Farmland Partners FY2024 net income $61.5M, AFFO up 81% YoY, debt slashed

Farmland Partners Inc.

2024-FY EPS reported $1.06 revenue$58,226,000

Net income $61.5M ($1.19/share) vs $31.7M ($0.55) in 2023; AFFO $14.1M ($0.29/share) up 81% YoY.
Completed 54 farm dispositions for $312M; total gain on sale $54.1M.
Debt reduced by $158.5M, eliminated floating rate debt; projected annual interest savings ~$10.9M.
Debt-to-gross book value down to 27.2% from 36.3%; debt-to-EBITDAre from 11.5 to 6.3.
Declared $1.15/share special dividend paid Jan 2025; repurchased 2.24M shares at $12.25 avg.

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