Farmland Partners beats Q2 AFFO estimates

Overview

• Farmland Partners reports Q2 net income of $7.8 mln vs loss last year

• Adjusted FFO beats analyst expectations, per LSEG data

• Co repurchased 2.1 mln shares, reduced debt by $23 mln

Outlook

• Company maintains 2025 AFFO per share earnings guidance unchanged

Result Drivers

• ASSET SALES - Co recognized $24.2 mln gain from sale of 32 properties, enhancing financial results

• SHARE REPURCHASES - Proceeds from asset sales used to repurchase 2.1 mln shares, reducing share count

• IMPAIRMENTS - Recorded $16.8 mln impairments on California properties due to crop and water issues

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy"

• Wall Street's median 12-month price target for Farmland Partners Inc is $11.75, about 3.9% above its July 22 closing price of $11.29

• The stock recently traded at 62 times the next 12-month earnings vs. a P/E of 100 three months ago

Press Release: ID:nBw4H62Pma