Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ 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 FARMLAND PARTNERS INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 46-3769850 (State or O ...

Financial Performance - For the year ended December 31, 2023, the company recorded net income of $31.7 million, or $0.55 per share, representing a 164.9% increase compared to $12.0 million, or $0.16 per share in 2022[2]. - Total operating revenues for the year ended December 31, 2023, were $57.5 million, a decrease of 6.1% from $61.2 million in 2022[4]. - Net income for the year ended December 31, 2023, was $31,681,000, compared to $11,960,000 in 2022, representing a significant increase of 164%[14]. - The company reported a basic net income available to common stockholders of $0.55 per share for 2023, up from $0.16 per share in 2022[14]. - Funds from operations (FFO) for 2023 were $8,887,000, down from $16,279,000 in 2022, indicating a decline of approximately 45%[16]. - Net Operating Income (NOI) for 2023 was $44,052,000, down from $47,054,000 in 2022, a decline of 6.4%[19]. - Adjusted EBITDAre for the year ended December 31, 2023, was $33.4 million, a decrease of 3.9% from $34.8 million in 2022[4]. - Adjusted EBITDAre for 2023 was $33,403,000, compared to $34,759,000 in 2022, reflecting a slight decrease of about 4%[17]. Asset and Liability Management - The company decreased total debt from $439.5 million at December 31, 2022, to $363.1 million at December 31, 2023, which is a reduction of $76.4 million, representing 38% of net real estate value[2][6]. - Total assets decreased to $1,022,002,000 as of December 31, 2023, down from $1,160,149,000 in 2022, reflecting a decline of approximately 12%[12]. - Total liabilities decreased to $391,192,000 in 2023, down from $455,935,000 in 2022, a reduction of about 14%[12]. Cash Flow and Liquidity - The company increased liquidity to $206.6 million as of December 31, 2023, compared to $176.7 million as of December 31, 2022[2][6]. - The company’s cash and cash equivalents increased to $5,489,000 in 2023 from $7,654,000 in 2022, a decrease of approximately 28%[12]. Dividends and Shareholder Returns - The company declared a one-time special dividend of $0.21 per share in December 2023, which was paid in January 2024[2][6]. - The company declared dividends of $0.24 per common share in 2023, compared to $0.23 per share in 2022[14]. - The company repurchased 6,551,087 shares of its common stock at a weighted average price of $11.00 per share during the year[2][6]. Property Transactions - The company completed dispositions of 74 properties for approximately $195.5 million, recognizing a total gain on sale of $36.1 million[2][6]. - The company acquired four properties for a total consideration of $22.2 million in 2023[2][6]. Operating Expenses - Interest expense rose significantly to $22,657,000 in 2023, up from $16,143,000 in 2022, an increase of 40.5%[19]. - Depreciation, depletion, and amortization expenses increased to $7,499,000 in 2023 from $6,960,000 in 2022, a rise of 7.7%[19]. - General and administrative expenses decreased to $11,274,000 in 2023 from $12,005,000 in 2022, a reduction of 6.1%[19]. Other Financial Metrics - The average rent increase for renewed fixed cash farm leases was approximately 20%, which represented about 14% of total revenue for 2023[2][3]. - The company recorded a gain on the disposition of assets of $(36,133,000) in 2023, compared to $(2,641,000) in 2022[14]. - Crop sales decreased to $2,257,000 in 2023, down 57.9% from $5,372,000 in 2022[19]. - The company considers FFO, NOI, and AFFO as key supplemental measures of performance, which are not alternatives to net income[20]. - Adjusted EBITDAre is calculated by adjusting EBITDAre for certain items, providing useful supplemental information regarding ongoing operating performance[25].

DENVER--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (the “Company”) today announced it will release its financial results for the fourth quarter and year ended December 31, 2023, after 5 p.m. (Eastern Time) on Wednesday, February 28, 2024, and will host a conference call the following day, Thursday, February 29, 2024, 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 by dialing 1-888-596-4144 and using the confer ...

pcess609/iStock via Getty Images It is that not-so-fun time of year when we all have to pay taxes. Giving up a significant chunk of hard-earned money is simply part of living in a modern society, but we still want to give up as little as possible. This article will provide tips on how to reduce, defer, and otherwise minimize the tax burden of investment income using real estate investment trusts ("REITs"), or rather specific REITs. Allow me to begin by discussing the differing taxation of REIT dividends fro ...

CHAMPAIGN, Ill.--(BUSINESS WIRE)--Murray Wise Associates (MWA) announced today that it has added approximately 19,200 acres under the company’s farmland management portfolio in the past four months, bringing the total acres managed to more than 40,000 across 10 states. MWA President Eric Sarff said growing the firm’s management business has been a point of emphasis over the past several months. “There are companies out there that manage more acres than MWA, but we believe that our team’s experience, att ...

DENVER--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today announced the tax treatment of our 2023 common stock distributions, as summarized in the following table. Farmland Partners Inc. CUSIP: 31154R109 EIN: 46-3769850 Farmland Partners Inc. 2023 Dividend Treatment   Common Stock   Dividends Capital Gains Declaration Date Payment Date RecordDate DistributionPer Share Distribution Per Share Allocab ...

Investing in U.S. land is an asset class that has grown in popularity in recent years. And, it’s not just for Americans. Recently, Bloomberg reported Chinese billionaire Chen Tianqiao, founder and CEO of Shanda Interactive, is one of the largest non-American U.S. land owners. Including Americans, Tianqiao is the 82nd-largest U.S. landowner.  Specifically, he attained that status by acquiring 198,000 acres of Oregon timberland in 2015 for $85 million. According to the Bloomberg article, only Canada’s Irving ...

Farmland Partners, Inc. (NYSE:FPI) Q3 2023 Earnings Conference Call October 26, 2023 11:00 AM ET Company Participants Luca Fabbri - President & CEO Christine Garrison - General Counsel Paul Pittman - Executive Chairman James Gilligan - CFO Conference Call Participants Rob Stevenson - Janney Tousley Hyde - Raymond James John Massocca - B. Riley Operator Hello, and welcome to Farmland Partners, Inc. Q3 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' ...

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, 2023 ☐ 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 ...

Farmland Partners, Inc. (NYSE:FPI) Q2 2023 Earnings Conference Call July 27, 2023 11:00 AM ET Company Participants Luca Fabbri - President, Chief Executive Officer & Director James Gilligan - Chief Financial Officer Christine Garrison - General Counsel Paul Pittman - Executive Chairman and Director Conference Call Participants Robert Stevenson - Janney Montgomery Scott Craig Kucera - B. Riley Securities Operator Good morning. My name is Rob, and I will be your conference operator today. At this time, I wou ...