Farmland Partners Inc. Reports Earnings Results for the Full Year Ended December 31, 2023
February 28, 2024 at 04:05 pm EST
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Farmland Partners Inc. reported earnings results for the full year ended December 31, 2023. For the full year, the company reported sales was USD 49.19 million compared to USD 48.88 million a year ago. Revenue was USD 57.47 million compared to USD 61.21 million a year ago.
Net income was USD 30.91 million compared to USD 11.67 million a year ago. Basic earnings per share from continuing operations was USD 0.55 compared to USD 0.16 a year ago. Diluted earnings per share from continuing operations was USD 0.53 compared to USD 0.16 a year ago.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire North American farmland and makes loans to farmers secured by farm real estate. The Company owns and/or manages approximately 171,100 acres in 16 states, including Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, 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. Its portfolio is used to grow primary crops, such as corn, soybeans, wheat, rice and cotton, and produce specialty crops, such as almonds, citrus, blueberries and vegetables. In addition, under the FPI Loan Program, it provides loans to third-party farmers (both tenant and non-tenant) to provide financing for property acquisitions, working capital requirements and others. It has over 26 crop types and over 100 tenants.