Farmland Partners (NYSE: FPI) reported Q1 EPS of ($0.02), $0.05 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $11.58 million versus the consensus estimate of $10.47 million.

During the quarter ended March 31, 2021, the Company:

• recorded net income of $2.5 million, $5.0 million excluding litigation-related legal expenses1;
• recorded AFFO of -$1.6 million, $0.9 million excluding litigation-related legal expenses;
• completed two acquisitions, for total consideration of $2.9 million;
• completed 14 dispositions, for total consideration of $28.5 million, total gain on sale of $3.4 million;
• reduced debt by $20 million;
• bought back 8,291 shares of Series B preferred stock at a weighted average price of $25.82 for an aggregate purchase price of $0.2 million; and
• grew the off-balance sheet asset management business to ten properties and $21.5 million of AUM.

CEO Comments

Paul A. Pittman, Chairman and CEO said: "The demand-driven bull market and farm productivity gains are generating a strong profit outlook for farmers, which, in turn, are generating positive momentum in land values and lease renewal rates. Q1 2021 was a strong quarter for Farmland Partners, other than for legal expenses related to the on-going Rota Fortunae litigation. Specialty crop performance is on track to equal or exceed 2020, but it is still early in the season."

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