FPI - Farmland Partners Q4 earnings broadly in line with expectations

Farmland Partners ( NYSE: FPI ) on Wednesday posted Q4 results that were broadly in line with expectations and issued 2023 guidance.

The REIT expects 2023 AFFO/share of $0.17-$0.24 vs. $0.32 consensus . Total revenue is projected to be $60.5M-$62.8M vs. $61.66M consensus.

Farmland Partners ( FPI ) reported Q4 AFFO/share of $0.18 vs. $0.19 in Q4 2021, while revenue rose 8.9% Y/Y to $21.82M.

As of December 31, 2022, the REIT's portfolio included ~165.2K acres of owned farmland and 30.9K acres of managed farmland.

"2022 was a strong year for FPI - total revenue and AFFO were the highest in the history of the company," said CEO Paul Pittman. "Higher rents on fixed leases, increased auction and brokerage fee revenue, and lower litigation expenses helped propel the company to an outstanding year."

Pittman expects increased interest costs this year owing to inflation. "Supply chain disruptions, weather events, and other factors resulted in volatility in certain crop yields and crop prices. Our bottom line will be negatively impacted by these headwinds," he warned.

Shares of Farmland Partners ( FPI ) +4.6% after hours.

Earlier, the REIT acquired a farmland in Illinois for $2.16M .

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