Strong Performance Driven By Portfolio
Improvement
Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”)
today reported financial results for the quarter ended June 30,
2024.
Selected Highlights
During the quarter ended June 30, 2024, the Company:
- recorded net income (loss) of ($2.1) million, or ($0.06) per
share available to common stockholders, compared to $7.9 million
(which included $11.1 million of gain on disposition of assets), or
$0.14 per share available to common stockholders for the same
period in 2023;
- recorded AFFO of $0.5 million, or $0.01 per share (excluding
$1.4 million, or approximately $0.03 per share, in a one-time
severance expense), compared to ($1.1) million, or ($0.02) per
share, for the same period in 2023;
- had average gross book value of real estate of $1.01 billion
compared to $1.13 billion for the same period in 2023, a decrease
of 10.4% as a result of dispositions that occurred during 2023,
while total operating revenues decreased $0.1 million or 1.2%;
- reduced total operating expenses by approximately $0.6 million,
a 7.0% decrease compared to the same period in 2023; and
- appointed Susan Landi to the Company’s executive team as Chief
Financial Officer (“CFO”) and Treasurer.
CEO Comments
Luca Fabbri, President and Chief Executive Officer, commented:
“We enjoyed another strong performance of our core business in the
second quarter thanks to the portfolio improvements and reduction
in debt resulting from our portfolio disposition and acquisition
activity in 2023, aided by a resilient farm economy. Moreover, we
have enhanced our efficiency with cost saving initiatives that will
benefit our operating performance in coming quarters. We continue
to evaluate further opportunities for assets disposals in the
remainder of the year, with the hope of generating proceeds to fund
additional debt or preferred equity reductions and stock buybacks.
We are optimistic that lower interest rates, improving capital
markets, continued resiliency in the farm economy and a leaner
corporate structure will continue to drive strong quarterly
results, and that improved results will shrink the significant
discount that our current stock price bears to our true intrinsic
value.”
Financial and Operating Results
- The table below shows financial and operating results for the
three and six months ended June 30, 2024 and 2023.
(in thousands)
For the three months ended
June 30,
For the six months ended June
30,
Financial Results:
2024
2023
Change
2024
2023
Change
Net Income (Loss)
$
(2,052
)
$
7,899
NM
%
$
(644
)
$
9,612
NM
Net income (loss) available to common
stockholders ⁽¹⁾
$
(0.06
)
$
0.14
NM
%
$
(0.05
)
$
0.15
NM
AFFO (2)
$
530
$
(1,131
)
NM
%
$
3,314
$
419
690.9
%
AFFO per weighted average common share
$
0.01
$
(0.02
)
NM
%
$
0.07
$
0.01
600.0
%
Adjusted EBITDAre (2)
$
6,521
$
5,400
20.8
%
$
15,103
$
12,487
20.9
%
Operating Results:
Total Operating Revenues
$
11,445
$
11,584
(1.2
)%
$
23,435
$
24,256
(3.4
)%
Net Operating Income (NOI)
$
8,814
$
8,176
7.8
%
$
18,465
$
17,720
4.2
%
NM = Not Meaningful
(1)
Basic net income per share available to
common stockholders. See “Note 9—Stockholders’ Equity and
Non-controlling Interests” in the Quarterly Report on Form 10-Q for
the three and six months ended June 30, 2024, when filed, for more
information.
(2)
The six months ended June 30, 2024
includes approximately $1.2 million of income from forfeited
deposits due to the termination of a repurchase agreement, and the
three and six months ended June 30, 2024 excludes approximately
$1.4 million of severance expense.
- See “Non-GAAP Financial Measures” below for complete
definitions of AFFO, Adjusted EBITDAre, and NOI and the financial
tables accompanying this press release for reconciliations of net
income to AFFO, Adjusted EBITDAre and NOI.
Acquisition and Disposition Activity
- During the six months ended June 30, 2024, the Company acquired
three properties for total consideration of $16.3 million.
- During the six months ended June 30, 2024, there were no
dispositions of properties.
Balance Sheet
- The Company had total debt outstanding of approximately $393.0
million at June 30, 2024 compared to total debt outstanding of
approximately $363.1 million at December 31, 2023.
- At June 30, 2024, the Company had access to liquidity of $163.8
million, consisting of $5.7 million in cash and $158.1 million in
undrawn availability under its credit facilities compared to cash
of $5.5 million and $201.1 million in undrawn availability under
its credit facilities at December 31, 2023.
- As of July 19, 2024, the Company had 49,370,199 shares of
common stock outstanding on a fully diluted basis.
Dividend Declarations
The Company’s Board of Directors declared a quarterly cash
dividend of $0.06 per share of common stock and Class A Common OP
unit. The dividends are payable on October 15, 2024, to
stockholders and common unit holders of record on October 1,
2024.
2024 Earnings Guidance and Supplemental Package
For 2024 earnings guidance, please see page 15 of the
supplemental package, which can be accessed through the Investor
Relations section of the Company's website.
Conference Call Information
The Company has scheduled a conference call on July 25, 2024, at
11:00 a.m. (U.S. Eastern Time) to discuss the financial results and
provide a company update.
The call can be accessed live over the phone by dialing
1-800-715-9871 and using the conference ID 5408499. The conference
call will also be available via a live listen-only webcast that can
be accessed through the Investor Relations section of the Company's
website, www.farmlandpartners.com.
A replay of the conference call will be available beginning
shortly after the end of the event until August 4, 2024, by dialing
1-800-770-2030 and using the playback ID 5408499. A replay of the
webcast will also be accessible on the Investor Relations section
of the Company's website for a limited time following the
event.
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate
company that owns and seeks to acquire high-quality North American
farmland and makes loans to farmers secured by farm real estate. As
of June 30, 2024, the Company owned and/or managed approximately
180,100 acres in 17 states, including Arkansas, California,
Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana,
Mississippi, Missouri, Nebraska, North Carolina, Ohio, Oklahoma,
South Carolina and Texas. In addition, the Company owns land and
buildings for four agriculture equipment dealerships in Ohio leased
to Ag Pro under the John Deere brand. The Company has approximately
26 crop types and over 100 tenants. The Company elected to be taxed
as a real estate investment trust, or REIT, for U.S. federal income
tax purposes, commencing with the taxable year ended December 31,
2014. Additional information: www.farmlandpartners.com or (720)
452-3100.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the federal securities laws, including, without
limitation, statements with respect to our outlook and the outlook
for the farm economy generally, proposed and pending acquisitions
and dispositions, financing activities, crop yields and prices and
anticipated rental rates. Forward-looking statements generally can
be identified by the use of forward-looking terminology such as
“may,” “should,” “could,” “would,” “predicts,” “potential,”
“continue,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” or similar expressions or their negatives,
as well as statements in future tense. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, beliefs and
expectations, such forward-looking statements are not predictions
of future events or guarantees of future performance, and our
actual results could differ materially from those set forth in the
forward-looking statements. Some factors that might cause such a
difference include the following: the ongoing war in Ukraine and
the ongoing conflict in the Middle East and their impacts on the
world agriculture market, world food supply, the farm economy
generally, and our tenants’ businesses; changes in trade policies
in the United States and other countries that import agricultural
products from the United States; high inflation and elevated
interest rates; the onset of an economic recession in the United
States and other countries that impact the farm economy; extreme
weather events, such as droughts, tornadoes, hurricanes or floods;
the impact of future public health crises on our business and on
the economy and capital markets generally; general volatility of
the capital markets and the market price of the Company’s common
stock; changes in the Company’s business strategy, availability,
terms and deployment of capital; the Company’s ability to refinance
existing indebtedness at or prior to maturity on favorable terms,
or at all; availability of qualified personnel; changes in the
Company’s industry, interest rates or the general economy; adverse
developments related to crop yields or crop prices; the degree and
nature of the Company’s competition; the outcomes of ongoing
litigation; the timing, price or amount of repurchases, if any,
under the Company's share repurchase program; the ability to
consummate acquisitions or dispositions under contract; and the
other factors described in the section entitled “Risk Factors” in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2023, and the Company’s other filings with the
Securities and Exchange Commission. Any forward-looking information
presented herein is made only as of the date of this press release,
and the Company does not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
Farmland Partners Inc.
Consolidated Balance
Sheets
As of June 30, 2024
(Unaudited) and December 31, 2023
(in thousands)
June 30,
December 31,
2024
2023
ASSETS
Land, at cost
$
885,993
$
869,848
Grain facilities
12,459
12,222
Groundwater
11,033
11,472
Irrigation improvements
41,683
41,988
Drainage improvements
10,315
10,315
Permanent plantings
42,316
39,620
Other
4,708
4,696
Construction in progress
1,559
4,453
Real estate, at cost
1,010,066
994,614
Less accumulated depreciation
(34,553
)
(33,083
)
Total real estate, net
975,513
961,531
Deposits
—
426
Cash and cash equivalents
5,746
5,489
Assets held for sale
24
28
Loans and financing receivables, net
31,438
31,020
Right of use asset
298
399
Accounts receivable, net
1,128
7,743
Derivative asset
1,756
1,707
Inventory
3,021
2,335
Equity method investments
4,071
4,136
Intangible assets, net
2,025
2,035
Goodwill
2,706
2,706
Prepaid and other assets
765
2,447
TOTAL ASSETS
$
1,028,491
$
1,022,002
LIABILITIES AND EQUITY
LIABILITIES
Mortgage notes and bonds payable, net
$
391,059
$
360,859
Lease liability
298
399
Dividends payable
2,967
13,286
Accrued interest
4,702
4,747
Accrued property taxes
1,799
1,898
Deferred revenue
1,283
2,149
Accrued expenses
4,429
7,854
Total liabilities
406,537
391,192
Commitments and contingencies (See Note
8)
Redeemable non-controlling interest in
operating partnership, Series A preferred units
100,485
101,970
EQUITY
Common stock, $0.01 par value, 500,000,000
shares authorized; 48,166,909 shares issued and outstanding at June
30, 2024, and 48,002,716 shares issued and outstanding at December
31, 2023
465
466
Additional paid in capital
578,166
577,253
Retained earnings
29,297
31,411
Cumulative dividends
(101,723
)
(95,939
)
Other comprehensive income
2,521
2,691
Non-controlling interests in operating
partnership
12,743
12,958
Total equity
521,469
528,840
TOTAL LIABILITIES, REDEEMABLE
NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY
$
1,028,491
$
1,022,002
Farmland Partners Inc.
Consolidated Statements of
Operations
Three Months Ended June 30,
2024 and 2023 (Unaudited)
(in thousands except per share
amounts)
For the Three Months
Ended
For the Six Months
Ended
June 30,
June 30,
2024
2023
2024
2023
OPERATING REVENUES:
Rental income
$
9,539
$
10,220
$
19,746
$
20,946
Crop sales
935
515
1,595
875
Other revenue
971
849
2,094
2,435
Total operating revenues
11,445
11,584
23,435
24,256
OPERATING EXPENSES
Depreciation, depletion and
amortization
1,430
2,207
2,911
4,001
Property operating expenses
1,870
2,428
3,668
4,610
Cost of goods sold
761
980
1,302
1,926
Acquisition and due diligence costs
—
—
27
14
General and administrative expenses
3,737
2,904
6,364
5,510
Legal and accounting
407
281
740
526
Other operating expenses
—
27
36
76
Total operating expenses
8,205
8,827
15,048
16,663
OTHER (INCOME) EXPENSE:
Other (income) expense
52
75
(68
)
64
(Income) loss from equity method
investment
(18
)
(5
)
(95
)
22
(Gain) loss on disposition of assets,
net
10
(11,060
)
96
(12,886
)
(Income) from forfeited deposits
—
—
(1,205
)
—
Interest expense
5,249
5,844
10,285
10,768
Total other expense
5,293
(5,146
)
9,013
(2,032
)
Net income (loss) before income tax
(benefit) expense
(2,053
)
7,903
(626
)
9,625
Income tax (benefit) expense
(1
)
4
18
13
NET INCOME (LOSS)
(2,052
)
7,899
(644
)
9,612
Net (income) loss attributable to
non-controlling interests in operating partnership
50
(188
)
15
(226
)
Net income (loss) attributable to the
Company
(2,002
)
7,711
(629
)
9,386
Dividend equivalent rights allocated to
performance-based unvested restricted shares
(2
)
—
(4
)
—
Nonforfeitable distributions allocated to
time-based unvested restricted shares
(22
)
(27
)
(44
)
(43
)
Distributions on Series A Preferred
Units
(743
)
(683
)
(1,486
)
(1,485
)
Net income (loss) available to common
stockholders of Farmland Partners Inc.
$
(2,769
)
$
7,001
$
(2,163
)
$
7,858
Basic and diluted per common share
data:
Basic net income (loss) available to
common stockholders
$
(0.06
)
$
0.14
$
(0.05
)
$
0.15
Diluted net income (loss) available to
common stockholders
$
(0.06
)
$
0.12
$
(0.05
)
$
0.15
Basic weighted average common shares
outstanding
47,798
50,860
47,751
52,425
Diluted weighted average common shares
outstanding
47,798
59,112
47,751
52,425
Dividends declared per common share
$
0.06
$
0.06
$
0.12
$
0.12
Note: Due to a presentation change to the consolidated
statements of operations, the Company now groups tenant
reimbursement into rental income. Please see “Note 2—Revenue
Recognition” of the Company’s Quarterly Report on Form 10-Q for the
three and six months ended June 30, 2024, when filed, for the
detailed components of rental income.
Farmland Partners Inc.
Reconciliation of Non-GAAP
Measures
Three Months Ended June 30,
2024 and 2023 (Unaudited)
For the three months ended
June 30,
For the six months ended June
30,
(in thousands except per share
amounts)
2024
2023
2024
2023
Net income (loss)
$
(2,052
)
$
7,899
$
(644
)
$
9,612
(Gain) loss on disposition of assets,
net
10
(11,060
)
96
(12,886
)
Depreciation, depletion and
amortization
1,430
2,207
2,911
4,001
FFO (1)
$
(612
)
$
(954
)
$
2,363
$
727
Stock-based compensation and incentive
512
506
1,037
965
Deferred impact of interest rate swap
terminations
—
—
—
198
Real estate related acquisition and due
diligence costs
—
—
27
14
Distributions on Preferred units and
stock
(743
)
(683
)
(1,486
)
(1,485
)
Severance expense
1,373
—
1,373
—
AFFO (1)
$
530
$
(1,131
)
$
3,314
$
419
AFFO per diluted weighted average share
data:
AFFO weighted average common shares
49,379
52,454
49,325
54,002
Net income (loss) available to common
stockholders of Farmland Partners Inc.
$
(0.06
)
$
0.14
$
(0.05
)
$
0.15
Income available to redeemable
non-controlling interest and non-controlling interest in operating
partnership
0.02
0.01
0.04
0.04
Depreciation, depletion and
amortization
0.03
0.04
0.06
0.07
Impairment of assets
0.00
0.00
0.00
0.00
Stock-based compensation and incentive
0.01
0.01
0.02
0.02
(Gain) on disposition of assets, net
0.00
(0.21
)
0.00
(0.24
)
Distributions on Preferred units and
stock
(0.02
)
(0.01
)
(0.03
)
(0.03
)
Severance expense
0.03
0.00
0.03
0.00
AFFO per diluted weighted average share
(1)
$
0.01
$
(0.02
)
$
0.07
$
0.01
For the three months ended
June 30,
For the six months ended June
30,
(in thousands)
2024
2023
2024
2023
Net income (loss)
$
(2,052
)
$
7,899
$
(644
)
$
9,612
Interest expense
5,249
5,844
10,285
10,768
Income tax (benefit) expense
(1
)
4
18
13
Depreciation, depletion and
amortization
1,430
2,207
2,911
4,001
(Gain) loss on disposition of assets,
net
10
(11,060
)
96
(12,886
)
EBITDAre (1)
$
4,636
$
4,894
$
12,666
$
11,508
Stock-based compensation and incentive
512
506
1,037
965
Real estate related acquisition and due
diligence costs
—
—
27
14
Severance expense
1,373
—
1,373
—
Adjusted EBITDAre (1)
$
6,521
$
5,400
$
15,103
$
12,487
(1)
The six months ended June 30, 2024
includes approximately $1.2 million of income from forfeited
deposits due to the termination of a repurchase agreement, and the
three and six months ended June 30, 2024 excludes approximately
$1.4 million of severance expense.
Farmland Partners Inc.
Reconciliation of Non-GAAP
Measures
Three Months Ended June 30,
2024 and 2023 (Unaudited)
For the three months ended
June 30,
For the six months ended June
30,
($ in thousands)
2024
2023
2024
2023
OPERATING REVENUES:
Rental income
$
9,539
$
10,220
$
19,746
$
20,946
Crop sales
935
515
1,595
875
Other revenue
971
849
2,094
2,435
Total operating revenues
11,445
11,584
23,435
24,256
Property operating expenses
1,870
2,428
3,668
4,610
Cost of goods sold
761
980
1,302
1,926
NOI
8,814
8,176
18,465
17,720
Depreciation, depletion and
amortization
1,430
2,207
2,911
4,001
Acquisition and due diligence costs
—
—
27
14
General and administrative expenses
3,737
2,904
6,364
5,510
Legal and accounting
407
281
740
526
Other operating expenses
—
27
36
76
Other (income) expense
52
75
(68
)
64
(Income) loss from equity method
investment
(18
)
(5
)
(95
)
22
(Gain) loss on disposition of assets,
net
10
(11,060
)
96
(12,886
)
(Income) from forfeited deposits
—
—
(1,205
)
—
Interest expense
5,249
5,844
10,285
10,768
Income tax (benefit) expense
(1
)
4
18
13
NET INCOME (LOSS)
$
(2,052
)
$
7,899
$
(644
)
$
9,612
Note: Due to a presentation change to the consolidated
statements of operations, the Company now groups tenant
reimbursement into rental income. Please see “Note 2—Revenue
Recognition” of the Company’s Quarterly Report on Form 10-Q for the
three and six months ended June 30, 2024, when filed, for the
detailed components of rental income.
Non-GAAP Financial Measures
The Company considers the following non-GAAP measures as useful
to investors as key supplemental measures of its performance: FFO,
NOI, AFFO, EBITDAre and Adjusted EBITDAre. These non-GAAP financial
measures should be considered along with, but not as alternatives
to, net income or loss as a measure of the Company’s operating
performance. FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre, as
calculated by the Company, may not be comparable to other companies
that do not define such terms exactly as the Company.
FFO
The Company calculates FFO in accordance with the standards
established by the National Association of Real Estate Investment
Trusts, or Nareit. Nareit defines FFO as net income (loss)
(calculated in accordance with GAAP), excluding gains (or losses)
from sales of depreciable operating property, real estate related
depreciation, depletion and amortization (excluding amortization of
deferred financing costs), impairment write-downs of depreciated
property, and adjustments associated with impairment write-downs
for unconsolidated partnerships and joint ventures. Management
presents FFO as a supplemental performance measure because it
believes that FFO is beneficial to investors as a starting point in
measuring the Company’s operational performance. Specifically, in
excluding real estate related depreciation and amortization and
gains and losses from sales of depreciable operating properties,
which do not relate to or are not indicative of operating
performance, FFO provides a performance measure that, when compared
year over year, captures trends in occupancy rates, rental rates
and operating costs. The Company also believes that, as a widely
recognized measure of the performance of REITs, FFO will be used by
investors as a basis to compare the Company’s operating performance
with that of other REITs. However, other equity REITs may not
calculate FFO in accordance with the Nareit definition as the
Company does, and, accordingly, the Company’s FFO may not be
comparable to such other REITs’ FFO.
AFFO
The Company calculates AFFO by adjusting FFO to exclude the
income and expenses that the Company believes are not reflective of
the sustainability of the Company’s ongoing operating performance,
including, but not limited to, real estate related acquisition and
due diligence costs, stock-based compensation and incentive,
deferred impact of interest rate swap terminations, distributions
on the Company’s preferred units and severance expense.
Changes in GAAP accounting and reporting rules that were put in
effect after the establishment of Nareit’s definition of FFO in
1999 result in the inclusion of a number of items in FFO that do
not correlate with the sustainability of the Company’s operating
performance. Therefore, in addition to FFO, the Company presents
AFFO and AFFO per share, fully diluted, both of which are non-GAAP
measures. Management considers AFFO a useful supplemental
performance metric for investors as it is more indicative of the
Company’s operational performance than FFO. AFFO is not intended to
represent cash flow or liquidity for the period and is only
intended to provide an additional measure of the Company’s
operating performance. Even AFFO, however, does not properly
capture the timing of cash receipts, especially in connection with
full-year rent payments under lease agreements entered into in
connection with newly acquired farms. Management considers AFFO per
share, fully diluted to be a supplemental metric to GAAP earnings
per share. AFFO per share, fully diluted provides additional
insight into how the Company’s operating performance could be
allocated to potential shares outstanding at a specific point in
time. Management believes that AFFO is a widely recognized measure
of the operations of REITs and presenting AFFO will enable
investors to assess the Company’s performance in comparison to
other REITs. However, other REITs may use different methodologies
for calculating AFFO and AFFO per share, fully diluted and,
accordingly, the Company’s AFFO and AFFO per share, fully diluted
may not always be comparable to AFFO and AFFO per share amounts
calculated by other REITs. AFFO and AFFO per share, fully diluted
should not be considered as an alternative to net income (loss) or
earnings per share (determined in accordance with GAAP) as an
indication of financial performance, or as an alternative to net
income (loss) earnings per share (determined in accordance with
GAAP) as a measure of the Company’s liquidity, nor are they
indicative of funds available to fund the Company’s cash needs,
including its ability to make distributions.
EBITDAre and Adjusted EBITDAre
The Company calculates Earnings Before Interest Taxes
Depreciation and Amortization for real estate (“EBITDAre”) in
accordance with the standards established by Nareit in its
September 2017 White Paper. Nareit defines EBITDAre as net income
(calculated in accordance with GAAP) excluding interest expense,
income tax, depreciation and amortization, gains or losses on
disposition of depreciated property (including gains or losses on
change of control), impairment write-downs of depreciated property
and of investments in unconsolidated affiliates caused by a
decrease in value of depreciated property in the affiliate, and
adjustments to reflect the entity’s pro rata share of EBITDAre of
unconsolidated affiliates. EBITDAre is a key financial measure used
to evaluate the Company’s operating performance but should not be
construed as an alternative to operating income, cash flows from
operating activities or net income, in each case as determined in
accordance with GAAP. The Company believes that EBITDAre is a
useful performance measure commonly reported and will be widely
used by analysts and investors in the Company’s industry. However,
while EBITDAre is a performance measure widely used across the
Company’s industry, the Company does not believe that it correctly
captures the Company’s business operating performance because it
includes non-cash expenses and recurring adjustments that are
necessary to better understand the Company’s business operating
performance. Therefore, in addition to EBITDAre, management uses
Adjusted EBITDAre, a non-GAAP measure.
The Company calculates Adjusted EBITDAre by adjusting EBITDAre
for certain items such as stock-based compensation and incentive,
real estate related acquisition and due diligence costs and
severance expense that the Company considers necessary to
understand its operating performance. The Company believes that
Adjusted EBITDAre provides useful supplemental information to
investors regarding the Company’s ongoing operating performance
that, when considered with net income and EBITDAre, is beneficial
to an investor’s understanding of the Company’s operating
performance. However, EBITDAre and Adjusted EBITDAre have
limitations as analytical tools and should not be considered in
isolation or as a substitute for analysis of the Company’s results
as reported under GAAP.
In prior periods, the Company has presented EBITDA and Adjusted
EBITDA. In accordance with Nareit’s recommendation, beginning with
the Company’s reported results for the three months ended March 31,
2018, the Company is reporting EBITDAre and Adjusted EBITDAre in
place of EBITDA and Adjusted EBITDA.
Net Operating Income (NOI)
The Company calculates net operating income (NOI) as total
operating revenues (rental income, tenant reimbursements, crop
sales and other revenue), less property operating expenses (direct
property expenses and real estate taxes), less cost of goods sold.
Since net operating income excludes general and administrative
expenses, interest expense, depreciation and amortization,
acquisition-related expenses, other income and losses and
extraordinary items, it provides a performance measure that, when
compared year over year, reflects the revenues and expenses
directly associated with owning and leasing farmland real estate,
providing a perspective not immediately apparent from net income.
However, net operating income should not be viewed as an
alternative measure of the Company’s financial performance since it
does not reflect general and administrative expenses, interest
expense, depreciation and amortization costs, other income and
losses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724008383/en/
Susan Landi ir@farmlandpartners.com
Grafico Azioni Farmland Partners (NYSE:FPI)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Farmland Partners (NYSE:FPI)
Storico
Da Set 2023 a Set 2024