to discuss Q3 financial results and provide a corporate update - A conference call to discuss Q3 2024 results was scheduled for October 31, 2024, at 11:00 a.m. (U.S. Eastern Time)[11](index=11&type=chunk) [About Farmland Partners Inc.](index=3&type=section&id=About%20Farmland%20Partners%20Inc.) Farmland Partners Inc. is an internally managed REIT owning and/or managing approximately 136,000 acres of North American farmland across 15 U.S. states, also providing farmer loans - FPI is an internally managed REIT that owns and/or manages approximately **136,000 acres** of farmland in **15 states**[14](index=14&type=chunk) - The company's business includes owning farmland, making loans to farmers secured by farm real estate, and owning agricultural equipment dealerships[14](index=14&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding the company's outlook, which are not guarantees of future performance and are subject to numerous market, geopolitical, and interest rate risks - The report includes forward-looking statements concerning the company's outlook, which are subject to risks and uncertainties[15](index=15&type=chunk) - Key risks mentioned include market factors affecting the special dividend, geopolitical conflicts, trade policies, inflation, interest rates, and weather events[15](index=15&type=chunk)

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 June 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 New Yor ...

FPI LISTED Q2 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 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - For Q2 2024, the company reported a net loss of $2.1 million, with a net loss per share of $0.06, which is lower than the same period in 2023 due to prior year dispositions [22] - Adjusted Funds from Operations (AFFO) was $0.5 million, or $0.01 per weighted share, higher than the same period in 2023, positively impacted by lower property taxes and increased citrus sales [22][23] - Total operating expenses decreased by 7%, reflecting effective cost management [18] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions, while direct operations revenue increased due to higher citrus and walnut sales [27][28] - The company disposed of approximately 10.4% of its portfolio, yet operating revenues were down only 1.2%, indicating improved portfolio performance [18] Market Data and Key Metrics Changes - Commodity prices for primary row crops like corn and soybeans are lower than in previous years, leading to challenges for farmers but not a broad economic crisis [9] - In California, while some crops like citrus have seen price increases, challenges remain due to water risks and rising labor costs [10] Company Strategy and Development Direction - The company plans to gradually reduce its exposure to California due to ongoing challenges in that market [13] - The management believes the company trades at a significant discount to its net asset value, with efforts to close this gap through asset sales [14][15] Management's Comments on Operating Environment and Future Outlook - Management anticipates modest rent increases of 5% to 10% for lease renewals, reflecting the current lower commodity price environment [33] - The company expects to see a plateau in farmland values rather than a decline, with no significant risk of asset price decreases in the row crop region [12][35] Other Important Information - The company has undrawn capacity on its lines of credit of approximately $158 million as of the end of Q2 [26] - The forecasted range of AFFO for 2024 is $9.8 million to $12.8 million, or $0.20 to $0.26 per share [30] Q&A Session Summary Question: What are the expectations for rent renewal leases given the current farm economy? - Management expects rent renewals to increase by 5% to 10%, which is lower than previous years due to the current economic environment [33] Question: How does the company view the current distress in the farming economy? - Management noted that while there are some distressed farmers, the overall market remains stable, and high-quality farms continue to have strong demand [35] Question: What is the company's strategy regarding asset dispositions in the upcoming quarters? - The company plans to focus on asset sales in the fourth quarter, with a preference for high-quality farms and a gradual reduction of exposure in California [41][43] Question: How would the company approach acquisitions if capital costs were lower? - If capital costs were lower, the company would consider buying farms, as current market conditions present a good opportunity despite the lack of bargains [39] Question: What is the impact of almond pricing stabilization on the company's revenue? - Management acknowledged some positive movement in almond pricing but emphasized that it is too early to incorporate this into projections [54]