Farmland Partners Inc. reported its financial results for the first quarter of 2025, revealing a net income of $2.1 million, a 48.7% increase from $1.4 million in the same period last year. The company’s total operating revenues decreased by 14.5% to $10.3 million, down from $12.0 million in Q1 2024. This decline was primarily driven by a significant drop in rental income, which fell by 31.7% to $7.0 million, attributed to property dispositions made in 2024. However, crop sales increased by 28.3% to $0.8 million, reflecting higher walnut prices from directly operated properties.
In terms of operational expenses, Farmland Partners reported a 6.5% decrease, totaling $6.4 million compared to $6.8 million in the previous year. Notably, interest expenses saw a substantial reduction of 47.6%, amounting to $2.6 million, due to lower outstanding debt and a decrease in the weighted average interest rate. The company also experienced a gain on asset dispositions of $0.8 million, contrasting with a loss of $0.1 million in the prior year, further contributing to the improved net income.
Strategically, Farmland Partners continued its focus on acquisitions and dispositions, completing the purchase of five properties in the Corn Belt region for $6.5 million during the quarter. The company also disposed of two properties for $10 million, including $2.1 million in seller financing. As of March 31, 2025, the company managed approximately 139,166 acres of farmland across various states, with a significant portion of its portfolio dedicated to primary crops.
Looking ahead, Farmland Partners maintains a positive outlook, emphasizing its strategy to leverage its position as a leading institutional acquirer and manager of farmland. The company plans to continue acquiring farmland that aligns with its investment objectives while selectively disposing of assets to enhance shareholder returns. As of the end of the quarter, the company had $21.7 million in cash and cash equivalents, alongside $167.4 million in undrawn credit availability, positioning it well for future growth and operational needs.
About Farmland Partners Inc.
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