The following is a summary of the Farmland Partners Inc. (FPI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Farmland Partners Inc. reported a net income increase of over 160%, reaching $31.7 million in 2023, due to gains on asset dispositions.

• Earnings per share increased to $0.55 for the year 2023.

• However, AFFO decreased to $8.1 million, with AFFO per average weighted share decreasing to $0.16, attributed to elevated interest expenses and lower revenue.

• The company reduced its total debt down by approximately $110 million to $363.1 million compared to Q2 2023.

• Significant asset sales in 2023, including 'water challenged' assets, amounted to around $200 million, with an additional gain of $2.1 million deferred to 2024.

• In 2024, the firm projects a revenue adjustment due to the 2023 dispositions and early 2024 acquisitions, with AFFO expected to be between $7.6 million to $11.1 million.

Business Progress:

• The company successfully executed three key strategies: asset sales for value demonstration, debt reduction, and stock buybacks.

• For 2024, the company plans to continue implementing successful strategies and further reduce overhead expenses.

• A 15% reduction in overhead, general, administrative, legal, and accounting expenses was achieved in the previous year.

• The company expects fewer asset sales in 2024 due to tax constraints and plans to reduce properties in drier regions.

• The firm extended expiring leases with a 20% rent increase, projecting a recovery in specialty crops pricing and yield due to favourable weather conditions.

• Despite anticipating a downturn in grain prices, Farmland Partners Inc. expects stability in land values for 2024.

More details: Farmland Partners Inc IR

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