Farmland Partners Q3 net loss $2.7M; litigation expense drag results, but lease renewals up >10%

Farmland Partners Inc.

2021-Q3 EPS reported -$0.39 revenue$31,693,000

Q3 2021 net loss $2.7M ($0.17/diluted share) vs net income $0.6M in Q3 2020; adjusted for litigation net loss $0.4M.
AFFO for Q3 was negative $3.2M as reported; negative $1.0M excluding litigation expense of $2.2M.
Completed five acquisitions ($31M) and seventeen dispositions ($31.1M); asset management AUM over $50M.
Lease renewal rates increased >10% across ~70% of year's renewals; CEO cites strong farmer profitability.
Converted Series B Preferred to common stock effective Oct 4, improving cash flow and reducing leverage.

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