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Farmland Partners

NYSE:FPI
Snowflake Description

Adequate balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FPI
NYSE
$203M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

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. The last earnings update was 11 days ago. More info.


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FPI Share Price and Events
7 Day Returns
-6.5%
NYSE:FPI
1.8%
US REITs
-0.7%
US Market
1 Year Returns
-26.8%
NYSE:FPI
16.3%
US REITs
3%
US Market
FPI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Farmland Partners (FPI) -6.5% -7.4% 7.8% -26.8% -45.6% -53.2%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • FPI underperformed the REITs industry which returned 16.3% over the past year.
  • FPI underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
FPI
Industry
5yr Volatility vs Market

FPI Value

 Is Farmland Partners undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Farmland Partners to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Farmland Partners.

NYSE:FPI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:FPI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (257.57%))
1.41
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.41
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.41 * 5.96%)
11.13%

Discounted Cash Flow Calculation for NYSE:FPI using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Farmland Partners is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Farmland Partners is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:FPI DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 11.13%)
2019 8.49 Analyst x1 7.64
2020 9.56 Analyst x2 7.74
2021 9.93 Est @ 3.85% 7.24
2022 10.28 Est @ 3.52% 6.74
2023 10.62 Est @ 3.28% 6.26
2024 10.95 Est @ 3.12% 5.81
2025 11.28 Est @ 3% 5.39
2026 11.61 Est @ 2.92% 4.99
2027 11.94 Est @ 2.86% 4.62
2028 12.28 Est @ 2.82% 4.27
Present value of next 10 years cash flows $60.70
NYSE:FPI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $12.28 × (1 + 2.73%) ÷ (11.13% – 2.73%)
$150.10
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $150.10 ÷ (1 + 11.13%)10
$52.24
NYSE:FPI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $60.70 + $52.24
$112.94
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $112.94 / 33.33
$3.39
NYSE:FPI Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.39
Current discount Discount to share price of $6.09
= -1 x ($6.09 - $3.39) / $3.39
-79.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Farmland Partners is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Farmland Partners's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Farmland Partners's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:FPI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-0.03
NYSE:FPI Share Price ** NYSE (2019-05-17) in USD $6.09
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Farmland Partners.

NYSE:FPI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:FPI Share Price ÷ EPS (both in USD)

= 6.09 ÷ -0.03

-235.89x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Farmland Partners is loss making, we can't compare its value to the US REITs industry average.
  • Farmland Partners is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Farmland Partners's expected growth come at a high price?
Raw Data
NYSE:FPI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -235.89x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
60.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Farmland Partners, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Farmland Partners's assets?
Raw Data
NYSE:FPI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $9.70
NYSE:FPI Share Price * NYSE (2019-05-17) in USD $6.09
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:FPI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:FPI Share Price ÷ Book Value per Share (both in USD)

= 6.09 ÷ 9.70

0.63x

* Primary Listing of Farmland Partners.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Farmland Partners is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Farmland Partners's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Farmland Partners has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FPI Future Performance

 How is Farmland Partners expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
60.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Farmland Partners expected to grow at an attractive rate?
  • Unable to compare Farmland Partners's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare Farmland Partners's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
  • Farmland Partners's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:FPI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:FPI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 60.3%
NYSE:FPI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 0.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:FPI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:FPI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 56 0 2
2019-12-31 56 -2 1
NYSE:FPI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 56 19 -1
2018-12-31 56 20 0
2018-09-30 51 18 -2
2018-06-30 50 17 -2
2018-03-31 50 19 1
2017-12-31 46 1 1
2017-09-30 44 -2 2
2017-06-30 39 -2 1
2017-03-31 33 -3 0
2016-12-31 31 5 1
2016-09-30 22 3 -2
2016-06-30 19 3 -1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Farmland Partners is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Farmland Partners's revenue is expected to grow by 0.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:FPI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Farmland Partners Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FPI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.00 0.04 -0.04 2.00
2019-12-31 0.08 0.08 0.08 1.00
NYSE:FPI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -0.03
2018-12-31 -0.01
2018-09-30 -0.06
2018-06-30 -0.07
2018-03-31 0.02
2017-12-31 0.03
2017-09-30 0.09
2017-06-30 0.06
2017-03-31 0.02
2016-12-31 0.09
2016-09-30 -0.17
2016-06-30 -0.07

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Farmland Partners will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Farmland Partners's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Farmland Partners has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FPI Past Performance

  How has Farmland Partners performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Farmland Partners's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Farmland Partners does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Farmland Partners's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Farmland Partners's 1-year growth to the US REITs industry average as it is not currently profitable.
Earnings and Revenue History
Farmland Partners's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Farmland Partners Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FPI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 55.75 -0.82 9.48
2018-12-31 56.07 -0.42 9.81
2018-09-30 50.64 -2.12 8.84
2018-06-30 50.24 -2.38 8.29
2018-03-31 50.28 0.71 8.66
2017-12-31 46.22 0.91 8.71
2017-09-30 43.99 2.28 9.81
2017-06-30 38.89 1.22 9.57
2017-03-31 33.46 0.41 9.06
2016-12-31 31.00 1.18 8.47
2016-09-30 22.27 -2.13 7.31
2016-06-30 19.49 -0.80 6.72
2016-03-31 16.35 -0.79 6.03
2015-12-31 13.76 0.81 5.28
2015-09-30 10.64 0.02 4.80
2015-06-30 7.74 -0.46 4.22
2015-03-31 5.64 -0.82 3.91
2014-12-31 4.22 -0.64 2.89
2014-09-30 3.35 -0.91 2.46
2014-06-30 2.69 -0.69 1.73
2014-03-31 2.47 -0.14 0.91
2013-12-31 2.35 0.03 0.79
2013-09-30 2.31 0.77 0.04
2012-12-31 2.12 0.59 0.05

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Farmland Partners has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Farmland Partners used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • It is difficult to establish if Farmland Partners improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Farmland Partners's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Farmland Partners has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FPI Health

 How is Farmland Partners's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Farmland Partners's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Farmland Partners is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Farmland Partners's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Farmland Partners's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Farmland Partners Company Filings, last reported 1 month ago.

NYSE:FPI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 591.66 522.82 19.15
2018-12-31 603.54 524.51 16.89
2018-09-30 608.27 523.80 23.81
2018-06-30 613.30 534.29 26.41
2018-03-31 621.72 513.97 19.67
2017-12-31 635.68 514.07 53.54
2017-09-30 638.53 464.49 129.30
2017-06-30 504.82 485.40 29.42
2017-03-31 507.15 436.68 6.36
2016-12-31 335.51 308.78 47.17
2016-09-30 296.25 302.39 17.19
2016-06-30 296.70 297.29 32.46
2016-03-31 289.96 289.60 35.73
2015-12-31 148.23 187.07 23.51
2015-09-30 149.23 190.06 42.50
2015-06-30 115.58 183.45 20.82
2015-03-31 83.15 107.78 18.18
2014-12-31 83.53 113.51 33.74
2014-09-30 84.71 51.45 63.75
2014-06-30 42.11 30.75 5.43
2014-03-31 -3.43 42.06 0.03
2013-12-31 -4.72 43.07 0.02
2013-09-30 -3.87 43.18 0.06
2012-12-31 0.33 36.20 0.04
  • Farmland Partners's level of debt (88.4%) compared to net worth is high (greater than 40%).
  • Farmland Partners had negative shareholder equity 5 years ago, it is now positive therefore their debt level has improved.
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.

  • Whilst loss making Farmland Partners has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Farmland Partners has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by % per year.
X
Financial health checks
We assess Farmland Partners's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Farmland Partners has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FPI Dividends

 What is Farmland Partners's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.28%
Current annual income from Farmland Partners dividends. Estimated to be 3.28% next year.
If you bought $2,000 of Farmland Partners shares you are expected to receive $66 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Farmland Partners's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Farmland Partners's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase Farmland Partners before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:FPI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:FPI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.20 2.00
2019-12-31 0.20 2.00
NYSE:FPI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-05 0.200 3.200
2018-08-08 0.200 3.285
2018-07-16 0.200 3.042
2018-05-09 0.510 6.117
2018-02-20 0.510 6.406
2017-11-08 0.510 5.973
2017-07-21 0.510 5.759
2017-07-19 0.510 5.582
2017-05-10 0.510 5.459
2017-05-09 0.510 4.834
2017-02-23 0.510 4.668
2017-02-22 0.510 4.592
2016-08-03 0.510 4.611
2016-05-10 0.510 4.502
2016-05-09 0.510 4.514
2015-11-23 0.510 4.737
2015-08-12 0.510 4.871
2015-06-03 0.510 4.498
2015-05-08 0.464 4.182
2015-05-05 0.464 4.001
2014-11-20 0.464 4.165
2014-08-12 0.420 3.901
2014-05-20 0.420 3.330

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Farmland Partners has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Farmland Partners has only been paying a dividend for 5 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Farmland Partners's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Farmland Partners's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Farmland Partners afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Farmland Partners has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FPI Management

 What is the CEO of Farmland Partners's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Paul Pittman
COMPENSATION $1,100,465
AGE 56
TENURE AS CEO 5.3 years
CEO Bio

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 President of Farmland Partners Inc until February 2017. From 2008 to 2015, Mr. Pittman served as the President of American Agriculture Corporation and Pittman Hough Farms LLC. Mr. Pittman served as the Chief Administrative Officer and Executive Vice President of Jazz Technologies, Inc., (“Jazz Technologies”), a semiconductor foundry, from March 2007 to September 2008 and its Chief Financial Officer from February 2007 to September 2008. Mr. Pittman also served as the Principal Accounting Officer of Jazz Technologies. From December 2004 to March 2006, he served as Partner and Head of Mergers & Acquisitions at ThinkEquity Partners LLC. From April 2000 to January 2003, he served as the President, Chief Executive Officer and Chief Operating Officer of HomeSphere, Inc. (“HomeSphere”), an enterprise software company and TheJobsite.com (“TheJobsite”), which merged into HomeSphere. Before TheJobsite, he worked in senior investment banking roles for ten years at Merrill Lynch & Co. and prior to that with Wasserstein Perella Co. From March 1997 to February 2000, he served as Head of Emerging Markets M&A at Merrill Lynch in London, where he was responsible for origination and execution of all M&A business in the region (Eastern Europe, the Middle East, the Former Soviet Union and Africa). Prior to Merrill Lynch & Co., he served as Director of M&A at Wasserstein Perella & Co. in New York and London. Mr. Pittman began his career at Sullivan & Cromwell as an Associate in Mergers and Acquisitions. He has been involved with the residential construction industry for more than 20 years as both a developer and builder and has also served as the general contractor and developer of several condominium and custom home projects. He served as a Director of HomeSphere and TheJobsite from April 2000 to January 2003. Mr. Pittman graduated from the University of Illinois with a B.S. degree in Agriculture, received a Masters in Public Policy from Harvard University and a J.D. with Honors from the University of Chicago Law School.

CEO Compensation
  • Paul's compensation has been consistent with company performance over the past year.
  • Paul's remuneration is about average for companies of similar size in United States of America.
Management Team

Paul Pittman

TITLE
Executive Chairman
COMPENSATION
$1M
AGE
56
TENURE
5.3 yrs

Luca Fabbri

TITLE
CFO & Treasurer
COMPENSATION
$653K
AGE
49
TENURE
5.7 yrs

Erica Borenstein

TITLE
General Counsel & Secretary
COMPENSATION
$291K
AGE
48
Board of Directors Tenure

Average tenure and age of the Farmland Partners board of directors in years:

4.3
Average Tenure
60
Average Age
  • The tenure for the Farmland Partners board of directors is about average.
Board of Directors

Paul Pittman

TITLE
Executive Chairman
COMPENSATION
$1M
AGE
56
TENURE
5.3 yrs

Chris Downey

TITLE
Lead Independent Director
COMPENSATION
$55K
AGE
67
TENURE
4.3 yrs

Jay Bartels

TITLE
Independent Director
COMPENSATION
$42K
AGE
53
TENURE
5.1 yrs

John Good

TITLE
Independent Director
COMPENSATION
$50K
AGE
60
TENURE
1.3 yrs

Joe Glauber

TITLE
Independent Director
COMPENSATION
$40K
AGE
63
TENURE
4.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Farmland Partners insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
08. Apr 19 Sell Jay Bartels Individual 01. Apr 19 01. Apr 19 -125 $6.39 $-799
27. Mar 19 Buy Paul Pittman Individual 26. Mar 19 26. Mar 19 4,000 $6.38 $25,520
26. Mar 19 Buy Paul Pittman Individual 25. Mar 19 25. Mar 19 4,000 $6.00 $24,000
22. Mar 19 Sell Jay Bartels Individual 18. Mar 19 18. Mar 19 -1,250 $6.32 $-7,900
06. Feb 19 Buy Christopher Downey Individual 15. Jan 19 15. Jan 19 525 $6.02 $3,161
27. Dec 18 Buy John Good Individual 26. Dec 18 26. Dec 18 6,250 $4.66 $29,125
21. Dec 18 Buy Luca Fabbri Individual 18. Dec 18 18. Dec 18 1,000 $4.73 $4,730
21. Dec 18 Buy Paul Pittman Individual 20. Dec 18 21. Dec 18 11,000 $4.92 $53,020
19. Dec 18 Buy Paul Pittman Individual 18. Dec 18 18. Dec 18 1,000 $5.25 $5,250
17. Dec 18 Buy Paul Pittman Individual 14. Dec 18 14. Dec 18 1,000 $5.26 $5,260
13. Dec 18 Buy Paul Pittman Individual 12. Dec 18 12. Dec 18 500 $5.54 $2,770
11. Dec 18 Buy Paul Pittman Individual 10. Dec 18 10. Dec 18 500 $5.67 $2,835
10. Dec 18 Buy Paul Pittman Individual 06. Dec 18 06. Dec 18 1,000 $5.92 $5,920
28. Nov 18 Buy Paul Pittman Individual 27. Nov 18 27. Nov 18 1,000 $6.14 $6,140
26. Nov 18 Buy Paul Pittman Individual 21. Nov 18 21. Nov 18 2,000 $6.20 $12,400
18. Oct 18 Buy Christopher Downey Individual 15. Oct 18 15. Oct 18 15,395 $6.28 $96,598
11. Oct 18 Buy Paul Pittman Individual 10. Oct 18 10. Oct 18 8,800 $6.22 $54,736
25. Sep 18 Buy Paul Pittman Individual 24. Sep 18 24. Sep 18 100 $6.64 $664
20. Sep 18 Buy Paul Pittman Individual 20. Sep 18 20. Sep 18 1,000 $6.75 $6,750
12. Sep 18 Buy Paul Pittman Individual 10. Sep 18 11. Sep 18 3,378 $6.54 $22,064
07. Sep 18 Buy Paul Pittman Individual 07. Sep 18 07. Sep 18 3,000 $6.65 $19,950
04. Sep 18 Buy Paul Pittman Individual 31. Aug 18 31. Aug 18 3,000 $7.10 $21,300
27. Aug 18 Buy Paul Pittman Individual 23. Aug 18 23. Aug 18 6,457 $6.66 $43,004
21. Aug 18 Buy Paul Pittman Individual 20. Aug 18 20. Aug 18 3,500 $6.83 $23,905
14. Aug 18 Buy Erica Borenstein Individual 10. Aug 18 10. Aug 18 10,000 $6.42 $64,200
14. Aug 18 Buy Paul Pittman Individual 10. Aug 18 10. Aug 18 18,000 $6.49 $116,820
07. Aug 18 Buy Christopher Downey Individual 16. Jul 18 16. Jul 18 954 $6.28 $5,991
28. Jun 18 Buy Paul Pittman Individual 27. Jun 18 27. Jun 18 1,000 $9.16 $9,160
21. May 18 Buy Paul Pittman Individual 21. May 18 21. May 18 3,000 $8.38 $25,140
X
Management checks
We assess Farmland Partners's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Farmland Partners has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FPI News

Simply Wall St News

If You Had Bought Farmland Partners (NYSE:FPI) Stock Five Years Ago, You'd Be Sitting On A 50% Loss, Today

After all, the share price is down 50% in that time, significantly under-performing the market. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … In the last half decade Farmland Partners saw its share price fall as its EPS declined below zero.

Simply Wall St -

Investing In Farmland Partners Inc. (NYSE:FPI): What You Need To Know

real estate investment trust (REIT) based in Denver, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

Have Insiders Been Buying Farmland Partners Inc. (NYSE:FPI) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Farmland Partners Inc. … We generally consider it a positive if insiders have been buying on market, even above the current price. … In the last twelve months there was more buying than selling by Farmland Partners insiders

Simply Wall St -

Is Farmland Partners Inc.'s (NYSE:FPI) CEO Being Overpaid?

Paul Pittman became the CEO of Farmland Partners Inc. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Paul Pittman's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Could The Farmland Partners Inc. (NYSE:FPI) Ownership Structure Tell Us Something Useful?

Conversely, insiders often decrease their ownership over time. … Taking a look at the our data on the ownership groups (below), it's seems that. … We can zoom in on the different ownership groups, to learn more about FPI

Simply Wall St -

Have Insiders Been Buying Farmland Partners Inc (NYSE:FPI) Shares This Year?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … The Last 12 Months Of Insider Transactions At Farmland Partners. … In the last twelve months there was more buying than selling by Farmland Partners insiders

Simply Wall St -

Is Farmland Partners Inc (NYSE:FPI) A Healthy REIT?

real estate investment trust (REIT) based in Denver, United States. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of FPI’s daily operations.

Simply Wall St -

Is Farmland Partners Inc's (NYSE:FPI) CEO Overpaid Relative To Its Peers?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Paul Pittman's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Farmland Partners Inc has a market cap of US$246m, and is paying total annual CEO compensation of US$1m.

Simply Wall St -

How Should You Analyze REIT Stock Farmland Partners Inc (NYSE:FPI)?

real estate investment trust (REIT) based in Denver, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

Read This Before Buying Farmland Partners Inc (NYSE:FPI) For Its Upcoming US$0.13 Dividend

Important news for shareholders and potential investors in Farmland Partners Inc (NYSE:FPI): The dividend payment of US$0.13 per share will be distributed into shareholder on 16 July 2018, and the stock will begin trading ex-dividend at an earlier date, 29 June 2018. … Is this future income stream a compelling catalyst for dividend investors to think about the stock as an investment today? … Let's take a look at Farmland Partners's most recent financial data to examine its dividend characteristics in more detail.

Simply Wall St -

FPI Company Info

Description

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 162,000 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.

Details
Name: Farmland Partners Inc.
FPI
Exchange: NYSE
Founded: 2013
$202,982,306
$188,387,554
33,330,428
Website: http://www.farmlandpartners.com
Address: Farmland Partners Inc.
4600 South Syracuse Street,
Suite 1450,
Denver,
Colorado, 80237,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE FPI Common Stock New York Stock Exchange US USD 11. Apr 2014
BST 0FA Common Stock Boerse-Stuttgart DE EUR 11. Apr 2014
NYSE FPI.PRB 6% PFD SER B New York Stock Exchange US USD 11. Aug 2017
Number of employees
Current staff
Staff numbers
13
Farmland Partners employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 03:05
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.