Farmland Partners Inc. (FPI)

Farmland Partners Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Rental Revenue	47.6	49.19	48.88	45.25	43.69	48.12
Tenant Reimbursements	-	-	-	3.45	3.64	3.15
Other Revenue	10.87	8.28	12.38	3.06	3.36	2.3
Total Revenue	58.47	57.47	61.26	51.76	50.69	53.56
Revenue Growth (YoY	1.30%	-6.19%	18.36%	2.11%	-5.37%	-4.47%
Property Expenses	12.58	13.41	14.16	8.86	10.74	8.82
Selling, General & Administrative	12.34	12.55	14.88	18.36	9.64	10.07
Depreciation & Amortization	5.92	7.5	6.96	7.63	7.97	8.32
Other Operating Expenses	0.11	0.14	0.13	0.03	0	0
Total Operating Expenses	30.94	33.61	36.13	34.87	28.35	27.22
Operating Income	27.52	23.86	25.14	16.89	22.34	26.34
Interest Expense	-21.44	-22.66	-16.14	-15.93	-17.68	-19.59
Other Non-Operating Income	0.26	0.04	0.66	0.07	-0.11	0.26
EBT Excluding Unusual Items	6.35	1.24	9.66	1.02	4.55	7.02
Merger & Restructuring Charges	-0.03	-0.02	-0.11	-0.06	-0.01	-0.01
Gain (Loss) on Sale of Assets	14.84	36.13	2.64	9.29	2.99	7.84
Asset Writedown	-2	-5.84	-	-	-	-
Pretax Income	18.99	31.52	12.19	10.26	7.53	14.85
Income Tax Expense	0.04	-0.17	0.23	-	-	-
Earnings From Continuing Operations	18.95	31.68	11.96	10.26	7.53	14.85
Minority Interest in Earnings	-0.47	-0.77	-0.29	-0.27	-0.41	-0.96
Net Income	18.48	30.91	11.67	9.99	7.12	13.89
Preferred Dividends & Other Adjustments	3.13	3.13	3.27	15.83	12.4	12.56
Net Income to Common	15.35	27.79	8.4	-5.83	-5.28	1.32
Net Income Growth	-8.30%	164.80%	16.85%	40.34%	-48.73%	13.32%
Basic Shares Outstanding	48	50	51	35	29	30
Diluted Shares Outstanding	56	58	51	35	29	30
Shares Change (YoY)	7.69%	14.40%	47.09%	17.92%	-2.63%	-6.20%
EPS (Basic)	0.32	0.55	0.16	-0.17	-0.18	0.04
EPS (Diluted)	0.32	0.53	0.16	-0.17	-0.18	0.04
EPS Growth	-1.43%	229.76%	-	-	-	-
Dividend Per Share	0.240	0.240	0.230	0.200	0.200	0.200
Dividend Growth	0%	4.35%	15.00%	0%	0%	-43.66%
Operating Margin	47.07%	41.51%	41.03%	32.63%	44.07%	49.18%
Profit Margin	26.25%	48.35%	13.71%	-11.27%	-10.41%	2.47%
Free Cash Flow Margin	14.85%	22.43%	27.83%	15.18%	38.92%	33.59%
EBITDA	33.44	31.36	32.1	24.52	30.31	34.66
EBITDA Margin	57.20%	54.56%	52.39%	47.37%	59.80%	64.71%
D&A For Ebitda	5.92	7.5	6.96	7.63	7.97	8.32
EBIT	27.52	23.86	25.14	16.89	22.34	26.34
EBIT Margin	47.07%	41.51%	41.03%	32.63%	44.07%	49.18%
Funds From Operations (FFO)	12.03	8.89	16.28	8.6	12.51	15.33
FFO Per Share	0.24	0.17	0.31	0.24	0.40	0.47
Adjusted Funds From Operations (AFFO)	-	8.14	15.76	0.41	1.77	4.37
AFFO Per Share	-	0.16	0.30	0.01	0.06	0.13
FFO Payout Ratio	179.90%	138.10%	68.35%	73.97%	47.49%	40.30%
Effective Tax Rate	0.22%	-	1.86%	-	-	-
Revenue as Reported	58.34	57.47	61.21	51.74	50.69	53.56

Source: S&P Capital IQ. Real Estate template. Financial Sources.