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.
Unattractive dividend payer and overvalued.
Share Price & News
How has Farmland Partners's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: FPI.PRB has not had significant price volatility in the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: FPI.PRB underperformed the US REITs industry which returned 16% over the past year.
Return vs Market: FPI.PRB underperformed the US Market which returned 18% over the past year.
Price Volatility Vs. Market
How volatile is Farmland Partners's share price compared to the market and industry in the last 5 years?
Simply Wall St News
No news available
Is Farmland Partners undervalued compared to its fair value and its price relative to the market?
Price to Book (PB) ratio
Share Price vs. Fair Value
Below Fair Value: FPI.PRB ($25.25) is trading above our estimate of fair value ($21.4)
Significantly Below Fair Value: FPI.PRB is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: FPI.PRB is unprofitable, so we can't compare its PE Ratio to the REITs industry average.
PE vs Market: FPI.PRB is unprofitable, so we can't compare its PE Ratio to the US market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate FPI.PRB's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: FPI.PRB is good value based on its PB Ratio (0.7x) compared to the US REITs industry average (2.1x).
How is Farmland Partners forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: FPI.PRB is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: FPI.PRB is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: FPI.PRB is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: FPI.PRB's revenue (2.7% per year) is forecast to grow slower than the US market (7.6% per year).
High Growth Revenue: FPI.PRB's revenue (2.7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if FPI.PRB's Return on Equity is forecast to be high in 3 years time
How has Farmland Partners performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FPI.PRB is currently unprofitable.
Growing Profit Margin: FPI.PRB is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: FPI.PRB is unprofitable, but has reduced losses over the past 5 years at a rate of 17.7% per year.
Accelerating Growth: Unable to compare FPI.PRB's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: FPI.PRB is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (9.3%).
Return on Equity
High ROE: FPI.PRB has a negative Return on Equity (2.36%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
How is Farmland Partners's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Inventory Level: FPI.PRB has a high level of physical assets or inventory.
Debt Coverage by Assets: FPI.PRB's debt is not covered by short term assets (assets are 0x debt).
Cash Runway Analysis
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: Whilst unprofitable FPI.PRB has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.
Forecast Cash Runway: FPI.PRB is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 35.4% per year.
Financial Institutions Analysis
Asset Level: FPI.PRB's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if FPI.PRB has a sufficient allowance for bad loans.
Low Risk Liabilities: FPI.PRB reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if FPI.PRB has an acceptable proportion of non-loan assets held.
Low Risk Deposits: FPI.PRB has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if FPI.PRB has an appropriate level of bad loans.
What is Farmland Partners's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: FPI.PRB's dividend (2.94%) is higher than the bottom 25% of dividend payers in the US market (1.45%).
High Dividend: FPI.PRB's dividend (2.94%) is low compared to the top 25% of dividend payers in the US market (3.73%).
Stability and Growth of Payments
Stable Dividend: FPI.PRB has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: FPI.PRB has only been paying a dividend for 6 years, and since then payments have fallen.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (124.7%), FPI.PRB's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: FPI.PRB's dividends in 3 years are forecast to be thoroughly covered by earnings (1.1% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Paul Pittman (57yo)
Mr. Paul A. Pittman has served Executive Chairman and Chief Executive Officer of Farmland Partners Inc. since its formation in 2014 and its President since May 31, 2018. Mr. Pittman also served as Presiden ...
CEO Compensation Analysis
Compensation vs Market: Paul's total compensation ($USD1.10M) is about average for companies of similar size in the US market ($USD1.12M).
Compensation vs Earnings: Paul's compensation has been consistent with company performance over the past year.
|Executive Chairman||6.1yrs||US$1.10m||8.03% $17.3m|
|Independent Director||2.1yrs||US$50.47k||0.048% $103.0k|
|Independent Director||5yrs||US$40.46k||0.038% $81.5k|
|Lead Independent Director||5.1yrs||US$54.71k||0.26% $549.0k|
Experienced Board: FPI.PRB's board of directors are considered experienced (5 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Farmland Partners Inc.'s company bio, employee growth, exchange listings and data sources
- Name: Farmland Partners Inc.
- Ticker: FPI.PRB
- Exchange: NYSE
- Founded: 2013
- Industry: Specialized REITs
- Sector: Real Estate
- Implied Market Cap: US$215.104m
- Market Cap: US$202.158m
- Shares outstanding: 31.63m
- Website: https://www.farmlandpartners.com
Number of Employees
- Farmland Partners Inc.
- 4600 South Syracuse Street
- Suite 1450
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|FPI||NYSE (New York Stock Exchange)||Yes||Common Stock||US||USD||Apr 2014|
|0FA||BST (Boerse-Stuttgart)||Yes||Common Stock||DE||EUR||Apr 2014|
|FPI.PRB||NYSE (New York Stock Exchange)||6% PFD SER B||US||USD||Aug 2017|
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 158,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia. We have approximately 26 crop types and over 100 tenants. 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.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/02/23 02:31|
|End of Day Share Price||2020/02/21 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.