2024-05-01 07:00:55 ET
Summary
- Farmland Partners reports Q1 results, with adjusted FFO slightly beating expectations and revenues slightly missing expectations.
- The company's book value and revenues dropped due to property dispositions, but operating costs decreased as well.
- FPI is acquiring new properties and increasing its forward guidance range, but the stock remains pricey, and the dividend may not be fully covered.
Introduction
Farmland Partners ( FPI ) announced its latest quarterly results on April 30th. The results came mostly in line with expectations where the company reported an adjusted FFO of 6 cents per share ($2.8 million) while analysts were looking for 5 cents and revenues came at $11.99 million when analysts were looking for $12.15 million. In other words, AFFO showed a small beat and revenues showed a small miss, but both numbers were close enough to the estimates within a range of a rounding error....
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Farmland Partners Q1 Earnings: Results In Line, Still Pricey