Farmland Partners Inc. reported its financial results for the fourth quarter and fiscal year ended December 31, 2020, focusing on strategic growth initiatives and navigating the challenges posed by COVID-19. The company focused on opportunistic asset sales and accretive stock repurchases.
Farmland assets held their value well during the pandemic, avoiding volatility seen in other real estate asset classes.
The company focused on opportunistic asset sales at attractive internal rates of return.
Accretive stock repurchases were made at an average price believed to be approximately 50% of net asset value per share.
FPI revenue performance in 2020 was challenging, partly due to COVID-19 impacting specialty crops.
The company expects demand and pricing for specialty crops will improve in 2021 and that strong price projections for corn and soybeans will generate great results for row-crop tenants.
Analyze how earnings announcements historically affect stock price performance