Annual Income Statements for Farmland Partners
This table shows Farmland Partners' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Farmland Partners
This table shows Farmland Partners' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
0.35 |
5.78 |
0.86 |
7.00 |
3.45 |
16 |
0.61 |
-2.77 |
1.03 |
58 |
Consolidated Net Income / (Loss) |
|
1.12 |
6.71 |
1.71 |
7.90 |
4.32 |
18 |
1.41 |
-2.05 |
1.84 |
60 |
Net Income / (Loss) Continuing Operations |
|
1.12 |
6.71 |
1.71 |
7.90 |
4.32 |
18 |
1.41 |
-2.05 |
1.84 |
60 |
Total Pre-Tax Income |
|
1.15 |
6.81 |
1.72 |
7.90 |
4.12 |
18 |
1.43 |
-2.05 |
1.85 |
60 |
Total Revenue |
|
13 |
8.81 |
7.75 |
5.74 |
5.39 |
16 |
12 |
11 |
15 |
74 |
Total Non-Interest Income |
|
13 |
21 |
13 |
12 |
12 |
22 |
12 |
11 |
15 |
74 |
Net Realized & Unrealized Capital Gains on Investments |
|
-0.05 |
- |
- |
- |
- |
- |
-0.09 |
-0.01 |
1.98 |
52 |
Other Non-Interest Income |
|
13 |
22 |
13 |
12 |
12 |
22 |
12 |
11 |
13 |
21 |
Total Non-Interest Expense |
|
8.42 |
9.33 |
7.84 |
8.83 |
12 |
11 |
6.84 |
8.21 |
8.09 |
10 |
Net Occupancy & Equipment Expense |
|
2.12 |
2.06 |
2.18 |
2.43 |
2.10 |
1.95 |
1.80 |
1.87 |
1.96 |
1.74 |
Other Operating Expenses |
|
4.61 |
5.36 |
3.85 |
4.19 |
3.76 |
5.66 |
3.54 |
4.91 |
4.72 |
6.60 |
Depreciation Expense |
|
1.67 |
1.88 |
1.79 |
2.21 |
1.90 |
1.59 |
1.48 |
1.43 |
1.41 |
1.26 |
Restructuring Charge |
|
0.02 |
0.02 |
0.01 |
0.00 |
0.00 |
- |
0.03 |
0.00 |
0.00 |
0.00 |
Nonoperating Income / (Expense), net |
|
-3.53 |
7.32 |
1.80 |
11 |
10 |
13 |
-3.63 |
-5.28 |
-5.35 |
-3.13 |
Income Tax Expense |
|
0.03 |
0.10 |
0.01 |
0.00 |
-0.19 |
0.01 |
0.02 |
-0.00 |
0.01 |
-0.05 |
Preferred Stock Dividends Declared |
|
0.74 |
0.78 |
0.82 |
0.71 |
0.76 |
0.83 |
0.77 |
0.77 |
0.77 |
1.18 |
Net Income / (Loss) Attributable to Noncontrolling Interest |
|
0.03 |
0.15 |
0.04 |
0.19 |
0.11 |
0.44 |
0.04 |
-0.05 |
0.05 |
1.51 |
Basic Earnings per Share |
|
$0.01 |
$0.11 |
$0.02 |
$0.14 |
$0.07 |
$0.32 |
$0.01 |
($0.06) |
$0.02 |
$1.22 |
Weighted Average Basic Shares Outstanding |
|
53.50M |
50.95M |
54.01M |
50.86M |
48.43M |
50.24M |
47.70M |
47.80M |
47.84M |
47.55M |
Diluted Earnings per Share |
|
$0.01 |
$0.11 |
$0.02 |
$0.12 |
$0.07 |
$0.32 |
$0.01 |
($0.06) |
$0.02 |
$1.09 |
Weighted Average Diluted Shares Outstanding |
|
53.50M |
50.95M |
54.01M |
59.11M |
48.43M |
58.29M |
47.70M |
47.80M |
47.84M |
55.99M |
Weighted Average Basic & Diluted Shares Outstanding |
|
54.58M |
54.34M |
51.91M |
48.84M |
48.19M |
48.03M |
48.15M |
48.17M |
48.17M |
45.89M |
Cash Dividends to Common per Share |
|
$0.06 |
$0.06 |
$0.06 |
$0.06 |
$0.06 |
$0.27 |
$0.06 |
$0.06 |
$0.06 |
$1.21 |
Annual Cash Flow Statements for Farmland Partners
This table details how cash moves in and out of Farmland Partners' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-23 |
-2.17 |
73 |
Net Cash From Operating Activities |
17 |
13 |
16 |
Net Cash From Continuing Operating Activities |
17 |
13 |
16 |
Net Income / (Loss) Continuing Operations |
12 |
32 |
61 |
Consolidated Net Income / (Loss) |
12 |
32 |
61 |
Provision For Loan Losses |
0.12 |
0.02 |
0.00 |
Depreciation Expense |
6.96 |
7.50 |
5.59 |
Amortization Expense |
0.79 |
0.87 |
0.23 |
Non-Cash Adjustments to Reconcile Net Income |
-0.59 |
-28 |
-51 |
Changes in Operating Assets and Liabilities, net |
-2.18 |
1.19 |
0.21 |
Net Cash From Investing Activities |
-60 |
158 |
269 |
Net Cash From Continuing Investing Activities |
-60 |
158 |
269 |
Purchase of Investment Securities |
-80 |
-40 |
-55 |
Sale and/or Maturity of Investments |
20 |
198 |
324 |
Net Cash From Financing Activities |
21 |
-174 |
-212 |
Net Cash From Continuing Financing Activities |
21 |
-174 |
-212 |
Issuance of Debt |
223 |
80 |
81 |
Issuance of Common Equity |
0.06 |
0.16 |
0.03 |
Repayment of Debt |
-298 |
-156 |
-240 |
Repurchase of Preferred Equity |
-10 |
-8.10 |
0.00 |
Repurchase of Common Equity |
0.00 |
-73 |
-28 |
Payment of Dividends |
-15 |
-15 |
-25 |
Other Financing Activities, Net |
121 |
-0.78 |
-1.17 |
Cash Interest Paid |
0.00 |
22 |
21 |
Quarterly Cash Flow Statements for Farmland Partners
This table details how cash moves in and out of Farmland Partners' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
-11 |
-1.22 |
4.58 |
-1.00 |
-5.17 |
-0.57 |
0.74 |
-0.48 |
2.34 |
70 |
Net Cash From Operating Activities |
|
0.32 |
8.30 |
16 |
-6.45 |
-3.66 |
7.16 |
12 |
-6.09 |
-4.28 |
15 |
Net Cash From Continuing Operating Activities |
|
0.32 |
8.30 |
16 |
-6.45 |
-3.66 |
7.16 |
12 |
-6.09 |
-4.28 |
15 |
Net Income / (Loss) Continuing Operations |
|
1.12 |
6.71 |
1.71 |
7.90 |
4.32 |
18 |
1.41 |
-2.05 |
1.84 |
60 |
Consolidated Net Income / (Loss) |
|
1.12 |
6.71 |
1.71 |
7.90 |
4.32 |
18 |
1.41 |
-2.05 |
1.84 |
60 |
Depreciation Expense |
|
1.67 |
1.88 |
1.79 |
2.21 |
1.90 |
1.59 |
1.48 |
1.43 |
1.41 |
1.26 |
Amortization Expense |
|
0.33 |
0.13 |
0.31 |
0.06 |
0.28 |
0.21 |
0.18 |
0.18 |
0.18 |
-0.31 |
Non-Cash Adjustments to Reconcile Net Income |
|
0.40 |
1.62 |
-1.39 |
-11 |
-5.98 |
-10 |
-0.71 |
0.55 |
-1.14 |
-50 |
Changes in Operating Assets and Liabilities, net |
|
-3.20 |
-2.14 |
13 |
-6.02 |
-4.18 |
-2.01 |
9.53 |
-6.20 |
-6.57 |
3.45 |
Net Cash From Investing Activities |
|
-9.22 |
-35 |
5.91 |
34 |
60 |
59 |
-14 |
-1.25 |
8.70 |
276 |
Net Cash From Continuing Investing Activities |
|
-9.22 |
-35 |
5.91 |
34 |
60 |
59 |
-14 |
-1.25 |
8.70 |
276 |
Purchase of Investment Securities |
|
-9.15 |
-36 |
-1.23 |
-10 |
-13 |
-15 |
-16 |
-1.67 |
-0.74 |
-36 |
Sale and/or Maturity of Investments |
|
- |
1.31 |
7.14 |
44 |
72 |
74 |
1.84 |
0.42 |
9.43 |
312 |
Net Cash From Financing Activities |
|
-1.92 |
25 |
-17 |
-29 |
-61 |
-67 |
3.34 |
6.86 |
-2.07 |
-220 |
Net Cash From Continuing Financing Activities |
|
-1.92 |
25 |
-17 |
-29 |
-61 |
-67 |
3.34 |
6.86 |
-2.07 |
-220 |
Repayment of Debt |
|
-18 |
-81 |
-9.99 |
-24 |
-60 |
-62 |
-10 |
-33 |
-7.50 |
-189 |
Repurchase of Common Equity |
|
- |
- |
-15 |
-47 |
-6.74 |
-4.18 |
0.00 |
- |
- |
-28 |
Payment of Dividends |
|
-3.17 |
-3.26 |
-6.47 |
-3.18 |
-2.94 |
-2.90 |
-16 |
-2.89 |
-2.89 |
-2.89 |
Other Financing Activities, Net |
|
23 |
0.03 |
-0.18 |
-0.07 |
-0.73 |
0.21 |
-0.61 |
-0.18 |
-0.18 |
-0.19 |
Cash Interest Paid |
|
3.17 |
-10 |
5.19 |
4.77 |
6.68 |
5.82 |
5.57 |
5.09 |
5.29 |
5.01 |
Annual Balance Sheets for Farmland Partners
This table presents Farmland Partners' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
1,160 |
1,022 |
869 |
Cash and Due from Banks |
7.65 |
5.49 |
78 |
Interest Bearing Deposits at Other Banks |
0.15 |
0.43 |
0.00 |
Trading Account Securities |
6.27 |
5.84 |
4.60 |
Loans and Leases, Net of Allowance |
0.00 |
0.00 |
0.00 |
Premises and Equipment, Net |
992 |
876 |
656 |
Goodwill |
2.71 |
2.71 |
2.71 |
Intangible Assets |
2.06 |
2.04 |
1.37 |
Other Assets |
149 |
129 |
125 |
Total Liabilities & Shareholders' Equity |
1,160 |
1,022 |
869 |
Total Liabilities |
456 |
391 |
272 |
Accrued Interest Payable |
4.14 |
4.75 |
3.06 |
Other Short-Term Payables |
13 |
21 |
63 |
Long-Term Debt |
437 |
361 |
204 |
Other Long-Term Liabilities |
2.38 |
4.45 |
1.91 |
Commitments & Contingencies |
0.00 |
0.00 |
0.00 |
Redeemable Noncontrolling Interest |
110 |
102 |
102 |
Total Equity & Noncontrolling Interests |
594 |
529 |
495 |
Total Preferred & Common Equity |
594 |
529 |
495 |
Total Common Equity |
594 |
529 |
495 |
Common Stock |
648 |
578 |
552 |
Retained Earnings |
-70 |
-65 |
-72 |
Accumulated Other Comprehensive Income / (Loss) |
3.31 |
2.69 |
1.51 |
Other Equity Adjustments |
13 |
13 |
13 |
Quarterly Balance Sheets for Farmland Partners
This table presents Farmland Partners' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
1,128 |
1,154 |
1,125 |
1,069 |
1,031 |
1,028 |
1,027 |
Cash and Due from Banks |
|
8.87 |
12 |
11 |
6.06 |
6.23 |
5.75 |
8.09 |
Interest Bearing Deposits at Other Banks |
|
0.27 |
0.14 |
0.13 |
0.03 |
0.00 |
0.00 |
0.00 |
Trading Account Securities |
|
6.16 |
5.77 |
6.47 |
6.25 |
5.66 |
5.83 |
4.89 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Premises and Equipment, Net |
|
980 |
986 |
966 |
923 |
895 |
894 |
893 |
Goodwill |
|
2.71 |
2.71 |
2.71 |
2.71 |
2.71 |
2.71 |
2.71 |
Intangible Assets |
|
2.06 |
2.05 |
2.05 |
2.04 |
2.03 |
2.03 |
2.02 |
Other Assets |
|
128 |
146 |
137 |
128 |
120 |
118 |
117 |
Total Liabilities & Shareholders' Equity |
|
1,128 |
1,154 |
1,125 |
1,069 |
1,031 |
1,028 |
1,027 |
Total Liabilities |
|
427 |
470 |
490 |
439 |
405 |
407 |
406 |
Accrued Interest Payable |
|
3.58 |
3.83 |
5.08 |
4.81 |
4.38 |
4.70 |
5.07 |
Other Short-Term Payables |
|
12 |
- |
9.89 |
10 |
6.62 |
7.40 |
6.46 |
Long-Term Debt |
|
408 |
441 |
471 |
420 |
381 |
391 |
392 |
Other Long-Term Liabilities |
|
3.34 |
25 |
3.16 |
3.16 |
13 |
3.38 |
2.71 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Redeemable Noncontrolling Interest |
|
109 |
108 |
100 |
101 |
100 |
100 |
101 |
Total Equity & Noncontrolling Interests |
|
591 |
577 |
535 |
529 |
527 |
521 |
519 |
Total Preferred & Common Equity |
|
591 |
577 |
535 |
529 |
527 |
521 |
519 |
Total Common Equity |
|
591 |
577 |
535 |
529 |
527 |
521 |
519 |
Common Stock |
|
648 |
634 |
587 |
581 |
578 |
579 |
580 |
Retained Earnings |
|
-73 |
-73 |
-69 |
-68 |
-67 |
-72 |
-74 |
Accumulated Other Comprehensive Income / (Loss) |
|
3.21 |
2.92 |
3.51 |
3.23 |
2.48 |
2.52 |
1.46 |
Other Equity Adjustments |
|
13 |
13 |
13 |
13 |
13 |
13 |
13 |
Annual Metrics And Ratios for Farmland Partners
This table displays calculated financial ratios and metrics derived from Farmland Partners' official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
-26.23% |
-22.76% |
222.83% |
EBITDA Growth |
-52.70% |
-77.63% |
2,182.34% |
EBIT Growth |
-66.25% |
-152.75% |
1,792.46% |
NOPAT Growth |
-66.88% |
-153.58% |
1,798.25% |
Net Income Growth |
16.58% |
164.89% |
93.96% |
EPS Growth |
194.12% |
231.25% |
100.00% |
Operating Cash Flow Growth |
117.04% |
-24.42% |
25.26% |
Free Cash Flow Firm Growth |
-1,307.38% |
607.75% |
86.69% |
Invested Capital Growth |
3.37% |
-13.09% |
-19.30% |
Revenue Q/Q Growth |
-41.95% |
25.73% |
105.93% |
EBITDA Q/Q Growth |
-66.72% |
378.24% |
214.75% |
EBIT Q/Q Growth |
-78.97% |
52.98% |
289.79% |
NOPAT Q/Q Growth |
-79.22% |
53.42% |
289.54% |
Net Income Q/Q Growth |
-35.58% |
53.52% |
224.33% |
EPS Q/Q Growth |
-38.46% |
65.63% |
265.52% |
Operating Cash Flow Q/Q Growth |
10.91% |
-8.13% |
85.90% |
Free Cash Flow Firm Q/Q Growth |
-446.11% |
200.03% |
366.71% |
Invested Capital Q/Q Growth |
2.91% |
-5.61% |
-20.99% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
36.79% |
10.66% |
75.33% |
EBIT Margin |
19.60% |
-13.38% |
70.15% |
Profit (Net Income) Margin |
26.54% |
91.01% |
54.68% |
Tax Burden Percent |
98.14% |
100.53% |
100.03% |
Interest Burden Percent |
138.00% |
-676.58% |
77.93% |
Effective Tax Rate |
1.86% |
-0.53% |
-0.03% |
Return on Invested Capital (ROIC) |
0.77% |
-0.44% |
8.80% |
ROIC Less NNEP Spread (ROIC-NNEP) |
1.47% |
8.67% |
2.64% |
Return on Net Nonoperating Assets (RNNOA) |
1.07% |
5.18% |
1.21% |
Return on Equity (ROE) |
1.84% |
4.75% |
10.01% |
Cash Return on Invested Capital (CROIC) |
-2.54% |
13.58% |
30.17% |
Operating Return on Assets (OROA) |
0.77% |
-0.43% |
8.34% |
Return on Assets (ROA) |
1.05% |
2.90% |
6.50% |
Return on Common Equity (ROCE) |
1.52% |
3.99% |
8.35% |
Return on Equity Simple (ROE_SIMPLE) |
2.01% |
5.99% |
12.42% |
Net Operating Profit after Tax (NOPAT) |
8.67 |
-4.64 |
79 |
NOPAT Margin |
19.23% |
-13.34% |
70.17% |
Net Nonoperating Expense Percent (NNEP) |
-0.69% |
-9.11% |
6.17% |
SG&A Expenses to Revenue |
18.17% |
24.88% |
6.56% |
Operating Expenses to Revenue |
80.40% |
113.38% |
29.85% |
Earnings before Interest and Taxes (EBIT) |
8.83 |
-4.66 |
79 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
17 |
3.71 |
85 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
1.09 |
1.01 |
1.14 |
Price to Tangible Book Value (P/TBV) |
1.10 |
1.02 |
1.15 |
Price to Revenue (P/Rev) |
14.38 |
15.33 |
5.02 |
Price to Earnings (P/E) |
77.14 |
19.20 |
9.99 |
Dividend Yield |
1.94% |
4.06% |
11.37% |
Earnings Yield |
1.30% |
5.21% |
10.01% |
Enterprise Value to Invested Capital (EV/IC) |
1.04 |
1.00 |
0.99 |
Enterprise Value to Revenue (EV/Rev) |
26.35 |
28.46 |
7.04 |
Enterprise Value to EBITDA (EV/EBITDA) |
71.61 |
267.05 |
9.34 |
Enterprise Value to EBIT (EV/EBIT) |
134.45 |
0.00 |
10.03 |
Enterprise Value to NOPAT (EV/NOPAT) |
137.01 |
0.00 |
10.03 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
69.64 |
76.86 |
48.99 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
0.00 |
6.84 |
2.93 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.62 |
0.57 |
0.34 |
Long-Term Debt to Equity |
0.62 |
0.57 |
0.34 |
Financial Leverage |
0.73 |
0.60 |
0.46 |
Leverage Ratio |
1.76 |
1.63 |
1.54 |
Compound Leverage Factor |
2.43 |
-11.06 |
1.20 |
Debt to Total Capital |
38.29% |
36.39% |
25.45% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
38.29% |
36.39% |
25.45% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
9.66% |
10.28% |
12.74% |
Common Equity to Total Capital |
52.06% |
53.33% |
61.80% |
Debt to EBITDA |
26.35 |
97.29 |
2.41 |
Net Debt to EBITDA |
25.88 |
95.70 |
1.48 |
Long-Term Debt to EBITDA |
26.35 |
97.29 |
2.41 |
Debt to NOPAT |
50.41 |
-77.72 |
2.58 |
Net Debt to NOPAT |
49.51 |
-76.44 |
1.59 |
Long-Term Debt to NOPAT |
50.41 |
-77.72 |
2.58 |
Noncontrolling Interest Sharing Ratio |
17.79% |
15.89% |
16.62% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
-29 |
145 |
270 |
Operating Cash Flow to CapEx |
22,734.67% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
-1.77 |
6.39 |
0.00 |
Operating Cash Flow to Interest Expense |
1.06 |
0.57 |
0.00 |
Operating Cash Flow Less CapEx to Interest Expense |
1.05 |
0.57 |
0.00 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.04 |
0.03 |
0.12 |
Fixed Asset Turnover |
0.05 |
0.04 |
0.15 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
1,141 |
992 |
800 |
Invested Capital Turnover |
0.04 |
0.03 |
0.13 |
Increase / (Decrease) in Invested Capital |
37 |
-149 |
-191 |
Enterprise Value (EV) |
1,187 |
991 |
791 |
Market Capitalization |
648 |
534 |
564 |
Book Value per Share |
$10.88 |
$10.98 |
$10.27 |
Tangible Book Value per Share |
$10.80 |
$10.88 |
$10.18 |
Total Capital |
1,141 |
992 |
800 |
Total Debt |
437 |
361 |
204 |
Total Long-Term Debt |
437 |
361 |
204 |
Net Debt |
429 |
355 |
125 |
Capital Expenditures (CapEx) |
0.08 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
-3.29 |
-36 |
17 |
Net Nonoperating Obligations (NNO) |
437 |
361 |
204 |
Total Depreciation and Amortization (D&A) |
7.75 |
8.37 |
5.82 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
$0.16 |
$0.55 |
$1.19 |
Adjusted Weighted Average Basic Shares Outstanding |
50.95M |
50.24M |
47.55M |
Adjusted Diluted Earnings per Share |
$0.16 |
$0.53 |
$1.06 |
Adjusted Weighted Average Diluted Shares Outstanding |
50.95M |
58.29M |
55.99M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
54.34M |
48.03M |
45.89M |
Normalized Net Operating Profit after Tax (NOPAT) |
8.78 |
0.87 |
56 |
Normalized NOPAT Margin |
19.47% |
2.49% |
49.62% |
Pre Tax Income Margin |
27.04% |
90.54% |
54.67% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
0.55 |
-0.21 |
0.00 |
NOPAT to Interest Expense |
0.54 |
-0.20 |
0.00 |
EBIT Less CapEx to Interest Expense |
0.54 |
-0.21 |
0.00 |
NOPAT Less CapEx to Interest Expense |
0.53 |
-0.20 |
0.00 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
122.37% |
48.87% |
40.03% |
Augmented Payout Ratio |
122.37% |
278.05% |
84.84% |
Quarterly Metrics And Ratios for Farmland Partners
This table displays calculated financial ratios and metrics derived from Farmland Partners' official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
114.94% |
-78.70% |
-46.75% |
-33.36% |
-58.85% |
80.84% |
53.64% |
99.22% |
183.96% |
362.77% |
EBITDA Growth |
|
2,303.30% |
-95.69% |
-71.55% |
-162.91% |
-160.35% |
337.03% |
232.61% |
689.65% |
318.27% |
883.40% |
EBIT Growth |
|
281.28% |
-101.58% |
-101.75% |
-971.88% |
-232.88% |
1,015.09% |
5,917.24% |
204.63% |
215.90% |
1,238.85% |
NOPAT Growth |
|
351.55% |
-101.56% |
-101.52% |
-1,032.56% |
-242.19% |
1,039.99% |
6,705.05% |
171.54% |
210.84% |
1,223.41% |
Net Income Growth |
|
141.93% |
-49.62% |
50.48% |
163.92% |
285.61% |
164.61% |
-17.85% |
-125.98% |
-57.40% |
239.41% |
EPS Growth |
|
105.88% |
-47.62% |
0.00% |
200.00% |
600.00% |
190.91% |
-50.00% |
-150.00% |
-71.43% |
240.63% |
Operating Cash Flow Growth |
|
104.56% |
25.34% |
53.64% |
-244.47% |
-1,251.57% |
-13.74% |
-24.89% |
5.52% |
-16.88% |
104.25% |
Free Cash Flow Firm Growth |
|
-133.73% |
-945.25% |
0.67% |
90.89% |
278.91% |
509.16% |
447.14% |
4,180.47% |
-13.39% |
65.24% |
Invested Capital Growth |
|
3.11% |
3.37% |
3.26% |
-0.07% |
-5.25% |
-13.09% |
-10.54% |
-8.47% |
-3.59% |
-19.30% |
Revenue Q/Q Growth |
|
51.99% |
-32.70% |
-12.06% |
-25.92% |
-6.15% |
195.79% |
-25.29% |
-3.94% |
33.77% |
382.04% |
EBITDA Q/Q Growth |
|
411.57% |
-77.59% |
35.09% |
-140.62% |
-390.74% |
262.27% |
2.81% |
-27.98% |
81.66% |
631.12% |
EBIT Q/Q Growth |
|
1,723.96% |
-111.05% |
83.17% |
-3,448.28% |
-101.33% |
176.12% |
6.98% |
-36.18% |
123.00% |
779.37% |
NOPAT Q/Q Growth |
|
1,728.04% |
-111.22% |
85.16% |
-4,080.26% |
-104.40% |
174.15% |
4.26% |
-54.72% |
216.68% |
785.29% |
Net Income Q/Q Growth |
|
-62.61% |
499.55% |
-74.45% |
360.85% |
-45.37% |
311.43% |
-92.07% |
-245.74% |
189.57% |
3,178.35% |
EPS Q/Q Growth |
|
-75.00% |
1,000.00% |
-81.82% |
500.00% |
-41.67% |
357.14% |
-96.88% |
-700.00% |
133.33% |
5,350.00% |
Operating Cash Flow Q/Q Growth |
|
117.00% |
2,508.49% |
90.95% |
-140.69% |
43.18% |
295.39% |
66.28% |
-151.18% |
29.71% |
441.45% |
Free Cash Flow Firm Q/Q Growth |
|
-12.06% |
-30.27% |
5.50% |
93.40% |
2,300.35% |
197.93% |
-19.82% |
-22.36% |
-53.30% |
468.42% |
Invested Capital Q/Q Growth |
|
0.11% |
2.91% |
-1.33% |
-1.71% |
-5.08% |
-5.61% |
1.58% |
0.57% |
-0.01% |
-20.99% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
50.99% |
16.98% |
26.08% |
-14.30% |
-74.79% |
41.03% |
56.47% |
42.33% |
57.49% |
87.19% |
EBIT Margin |
|
35.72% |
-5.87% |
-1.12% |
-53.78% |
-115.37% |
29.69% |
42.52% |
28.25% |
47.09% |
85.90% |
Profit (Net Income) Margin |
|
8.55% |
76.14% |
22.12% |
137.61% |
80.10% |
111.42% |
11.83% |
-17.94% |
12.02% |
81.72% |
Tax Burden Percent |
|
97.14% |
98.56% |
99.48% |
99.95% |
104.63% |
99.93% |
98.67% |
99.95% |
99.41% |
100.07% |
Interest Burden Percent |
|
24.63% |
-1,316.63% |
-1,980.46% |
-256.01% |
-66.36% |
375.50% |
28.20% |
-63.56% |
25.67% |
95.06% |
Effective Tax Rate |
|
2.86% |
1.44% |
0.52% |
0.05% |
-4.63% |
0.07% |
1.33% |
0.00% |
0.59% |
-0.07% |
Return on Invested Capital (ROIC) |
|
2.47% |
-0.23% |
-0.03% |
-1.76% |
-3.08% |
0.98% |
1.53% |
0.83% |
2.48% |
10.78% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
1.71% |
1.29% |
0.36% |
0.71% |
-0.48% |
4.23% |
0.66% |
-0.17% |
1.17% |
9.67% |
Return on Net Nonoperating Assets (RNNOA) |
|
1.22% |
0.94% |
0.25% |
0.48% |
-0.30% |
2.53% |
0.41% |
-0.11% |
0.76% |
4.45% |
Return on Equity (ROE) |
|
3.69% |
0.71% |
0.22% |
-1.28% |
-3.37% |
3.51% |
1.95% |
0.72% |
3.23% |
15.23% |
Cash Return on Invested Capital (CROIC) |
|
0.75% |
-2.54% |
-2.87% |
0.16% |
4.47% |
13.58% |
11.17% |
9.50% |
5.61% |
30.17% |
Operating Return on Assets (OROA) |
|
2.49% |
-0.23% |
-0.04% |
-1.69% |
-2.91% |
0.95% |
1.52% |
1.17% |
2.45% |
10.21% |
Return on Assets (ROA) |
|
0.60% |
3.01% |
0.75% |
4.33% |
2.02% |
3.55% |
0.42% |
-0.74% |
0.63% |
9.71% |
Return on Common Equity (ROCE) |
|
2.59% |
0.58% |
0.18% |
-1.07% |
-2.84% |
2.95% |
1.64% |
0.60% |
2.71% |
12.70% |
Return on Equity Simple (ROE_SIMPLE) |
|
3.14% |
0.00% |
2.17% |
3.26% |
3.90% |
0.00% |
5.96% |
4.11% |
3.65% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
4.54 |
-0.51 |
-0.08 |
-3.16 |
-6.46 |
4.79 |
4.99 |
2.26 |
7.16 |
63 |
NOPAT Margin |
|
34.70% |
-5.78% |
-0.98% |
-55.06% |
-119.92% |
30.06% |
41.95% |
19.77% |
46.81% |
85.96% |
Net Nonoperating Expense Percent (NNEP) |
|
0.75% |
-1.52% |
-0.40% |
-2.47% |
-2.60% |
-3.25% |
0.87% |
1.00% |
1.31% |
1.11% |
SG&A Expenses to Revenue |
|
16.15% |
23.40% |
28.16% |
42.30% |
38.96% |
12.24% |
15.10% |
16.35% |
12.79% |
2.37% |
Operating Expenses to Revenue |
|
64.28% |
105.87% |
101.12% |
153.78% |
215.37% |
70.31% |
57.48% |
71.75% |
52.91% |
14.10% |
Earnings before Interest and Taxes (EBIT) |
|
4.68 |
-0.52 |
-0.09 |
-3.09 |
-6.22 |
4.73 |
5.06 |
3.23 |
7.20 |
63 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
6.68 |
1.50 |
2.02 |
-0.82 |
-4.03 |
6.54 |
6.72 |
4.84 |
8.79 |
64 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.08 |
1.09 |
0.97 |
1.14 |
0.91 |
1.01 |
1.01 |
1.06 |
0.96 |
1.14 |
Price to Tangible Book Value (P/TBV) |
|
1.09 |
1.10 |
0.97 |
1.15 |
0.92 |
1.02 |
1.02 |
1.07 |
0.97 |
1.15 |
Price to Revenue (P/Rev) |
|
8.21 |
14.38 |
14.56 |
17.25 |
17.43 |
15.33 |
13.61 |
12.37 |
9.17 |
5.02 |
Price to Earnings (P/E) |
|
71.34 |
77.14 |
61.61 |
43.65 |
28.26 |
19.20 |
19.26 |
31.09 |
32.61 |
9.99 |
Dividend Yield |
|
1.83% |
1.94% |
2.34% |
2.04% |
2.43% |
4.06% |
4.08% |
3.92% |
4.33% |
11.37% |
Earnings Yield |
|
1.40% |
1.30% |
1.62% |
2.29% |
3.54% |
5.21% |
5.19% |
3.22% |
3.07% |
10.01% |
Enterprise Value to Invested Capital (EV/IC) |
|
1.03 |
1.04 |
0.97 |
1.06 |
0.95 |
1.00 |
1.00 |
1.02 |
0.97 |
0.99 |
Enterprise Value to Revenue (EV/Rev) |
|
14.76 |
26.35 |
28.58 |
33.08 |
36.06 |
28.46 |
25.79 |
23.25 |
18.07 |
7.04 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
23.00 |
71.61 |
95.13 |
124.90 |
0.00 |
267.05 |
119.47 |
73.77 |
36.65 |
9.34 |
Enterprise Value to EBIT (EV/EBIT) |
|
27.28 |
134.45 |
288.97 |
1,187.23 |
0.00 |
0.00 |
2,050.50 |
152.51 |
48.74 |
10.03 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
27.47 |
137.01 |
293.56 |
1,280.12 |
0.00 |
0.00 |
1,930.02 |
149.11 |
48.70 |
10.03 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
74.54 |
69.64 |
48.44 |
65.01 |
71.17 |
76.86 |
112.32 |
111.62 |
113.54 |
48.99 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
139.10 |
0.00 |
0.00 |
679.62 |
20.69 |
6.84 |
8.43 |
10.31 |
17.02 |
2.93 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.58 |
0.62 |
0.64 |
0.74 |
0.67 |
0.57 |
0.61 |
0.63 |
0.63 |
0.34 |
Long-Term Debt to Equity |
|
0.58 |
0.62 |
0.64 |
0.74 |
0.67 |
0.57 |
0.61 |
0.63 |
0.63 |
0.34 |
Financial Leverage |
|
0.71 |
0.73 |
0.69 |
0.68 |
0.62 |
0.60 |
0.63 |
0.69 |
0.65 |
0.46 |
Leverage Ratio |
|
1.74 |
1.76 |
1.73 |
1.71 |
1.65 |
1.63 |
1.67 |
1.71 |
1.68 |
1.54 |
Compound Leverage Factor |
|
0.43 |
-23.17 |
-34.25 |
-4.37 |
-1.10 |
6.14 |
0.47 |
-1.09 |
0.43 |
1.46 |
Debt to Total Capital |
|
36.83% |
38.29% |
39.17% |
42.56% |
40.02% |
36.39% |
37.81% |
38.60% |
38.73% |
25.45% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
36.83% |
38.29% |
39.17% |
42.56% |
40.02% |
36.39% |
37.81% |
38.60% |
38.73% |
25.45% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
9.87% |
9.66% |
9.57% |
9.08% |
9.64% |
10.28% |
9.90% |
9.92% |
9.99% |
12.74% |
Common Equity to Total Capital |
|
53.30% |
52.06% |
51.25% |
48.36% |
50.34% |
53.33% |
52.29% |
51.48% |
51.28% |
61.80% |
Debt to EBITDA |
|
8.20 |
26.35 |
38.36 |
50.26 |
-315.43 |
97.29 |
45.29 |
27.79 |
14.58 |
2.41 |
Net Debt to EBITDA |
|
8.01 |
25.88 |
37.28 |
49.05 |
-310.86 |
95.70 |
44.55 |
27.38 |
14.28 |
1.48 |
Long-Term Debt to EBITDA |
|
8.20 |
26.35 |
38.36 |
50.26 |
-315.43 |
97.29 |
45.29 |
27.79 |
14.58 |
2.41 |
Debt to NOPAT |
|
9.79 |
50.41 |
118.37 |
515.11 |
-42.18 |
-77.72 |
731.65 |
56.17 |
19.38 |
2.58 |
Net Debt to NOPAT |
|
9.57 |
49.51 |
115.06 |
502.69 |
-41.57 |
-76.44 |
719.69 |
55.34 |
18.98 |
1.59 |
Long-Term Debt to NOPAT |
|
9.79 |
50.41 |
118.37 |
515.11 |
-42.18 |
-77.72 |
731.65 |
56.17 |
19.38 |
2.58 |
Noncontrolling Interest Sharing Ratio |
|
29.84% |
17.79% |
17.20% |
16.24% |
15.83% |
15.89% |
15.83% |
15.98% |
16.19% |
16.62% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-29 |
-38 |
-36 |
-2.35 |
52 |
154 |
124 |
96 |
45 |
255 |
Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
|
0.00 |
-3.04 |
-7.23 |
-0.40 |
8.31 |
27.25 |
0.00 |
0.00 |
0.00 |
0.00 |
Operating Cash Flow to Interest Expense |
|
0.00 |
0.67 |
3.22 |
-1.10 |
-0.59 |
1.26 |
0.00 |
0.00 |
0.00 |
0.00 |
Operating Cash Flow Less CapEx to Interest Expense |
|
0.00 |
0.67 |
3.22 |
-1.10 |
-0.59 |
1.26 |
0.00 |
0.00 |
0.00 |
0.00 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.07 |
0.04 |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
0.04 |
0.05 |
0.12 |
Fixed Asset Turnover |
|
0.08 |
0.05 |
0.04 |
0.04 |
0.03 |
0.04 |
0.04 |
0.05 |
0.06 |
0.15 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
1,109 |
1,141 |
1,126 |
1,107 |
1,051 |
992 |
1,007 |
1,013 |
1,013 |
800 |
Invested Capital Turnover |
|
0.07 |
0.04 |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
0.04 |
0.05 |
0.13 |
Increase / (Decrease) in Invested Capital |
|
33 |
37 |
36 |
-0.81 |
-58 |
-149 |
-119 |
-94 |
-38 |
-191 |
Enterprise Value (EV) |
|
1,146 |
1,187 |
1,094 |
1,171 |
998 |
991 |
1,005 |
1,038 |
986 |
791 |
Market Capitalization |
|
637 |
648 |
557 |
610 |
483 |
534 |
530 |
552 |
500 |
564 |
Book Value per Share |
|
$11.14 |
$10.88 |
$10.62 |
$10.31 |
$10.83 |
$10.98 |
$10.97 |
$10.83 |
$10.78 |
$10.27 |
Tangible Book Value per Share |
|
$11.05 |
$10.80 |
$10.53 |
$10.22 |
$10.73 |
$10.88 |
$10.87 |
$10.73 |
$10.69 |
$10.18 |
Total Capital |
|
1,109 |
1,141 |
1,126 |
1,107 |
1,051 |
992 |
1,007 |
1,013 |
1,013 |
800 |
Total Debt |
|
408 |
437 |
441 |
471 |
420 |
361 |
381 |
391 |
392 |
204 |
Total Long-Term Debt |
|
408 |
437 |
441 |
471 |
420 |
361 |
381 |
391 |
392 |
204 |
Net Debt |
|
399 |
429 |
429 |
460 |
414 |
355 |
375 |
385 |
384 |
125 |
Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
|
3.42 |
-7.22 |
-1.79 |
-11 |
-11 |
-13 |
3.59 |
4.31 |
5.32 |
3.13 |
Net Nonoperating Obligations (NNO) |
|
408 |
437 |
441 |
471 |
420 |
361 |
381 |
391 |
392 |
204 |
Total Depreciation and Amortization (D&A) |
|
2.00 |
2.01 |
2.11 |
2.27 |
2.19 |
1.81 |
1.66 |
1.61 |
1.59 |
0.95 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.01 |
$0.11 |
$0.02 |
$0.14 |
$0.07 |
$0.32 |
$0.01 |
($0.06) |
$0.02 |
$1.22 |
Adjusted Weighted Average Basic Shares Outstanding |
|
53.50M |
50.95M |
54.01M |
50.86M |
48.43M |
50.24M |
47.70M |
47.80M |
47.84M |
47.55M |
Adjusted Diluted Earnings per Share |
|
$0.01 |
$0.11 |
$0.02 |
$0.12 |
$0.07 |
$0.32 |
$0.01 |
($0.06) |
$0.02 |
$1.09 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
53.50M |
50.95M |
54.01M |
59.11M |
48.43M |
58.29M |
47.70M |
47.80M |
47.84M |
55.99M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
54.58M |
54.34M |
51.91M |
48.84M |
48.19M |
48.03M |
48.15M |
48.17M |
48.17M |
45.89M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
4.57 |
-0.49 |
-0.06 |
-3.16 |
-1.63 |
4.79 |
5.02 |
2.26 |
7.16 |
44 |
Normalized NOPAT Margin |
|
34.88% |
-5.51% |
-0.80% |
-55.06% |
-30.29% |
30.06% |
42.17% |
19.77% |
46.81% |
60.13% |
Pre Tax Income Margin |
|
8.80% |
77.26% |
22.24% |
137.68% |
76.55% |
111.49% |
11.99% |
-17.95% |
12.09% |
81.66% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
0.00 |
-0.04 |
-0.02 |
-0.53 |
-1.00 |
0.84 |
0.00 |
0.00 |
0.00 |
0.00 |
NOPAT to Interest Expense |
|
0.00 |
-0.04 |
-0.02 |
-0.54 |
-1.04 |
0.85 |
0.00 |
0.00 |
0.00 |
0.00 |
EBIT Less CapEx to Interest Expense |
|
0.00 |
-0.04 |
-0.02 |
-0.53 |
-1.00 |
0.84 |
0.00 |
0.00 |
0.00 |
0.00 |
NOPAT Less CapEx to Interest Expense |
|
0.00 |
-0.04 |
-0.02 |
-0.54 |
-1.04 |
0.85 |
0.00 |
0.00 |
0.00 |
0.00 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
70.15% |
122.37% |
122.23% |
92.14% |
76.77% |
48.87% |
79.51% |
115.09% |
129.89% |
40.03% |
Augmented Payout Ratio |
|
70.15% |
122.37% |
238.63% |
445.84% |
408.35% |
278.05% |
263.03% |
164.03% |
149.65% |
84.84% |
Key Financial Trends
Farmland Partners Inc. (NYSE: FPI) has shown notable variations in its financial performance and position over the past four years through Q4 2024. Here is a summary of the key positive, neutral, and negative trends based on the quarterly financial statements analyzed:
- Strong Q4 2024 Net Income: Farmland Partners reported a consolidated net income of approximately $60.3 million in Q4 2024, a significant increase compared to previous quarters, supported by $52.3 million in net realized and unrealized capital gains on investments.
- Increased Capital Gains: Net realized and unrealized capital gains surged in Q4 2024 ($52.3 million) compared to very modest or negative figures in earlier quarters, positively impacting revenue.
- Operating Cash Flow Improvement: In Q4 2024, net cash from continuing operating activities was $14.6 million, a positive reversal from negative cash flows in several prior quarters in 2023 and earlier 2024.
- Substantial Investing Cash Inflows in Q4 2024: The company generated $275.8 million net cash from investing activities due to sales/maturities of investments exceeding purchases, boosting liquidity.
- Balance Sheet Stability: Total assets remain steady around $1.03 billion in recent quarters, with total equity around $520 million, reflecting a stable capital base.
- Consistent Dividend Payments: Farmland Partners has consistently paid quarterly dividends to common shareholders at $0.06-$1.21 per share (notably $1.21 in Q4 2024), demonstrating a shareholder return focus.
- Fluctuating Net Income: While Q4 2024 showed strong net income, several quarters in 2023 and 2024 recorded low or negative earnings, indicating volatility in profitability, often linked to capital gains/losses.
- Interest Expense Decline: Interest expense was a significant charge in 2022 and parts of 2023 but was absent in several 2024 quarters, showing possible debt repayment or refinancing effects.
- Non-operating Income Variability: Non-operating income/expense swings broadly, ranging from positive $12.9 million (Q4 2023) to negative $3.1 million (Q4 2024), affecting pre-tax income variability.
- Shares Outstanding Relatively Stable: Weighted average shares outstanding have held consistently around 47-54 million shares, indicating no major dilution or buybacks recently.
- Previous Period Losses & Negative Earnings: Multiple quarters in 2023 and early 2024 showed negative net income to common shareholders (e.g., Q2 2024 loss of $2.8M, and Q2 2023 and Q1 2024 losses), reflecting operational and market challenges.
- High Non-Interest Expenses: Total non-interest expenses remain substantial, ranging $8.1M to $11.2M quarterly, which pressures net income, including notable impairment and restructuring charges in past quarters.
- Heavy Debt Repayment in 2023 & 2024: Significant debt repayments occurred (e.g., $101.5 million in Q1 2024, $61.8 million in Q4 2023), which although improving interest expense, reduced cash reserves.
- Declining Total Assets in 2023-2024: Total assets decreased from approximately $1.15 billion in early 2023 to around $1.03 billion by Q3 2024, indicating asset sales or depreciation impacts.
- Negative Operating Cash Flows in Many Quarters: Several quarters before Q4 2024 showed negative net cash from operating activities, signaling operational cash generation challenges.
Summary: Farmland Partners has experienced a volatile earnings trajectory over the past four years, driven primarily by investment capital gains and losses. The latest quarter (Q4 2024) reflects a sharp improvement in profitability and cash flow, underpinned by strong capital gains and investing inflows. The company has been actively managing its debt, reducing interest expenses noticeably in 2024. However, past periods of loss, high operating costs, and decreasing total assets indicate underlying challenges. Investors should monitor whether the positive Q4 2024 trends can be sustained and how Farmland Partners manages expenses and asset quality going forward.
10/15/25 07:03 AM ETAI Generated. May Contain Errors.