$FPI
Farmland Partners Inc

2021 Q1 Form 10-Q Financial Statement

#000155837021007251 Filed on May 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $11.58M $11.65M
YoY Change -0.64% 6.99%
Cost Of Revenue $2.180M $2.430M
YoY Change -10.29% 25.91%
Gross Profit $9.390M $9.220M
YoY Change 1.84% 2.9%
Gross Profit Margin 81.12% 79.14%
Selling, General & Admin $4.360M $1.930M
YoY Change 125.91% -8.1%
% of Gross Profit 46.43% 20.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.935M $2.000M
YoY Change -3.25% -5.66%
% of Gross Profit 20.61% 21.69%
Operating Expenses $8.477M $6.361M
YoY Change 33.27% -0.08%
Operating Profit $3.098M $5.289M
YoY Change -41.43% 103.89%
Interest Expense $4.056M $4.663M
YoY Change -13.02% -194.01%
% of Operating Profit 130.92% 88.16%
Other Income/Expense, Net -$621.0K -$4.870M
YoY Change -87.25% 7.89%
Pretax Income $2.477M $419.0K
YoY Change 491.17% 4555.56%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $2.360M $394.0K
YoY Change 498.98% 4277.78%
Net Earnings / Revenue 20.39% 3.38%
Basic Earnings Per Share -$0.02 -$0.09
Diluted Earnings Per Share -$0.02 -$0.09
COMMON SHARES
Basic Shares Outstanding 30.42M 29.55M
Diluted Shares Outstanding 30.42M 29.55M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.10M $15.00M
YoY Change 140.67% -21.88%
Cash & Equivalents $36.07M $14.99M
Short-Term Investments
Other Short-Term Assets $2.500M $2.400M
YoY Change 4.17% -4.0%
Inventory $1.100M $1.600M
Prepaid Expenses
Receivables $3.100M $5.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $42.80M $24.80M
YoY Change 72.58% -16.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.027B $1.074B
YoY Change -4.36% -2.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $100.0K $100.0K
YoY Change 0.0%
Other Assets $600.0K $200.0K
YoY Change 200.0% -60.0%
Total Long-Term Assets $1.032B $1.078B
YoY Change -4.25% -2.71%
TOTAL ASSETS
Total Short-Term Assets $42.80M $24.80M
Total Long-Term Assets $1.032B $1.078B
Total Assets $1.075B $1.103B
YoY Change -2.52% -3.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $14.70M $10.40M
YoY Change 41.35% 9.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.30M $12.00M
YoY Change 35.83% 7.14%
LONG-TERM LIABILITIES
Long-Term Debt $486.7M $511.3M
YoY Change -4.81% -1.97%
Other Long-Term Liabilities $9.300M $13.40M
YoY Change -30.6% 0.0%
Total Long-Term Liabilities $496.0M $524.7M
YoY Change -5.47% -1.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.30M $12.00M
Total Long-Term Liabilities $496.0M $524.7M
Total Liabilities $512.3M $673.3M
YoY Change -23.91% -2.05%
SHAREHOLDERS EQUITY
Retained Earnings $332.0K
YoY Change
Common Stock $348.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $430.9M $429.7M
YoY Change
Total Liabilities & Shareholders Equity $1.075B $1.103B
YoY Change -2.52% -3.07%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $2.360M $394.0K
YoY Change 498.98% 4277.78%
Depreciation, Depletion And Amortization $1.935M $2.000M
YoY Change -3.25% -5.66%
Cash From Operating Activities $11.41M $12.87M
YoY Change -11.35% -6.96%
INVESTING ACTIVITIES
Capital Expenditures -$3.470M -$1.150M
YoY Change 201.74% -47.25%
Acquisitions
YoY Change
Other Investing Activities $28.49M $600.0K
YoY Change 4648.33% -87.47%
Cash From Investing Activities $25.02M -$545.0K
YoY Change -4690.64% -120.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.397M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.57M -9.889M
YoY Change 178.81% -30.21%
NET CHANGE
Cash From Operating Activities 11.41M 12.87M
Cash From Investing Activities 25.02M -545.0K
Cash From Financing Activities -27.57M -9.889M
Net Change In Cash 8.853M 2.433M
YoY Change 263.87% 7.65%
FREE CASH FLOW
Cash From Operating Activities $11.41M $12.87M
Capital Expenditures -$3.470M -$1.150M
Free Cash Flow $14.88M $14.02M
YoY Change 6.13% -12.45%

Facts In Submission

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CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
251000
CY2021Q1 us-gaap Dividends
Dividends
4679000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
1501000
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
305464000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
2477000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
419000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1935000
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2000000
CY2021Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
76000
CY2020Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
74000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
251000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
242000
CY2021Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
3392000
CY2020Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-86000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
41000
CY2021Q1 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
293000
CY2021Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1045000
CY2020Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
294000
CY2021Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
13000
CY2020Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
49000
CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-268000
CY2020Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-759000
CY2021Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-13000
CY2020Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
69000
CY2021Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-233000
CY2020Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
317000
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
557000
CY2020Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1306000
CY2021Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
7622000
CY2020Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
10109000
CY2021Q1 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
507000
CY2020Q1 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
538000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
11406000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12867000
CY2021Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
2933000
CY2021Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
539000
CY2020Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
1148000
CY2021Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
5000
CY2020Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
441000
CY2020Q1 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
5000
CY2021Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
28486000
CY2020Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
167000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
25019000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-545000
CY2021Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
19976000
CY2020Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
42000
CY2021Q1 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
214000
CY2020Q1 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
977000
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1397000
CY2020Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
130000
CY2021Q1 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
73000
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1530000
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1498000
CY2021Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
82000
CY2020Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
95000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-27572000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9889000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
8853000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
2433000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27217000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12561000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36070000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14994000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
3828000
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
4352000
CY2021Q1 fpi Convertible Notes Receivable
ConvertibleNotesReceivable
2417000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
453000
CY2021Q1 fpi Repayments On Mortgage Notes Payable From Dispositions
RepaymentsOnMortgageNotesPayableFromDispositions
13577000
CY2021Q1 fpi Swap Fees Payable Included In Accrued Interest
SwapFeesPayableIncludedInAccruedInterest
36000
CY2021Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
58000
CY2020Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
198000
CY2021Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
58000
CY2020Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
198000
CY2021Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
149000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
10579000
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates, particularly in light of the ongoing coronavirus (“COVID-19”) pandemic and its effects on the domestic and global economies. So far, the direct impact of the COVID-19 pandemic on our business and operations has been relatively limited. The Company experienced a decrease in crop share revenue during 2020 related to its permanent crop portfolio as a result of a decrease in demand for lemons and blueberries, and delayed and weaker pricing of the 2020 almonds crop as a result of the COVID-19 pandemic and trade war related disruptions. Despite short- and medium-term disruptions in the U.S. agricultural industry, we do not expect global demand for food, feed, fuel and fiber to be materially affected by the COVID-19 pandemic and the related economic turmoil, and therefore in the long term we expect the industry to experience some degree of transformation, but to survive relatively unscathed in comparison to other industries. We are unable to quantify the ultimate impact of the pandemic on our business.</p>
CY2021Q1 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
1300000
CY2020Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
1300000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1300000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1300000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0.0
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0.0
CY2021Q1 fpi Agricultural Related Cost Of Harvested Crop
AgriculturalRelatedCostOfHarvestedCrop
200000
CY2020Q1 fpi Agricultural Related Cost Of Harvested Crop
AgriculturalRelatedCostOfHarvestedCrop
600000
CY2021Q1 fpi Agricultural Related Inventory Harvested Crop
AgriculturalRelatedInventoryHarvestedCrop
407000
CY2020Q4 fpi Agricultural Related Inventory Harvested Crop
AgriculturalRelatedInventoryHarvestedCrop
47000
CY2021Q1 us-gaap Agricultural Related Inventory Growing Crops
AgriculturalRelatedInventoryGrowingCrops
697000
CY2020Q4 us-gaap Agricultural Related Inventory Growing Crops
AgriculturalRelatedInventoryGrowingCrops
1070000
CY2021Q1 us-gaap Agricultural Related Inventory
AgriculturalRelatedInventory
1104000
CY2020Q4 us-gaap Agricultural Related Inventory
AgriculturalRelatedInventory
1117000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
22045000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
18323000
CY2021Q1 us-gaap Derivatives Methods Of Accounting Hedge Effectiveness
DerivativesMethodsOfAccountingHedgeEffectiveness
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Hedge Accounting</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the consolidated balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the consolidated statements of operations during the period. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Company uses derivative instruments to manage certain interest rate risks. More specifically, interest rate swaps are entered into to manage the risk associated with the Company’s floating-rate borrowings when such risk management is deemed appropriate by the Company’s management and a fixed interest rate is not available or not economical, or when it is contractually required by a lender. In accordance with ASC 815, the Company designates interest rate swaps as cash flow hedges of said floating-rate borrowings. The entire change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of shareholders’ equity in the Company’s consolidated balance sheets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Company terminated its old interest rate swap at the end of March 2020 and entered into a new interest rate swap agreement to manage interest rate risk exposure, effective April 1, 2020. An interest rate swap agreement utilized by the Company effectively modifies the Company’s exposure to interest rate risk by converting the Company’s floating-rate debt to a fixed rate basis for the next six years on 50% of the currently outstanding amount to Rabobank, thus reducing the impact of interest rate changes on future interest expense. This agreement involves the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">As of March 31, 2021, the total notional amount of the Company’s receive-variable/pay-fixed interest rate swap was $33.2 million. For a summary of the fair value and related disclosures in relation to hedge accounting, please refer to “Note 10 – Hedge Accounting.” </p>
CY2021Q1 fpi Deferred Revenue Lease Assets And Lease Liabilities
DeferredRevenueLeaseAssetsAndLeaseLiabilities
7700000
CY2020Q4 fpi Deferred Revenue Lease Assets And Lease Liabilities
DeferredRevenueLeaseAssetsAndLeaseLiabilities
0.0
CY2021Q1 fpi Operating Lease Lease Income Beginning Of Year
OperatingLeaseLeaseIncomeBeginningOfYear
9471000
CY2020Q1 fpi Operating Lease Lease Income Beginning Of Year
OperatingLeaseLeaseIncomeBeginningOfYear
9341000
CY2021Q1 fpi Operating Lease Lease Income Amended During Year
OperatingLeaseLeaseIncomeAmendedDuringYear
788000
CY2020Q1 fpi Operating Lease Lease Income Amended During Year
OperatingLeaseLeaseIncomeAmendedDuringYear
732000
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
10259000
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
10073000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
4194000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
2759000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
23493000
CY2021Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
81393000
CY2021Q1 fpi Agricultural Related Revenue Of Harvested Crop
AgriculturalRelatedRevenueOfHarvestedCrop
200000
CY2020Q1 fpi Agricultural Related Revenue Of Harvested Crop
AgriculturalRelatedRevenueOfHarvestedCrop
300000
CY2021Q1 fpi Number Of Acquisitions
NumberOfAcquisitions
2
CY2021Q1 fpi Number Of Properties Acquired
NumberOfPropertiesAcquired
2
CY2021Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
2900000
CY2021Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
0
CY2020Q1 fpi Number Of Acquisitions
NumberOfAcquisitions
0
CY2021Q1 fpi Number Of Dispositions
NumberOfDispositions
6
CY2021Q1 fpi Number Of Real Estate Property Sold
NumberOfRealEstatePropertySold
14
CY2021Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
28500000
CY2021Q1 fpi Convertible Notes Receivable
ConvertibleNotesReceivable
2400000
CY2021Q1 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
3400000
CY2020Q1 fpi Number Of Dispositions
NumberOfDispositions
0
CY2020Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0.00
CY2021Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0.00
CY2021Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
2358000
CY2020Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
2364000
CY2021Q1 us-gaap Interest Receivable
InterestReceivable
291000
CY2020Q4 us-gaap Interest Receivable
InterestReceivable
277000
CY2021Q1 fpi Provision For Interest Receivable
ProvisionForInterestReceivable
233000
CY2020Q4 fpi Provision For Interest Receivable
ProvisionForInterestReceivable
293000
CY2021Q1 fpi Notes And Interest Receivable Net
NotesAndInterestReceivableNet
2416000
CY2020Q4 fpi Notes And Interest Receivable Net
NotesAndInterestReceivableNet
2348000
CY2021Q1 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
2400000
CY2020Q4 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
2400000
CY2021Q1 us-gaap Secured Debt
SecuredDebt
488209000
CY2020Q4 us-gaap Secured Debt
SecuredDebt
508185000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
112000000
CY2021Q1 us-gaap Debt Instrument Collateral Amount
DebtInstrumentCollateralAmount
1034094000
CY2021Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1505000
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1560000
CY2021Q1 fpi Secured Debt Net
SecuredDebtNet
486704000
CY2020Q4 fpi Secured Debt Net
SecuredDebtNet
506625000
CY2021Q1 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1400000
CY2020Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1300000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2100000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
27087000
CY2021Q1 fpi Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
347022000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
488209000
CY2015Q2 fpi Operating Leases Minimum Payments Monthly Payment Amount
OperatingLeasesMinimumPaymentsMonthlyPaymentAmount
10032
CY2016Q2 fpi Operating Leases Minimum Payments Monthly Payment Amount
OperatingLeasesMinimumPaymentsMonthlyPaymentAmount
10200
CY2017Q2 fpi Operating Leases Minimum Payments Monthly Payment Amount
OperatingLeasesMinimumPaymentsMonthlyPaymentAmount
10366
CY2018Q2 fpi Operating Leases Minimum Payments Monthly Payment Amount
OperatingLeasesMinimumPaymentsMonthlyPaymentAmount
10534
CY2020Q2 fpi Operating Leases Minimum Payments Monthly Payment Amount
OperatingLeasesMinimumPaymentsMonthlyPaymentAmount
10701
CY2020Q3 fpi Operating Leases Minimum Payments Monthly Payment Amount
OperatingLeasesMinimumPaymentsMonthlyPaymentAmount
12373
CY2021Q1 us-gaap Lease Cost
LeaseCost
40000.00
CY2020Q1 us-gaap Lease Cost
LeaseCost
30000.00
CY2021Q1 fpi Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P5M
CY2021Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0335
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
62000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
62000
CY2021Q1 fpi Stock Price Percentage Decline
StockPricePercentageDecline
0.40
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
394000
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
14000
CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
16000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-718000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2737000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30418000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29545000
CY2021Q1 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
139600000
CY2020Q4 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
139800000
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2020Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2020 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.2000
CY2018Q3 fpi Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Increase
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchasedIncrease
30000000
CY2020Q4 fpi Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Increase
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchasedIncrease
50000000
CY2021Q1 fpi Increase Decrease In Share Based Compensation
IncreaseDecreaseInShareBasedCompensation
0
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
2360000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30418000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29545000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2021Q1 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
32320
CY2020Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
32210
CY2020Q4 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
-2380000
CY2019Q4 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
-1644000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
1208000
CY2020 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-1582000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Reclassification For Discontinuance Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceBeforeTax
-293000
CY2020 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Reclassification For Discontinuance Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceBeforeTax
-846000
CY2021Q1 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
-879000
CY2020Q4 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
-2380000

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