earnings
confidence high
sentiment neutral
materiality 0.70
Farmland Partners Q3 net income $4.3M; AFFO turns negative; guides to $190M farm sales for 2023
Farmland Partners Inc.
2023-Q3 EPS reported
$0.22
revenue$35,874,000
- Net income $4.3M ($0.07/share) in Q3 2023 vs $1.1M ($0.01/share) in Q3 2022.
- AFFO of ($0.5M) or ($0.01/share) vs AFFO of $2.5M ($0.05/share) prior year.
- Completed 35 farm dispositions for $71.1M with $10.3M gain; one acquisition $11.0M.
- Repurchased 618,073 shares in Q3 at avg $10.89; 152,211 additional shares after quarter-end.
- Plans to sell up to ~$65M more farmland (total ~$190M for 2023); lease renewals with 18-20% rent increases.