The following is a summary of the Farmland Partners, Inc. (FPI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Farmland Partners Inc. reported a Q1 2024 net income of $1.4 million with a net income per share available to common stockholders of $0.01.

• Their AFFO stood at $2.8 million, and their AFFO per share was at $0.06.

• The company has managed to cut overheads by around 13% as a result of their cost-control measures.

• The decreased fixed farm rent was primarily due to dispositions in 2023.

• Despite the decrease in revenue from a significant solar project transitioning to operational phase, revenues were offset by increases from other sources like tenant reimbursements, management fee and interest income, and directly operated farms.

• For 2024, they expect revenue increase from higher performing citrus farms, new acquisitions, and certain lease modifications.

Business Progress:

• The company made three acquisitions in the first quarter of 2024.

• Going ahead, the company aims to reduce exposure to the U.S. West Coast and Colorado High Plains due to water limitations.

• Strategic expansion in current farming regions is on the cards, along with potential sale of certain farms in California.

• Despite a valuation gap in their stock price, they are evaluating further asset sales and stock buyback options to create value.

• The company aims to adopt a more measured approach in executing disposition activities in 2024, considering the regulatory constraints of being an REIT.

More details: Farmland Partners Inc IR

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