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 (NYSE: FPI) has shown a significant improvement in profitability over the last four years, with volatile but generally positive net income growth, alongside active management of debt and investments in farmland assets.
Key Positive Developments:
- Net income increased sharply in Q4 2024 to $60.3 million, compared to more modest profits or losses in previous quarters, reflecting strong capital gains from investments.
- Net Realized & Unrealized Capital Gains on investments surged dramatically in Q4 2024 to over $52 million, up from low single-digit millions or negative values in prior quarters.
- Total assets have remained stable near $1.0 - $1.15 billion, indicating consistent farmland and asset holdings with some fluctuations in other assets.
- There was a substantial net cash inflow from investing activities in Q4 2024 ($275.8 million), driven by sale/maturity of investments exceeding purchases, supporting liquidity and funding for operations.
- Effective control of operating expenses with total non-interest expenses declining moderately in Q4 2024 ($10.4 million) from prior peaks, contributing to higher operating income.
- Cash dividends to common shareholders have remained steady at $0.06 per share each quarter except for a jump to $1.21 per share in Q4 2024, indicating increased shareholder returns.
- Weighted average common shares outstanding have been relatively stable (~47.5 million in 2024), helping maintain EPS value growth consistency.
Neutral Factors to Monitor:
- Long-term debt levels have fluctuated around $380-$470 million, reflecting active debt management but requiring monitoring for interest costs and refinancing risks.
- Depreciation expenses have been consistent around $1.3-$2.2 million per quarter, reflecting stable asset base aging and maintenance.
- Nonoperating income/expense shows volatility quarter-to-quarter, sometimes positive but turning negative in recent quarters, impacting pre-tax income.
Negative Trends and Risks:
- Negative or low net incomes persisted in several quarters during 2023 and early 2024, reflecting volatility in investment returns and some operational challenges.
- Interest expense remains a significant cost, with quarterly figures around $5-$6 million, reducing net income and cash flow from operations.
- Repurchase of common equity and debt repayments have been sizable in several quarters (e.g., $189 million repayment in Q4 2024), which can limit cash available for growth or operational needs.
- Non-cash adjustments to reconcile net income and changes in operating capital sometimes lead to negative cash flows from operations, particularly in earlier 2024 quarters.
- Reductions in other equity adjustments and retained earnings in some periods suggest pressure on book equity, warranting ongoing evaluation of capital structure sustainability.
Summary: Farmland Partners has experienced fluctuating quarterly results with significant improvement in late 2024 driven by capital gains on investments. The company maintains a strong asset base in farmland but faces challenges from persistent interest expenses and sometimes negative operational cash flows. The recent ramp-up in dividend payments and large investment realizations may be positive signals for shareholders, but investors should watch debt levels and earnings volatility carefully.
10/08/25 07:34 PM ETAI Generated. May Contain Errors.