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Dec 31, 2024
Farmland Partners Q4 2024 Earnings Report
Farmland Partners reported strong full-year 2024 results, marked by significant debt reduction, increased AFFO per share, and strategic asset dispositions.
Key Takeaways
Farmland Partners Inc. reported a very strong year in 2024, successfully executing strategies to reduce overhead, enhance operational efficiencies, and selectively dispose of assets. The company significantly reduced its total indebtedness by $158.5 million and increased AFFO per share by over 80% year-over-year. Net income also saw a substantial increase.
Net income increased by 94.0% to $61.5 million, or $1.19 per share, in 2024 compared to $31.7 million, or $0.55 per share, in 2023.
AFFO increased by 72.9% to $14.1 million, or $0.29 per share, in 2024 compared to $8.1 million, or $0.16 per share, in 2023.
Total indebtedness decreased by $158.5 million, reducing debt as a percentage of gross book value from 36.3% to 27.2% and the total debt to EBITDAre ratio from 11.5 to 6.3.
The company completed 54 farm dispositions for $312.0 million, realizing a total gain on sale of $54.1 million, and repurchased 2,240,295 shares of common stock at a weighted average price of $12.25 per share.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2025, the company's earnings guidance is available on page 15 of the supplemental package, accessible through the Investor Relations section of their website.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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