Farmland Partners
Market Cap
US$366.4m
Last Updated
2021/02/27 23:38 UTC
Data Sources
Company Financials +
Executive Summary
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. More Details
Snowflake Analysis
Second-rate dividend payer with mediocre balance sheet.
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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 is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.
Volatility Over Time: FPI's weekly volatility (6%) has been stable over the past year.
Market Performance
7 Day Return
3.2%
FPI
-1.1%
US REITs
-3.6%
US Market
1 Year Return
102.4%
FPI
-0.3%
US REITs
36.4%
US Market
Return vs Industry: FPI exceeded the US REITs industry which returned -0.4% over the past year.
Return vs Market: FPI exceeded the US Market which returned 38.5% over the past year.
Shareholder returns
| FPI | Industry | Market | |
|---|---|---|---|
| 7 Day | 3.2% | -1.1% | -3.6% |
| 30 Day | 16.0% | 1.9% | 0.9% |
| 90 Day | 46.2% | 3.4% | 6.7% |
| 1 Year | 108.3%102.4% | 4.4%-0.3% | 39.4%36.4% |
| 3 Year | 66.7%49.9% | 35.3%18.8% | 53.4%43.5% |
| 5 Year | 37.0%11.4% | 44.8%15.5% | 117.3%93.0% |
Long-Term 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
3 weeks ago | Simply Wall St
Investors Who Bought Farmland Partners (NYSE:FPI) Shares A Year Ago Are Now Up 65%2 months ago | Simply Wall St
John Good Is The Independent Director of Farmland Partners Inc. (NYSE:FPI) And They Just Picked Up 55% More Shares2 months ago | Simply Wall St
Do Institutions Own Farmland Partners Inc. (NYSE:FPI) Shares?Valuation
Is Farmland Partners undervalued compared to its fair value and its price relative to the market?
1.25x
Price to Book (PB) ratio
Share Price vs. Fair Value
Below Fair Value: FPI ($11.96) is trading above our estimate of fair value ($7.08)
Significantly Below Fair Value: FPI is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: FPI is unprofitable, so we can't compare its PE Ratio to the US REITs industry average.
PE vs Market: FPI 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's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: FPI is good value based on its PB Ratio (1.2x) compared to the US REITs industry average (1.6x).
Next Steps
Future Growth
How is Farmland Partners forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
53.5%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: FPI is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: FPI is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: FPI is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: FPI's revenue (0.5% per year) is forecast to grow slower than the US market (10.4% per year).
High Growth Revenue: FPI's revenue (0.5% 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's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Farmland Partners performed over the past 5 years?
-9.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FPI is currently unprofitable.
Growing Profit Margin: FPI is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: FPI is unprofitable, and losses have increased over the past 5 years at a rate of 9.7% per year.
Accelerating Growth: Unable to compare FPI's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: FPI is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (-6.1%).
Return on Equity
High ROE: FPI has a negative Return on Equity (1.98%), as it is currently unprofitable.
Next Steps
Financial Health
How is Farmland Partners's financial position?
Financial Position Analysis
Short Term Liabilities: FPI's short term assets ($16.6M) do not cover its short term liabilities ($18.1M).
Long Term Liabilities: FPI's short term assets ($16.6M) do not cover its long term liabilities ($508.6M).
Debt to Equity History and Analysis
Debt Level: FPI's debt to equity ratio (92.5%) is considered high.
Reducing Debt: FPI's debt to equity ratio has reduced from 127.3% to 92.5% over the past 5 years.
Balance Sheet
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 has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.
Forecast Cash Runway: FPI is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 28.6% per year.
Next Steps
Dividend
What is Farmland Partners's current dividend yield, its reliability and sustainability?
1.67%
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: FPI's dividend (1.67%) is higher than the bottom 25% of dividend payers in the US market (1.34%).
High Dividend: FPI's dividend (1.67%) is low compared to the top 25% of dividend payers in the US market (3.76%).
Stability and Growth of Payments
Stable Dividend: FPI has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: FPI has only been paying a dividend for 7 years, and since then payments have fallen.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (88.5%), FPI's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: FPI's dividends in 3 years are forecast to be well covered by earnings (27.7% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
6.0yrs
Average board tenure
CEO
Paul Pittman (58 yo)
7.08yrs
Tenure
US$1,803,894
Compensation
Mr. Paul A. Pittman has served Executive Chairman and Chief Executive Officer of Farmland Partners Inc. since its formation in 2014 and its President since May 31, 2018. Mr. Pittman also served as Presiden...
CEO Compensation Analysis
Compensation vs Market: Paul's total compensation ($USD1.80M) is about average for companies of similar size in the US market ($USD1.50M).
Compensation vs Earnings: Paul's compensation has increased whilst the company is unprofitable.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chairman | 7.08yrs | US$1.80m | 8.53% $ 31.3m | |
| Director | 0.17yr | no data | 4.55% $ 16.7m | |
| Independent Director | 3.08yrs | US$57.68k | 0.097% $ 357.2k | |
| Independent Director | 6yrs | US$55.68k | 0.053% $ 193.2k | |
| Lead Independent Director | 6.08yrs | US$68.93k | 0.27% $ 983.6k | |
| Independent Director | no data | no data | no data |
6.0yrs
Average Tenure
62yo
Average Age
Experienced Board: FPI's board of directors are considered experienced (6 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: FPI insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Farmland Partners Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Farmland Partners Inc.
- Ticker: FPI
- Exchange: NYSE
- Founded: 2013
- Industry: Specialized REITs
- Sector: Real Estate
- Implied Market Cap: US$366.383m
- Market Cap: US$346.783m
- Shares outstanding: 30.63m
- Website: https://www.farmlandpartners.com
Number of Employees
Location
- Farmland Partners Inc.
- 4600 South Syracuse Street
- Suite 1450
- Denver
- Colorado
- 80237
- United States
Listings
| 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 |
Biography
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 dat...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/02/27 23:38 |
| End of Day Share Price | 2021/02/26 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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.