Farmland Partners Inc (FPI) released its first quarter results on Friday, May 14, 2021. The company reported net earnings of $-0.02 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 75 percent compared to the same period a year ago.
The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns approximately 155,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia.
Farmland Partners' revenue decreased 6 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 81.16% for the first quarter compared to the same period in the previous year, and operating margins decreased to 26.76% over the same period. Net earnings for past trailing twelve months were $-3.26 million, down 174% from the prior year.
Moving on to the balance sheet, Farmland Partners' cash levels jumped 141% for the first quarter over the same period last year. The company increased shares outstanding by 3.26%.
Shares of FPI are currently trading around $13.57. In terms of valuation, the stock is trading at a price to book ratio of 2.16.