Farmland Partners Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 26, 2023 at 04:30 pm
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Farmland Partners Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 9.39 million compared to USD 9.2 million a year ago. Revenue was USD 11.58 million compared to USD 12.36 million a year ago. Net income was USD 7.71 million compared to USD 2.92 million a year ago. Basic earnings per share from continuing operations was USD 0.14 compared to USD 0.04 a year ago. Diluted earnings per share from continuing operations was USD 0.12 compared to USD 0.04 a year ago.
For the six months, sales was USD 19.08 million compared to USD 18.74 million a year ago. Revenue was USD 24.26 million compared to USD 26.25 million a year ago. Net income was USD 9.39 million compared to USD 4.02 million a year ago. Basic earnings per share from continuing operations was USD 0.15 compared to USD 0.05 a year ago. Diluted earnings per share from continuing operations was USD 0.15 compared to USD 0.05 a year ago.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire North American farmland and makes loans to farmers secured by farm real estate. The Company owns and/or manages approximately 171,100 acres in 16 states, including Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina and Texas. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. Its portfolio is used to grow primary crops, such as corn, soybeans, wheat, rice and cotton, and produce specialty crops, such as almonds, citrus, blueberries and vegetables. In addition, under the FPI Loan Program, it provides loans to third-party farmers (both tenant and non-tenant) to provide financing for property acquisitions, working capital requirements and others. It has over 26 crop types and over 100 tenants.