Farmland Partners reports record full-year 2022 revenue and AFFO; initiates 2023 guidance

Farmland Partners Inc.

2022-FY EPS reported $0.16 revenue$61,210,000

Full-year 2022 net income $12.0M ($0.16/share) vs $10.3M ($0.17 loss) in 2021; AFFO $15.8M ($0.30/share) vs $0.4M ($0.01/share).
Total operating revenues $61.2M, up 18.3% YoY; operating income $25.0M, up 48.5%.
Reduced total debt by $73.9M to $439.5M; increased liquidity to $176.7M from $30.2M.
Renewed ~95% of row crop fixed farm rent leases expiring in 2022 at avg rent increases of ~16%.
Initiated 2023 guidance; CEO cites strong farm economy but headwinds from inflation and interest costs.

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