Farmland Partners Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 25, 2023 at 04:15 pm EDT
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Farmland Partners Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 9.43 million compared to USD 9.08 million a year ago. Revenue was USD 11.62 million compared to USD 13.14 million a year ago. Net income was USD 4.21 million compared to USD 1.09 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.07 compared to USD 0.01 a year ago.
For the nine months, sales was USD 28.51 million compared to USD 27.82 million a year ago. Revenue was USD 35.87 million compared to USD 39.39 million a year ago. Net income was USD 13.6 million compared to USD 5.12 million a year ago. Basic earnings per share from continuing operations was USD 0.22 compared to USD 0.05 a year ago. Diluted earnings per share from continuing operations was USD 0.22 compared to USD 0.05 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.