Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial results for the quarter and year ended December 31, 2022.
Selected Fiscal Year 2022 Highlights
During the year ended December 31, 2022, the Company:
*recorded net income of $12.0 million, or $0.16 per share available to common stockholders, compared to $10.3 million, or ($0.17) per share available to common stockholders, for the same period in 2021;
*recorded AFFO of $15.8 million, or $0.30 per share, compared to $0.4 million, or $0.01 per share, for the same period in 2021;
*decreased indebtedness by $73.9 million, from $513.4 million of total debt outstanding at December 31, 2021 to $439.5 million at December 31, 2022;
*increased access to liquidity to $176.7 million, compared to $30.2 million for the same period in 2021; and
*renewed approximately 95% of row crop fixed farm rent leases expiring in 20221 at average rent increases of approximately 16%.
Paul A. Pittman, Chairman and CEO said: “2022 was a strong year for FPI-total revenue and AFFO were the highest in the history of the company. Higher rents on fixed leases, increased auction and brokerage fee revenue, and lower litigation expenses helped propel the company to an outstanding year. During 2022 the Company had very strong results on its row crop properties and faced challenges on the specialty crop properties due to drought and ongoing supply/demand imbalances.
“We remain positive on the outlook for the farm economy, as global food demand continues to be very strong and values of premium farms in our Corn Belt, Mississippi Delta, and Southeast regions continue to increase to their highest levels in years.
“As we move into 2023, our overall business is solid. However, inflation that is helping to push farmer profitability and land values to record levels is also leading to increased interest costs for the Company and borrowers worldwide. At the same time, supply chain disruptions, weather events, and other factors have resulted in volatility in certain crop yields and crop prices.
“Our bottom line will be negatively impacted by these headwinds, but we remain confident that we are positioned well to withstand these pressures and continue to operate profitably, efficiently, and effectively until we can resume our strategic growth plan once those headwinds abate.”
To read the entire report click here.