Farmland Partners Inc. reported a solid quarter, driven by the demand-driven bull market in commodities, which is generating positive momentum in land values and lease renewal rates. Specialty crop performance is on track to exceed 2020, especially in citrus. The company believes it positioned itself to begin bringing both the class action litigation and the remaining affirmative case against Sabrepoint Partners to successful resolution.
Demand-driven bull market in commodities continues to drive a strong profit outlook for farmers.
Positive momentum in land values and lease renewal rates.
Specialty crop performance is on track to exceed 2020, especially in citrus.
Obtained a recantation from Quinton Mathews of numerous false statements he made in July 2018.
The company believes much of the discovery in the class action has been completed and such expenses will begin to decline in the upcoming quarters. Moreover, the company believes Mr. Mathews' admission has increased the likelihood that the company will obtain a favorable result in the Sabrepoint affirmative case.
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