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Jun 30, 2022
Farmland Partners Q2 2022 Earnings Report
FPI significantly improved operating performance, reduced leverage, raised guidance, and continued to grow portfolio.
Key Takeaways
Farmland Partners Inc. reported an outstanding second quarter in 2022, with a significant increase in AFFO and operating income. The company also successfully reduced debt and renewed leases at higher rental rates. Additionally, they achieved vindication from the 2018 short and distort scheme through the dismissal of the class action lawsuit.
Net income increased by $5.9 million to $3.0 million, or $0.04 per share available to common stockholders.
AFFO increased by $4.8 million to $1.1 million, or $0.02 per share.
Debt decreased by $38.4 million, while maintaining $32.0 million of undrawn capacity under its line of credit.
Renewed over one-third of leases expiring in 2022 at average rent increases in excess of 15%.
Revenue by Segment
Forward Guidance
Despite pressure on the general economy, the outlook for 2022 remains positive, and the company has increased both the bottom and top ends of its guidance range issued in May.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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