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Mar 31, 2022
Farmland Partners Q1 2022 Earnings Report
Improved operating performance, increased quarterly dividend by 20%, reduced leverage, and prevailed in dismissal of class action lawsuit.
Key Takeaways
Farmland Partners Inc. reported a net income of $1.1 million for Q1 2022, which includes a $0.7 million gain on the sale of properties. AFFO increased to $2.1 million, and the company decreased debt by $48.4 million. A class action lawsuit against FPI was dismissed, and the quarterly dividend was increased by 20% to $0.06 per share.
Net income was $1.1 million, including $0.7 million gain on sale of properties.
AFFO increased to $2.1 million from $(1.6) million for the same period in 2021.
Debt decreased by $48.4 million, with a further reduction of $16.9 million after the end of the quarter.
A class action lawsuit against FPI was dismissed.
Forward Guidance
The company's outlook for 2022 remains positive, and they have increased both the bottom and top ends of their guidance range issued in February.
Positive Outlook
- Strong earnings growth.
- Significant asset appreciation.
- Reduced leverage.
- Better expense visibility resulting from the dismissal of the class action litigation.
- Increased dividend by 20% to $0.06 per share per quarter beginning with the July dividend payment.
Challenges Ahead
- Impact of the tragic conflict in Ukraine on the world agriculture market and food supply.
- Disruptions in supply chains resulting from both COVID-related shutdowns in China.
- Hostilities in Eastern Europe highlight the critical importance of farmland and US farmers to both the US and global economy.
- General volatility of the capital markets and the market price of the Company’s common stock.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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