| Price | 6.51 | EPS | 0 | |
| Shares | 30 | P/E | 15 | |
| MCap | 197 | P/FCF | 28 | |
| Net Debt | 504 | EBIT | 28 | |
| TEV | 702 | TEV/EBIT | 25 | TTM 2019-09-30, in MM, except price, ratios |
| 10-Q | 2020-09-30 | Filed 2020-11-09 |
| 10-Q | 2020-06-30 | Filed 2020-08-10 |
| 10-Q | 2020-03-31 | Filed 2020-05-08 |
| 10-K | 2019-12-31 | Filed 2020-03-13 |
| 10-Q | 2019-09-30 | Filed 2019-11-12 |
| 10-Q | 2019-06-30 | Filed 2019-08-08 |
| 10-Q | 2019-03-31 | Filed 2019-05-09 |
| 10-K | 2018-12-31 | Filed 2019-03-15 |
| 10-Q | 2018-09-30 | Filed 2018-11-09 |
| 10-Q | 2018-06-30 | Filed 2018-08-09 |
| 10-Q | 2018-03-31 | Filed 2018-05-10 |
| 10-K | 2017-12-31 | Filed 2018-03-05 |
| 10-Q | 2017-09-30 | Filed 2017-11-09 |
| 10-Q | 2017-06-30 | Filed 2017-07-21 |
| 10-Q | 2017-03-31 | Filed 2017-05-10 |
| 10-K | 2016-12-31 | Filed 2017-02-23 |
| 10-Q | 2016-09-30 | Filed 2016-11-07 |
| 10-Q | 2016-06-30 | Filed 2016-08-09 |
| 10-Q | 2016-03-31 | Filed 2016-05-10 |
| 10-K | 2015-12-31 | Filed 2016-03-15 |
| 10-Q | 2015-09-30 | Filed 2015-11-12 |
| 10-Q | 2015-06-30 | Filed 2015-08-11 |
| 10-Q | 2015-03-31 | Filed 2015-05-08 |
| 10-K | 2014-12-31 | Filed 2015-03-03 |
| 10-Q | 2014-09-30 | Filed 2014-10-31 |
| 10-Q | 2014-06-30 | Filed 2014-08-13 |
| 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 | |
| 8-K | 2020-11-09 | |
| 8-K | 2020-10-29 | |
| 8-K | 2020-08-10 | |
| 8-K | 2020-05-28 | |
| 8-K | 2020-05-07 | |
| 8-K | 2020-03-12 | |
| 8-K | 2020-03-11 | |
| 8-K | 2019-11-11 | |
| 8-K | 2019-10-28 | |
| 8-K | 2019-08-06 | |
| 8-K | 2019-05-08 | |
| 8-K | 2019-05-03 | |
| 8-K | 2019-03-13 | |
| 8-K | 2019-02-06 | |
| 8-K | 2018-11-05 | |
| 8-K | 2018-10-01 | |
| 8-K | 2018-09-12 | |
| 8-K | 2018-08-08 | |
| 8-K | 2018-05-09 | |
| 8-K | 2018-05-02 | |
| 8-K | 2018-04-20 | |
| 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 |
| 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 |
| Balance Sheet | Income Statement | Cash Flow |
|---|---|---|
|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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:
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |
(Address of Principal Executive Offices) | (Zip Code) |
(
(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 |
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. ☒
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). ☒
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 | ☐ | |
☐ | 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).
As of November 4, 2020,
Farmland Partners Inc.
FORM 10-Q FOR THE QUARTER ENDED
September 30, 2020
TABLE OF CONTENTS
2
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 | $ | | $ | | ||
Grain facilities |
| |
| | ||
Groundwater |
| |
| | ||
Irrigation improvements |
| |
| | ||
Drainage improvements |
| |
| | ||
Permanent plantings | | | ||||
Other | |
| | |||
Construction in progress |
| |
| | ||
Real estate, at cost |
| |
| | ||
Less accumulated depreciation |
| ( |
| ( | ||
Total real estate, net |
| |
| | ||
Deposits |
| — |
| | ||
Cash |
| |
| | ||
Notes and interest receivable, net |
| |
| | ||
Right of use asset | | | ||||
Deferred financing fees, net | | | ||||
Accounts receivable, net |
| |
| | ||
Inventory |
| |
| | ||
Prepaid and other assets |
| |
| | ||
TOTAL ASSETS | $ | | $ | | ||
LIABILITIES AND EQUITY | ||||||
LIABILITIES | ||||||
Mortgage notes and bonds payable, net | $ | | $ | | ||
Lease liability | | | ||||
Dividends payable |
| |
| | ||
Derivative liability | | | ||||
Accrued interest |
| |
| | ||
Accrued property taxes |
| |
| | ||
Deferred revenue |
| |
| | ||
Accrued expenses |
| |
| | ||
Total liabilities |
| |
| | ||
Commitments and contingencies (See Note 8) | ||||||
Series B Participating Preferred Stock, $ | |
| | |||
Redeemable non-controlling interest in operating partnership, Series A preferred units | | | ||||
| ||||||
EQUITY | ||||||
Common stock, $ |
| |
| | ||
Additional paid in capital |
| |
| | ||
Retained earnings |
| ( |
| | ||
Cumulative dividends |
| ( |
| ( | ||
Other comprehensive income |
| ( |
| ( | ||
Non-controlling interests in operating partnership |
| |
| | ||
Total equity |
| |
| | ||
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY | $ | | $ | | ||
See accompanying notes.
3
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 | $ | | $ | | $ | | $ | | ||||
Tenant reimbursements |
| |
| |
| |
| | ||||
Crop sales | | ( | | | ||||||||
Other revenue |
| |
| |
| |
| | ||||
Total operating revenues |
| |
| |
| |
| | ||||
OPERATING EXPENSES | ||||||||||||
Depreciation, depletion and amortization |
| |
| |
| |
| | ||||
Property operating expenses |
| |
| |
| |
| | ||||
Cost of goods sold | | | | | ||||||||
Acquisition and due diligence costs |
| — |
| — |
| |
| | ||||
General and administrative expenses |
| |
| |
| |
| | ||||
Legal and accounting |
| |
| |
| |
| | ||||
Other operating expenses | | | | | ||||||||
Total operating expenses |
| |
| |
| |
| | ||||
OPERATING INCOME |
| |
| |
| |
| | ||||
OTHER (INCOME) EXPENSE: | ||||||||||||
Other income | | ( | | ( | ||||||||
Loss (gain) on disposition of assets | ( | | ( | ( | ||||||||
Interest expense |
| |
| |
| | | |||||
Total other expense |
| |
| |
| |
| | ||||
Net income before income tax expense | | ( | | | ||||||||
Income tax expense | — |
| — | — |
| — | ||||||
NET INCOME (LOSS) |
| |
| ( |
| |
| | ||||
Net (income) loss attributable to non-controlling interests in operating partnership |
| ( |
| |
| ( | ( | |||||
Net income (loss) attributable to the Company | | ( | | | ||||||||
Nonforfeitable distributions allocated to unvested restricted shares | ( | ( | ( | ( | ||||||||
Distributions on Series A Preferred Units and Series B Preferred Stock | ( | ( | ( | ( | ||||||||
Net loss available to common stockholders of Farmland Partners Inc. | $ | ( | $ | ( | $ | ( | $ | ( | ||||
Basic and diluted per common share data: | ||||||||||||
Basic net (loss) available to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | ||||
Diluted net (loss) available to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | ||||
Basic weighted average common shares outstanding |
| |
| |
| |
| | ||||
Diluted weighted average common shares outstanding |
| |
| |
| |
| | ||||
Dividends declared per common share | $ | | $ | | $ | | $ | | ||||
See accompanying notes.
4
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) | $ | | $ | ( | $ | | $ | | ||||
Amortization of OCI | | — | | — | ||||||||
Net change associated with current period hedging activities | | ( | ( | ( | ||||||||
Comprehensive Income | | ( | ( | | ||||||||
Comprehensive income attributable to non-controlling interests | ( | | ( | ( | ||||||||
Net income (loss) attributable to Farmland Partners Inc. | $ | | $ | ( | $ | ( | $ | | ||||
See accompanying notes.
5
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 | | $ | | $ | | $ | | $ | ( | $ | ( | $ | | $ | | ||||||||
Net income | — | — | — | | — | — | | | |||||||||||||||
Issuance of stock | — | — | ( | — | — | — | — | ( | |||||||||||||||
Grant of unvested restricted stock | | — | — | — | — | — | — | — | |||||||||||||||
Stock based compensation | | — | | — | — | — | — | | |||||||||||||||
Dividends accrued or paid | — | — | — | ( | ( | — | ( | ( | |||||||||||||||
Repurchase and cancellation of shares | ( | ( | ( | — | — | — | — | ( | |||||||||||||||
Forfeiture of unvested restricted stock | ( | ( | ( | — | — | — | — | ( | |||||||||||||||
Net change associated with current period hedging transactions | — | — | — | — | — | ( | — | ( | |||||||||||||||
Conversion of Common units to shares of common stock | | | | — | — | — | ( | — | |||||||||||||||
Adjustments to non-controlling interests resulting from changes in ownership of operating partnership | — | — | ( | — | — | — | | — | |||||||||||||||
Balance at September 30, 2019 | | $ | | $ | | $ | | $ | ( | $ | ( | $ | | $ | | ||||||||
Balance at December 31, 2019 | | $ | | $ | | $ | | $ | ( | $ | ( | $ | | $ | | ||||||||
Net income | — | — | — | | — | — | | | |||||||||||||||
Grant of unvested restricted stock | | — | — | — | — | — | — | — | |||||||||||||||
Stock based compensation | — | — | | — | — | — | — | | |||||||||||||||
Dividends accrued or paid | — | — | — | ( | ( | — | ( | ( | |||||||||||||||
Net change associated with current period hedging transactions | — | — | — | — | — | ( | — | ( | |||||||||||||||
Repurchase and cancellation of shares | ( | ( | ( | — | — | — | — | ( | |||||||||||||||
Adjustment to non-controlling interest resulting from changes in ownership of the Operating Partnership | — | — | | — | — | — | ( | — | |||||||||||||||
Balance at September 30, 2020 | | $ | | $ | | $ | ( | $ | ( | $ | ( | $ | | $ | | ||||||||
See accompanying notes.
6
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 | $ | | $ | | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation, depletion and amortization |
| |
| | ||
Amortization of deferred financing fees and discounts/premiums on debt |
| |
| | ||
Stock based compensation |
| |
| | ||
(Gain) loss on disposition of assets |
| ( |
| ( | ||
Bad debt expense | | | ||||
Amortization of dedesignated interest rate swap | | — | ||||
Changes in operating assets and liabilities: | ||||||
(Decrease) Increase in accounts receivable |
| ( |
| | ||
Increase (Decrease) in interest receivable | | ( | ||||
Decrease in other assets |
| |
| | ||
Increase (Decrease) in inventory | |
| ( | |||
Increase (Decrease) in accrued interest |
| |
| ( | ||
Decrease in accrued expenses |
| |
| | ||
Increase in deferred revenue |
| |
| | ||
Increase in accrued property taxes |
| |
| | ||
Net cash provided by operating activities |
| |
| | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Real estate acquisitions |
| ( | — | |||
Real estate and other improvements |
| ( | ( | |||
Principal receipts on notes receivable | | | ||||
Issuance of note receivable | ( | ( | ||||
Proceeds from sale of property | | | ||||
Net cash provided by investing activities |
| |
| | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Repayments on mortgage notes payable | ( | ( | ||||
Participating preferred stock repurchased | ( | ( | ||||
Common stock repurchased | ( | ( | ||||
Payment of debt issuance costs | ( | — | ||||
Payment of swap fees | ( | — | ||||
Dividends on common stock | ( | ( | ||||
Distribution on Series A preferred units | ( | ( | ||||
Distribution on Series B participating preferred stock | ( | ( | ||||
Distributions to non-controlling interests in operating partnership, common | ( | ( | ||||
Net cash used in financing activities |
| ( |
| ( | ||
NET INCREASE (DECREASE) IN CASH |
| ( |
| ( | ||
CASH, BEGINNING OF PERIOD |
| |
| | ||
CASH, END OF PERIOD | $ | | $ | | ||
Cash paid during period for interest | $ | | $ | | ||
Cash paid during period for taxes | $ | — | $ | — | ||