Company Quick10K Filing
Farmland Partners
Price6.51 EPS0
Shares30 P/E15
MCap197 P/FCF28
Net Debt504 EBIT28
TEV702 TEV/EBIT25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
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10-K 2014-12-31 Filed 2015-03-03
10-Q 2014-09-30 Filed 2014-10-31
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10-Q 2014-03-31 Filed 2014-05-20
8-K 2021-02-11 Officers
8-K 2021-01-21 Enter Agreement
8-K 2020-12-07 Enter Agreement, Sale of Shares, Officers, Regulation FD, Exhibits
8-K 2020-11-10
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8-K 2020-10-29
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8-K 2018-11-05
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8-K 2018-04-10
8-K 2018-03-19
8-K 2018-03-09
8-K 2018-03-01
8-K 2018-01-18

FPI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization and Significant Accounting Policies
Note 2 - Revenue Recognition
Note 3 - Concentration Risk
Note 4 - Related Party Transactions
Note 5 - Real Estate
Note 6 - Notes Receivable
Note 7 - Mortgage Notes, Lines of Credit and Bonds Payable
Note 8 - Commitments and Contingencies
Note 9 - Stockholders' Equity and Non - Controlling Interests
Note 10 - Hedge Accounting
Note 11 - Subsequent Events
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
Part II. Other Information
Item 1.Legal Proceedings.
Item 1A.Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3.Defaults Upon Senior Securities.
Item 4.Mine Safety Disclosures.
Item 5.Other Information.
Item 6.Exhibits.
EX-31.1 fpi-20200930xex31d1.htm
EX-31.2 fpi-20200930xex31d2.htm
EX-32.1 fpi-20200930xex32d1.htm

Farmland Partners Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.21.00.70.50.20.02014201620182020
Assets, Equity
0.10.10.0-0.0-0.1-0.12016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22014201620182020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                   to

Commission File Number: 001-36405

FARMLAND PARTNERS INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland

46-3769850

(State or Other Jurisdiction

of Incorporation or Organization)

(IRS Employer

Identification No.)

4600 South Syracuse Street, Suite 1450

Denver, Colorado

80237-2766

(Address of Principal Executive Offices)

(Zip Code)

(720) 452-3100

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

FPI

New York Stock Exchange

6.00% Series B Participating Preferred Stock

FPI.PRB

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit  such files).     Yes     No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No

As of November 4, 2020, 29,351,271 shares of the Registrant’s common stock (30,990,063 on a fully diluted basis, including 1,638,792 Common Units of limited partnership interests in the registrant’s operating partnership) held by non-affiliates of the registrant were outstanding.

Table of Contents

Farmland Partners Inc.

FORM 10-Q FOR THE QUARTER ENDED

September 30, 2020

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Page

Item 1.

Financial Statements

Consolidated Financial Statements

Balance Sheets as of September 30, 2020 (unaudited) and December 31, 2019

3

Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited)

4

Consolidated Statements of Comprehensive Income (Loss)

5

Statements of Changes in Equity for the nine months ended September 30, 2020 and 2019 (unaudited)

6

Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (unaudited)

7

Notes to Consolidated Financial Statements (unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

47

Item 4.

Controls and Procedures

47

PART II. OTHER INFORMATION

48

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

48

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

48

Item 3.

Defaults Upon Senior Securities

49

Item 4.

Mine Safety Disclosures

49

Item 5.

Other Information

49

Item 6.

Exhibits

49

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Farmland Partners Inc.

Consolidated Balance Sheets

As of September 30, 2020 (Unaudited) and December 31, 2019

(in thousands except par value and share data)

September 30,

December 31,

    

2020

    

2019

ASSETS

Land, at cost

$

930,653

$

937,813

Grain facilities

 

12,091

 

12,091

Groundwater

 

10,214

 

11,473

Irrigation improvements

 

53,833

 

53,871

Drainage improvements

 

12,790

 

12,674

Permanent plantings

54,430

52,089

Other

8,032

 

7,827

Construction in progress

 

9,275

 

11,911

Real estate, at cost

 

1,091,318

 

1,099,749

Less accumulated depreciation

 

(30,722)

 

(25,277)

Total real estate, net

 

1,060,596

 

1,074,472

Deposits

 

 

1

Cash

 

7,108

 

12,561

Notes and interest receivable, net

 

2,412

 

4,767

Right of use asset

128

73

Deferred financing fees, net

109

174

Accounts receivable, net

 

6,494

 

5,515

Inventory

 

1,505

 

1,550

Prepaid and other assets

 

1,453

 

3,440

TOTAL ASSETS

$

1,079,805

$

1,102,553

LIABILITIES AND EQUITY

LIABILITIES

Mortgage notes and bonds payable, net

$

508,432

$

511,403

Lease liability

128

73

Dividends payable

 

1,550

 

1,593

Derivative liability

3,182

1,644

Accrued interest

 

3,221

 

3,111

Accrued property taxes

 

2,645

 

1,873

Deferred revenue

 

50

 

71

Accrued expenses

 

7,482

 

5,868

Total liabilities

 

526,690

 

525,636

Commitments and contingencies (See Note 8)

Series B Participating Preferred Stock, $0.01 par value, 6,037,500 shares authorized; 5,831,870 shares issued and outstanding at September 30, 2020, and 5,972,059 at December 31, 2019

139,766

 

142,861

Redeemable non-controlling interest in operating partnership, Series A preferred units

119,633

120,510

EQUITY

Common stock, $0.01 par value, 500,000,000 shares authorized; 29,086,271 shares issued and outstanding at September 30, 2020, and 29,952,608 shares issued and outstanding at December 31, 2019

 

282

 

292

Additional paid in capital

 

333,037

 

338,387

Retained earnings

 

(1,934)

 

6,251

Cumulative dividends

 

(53,224)

 

(48,784)

Other comprehensive income

 

(2,853)

 

(1,644)

Non-controlling interests in operating partnership

 

18,408

 

19,044

Total equity

 

293,716

 

313,546

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY

$

1,079,805

$

1,102,553

See accompanying notes.

3

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Operations

For the three and nine months ended September 30, 2020 and 2019

(Unaudited)

(in thousands except per share amounts)

For the Three Months Ended

For the Nine Months Ended

September 30,

September 30,

    

2020

    

2019

    

2020

    

2019

OPERATING REVENUES:

Rental income

$

8,701

$

9,111

$

27,916

$

28,480

Tenant reimbursements

 

911

 

458

 

2,655

 

1,392

Crop sales

748

(145)

1,445

788

Other revenue

 

244

 

424

 

755

 

1,024

Total operating revenues

 

10,604

 

9,848

 

32,771

 

31,684

OPERATING EXPENSES

Depreciation, depletion and amortization

 

1,979

 

2,087

 

5,982

 

6,294

Property operating expenses

 

1,961

 

2,050

 

5,640

 

6,171

Cost of goods sold

1,332

619

2,643

842

Acquisition and due diligence costs

 

 

 

11

 

1

General and administrative expenses

 

1,395

 

1,444

 

4,248

 

4,237

Legal and accounting

 

287

 

421

 

1,617

 

2,437

Other operating expenses

1

1

2

1

Total operating expenses

 

6,955

 

6,622

 

20,143

 

19,983

OPERATING INCOME

 

3,649

 

3,226

 

12,628

 

11,701

OTHER (INCOME) EXPENSE:

Other income

25

(147)

113

(283)

Loss (gain) on disposition of assets

(1,348)

18

(2,179)

(7,891)

Interest expense

 

4,411

 

4,818

 

13,541

14,805

Total other expense

 

3,088

 

4,689

 

11,475

 

6,631

Net income before income tax expense

561

(1,463)

1,153

5,070

Income tax expense

 

 

NET INCOME (LOSS)

 

561

 

(1,463)

 

1,153

 

5,070

Net (income) loss attributable to non-controlling interests in operating partnership

 

(34)

 

99

 

(70)

(375)

Net income (loss) attributable to the Company

527

(1,364)

1,083

4,695

Nonforfeitable distributions allocated to unvested restricted shares

(16)

(18)

(48)

(60)

Distributions on Series A Preferred Units and Series B Preferred Stock

(3,064)

(3,117)

(9,269)

(9,368)

Net loss available to common stockholders of Farmland Partners Inc.

$

(2,553)

$

(4,499)

$

(8,234)

$

(4,733)

Basic and diluted per common share data:

Basic net (loss) available to common stockholders

$

(0.09)

$

(0.15)

$

(0.28)

$

(0.16)

Diluted net (loss) available to common stockholders

$

(0.09)

$

(0.15)

$

(0.28)

$

(0.16)

Basic weighted average common shares outstanding

 

29,206

 

29,497

 

29,392

 

30,319

Diluted weighted average common shares outstanding

 

29,206

 

29,497

 

29,392

 

30,319

Dividends declared per common share

$

0.05

$

0.05

$

0.15

$

0.15

See accompanying notes.

4

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(in thousands)

For the Three Months Ended

For the Nine Months Ended

September 30,

September 30,

    

2020

    

2019

    

2020

    

2019

Net Income (loss)

$

561

$

(1,463)

$

1,153

$

5,070

Amortization of OCI

301

547

Net change associated with current period hedging activities

226

(80)

(1,756)

(950)

Comprehensive Income

1,088

(1,543)

(56)

4,120

Comprehensive income attributable to non-controlling interests

(34)

99

(70)

(375)

Net income (loss) attributable to Farmland Partners Inc.

$

1,054

$

(1,444)

$

(126)

$

3,745

See accompanying notes.

5

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Changes in Equity and Other Comprehensive Income

For the nine months ended September 30, 2020 and 2019

(Unaudited)

(in thousands)

Stockholders’ Equity

Common Stock

Non-controlling

    

    

    

Additional

    

    

    

Other

    

Interests in

    

Paid in

Retained

Cumulative

Comprehensive

Operating

Total

    

Shares

    

Par Value

    

Capital

    

Earnings

    

Dividends

    

Income

    

Partnership

    

Equity

Balance at December 31, 2018

30,594

$

300

$

332,996

$

4,852

$

(42,695)

$

(865)

$

44,685

$

339,273

Net income

4,695

375

5,070

Issuance of stock

(218)

(218)

Grant of unvested restricted stock

224

Stock based compensation

2

1,259

1,259

Dividends accrued or paid

(9,368)

(4,573)

(335)

(14,276)

Repurchase and cancellation of shares

(3,401)

(34)

(21,146)

(21,180)

Forfeiture of unvested restricted stock

(21)

(1)

(98)

(99)

Net change associated with current period hedging transactions

(950)

(950)

Conversion of Common units to shares of common stock

2,678

27

26,217

(26,244)

Adjustments to non-controlling interests resulting from changes in ownership of operating partnership

(219)

219

Balance at September 30, 2019

30,076

$

292

$

338,791

$

179

$

(47,268)

$

(1,815)

$

18,700

$

308,879

Balance at December 31, 2019

29,952

$

292

$

338,387

$

6,251

$

(48,784)

$

(1,644)

$

19,044

$

313,546

Net income

1,083

70

1,153

Grant of unvested restricted stock

139

Stock based compensation

788

788

Dividends accrued or paid

(9,268)

(4,440)

(286)

(13,994)

Net change associated with current period hedging transactions

(1,209)

(1,209)

Repurchase and cancellation of shares

(1,005)

(10)

(6,558)

(6,568)

Adjustment to non-controlling interest resulting from changes in ownership of the Operating Partnership

420

(420)

Balance at September 30, 2020

29,086

$

282

$

333,037

$

(1,934)

$

(53,224)

$

(2,853)

$

18,408

$

293,716

See accompanying notes.

6

Table of Contents

Farmland Partners Inc.

Consolidated Statements of Cash Flows

For the nine months ended September 30, 2020 and 2019

(Unaudited)

(in thousands)

For the Nine Months Ended

September 30,

    

2020

    

2019

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

1,153

$

5,070

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

 

5,982

 

6,294

Amortization of deferred financing fees and discounts/premiums on debt

 

218

 

247

Stock based compensation

 

788

 

1,161

(Gain) loss on disposition of assets

 

(2,179)

 

(7,891)

Bad debt expense

325

341

Amortization of dedesignated interest rate swap

547

Changes in operating assets and liabilities:

(Decrease) Increase in accounts receivable

 

(1,256)

 

930

Increase (Decrease) in interest receivable

7

(653)

Decrease in other assets

 

1,734

 

1,395

Increase (Decrease) in inventory

45

 

(911)

Increase (Decrease) in accrued interest

 

88

 

(666)

Decrease in accrued expenses

 

1,757

 

614

Increase in deferred revenue

 

166

 

62

Increase in accrued property taxes

 

786

 

984

Net cash provided by operating activities

 

10,161

 

6,977

CASH FLOWS FROM INVESTING ACTIVITIES

Real estate acquisitions

 

(884)

Real estate and other improvements

 

(2,026)

(5,074)

Principal receipts on notes receivable

1,762

5,936

Issuance of note receivable

(8)

(1,653)

Proceeds from sale of property

13,427

34,141

Net cash provided by investing activities

 

12,271

 

33,350

CASH FLOWS FROM FINANCING ACTIVITIES

Repayments on mortgage notes payable

(2,994)

(11,342)

Participating preferred stock repurchased

(3,095)

(897)

Common stock repurchased

(6,568)

(21,180)

Payment of debt issuance costs

(130)

Payment of swap fees

(182)

Dividends on common stock

(4,484)

(4,656)

Distribution on Series A preferred units

(3,510)

(3,510)

Distribution on Series B participating preferred stock

(6,637)

(6,735)

Distributions to non-controlling interests in operating partnership, common

(285)

(335)

Net cash used in financing activities

 

(27,885)

 

(48,655)

NET INCREASE (DECREASE) IN CASH

 

(5,453)

 

(8,328)

CASH, BEGINNING OF PERIOD

 

12,561

 

16,891

CASH, END OF PERIOD

$

7,108

$

8,563

Cash paid during period for interest

$

12,650

$

15,407

Cash paid during period for taxes

$

$