Farmland Partners reports Q1 AFFO 6c, consensus 2c

Reports Q1 revenue $11.99M vs $12.67M last year. Luca Fabbri, President and Chief Executive Officer: “FPI had a very strong first quarter, with the highest first quarter AFFO ever recorded in our company’s history at $2.8 million, which was aided by approximately $1.2 million of income from forfeited deposits. After the overall portfolio improvements and very strong rent increases of 2023, we have begun 2024 with a focus on continuing the reduction in overhead expenses, lowering senior executive compensation and shrinking our Board of Directors. While we completed a large number of asset dispositions in 2023, which we do not expect to repeat in 2024, we continue to pursue opportunities to further enhance our farm portfolio, by acquiring complementary assets in strong regions and evaluating selected farm dispositions on assets with a less favorable long-term outlook for water availability and/or crop pricing.”