Farmland Partners Inc. · NYSE:FPI
Farmland Partners — Q1 2025 Earnings Presentation
21 slides from Farmland Partners's earnings presentation, May 8, 2025
Slide 1: Q1 2025 Supplemental Package
Q1 2025 Supplemental Package Farmland Partners Inc. (NYSE: FPI) is an internally managed real estate company that owns and seeks to acquire high-quality farmland throughout North America addressing the global demand for food, feed, fiber and fuel. www.farmlandpartners.com | 4600 S Syracuse St Suite
Slide 2: Table of Contents
Table of Contents Earnings Release ........................................................................................................................................... 1 Consolidated Balance Sheets ...............................................................................................
Slide 3: Earnings Release
Earnings Release Farmland Partners Inc. Reports First Quarter 2025 Results Fiscal Year 2025 Guidance Increased on Both Ends of Range DENVER, May 7, 2025 (BUSINESS WIRE) -- Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial results for the quarter ended March 31, 202
Slide 4: Financial and Operating Results
Financial and Operating Results • The table below shows financial and operating results for the three months ended March 31, 2025 and 2024 (Unaudited). For the three months ended (in thousands) March 31, Financial Results: 2025 2024 Change Net Income $ 2,093 $ 1,408 48.7 % Net income available to co
Slide 5: Conference Call Information
Conference Call Information The Company has scheduled a conference call on May 8, 2025, at 11:00 a.m. (U.S. Eastern Time) to discuss the financial results and provide a company update. The call can be accessed live over the phone by dialing 1-800-715-9871 and using the conference ID 4868033. The con
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets Farmland Partners Inc. Consolidated Balance Sheets As of March 31, 2025 (Unaudited) and December 31, 2024 (in thousands, except par value and share data) March 31, December 31, 2025 2024 ASSETS Land, at cost $ 644,148 $ 645,592 Grain facilities 7,701 7,714 Groundwater 11,
Slide 7: Consolidated Statements of Operations
Consolidated Statements of Operations of Operations Farmland Partners Inc. Consolidated Statements of Operations Three Months Ended March 31, 2025 and 2024 (Unaudited) (in thousands except per share amounts) For the Three Months Ended March 31, 2025 2024 OPERATING REVENUES: Rental income $ 6,970 $ 1
Slide 8: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Farmland Partners Inc. Reconciliation of Non-GAAP Measures Three Months Ended March 31, 2025 and 2024 (Unaudited) For the three months ended March 31, (in thousands except per share amounts) 2025 2024 Net income $ 2,093 $ 1,408 (Gain) loss on disposition of assets
Slide 9: Reconciliation of Non-GAAP Measures
Farmland Partners Inc. Reconciliation of Non-GAAP Measures Three Months Ended March 31, 2025 and 2024 (Unaudited) For the three months ended March 31, ($ in thousands) 2025 2024 OPERATING REVENUES: Rental income $ 6,970 $ 10,207 Crop sales 847 660 Other revenue 2,435 1,123 Total operating revenues 1
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures The Company considers the following non-GAAP measures to be useful to investors as key supplemental measures of its performance: FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre. These non-GAAP financial measures should be considered along with,
Slide 11: EBITDAre and Adjusted EBITDAre
EBITDAre and Adjusted EBITDAre The Company calculates Earnings Before Interest Taxes Depreciation and Amortization for real estate (“EBITDAre”) in accordance with the standards established by Nareit in its September 2017 White Paper. Nareit defines EBITDAre as net income (calculated in accordance wi
Slide 12: Supplemental Information
Supplemental Information Supplemental Information Farmland Partners Inc. Q1 2025 10
Slide 13: Overview Information
Overview Information About Farmland Partners (NYSE: FPI) ● Internally managed REIT that owns and manages high-quality farmland located in agricultural markets throughout North America. ● Approximately 60% of FPI's portfolio (by value) grows primary crops, such as corn, soybeans, wheat, rice, and cot
Slide 14: FPI First Quarter Financial Review
FPI First Quarter Financial Review Financial Highlights For the Three Months Ended March 31, December 31, September 30, June 30, March 31, ($ in thousands except per share amounts) 2025 2024 2024 2024 2024 Total operating revenues $ 10,252 $ 21,474 $ 13,317 $ 11,445 $ 11,990 Net income (loss) $ 2,09
Slide 15: Income Statement Overview
Income Statement Overview (in millions) Item Explanation Timing of Cash Timing of Revenue Recognition Fixed Payments • Fixed farm rent • Farm rent: 50% to 100% • Generally straight-lined over the • Solar, wind, recreation rent of individual leases paid term of the lease contract • Tenant reimburseme
Slide 16: Income Statement Details 2025 vs. 2024
Income Statement Details 2025 vs. 2024 (in millions) Mgmt Fees & Interest Income Solar, Wind, Recreation Tenant Reimursements Total Revenue - COGS Variable Payments Cost of Goods Sold Fixed Farm Rent Crop Insurance Total Revenue Other Items Crop Sales 2024 Q1 2024 $8.6 $0.7 $0.7 $0.8 $0.2 $0.7 $0.0
Slide 17: Year 2025 Outlook
Year 2025 Outlook (in millions, except per share data) February 2025 May 2025 July 2025 2024 2025 Forecast Range 2025 Forecast Range 2025 Forecast Ra Actual Low High Low High Fixed Farm Rent $ 32.2 $ 20.5 $ 21.0 $ 20.5 $ 21.0 Solar, Wind, Recreation Rent 2.6 1.8 1.9 2.9 3.0 Tenant Reimbursements 2.7
Slide 18: Portfolio Overview
Portfolio Overview Portfolio ● As of March 31, 2025, the Company's portfolio included approximately 92,400 acres of owned farmland and 46,800 acres of managed farmland. ● 16 states with more than 240 properties plus land and buildings leased to agriculture equipment dealerships in Ohio. ● Portfolio
Slide 19: Consolidated Balance Sheets — Quarterly
Consolidated Balance Sheets — Quarterly (Unaudited) March 31, December 31, September 30, June 30, March 31, (in thousands) 2025 2024 2024 2024 2024 ASSETS Total real estate, net $ 714,095 $ 717,843 $ 974,646 $ 975,513 $ 976,767 Deposits 11 — 1 — — Cash and cash equivalents and restricted cash 21,650
Slide 20: Consolidated Statement of Operations — Quarterly
Consolidated Statement of Operations — Quarterly (Unaudited) For the Three Months Ended March 31, December 31, September 30, June 30, March 31, (in thousands except per share amounts) 2025 2024 2024 2024 2024 OPERATING REVENUES: Rental income $ 6,970 $ 17,620 $ 9,753 $ 9,539 $ 10,207 Crop sales 847
Slide 21: Reconciliation of Non-GAAP Measures — Quarterly
Reconciliation of Non-GAAP Measures — Quarterly (Unaudited) For the Three Months Ended March 31, December 31, September 30, June 30, March 31, (in thousands except per share amounts) 2025 2024 2024 2024 2024 Net income (loss) $ 2,093 $ 60,256 $ 1,838 $ (2,052) $ 1,408 (Gain) loss on disposition of a