Farmland Partners(US:FPI)2023-02-23 18:31Financial Performance - For the year 2022, Farmland Partners Inc recorded net income of $12 million, or $0.16 per share available to common stockholders[5] - AFFO for 2022 was $15.8 million, or $0.30 per share, compared to $0.4 million, or $0.01 per share in 2021[5] - Total operating revenues for 2022 were $61.21 million, an 18.3% increase compared to $51.739 million in 2021[9] - Net income for Q4 2022 was $6.707 million, or $0.11 per share, compared to $13.313 million, or $0.14 per share in Q4 2021, representing a (49.6)% change[10] - AFFO for Q4 2022 was $10.031 million, or $0.18 per share, a 12.7% increase compared to $8.901 million, or $0.19 per share in Q4 2021[10] Balance Sheet and Capital Activities - The company decreased indebtedness by $73.9 million in 2022, from $513.4 million to $439.5 million[5] - Access to liquidity increased to $176.7 million in 2022, compared to $30.2 million in 2021[5] - During 2022, the company acquired 20 properties for $54.4 million and purchased land/buildings for agriculture equipment dealerships for $17.3 million[11] - The company completed five property dispositions in 2022 for $17 million, resulting in a $2.6 million gain[11] Portfolio and Operations - As of December 31, 2022, the company owns and/or manages approximately 196,100 acres in 19 states[17] - Approximately 95% of row crop fixed farm rent leases expiring in 2022 were renewed at average rent increases of approximately 16%[5]