NYSE$FPI
Farmland Partners Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Farmland Partners reported mixed results in Q3 2023, with increased net income offset by a decrease in AFFO, while continuing its asset disposition strategy and increasing guidance.
Farmland Partners Inc. reported a significant increase in net income for Q3 2023, driven by gains from farm dispositions. However, AFFO decreased compared to the same period in the previous year. The company continued its strategy of selectively pruning its portfolio through asset sales and redeploying capital into stock buybacks, debt repayment, and acquisitions. They also increased guidance based on the value appreciation through asset sales.
- Net income increased to $4.3 million, or $0.07 per share, compared to $1.1 million, or $0.01 per share in Q3 2022.
- AFFO decreased to ($0.5) million, or ($0.01) per share, compared to $2.5 million, or $0.05 per share in Q3 2022.
- Completed 35 farm dispositions for approximately $71.1 million, recognizing a gain on sale of approximately $10.3 million.
- Repurchased 618,073 shares of common stock at a weighted average price of $10.89 per share.
Headline financials
Revenue & EPS history
Farmland Partners · Revenue · Quarterly
$11.6M
Revenue by segment
Farmland Partners · $10.9M total across 3 segments · Q3 2023
- Rental Income$9.43M+3.9%86.4%
- Crop Sales$814K-67.1%7.5%
- Other Revenue$666K-5.5%6.1%
Forward guidance
Farmland Partners plans to sell additional farmland and has acquisition transactions under advanced negotiations.
Tailwinds
- US agriculture industry offers stability.
- Selectively pruning portfolio.
- Redeploying capital through stock buybacks.
- Redeploying capital through debt repayment.
- Redeploying capital through attractive asset acquisitions.
Headwinds
- Global economic uncertainty.
- Geopolitical uncertainty.
- Farms not long-term strategic fits for the portfolio.
- War in Ukraine.
- Volatility of the capital markets.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+1.2%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+2.5%
Avg return
30 days after
59%
29 / 49 earnings
Positive
+13.6%
Q4 2018
Best reaction
-13.4%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.9% | -7.9% | -10.5% | |
| Q4 2025 | +2.8% | +8.0% | -7.2% | |
| Q3 2025 | +2.1% | -2.1% | -2.6% | |
| Q2 2025 | +0.8% | +1.2% | +1.5% | |
| Q1 2025 | -0.3% | +3.8% | +15.3% | |
| Q4 2024 | +7.5% | +0.6% | -5.9% | |
| Q3 2024 | +6.5% | +7.7% | +15.5% | |
| Q2 2024 | -8.2% | -10.8% | -11.6% | |
| Q1 2024 | +3.2% | +3.9% | -1.0% | |
| Q4 2023 | +7.6% | +2.8% | +1.2% | |
| Q3 2023 | -1.7% | -3.6% | +18.9% | |
| Q2 2023 | -11.0% | -12.6% | -16.7% | |
| Q1 2023 | +4.6% | +5.5% | +16.4% | |
| Q4 2022 | -13.4% | -13.9% | -17.9% | |
| Q3 2022 | +5.4% | +5.9% | +0.4% | |
| Q2 2022 | -0.3% | +2.7% | +3.0% | |
| Q1 2022 | +9.7% | +4.6% | +4.3% | |
| Q4 2021 | +4.4% | +3.2% | +15.9% | |
| Q3 2021 | -4.4% | -6.5% | -0.9% | |
| Q2 2021 | -0.6% | -1.4% | +1.5% | |
| Q1 2021 | +2.8% | +0.2% | -1.4% | |
| Q4 2020 | -12.9% | -13.4% | -0.8% | |
| Q3 2020 | +9.8% | +16.5% | +27.0% | |
| Q2 2020 | -3.6% | -2.2% | -5.3% | |
| Q1 2020 | +0.2% | -7.3% | +11.9% | |
| Q4 2019 | +11.9% | +13.3% | +17.5% | |
| Q3 2019 | -2.7% | -2.8% | -2.7% | |
| Q2 2019 | +5.6% | +7.9% | +9.9% | |
| Q1 2019 | -1.2% | -0.6% | -2.9% | |
| Q4 2018 | +13.6% | +14.5% | +25.7% | |
| Q3 2018 | +0.7% | +6.9% | -15.4% | |
| Q2 2018 | -5.7% | -3.8% | -2.1% | |
| Q1 2018 | +5.2% | +0.9% | +13.9% | |
| Q4 2017 | +6.1% | +7.4% | +11.0% | |
| Q3 2017 | +4.1% | +4.9% | +3.1% | |
| Q2 2017 | +6.7% | +4.9% | -4.7% | |
| Q1 2017 | -1.4% | -4.7% | -11.4% | |
| Q4 2016 | +4.6% | +3.8% | -0.6% | |
| Q3 2016 | -2.4% | +0.4% | +7.1% | |
| Q2 2016 | +0.0% | -3.1% | -1.1% | |
| Q1 2016 | -0.3% | — | — | |
| Q4 2015 | -0.4% | — | — | |
| Q3 2015 | -1.2% | — | — | |
| Q2 2015 | +0.6% | — | — | |
| Q1 2015 | +2.2% | — | — | |
| Q4 2014 | +0.6% | — | — | |
| Q3 2014 | +1.3% | — | — | |
| Q2 2014 | -1.3% | — | — | |
| Q1 2014 | +2.3% | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro