Farmland Partners Inc. Reports Strong Full Year 2024 Results

Farmland Partners Inc., a real estate company focused on acquiring high-quality North American farmland, recently released its financial results for the year ended December 31, 2024. The company reported significant progress, including a substantial increase in net income and adjusted funds from operations (AFFO) per share compared to the prior year.

During the year ended December 31, 2024, Farmland Partners Inc. achieved the following key highlights:

– Net income of $61.5 million, or $1.19 per share available to common stockholders, compared to $31.7 million, or $0.55 per share, for the same period in 2023.
– AFFO of $14.1 million, equating to $0.29 per share, compared to $8.1 million, or $0.16 per share, for the same period in 2023.

The company completed several strategic initiatives in 2024, including farm dispositions, property acquisitions, and share repurchases. Farmland Partners Inc. substantially reduced its leverage, repaid significant debt, and eliminated floating rate debt exposure, positioning itself for projected annual interest savings going forward.

Moreover, the company decreased its debt as a percentage of gross book value, enhanced operational efficiencies, and achieved a reduction in total operating expenses. Farmland Partners Inc. also declared a special dividend of $1.15 per share of common stock in December 2024, further demonstrating commitment to delivering shareholder value.

Following the year-end, Farmland Partners Inc. continued its operational activities, including property dispositions, principal repayments on loans, and share repurchases. The company remains focused on maximizing farm revenue, enhancing operational efficiencies, and creating value for its stakeholders.

Luca Fabbri, President and Chief Executive Officer of Farmland Partners Inc., commented on the company’s performance, highlighting the successful execution of strategies to reduce overhead, dispose of assets selectively, and enhance shareholder value.

Looking ahead, Farmland Partners Inc. remains optimistic about its future performance. Through its commitment to operational excellence, prudent financial management, and strategic initiatives, the company aims to sustain its positive momentum and deliver long-term value to its investors.

Investors and stakeholders can access the full financial results, including detailed financial statements and supplemental information, on the company’s website. Additionally, Farmland Partners Inc. has scheduled a conference call on February 20, 2025, at 11:00 a.m. Eastern Time to discuss the financial results and provide a company update. The call will be accessible via phone and webcast, as detailed in the press release.

Farmland Partners Inc. continues to focus on its core mission of owning and acquiring high-quality farmland while creating value for its shareholders through operational excellence and strategic financial management.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Farmland Partners’s 8K filing here.

About Farmland Partners

Farmland Partners Inc is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of December 31, 2023, the Company owns and/or manages approximately 171,100 acres in 16 states, including Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina and Texas.