[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]

Farmland Partners (FPI) came out with quarterly funds from operations (FFO) of $0.01 per share, in line with the Zacks Consensus Estimate. This compares to loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust specializing in farmland would post FFO of $0.02 per share when it actually produced FFO of $0.06, delivering a surprise of 200%.Over the last four quarters, the company has surpassed consensus FFO e ...

[Q2 2024 Performance Highlights](index=1&type=section&id=Q2%202024%20Performance%20Highlights) [Selected Highlights](index=1&type=section&id=Selected%20Highlights) Farmland Partners Inc. reported a **($2.1) million net loss** in Q2 2024, with **AFFO improving to $0.5 million** Q2 2024 vs Q2 2023 Financial Highlights | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net Income (Loss) | ($2.1) million | $7.9 million | | Net Income (Loss) per Share | ($0.06) | $0.14 | | AFFO | $0.5 million | ($1.1) million | | AFFO per Share | $0.01 | ($0.02) | | Total Operating Expenses | Decreased 7.0% | - | - The decrease in average gross book value of real estate by **10.4%** to **$1.01 billion** is a result of dispositions that occurred in 2023[2](index=2&type=chunk) - Susan Landi was appointed as the company's new Chief Financial Officer (CFO) and Treasurer[2](index=2&type=chunk) [CEO Comments](index=1&type=section&id=CEO%20Comments) CEO Luca Fabbri attributed strong Q2 performance to portfolio improvements and cost savings, planning further asset disposals - The company's strong Q2 performance is credited to portfolio improvements, debt reduction from 2023 activities, and a resilient farm economy[3](index=3&type=chunk) - Future strategy includes further asset disposals to fund additional debt or preferred equity reductions and stock buybacks[3](index=3&type=chunk) - Management is optimistic that lower interest rates, a leaner corporate structure, and continued strong results will reduce the discount of the current stock price to its intrinsic value[3](index=3&type=chunk) [Financial and Operating Results](index=2&type=section&id=Financial%20and%20Operating%20Results) [Summary of Financial and Operating Results](index=2&type=section&id=Summary%20of%20Financial%20and%20Operating%20Results) Q2 2024 saw a **1.2% decrease in revenues** but a **7.8% increase in NOI to $8.8 million**; H1 AFFO grew **690.9%** Financial and Operating Results (in thousands) | Metric | Q2 2024 | Q2 2023 | Change | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) | $(2,052) | $7,899 | NM | $(644) | $9,612 | NM | | AFFO | $530 | $(1,131) | NM | $3,314 | $419 | 690.9% | | AFFO per share | $0.01 | $(0.02) | NM | $0.07 | $0.01 | 600.0% | | Adjusted EBITDAre | $6,521 | $5,400 | 20.8% | $15,103 | $12,487 | 20.9% | | Total Operating Revenues | $11,445 | $11,584 | (1.2)% | $23,435 | $24,256 | (3.4)% | | Net Operating Income (NOI) | $8,814 | $8,176 | 7.8% | $18,465 | $17,720 | 4.2% | [Acquisition and Disposition Activity](index=2&type=section&id=Acquisition%20and%20Disposition%20Activity) In H1 2024, the company was a net acquirer, purchasing **three properties for $16.3 million** with no dispositions - Acquired **three properties** for a total of **$16.3 million** during the six months ended June 30, 2024[7](index=7&type=chunk) - There were no dispositions of properties during the first six months of 2024[7](index=7&type=chunk) [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2024, total debt increased to **$393.0 million**, with total liquidity at **$163.8 million** Balance Sheet and Liquidity Highlights | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Debt Outstanding | $393.0 million | $363.1 million | | Total Liquidity | $163.8 million | $206.6 million | | - Cash | $5.7 million | $5.5 million | | - Undrawn Credit Facilities | $158.1 million | $201.1 million | - As of July 19, 2024, the company had **49,370,199 shares** of common stock outstanding on a fully diluted basis[7](index=7&type=chunk) [Dividend Declarations](index=2&type=section&id=Dividend%20Declarations) The Board declared a quarterly cash dividend of **$0.06 per share**, payable October 15, 2024 - A quarterly cash dividend of **$0.06 per share** has been declared[8](index=8&type=chunk) - The dividend is payable on October 15, 2024, to stockholders of record on October 1, 2024[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew slightly to **$1.028 billion** as of June 30, 2024, driven by increased real estate assets Consolidated Balance Sheet Data (in thousands) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total real estate, net** | **$975,513** | **$961,531** | | Cash and cash equivalents | $5,746 | $5,489 | | **TOTAL ASSETS** | **$1,028,491** | **$1,022,002** | | Mortgage notes and bonds payable, net | $391,059 | $360,859 | | **Total liabilities** | **$406,537** | **$391,192** | | **Total equity** | **$521,469** | **$528,840** | | **TOTAL LIABILITIES AND EQUITY** | **$1,028,491** | **$1,022,002** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2024 total operating revenues were **$11.4 million**, resulting in a **net loss of ($2.1) million** Consolidated Statements of Operations (in thousands) | Account | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $11,445 | $11,584 | $23,435 | $24,256 | | Total operating expenses | $8,205 | $8,827 | $15,048 | $16,663 | | (Gain) loss on disposition of assets, net | $10 | $(11,060) | $96 | $(12,886) | | Interest expense | $5,249 | $5,844 | $10,285 | $10,768 | | **NET INCOME (LOSS)** | **$(2,052)** | **$7,899** | **$(644)** | **$9,612** | | Basic net income (loss) per share | $(0.06) | $0.14 | $(0.05) | $0.15 | [Reconciliation of Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) [Reconciliation of FFO and AFFO](index=6&type=section&id=Reconciliation%20of%20FFO%20and%20AFFO) Q2 2024 net loss of **($2.1) million** reconciled to an **AFFO of $0.5 million** Q2 Reconciliation of Net Income to AFFO (in thousands) | Line Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net income (loss) | $(2,052) | $7,899 | | (Gain) loss on disposition of assets, net | $10 | $(11,060) | | Depreciation, depletion and amortization | $1,430 | $2,207 | | **FFO** | **$(612)** | **$(954)** | | Severance expense | $1,373 | $— | | Distributions on Preferred units and stock | $(743) | $(683) | | **AFFO** | **$530** | **$(1,131)** | [Reconciliation of EBITDAre and Adjusted EBITDAre](index=6&type=section&id=Reconciliation%20of%20EBITDAre%20and%20Adjusted%20EBITDAre) Q2 2024 Adjusted EBITDAre increased to **$6.5 million**, adjusted for interest, D&A, and severance Reconciliation of Net Income to Adjusted EBITDAre (in thousands) | Line Item | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $(2,052) | $7,899 | $(644) | $9,612 | | Interest expense | $5,249 | $5,844 | $10,285 | $10,768 | | Depreciation, depletion and amortization | $1,430 | $2,207 | $2,911 | $4,001 | | (Gain) loss on disposition of assets, net | $10 | $(11,060) | $96 | $(12,886) | | **EBITDAre** | **$4,636** | **$4,894** | **$12,666** | **$11,508** | | Severance expense | $1,373 | $— | $1,373 | $— | | **Adjusted EBITDAre** | **$6,521** | **$5,400** | **$15,103** | **$12,487** | [Reconciliation of Net Operating Income (NOI)](index=7&type=section&id=Reconciliation%20of%20Net%20Operating%20Income%20%28NOI%29) Q2 2024 NOI increased to **$8.8 million** from **$8.2 million**, driven by reduced operating expenses Reconciliation to NOI (in thousands) | Line Item | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $11,445 | $11,584 | $23,435 | $24,256 | | Property operating expenses | $(1,870) | $(2,428) | $(3,668) | $(4,610) | | Cost of goods sold | $(761) | $(980) | $(1,302) | $(1,926) | | **NOI** | **$8,814** | **$8,176** | **$18,465** | **$17,720** | [Company Information and Outlook](index=2&type=section&id=Company%20Information%20and%20Outlook) [Company Overview](index=3&type=section&id=Company%20Overview) Farmland Partners Inc. is an internally managed REIT owning **180,100 acres** across **17 U.S. states** - As of June 30, 2024, the company owns and/or manages approximately **180,100 acres** in **17 U.S. states**[12](index=12&type=chunk) - The portfolio includes approximately **26 crop types** and **over 100 tenants**[12](index=12&type=chunk) - The company elected to be taxed as a **REIT** starting with the taxable year ended December 31, 2014[12](index=12&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to risks including geopolitical conflicts, inflation, and interest rates - Forward-looking statements are subject to risks that could cause actual results to differ materially[13](index=13&type=chunk) - Key risk factors include the war in Ukraine, conflict in the Middle East, high inflation, elevated interest rates, extreme weather events, and changes in trade policies[13](index=13&type=chunk) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) A conference call to discuss financial results was scheduled for July 25, 2024, with a replay available - A conference call to discuss financial results was scheduled for July 25, 2024, at 11:00 a.m. (U.S. Eastern Time)[10](index=10&type=chunk) - A replay of the call will be available until August 4, 2024[11](index=11&type=chunk) [Definitions of Non-GAAP Financial Measures](index=8&type=section&id=Definitions%20of%20Non-GAAP%20Financial%20Measures) [FFO (Funds From Operations)](index=8&type=section&id=FFO%20%28Funds%20From%20Operations%29) FFO is a non-GAAP measure per Nareit standards, excluding property sales gains/losses and real estate depreciation - FFO is calculated per **Nareit standards**, defined as net income excluding gains/losses from sales of depreciable property and real estate-related depreciation and amortization[23](index=23&type=chunk) [AFFO (Adjusted Funds From Operations)](index=8&type=section&id=AFFO%20%28Adjusted%20Funds%20From%20Operations%29) AFFO adjusts FFO to represent sustainable operating performance by excluding acquisition costs and severance - AFFO adjusts FFO to exclude items not reflective of sustainable operating performance, such as acquisition costs, stock-based compensation, and severance expense[24](index=24&type=chunk) - Management considers AFFO a useful supplemental metric as it is more indicative of operational performance than FFO[25](index=25&type=chunk) [EBITDAre and Adjusted EBITDAre](index=9&type=section&id=EBITDAre%20and%20Adjusted%20EBITDAre) EBITDAre is calculated per Nareit standards, with Adjusted EBITDAre removing stock-based compensation and acquisition costs - EBITDAre is calculated according to **Nareit standards** The company also reports Adjusted EBITDAre, which adjusts for items like stock-based compensation and acquisition costs[26](index=26&type=chunk)[27](index=27&type=chunk) [Net Operating Income (NOI)](index=9&type=section&id=Net%20Operating%20Income%20%28NOI%29) NOI is total operating revenues less property-level operating expenses and cost of goods sold, reflecting direct asset profitability - NOI is calculated as total operating revenues minus property operating expenses and cost of goods sold[29](index=29&type=chunk) - It provides a performance measure that reflects revenues and expenses directly associated with owning and leasing farmland real estate[29](index=29&type=chunk)

Investing in Real Estate Investment Trusts (REITs) is great if you’re in search of dividends. Moreover, numerous REITs have shed value since the turn of the year, suggesting a buying opportunity has emerged. All sounds good, doesn’t it? Not so fast. I urge investors to reconsider before committing capital to certain REITs to sell, as various risk factors have emerged. A supply and demand imbalance has occurred, leading to a 20% year-over-year (YOY) drop in U.S. commercial real estate transactions. Commercia ...

Farmland Partners (FPI) shares rallied 5.4% in the last trading session to close at $11.51. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 4.1% loss over the past four weeks.The increased investor optimism in the stock can be attributed to the favorable operating environment.This real estate investment trust specializing in farmland is expected to post quarterly funds from operations (FFO) of $0.02 per share ...

Farmland Partners (FPI) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing ea ...

Inflation Hedge Overview - Inflation hedges protect against currency devaluation due to rising prices, involving investments in assets expected to maintain or increase value [1] - Inflation affects purchasing power, prompting individuals to seek earnings and investments that outpace inflation [1] Traditional Inflation Hedges - Gold has been a traditional inflation hedge since 1971, gaining popularity during economic downturns [3] - In 2024, inflation remains a concern, with investors turning to big tech stocks alongside gold as a hedge [3][4] - A Bloomberg survey indicated that 46% of respondents favored gold, while nearly a third chose tech giants like Nvidia, Amazon, and Meta as inflation hedges [3][4] Tech Stocks as Inflation Hedges - Nvidia's stock surged over 200% in 2024, exceeding $900 per share, driven by strong earnings from generative AI and H100 GPUs [5] - Tech companies like Nvidia and Apple have outperformed the S&P 500, with Nvidia's stock increasing six times during a previous inflation spike [4][5] Farmland Investment - Farmland has historically been used as an inflation hedge, with U.S. farmland properties held by pension funds and tax-exempt vehicles valued at $16.2 billion in 2023 [6][7] - Farmland correlates strongly with inflation indices and has shown resilience, averaging an 11% annual return from 1992 to 2020 [7] - The scarcity of farmland, with over 11 million acres lost in 20 years, contributes to its value preservation during inflation [7] Chicken Wing Business Opportunity - Rising demand for chicken products is noted as consumers shift from beef to more affordable chicken options, benefiting companies like Tyson Foods and Pilgrim's Pride [8][9] - Retail sales of U.S. chicken products rose by 3% for the year ending April 21, while beef and pork sales declined [8] - Tyson's CEO highlighted strong chicken demand amid rising livestock costs, with ground beef prices surging approximately 12% year-over-year [9]