Farmland Partners Inc. (FPI) reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the three months ended September 30, 2024, total operating revenues increased to $13.3 million, a 14.6% rise from $11.6 million in the same period of 2023. This growth was driven by a substantial increase in crop sales, which rose to $2.6 million from $0.8 million, attributed to higher citrus sales volume. However, rental income decreased by 3.8% to $9.8 million, primarily due to property dispositions in 2023. Total operating expenses for the quarter decreased significantly by 30.2% to $8.1 million, down from $11.6 million, leading to a net income of $1.8 million, a decline of 57.4% from $4.3 million in the prior year.
For the nine months ended September 30, 2024, total operating revenues increased slightly to $36.8 million from $35.9 million in 2023. Rental income fell by 5.1% to $29.5 million, while crop sales surged by 149.3% to $4.2 million. Total operating expenses also decreased by 18.1% to $23.1 million, contributing to a net income of $1.2 million, a significant drop from $13.9 million in the previous year.
The company’s balance sheet showed total liabilities of $406.5 million as of September 30, 2024, up from $391.2 million at the end of 2023. Total equity decreased to $519.4 million from $528.8 million. Cash and cash equivalents increased to $8.1 million from $6.1 million year-over-year.
Strategically, FPI completed the acquisition of three properties in the Corn Belt region for $16.3 million during the nine months ended September 30, 2024. In contrast, the company had no property dispositions during this period, following significant sales in the previous year. Subsequent to the reporting period, FPI sold a portfolio of 46 farms for $289 million, using a portion of the proceeds to repay $189.4 million in debt, which is expected to save approximately $10.9 million in annual interest costs.
The company continues to focus on maintaining its farmland portfolio, which includes approximately 134,700 acres across various states, while managing its debt levels and exploring opportunities for future acquisitions.
About Farmland Partners Inc.
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