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Sep 30, 2021
Farmland Partners Q3 2021 Earnings Report
Reported solid results, but litigation expense affected the performance.
Key Takeaways
Farmland Partners Inc. reported their Q3 2021 financial results, highlighting the conversion of Series B Preferred Stock to common stock and strong farmer profits driving lease renewals.
Converted Series B Preferred Stock to common stock after quarter-end, improving cash flow and reducing leverage.
Strong farmer profits are driving 2021 lease renewals to an increase of over 10% through approximately 70% of the year's renewals.
Actively pursuing investment opportunities and building a strong pipeline of potential transactions.
The company is vigorously defending itself against frivolous and unsubstantiated claims and restore its reputation.
Forward Guidance
The company is focused on improving cash flow, reducing leverage, and pursuing investment opportunities.
Positive Outlook
- Improved cash flow
- Reduced leverage
- Increased equity market capitalization
- Strong farmer profits
- Actively pursuing investment opportunities
Challenges Ahead
- Continued legal spend on the pending litigation
- Defense of the meritless class action and derivative claims
- False and defamatory statements drove down FPI's stock price
- The company has no choice but to continue to vigorously defend itself against these frivolous and unsubstantiated claims
- The company may have a couple of more quarters before the class action legal battle is completed
Historical Earnings Impact
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Avg. Return Before/After Earnings
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