FPI - Farmland Partners Q3 earnings beat helped by higher rents lower costs

Farmland Partners ( NYSE: FPI ) stock has gained 5.4% in Tuesday midday trading after the farm property REIT's Q3 results topped the average analyst estimate.

"Operations benefited from higher rents on fixed leases, increased auction and brokerage fee revenue, increased direct operations gross profit, and lower litigation expenses," FPI Chairman and CEO Paul A. Pittman said.

Q3 adjusted FFO per share of $0.05 increased from $0.02 in Q2 and swung from -$0.09 in Q3 2021.

The company increased its 2022 adjusted FFO guidance range to $0.27-$0.31 per share from its previous range of $0.26-$0.30. Consensus estimate is $0.30.

Farmland value have risen, helped by inflationary pressure, but higher interest rates "will impact many borrowers, including FPI, in 2023," the company said.

Q3 total operating revenue of $13.1M vs.  $12.4M in Q2 and $10.1M in Q3 2021.

Total operating expenses of $8.42M vs. $8.90M in the prior quarter and $8.67M a year earlier.

Q3 adjusted EBITDAre of $7.13M vs. $5.76M in Q2 and $3.71M in Q3 2021.

Q3 net operating income rose 21.5% Y/Y vs. 17.4% Y/Y increase in the previous quarter.

Conference call at 1:00 PM ET.

Earlier, Farmland Partners ( FPI ) reports Q3 earnings beat, improves operating performance, and raises FY22 guidance

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