Farmland Partners (NYSE: FPI) reported Q4 EPS of $0.06, $0.16 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $17.92 million versus the consensus estimate of $21.72 million.

Financial Results

• For the three months ended December 31, 2020, the Company recorded net income of $6.4 million and basic net income to common stockholders of $0.10 per share, as compared to net income of $9.8 million and basic net income to common stockholders of $­­­0.20 per share for the same period during 2019. For the year ended December 31, 2020, the Company recorded net income of $7.5 million and a basic net loss to common stockholders of $(0.18) per share, as compared to net income of $14.9 million and basic net income to common stockholders of $0.04 per share for the same period during 2019.
• For the three months ended December 31, 2020, the Company recorded Adjusted Funds from Operations ("AFFO") of $5.0 million and AFFO per fully diluted share of $0.16, as compared to AFFO of $9.0 million and AFFO per fully diluted share of $0.28 for the same period during 2019. For the year ended December 31, 2020, the Company recorded AFFO of $1.8 million and AFFO per fully diluted share of $0.06, as compared to AFFO of $4.4 million and AFFO per fully diluted share of $0.13 for the same period during 2019.
• For the three months ended December 31, 2020, the Company recorded Adjusted Earnings Before Interest Taxes Depreciation and Amortization for real estate ("Adjusted EBITDAre") of $12.0 million, as compared to $16.9 million for the same period during 2019. For the year ended December 31, 2020, the Company recorded Adjusted EBITDAre of $31.3 million, as compared to $36.4 million for the same period during 2019.
• See "Non-GAAP Financial Measures" for complete definitions of AFFO and Adjusted EBITDAre and the financial tables accompanying this press release for reconciliations of net income to AFFO and Adjusted EBITDAre.

"During the pandemic, farmland assets held their value very well and avoided much of the volatility experienced in other real estate asset classes," said Paul A. Pittman, the Company's Chairman and CEO. "In a year plagued with uncertainty, we focused on things we could control, including opportunistic asset sales at attractive internal rates of return, continuing to demonstrate the strength in our asset values, and accretive stock repurchases at an average price that we believe to be approximately 50% of our net asset value per share at the time of such repurchases. FPI revenue performance in 2020 was challenging, partly due to COVID-19. Specialty crops subject to crop share revenue arrangements were impacted by the large decline in hotel occupancy and restaurant sales, both of which are major drivers of consumption for certain specialty crops. We expect that demand and pricing for specialty crops will improve in 2021 and that strong price projections for corn and soybeans, driven by high exports and low inventory levels, will generate great results for our row-crop tenants."

For earnings history and earnings-related data on Farmland Partners (FPI) click here.