Farmland Partners(US:FPI)2024-10-31 18:44Financial 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]