Farmland Partners Inc
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
FPI$8.80-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Balance Sheets as of December 31, 2024 and 2023
(in thousands, except par value and share data)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · December 31, · · December 31, | ||||||
| | 2024 | 2023 | ||||
| ASSETS | | | | | | |
| Land, at cost | | $645,592 | | $869,848 | ||
| Grain facilities | | 7,714 | | 12,222 | ||
| Groundwater | | 11,033 | | 11,472 | ||
| Irrigation improvements | | 28,890 | | 41,988 | ||
| Drainage improvements | | 8,243 | | 10,315 | ||
| Permanent plantings | | | 42,461 | | | 39,620 |
| Other | | | 3,983 | | 4,696 | |
| Construction in progress | | 1,484 | | 4,453 | ||
| Real estate, at cost | | 749,400 | | 994,614 | ||
| Less accumulated depreciation | | (31,557) | | (33,083) | ||
| Total real estate, net | | 717,843 | | 961,531 | ||
| Deposits | | — | | 426 | ||
| Cash and cash equivalents | | 78,441 | | 5,489 | ||
| Assets held for sale | | | 61 | | | 28 |
| Loans and financing receivables, net | | 55,305 | | 31,020 | ||
| Right of use asset | | | 194 | | | 399 |
| Accounts receivable, net | | 3,199 | | 7,743 | ||
| Derivative asset | | | 498 | | | 1,707 |
| Inventory | | 2,659 | | 2,335 | ||
| Equity method investments | | | 4,101 | | 4,136 | |
| Intangible assets, net | | | 1,374 | | | 2,035 |
| Goodwill | | | 2,706 | | | 2,706 |
| Prepaid and other assets | | 2,179 | | 2,447 | ||
| TOTAL ASSETS | | $868,560 | | $1,022,002 | ||
| | | | | | | |
| LIABILITIES AND EQUITY | | | | | | |
| LIABILITIES | | | | | | |
| Mortgage notes and bonds payable, net | | $203,683 | | $360,859 | ||
| Lease liability | | | 194 | | | 399 |
| Dividends payable | | 57,253 | | 13,286 | ||
| Accrued interest | | 3,062 | | 4,747 | ||
| Accrued property taxes | | 1,650 | | 1,898 | ||
| Deferred revenue | | 65 | | 2,149 | ||
| Accrued expenses | | 6,096 | | 7,854 | ||
| Total liabilities | | 272,003 | | 391,192 | ||
| | | | | | | |
| Commitments and contingencies (See Note 8) | | | | | | |
| | | | | | | |
| Redeemable non-controlling interest in operating partnership, Series A preferred units | | | 101,970 | | | 101,970 |
| | | | | | | |
| EQUITY | | | | | | |
| Common stock, $0.01 par value, 500,000,000 shares authorized; 45,931,827 shares issued and outstanding at December 31, 2024, and 48,002,716 shares issued and outstanding at December 31, 2023 | | 459 | | 482 | ||
| Additional paid in capital | | 551,994 | | 577,237 | ||
| Retained earnings | | 88,352 | | 31,411 | ||
| Cumulative dividends | | (160,406) | | (95,939) | ||
| Other comprehensive income | | 1,512 | | 2,691 | ||
| Non-controlling interests in operating partnership | | 12,676 | | 12,958 | ||
| Total equity | | 494,587 | | 528,840 | ||
| | | | | | | |
| TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY | | $868,560 | | $1,022,002 | ||
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