$FPI
Farmland Partners Inc

2023 Q1 Form 10-K Financial Statement

#000155837023001912 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $12.67M $21.82M $61.21M
YoY Change -8.77% 8.86% 18.31%
Cost Of Revenue $3.128M $3.584M $14.16M
YoY Change -7.84% 89.63% 59.85%
Gross Profit $9.544M $18.24M $47.05M
YoY Change -9.07% 0.46% 9.73%
Gross Profit Margin 75.32% 83.58% 76.87%
Selling, General & Admin $2.850M $3.787M $14.88M
YoY Change -34.63% -22.01% -18.94%
% of Gross Profit 29.86% 20.76% 31.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.794M $1.884M $6.960M
YoY Change 2.46% -0.74% -8.77%
% of Gross Profit 18.8% 10.33% 14.79%
Operating Expenses $7.835M $9.349M $36.24M
YoY Change -18.13% 7.21% 3.75%
Operating Profit $4.837M $8.890M $24.97M
YoY Change 11.97% -5.79% 48.54%
Interest Expense $4.924M -$4.646M $16.14M
YoY Change 28.66% 17.59% 1.34%
% of Operating Profit 101.8% -52.26% 64.64%
Other Income/Expense, Net -$3.114M -$5.667M -$12.79M
YoY Change -2.11% -384.77% 95.1%
Pretax Income $1.723M $6.807M $12.19M
YoY Change 51.27% -48.88% 18.79%
Income Tax $9.000K -$98.00K $200.0K
% Of Pretax Income 0.52% -1.44% 1.64%
Net Earnings $1.676M $6.709M $11.67M
YoY Change 51.54% -49.62% 16.85%
Net Earnings / Revenue 13.23% 30.74% 19.07%
Basic Earnings Per Share $0.02 $0.11 $0.16
Diluted Earnings Per Share $0.02 $0.09 $0.16
COMMON SHARES
Basic Shares Outstanding 54.34M 54.58M 50.95M
Diluted Shares Outstanding 54.01M 62.63M 50.95M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.23M $7.654M $7.654M
YoY Change -24.05% -74.63% -74.63%
Cash & Equivalents $12.23M $7.654M
Short-Term Investments
Other Short-Term Assets $2.301M $3.196M $3.196M
YoY Change -17.17% -5.78% -5.78%
Inventory $2.711M $2.808M $2.808M
Prepaid Expenses
Receivables $3.793M $7.055M $7.055M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $21.03M $20.71M $20.71M
YoY Change -15.72% -50.12% -50.12%
LONG-TERM ASSETS
Property, Plant & Equipment $1.101B $1.106B $1.106B
YoY Change 2.66% 3.85% 3.85%
Goodwill $2.706M $2.706M
YoY Change 0.0% 0.0%
Intangibles $2.050M $2.055M
YoY Change 7.16% 7.31%
Long-Term Investments $4.158M $4.185M $4.333M
YoY Change 21.05% 22.12% 24.33%
Other Assets $98.00K $96.00K $96.00K
YoY Change -77.21% -83.16% -83.16%
Total Long-Term Assets $1.133B $1.139B $1.139B
YoY Change 3.97% 5.5% 5.5%
TOTAL ASSETS
Total Short-Term Assets $21.03M $20.71M $20.71M
Total Long-Term Assets $1.133B $1.139B $1.139B
Total Assets $1.154B $1.160B $1.160B
YoY Change 3.53% 3.44% 3.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $14.44M $15.68M $15.68M
YoY Change 1.48% 8.58% 8.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.70M $19.02M $19.02M
YoY Change 5.82% 13.28% 13.28%
LONG-TERM LIABILITIES
Long-Term Debt $441.0M $436.9M $436.9M
YoY Change -4.71% -14.56% -14.56%
Other Long-Term Liabilities $10.76M $44.00K $44.00K
YoY Change 35.71% -94.7% -94.7%
Total Long-Term Liabilities $451.8M $436.9M $436.9M
YoY Change -4.03% -14.69% -14.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.70M $19.02M $19.02M
Total Long-Term Liabilities $451.8M $436.9M $436.9M
Total Liabilities $469.5M $455.9M $579.4M
YoY Change -3.69% -13.8% -12.64%
SHAREHOLDERS EQUITY
Retained Earnings $4.440M $3.567M
YoY Change -198.43% -175.27%
Common Stock $633.7M $647.9M
YoY Change 12.52% 23.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $563.9M $580.8M $580.8M
YoY Change
Total Liabilities & Shareholders Equity $1.154B $1.160B $1.160B
YoY Change 3.53% 3.44% 3.44%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $1.676M $6.709M $11.67M
YoY Change 51.54% -49.62% 16.85%
Depreciation, Depletion And Amortization $1.794M $1.884M $6.960M
YoY Change 2.46% -0.74% -8.77%
Cash From Operating Activities $15.84M $8.295M $17.05M
YoY Change 53.64% 25.34% 117.04%
INVESTING ACTIVITIES
Capital Expenditures $1.233M $18.70M $58.68M
YoY Change -113.79% -136.88% -169.95%
Acquisitions
YoY Change
Other Investing Activities $7.144M -$15.97M -$1.716M
YoY Change 535.02% -138.9% -102.64%
Cash From Investing Activities $5.911M -$34.67M -$60.40M
YoY Change -175.6% 260.09% 221.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $59.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.18M 25.16M 20.83M
YoY Change 3.72% 113.08% 50.21%
NET CHANGE
Cash From Operating Activities 15.84M 8.295M 17.05M
Cash From Investing Activities 5.911M -34.67M -60.40M
Cash From Financing Activities -17.18M 25.16M 20.83M
Net Change In Cash 4.575M -1.215M -22.52M
YoY Change -132.52% -113.81% -862.25%
FREE CASH FLOW
Cash From Operating Activities $15.84M $8.295M $17.05M
Capital Expenditures $1.233M $18.70M $58.68M
Free Cash Flow $14.61M -$10.40M -$41.63M
YoY Change -24.14% -118.15% -145.38%

Facts In Submission

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OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
2433000
CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
1676000
CY2022 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
14987000
CY2021 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
12918000
CY2022 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
286000
CY2021 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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CY2022 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
14701000
CY2021 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12650000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
305914000
CY2021 fpi Income Loss From Continuing Operations Before Income Taxes And Redeemable Non Controlling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndRedeemableNonControllingInterest
10259000
CY2021 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
27156000
CY2021 fpi Stock Issued During Period Value Business Combination
StockIssuedDuringPeriodValueBusinessCombination
3146000
CY2021 fpi Stock Issued During Period Value Redemption Of Preferred Stock
StockIssuedDuringPeriodValueRedemptionOfPreferredStock
139116000
CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1263000
CY2021 us-gaap Dividends
Dividends
17437000
CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
2659000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
472076000
CY2022 fpi Income Loss From Continuing Operations Before Income Taxes And Redeemable Non Controlling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndRedeemableNonControllingInterest
11960000
CY2022 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
121375000
CY2022 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
186000
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1523000
CY2022 us-gaap Dividends
Dividends
15771000
CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
3027000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
594004000
CY2022 us-gaap Profit Loss
ProfitLoss
11960000
CY2021 us-gaap Profit Loss
ProfitLoss
10259000
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6960000
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7629000
CY2022 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
378000
CY2021 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
384000
CY2022 fpi Amortization Of Borrower Paid Points And Direct Costs Related To Note Receivable
AmortizationOfBorrowerPaidPointsAndDirectCostsRelatedToNoteReceivable
-37000
CY2021 fpi Amortization Of Borrower Paid Points And Direct Costs Related To Note Receivable
AmortizationOfBorrowerPaidPointsAndDirectCostsRelatedToNoteReceivable
-3000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
1523000
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
1263000
CY2022 fpi Stock Based Incentive Expense
StockBasedIncentiveExpense
417000
CY2022 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
2641000
CY2021 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
9290000
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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ProceedsFromLegalSettlements
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CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
24000
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
16000
CY2022 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
92000
CY2022 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
449000
CY2021 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
874000
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-162000
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2335000
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
974000
CY2022 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
119000
CY2021 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
100000
CY2022 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
139000
CY2021 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
639000
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-251000
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1715000
CY2022 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1383000
CY2021 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-471000
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1533000
CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
146000
CY2022 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
56000
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-58000
CY2022 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
252000
CY2021 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
4000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
17051000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7856000
CY2022 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
54436000
CY2021 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
81179000
CY2022 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
4246000
CY2021 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
2712000
CY2021 fpi Payments To Acquire Businesses
PaymentsToAcquireBusinesses
857000
CY2022 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
75000
CY2022 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
705000
CY2021 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
991000
CY2022 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
2786000
CY2021 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
37000
CY2022 fpi Proceeds From Upfront Points Paid By Borrower
ProceedsFromUpfrontPointsPaidByBorrower
60000
CY2022 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
20781000
CY2021 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
3702000
CY2022 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
16999000
CY2021 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
70635000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-60398000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18769000
CY2022 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
223000000
CY2021 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
41109000
CY2022 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
296941000
CY2021 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
35908000
CY2022 fpi Proceeds From At Market Offering
ProceedsFromAtMarketOffering
121315000
CY2021 fpi Proceeds From At Market Offering
ProceedsFromAtMarketOffering
27156000
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
59000
CY2021 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
650000
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1047000
CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
841000
CY2022 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
291000
CY2021 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
291000
CY2022 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
10158000
CY2022 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
11126000
CY2021 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6360000
CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
186000
CY2022 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
285000
CY2021 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
296000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20830000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13867000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-22517000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
2954000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30171000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27217000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7654000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30171000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
14704000
CY2021 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
2417000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
853000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
424000
CY2021 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
107000
CY2022 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
325000
CY2021 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
107000
CY2022 fpi Swap Fees Payable Included In Accrued Interest
SwapFeesPayableIncludedInAccruedInterest
146000
CY2021 fpi Swap Fees Payable Included In Accrued Interest
SwapFeesPayableIncludedInAccruedInterest
146000
CY2022 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
63000
CY2021 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
40000
CY2022 fpi Deferred Offering Costs Amortized Through Equity In Period
DeferredOfferingCostsAmortizedThroughEquityInPeriod
118000
CY2021 fpi Deferred Offering Costs Amortized Through Equity In Period
DeferredOfferingCostsAmortizedThroughEquityInPeriod
157000
CY2022 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
325000
CY2022 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
2135000
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
165200
CY2022 fpi Number Of Agriculture Equipment Dealerships Included In Purchase Of Land And Buildings
NumberOfAgricultureEquipmentDealershipsIncludedInPurchaseOfLandAndBuildings
4
CY2022 fpi Area Of Real Estate Property For Which Company Serves As Property Manager
AreaOfRealEstatePropertyForWhichCompanyServesAsPropertyManager
30900
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<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;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;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 for a variety of reasons, including, without limitation, the impacts of public health crises, the war in Ukraine, substantially higher prices for oil and gas and substantially increased interest rates, and their effects on the domestic and global economies. We are unable to quantify the ultimate impact of these factors on our business.</p>
CY2022Q4 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
436900000
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1100000000
CY2022 fpi Capacity Amount Available Effective Shelf Registration
CapacityAmountAvailableEffectiveShelfRegistration
100000000
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2022Q4 fpi Number Of Financial Institutions In Whose Custody Cash Was Held
NumberOfFinancialInstitutionsInWhoseCustodyCashWasHeld
5
CY2021Q4 fpi Number Of Financial Institutions In Whose Custody Cash Was Held
NumberOfFinancialInstitutionsInWhoseCustodyCashWasHeld
6
CY2022Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
1000000.0
CY2021Q4 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
800000
CY2022Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1200000
CY2021Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1700000
CY2022Q4 fpi Number Of Agriculture Equipment Dealerships Included In Purchase Of Land And Buildings
NumberOfAgricultureEquipmentDealershipsIncludedInPurchaseOfLandAndBuildings
4
CY2021Q3 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
2400000
CY2021 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
0
CY2022 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
0
CY2022 fpi Deferred Offering Costs Incurred
DeferredOfferingCostsIncurred
100000
CY2021 fpi Deferred Offering Costs Incurred
DeferredOfferingCostsIncurred
200000
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
60000.00
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
40000.00
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2022 fpi Agricultural Related Cost Of Harvested Crop
AgriculturalRelatedCostOfHarvestedCrop
6000000.0
CY2021 fpi Agricultural Related Cost Of Harvested Crop
AgriculturalRelatedCostOfHarvestedCrop
1500000
CY2021Q4 fpi Agricultural Related Inventory Harvested Crop
AgriculturalRelatedInventoryHarvestedCrop
164000
CY2022Q4 us-gaap Agricultural Related Inventory Growing Crops
AgriculturalRelatedInventoryGrowingCrops
2808000
CY2021Q4 us-gaap Agricultural Related Inventory Growing Crops
AgriculturalRelatedInventoryGrowingCrops
2895000
CY2022Q4 us-gaap Agricultural Related Inventory
AgriculturalRelatedInventory
2808000
CY2021Q4 us-gaap Agricultural Related Inventory
AgriculturalRelatedInventory
3059000
CY2022Q4 us-gaap Lessor Sales Type Lease Renewal Term1
LessorSalesTypeLeaseRenewalTerm1
P20Y
CY2022Q4 us-gaap Lessor Sales Type Lease Renewal Term1
LessorSalesTypeLeaseRenewalTerm1
P20Y
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0.0
CY2022 fpi Appreciated Property Built In Gains Required Holding Period
AppreciatedPropertyBuiltInGainsRequiredHoldingPeriod
P5Y
CY2022 fpi Deferred Tax Liability Built In Gain
DeferredTaxLiabilityBuiltInGain
0
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2022 us-gaap Derivatives Methods Of Accounting Hedge Effectiveness
DerivativesMethodsOfAccountingHedgeEffectiveness
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Hedge Accounting</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;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 reporting 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 manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its funding. The Company may also use interest rate derivative financial instruments, namely interest rate swaps.</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 may enter into marketing contracts to sell commodities. Derivatives and hedge accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting if designated as normal purchase or normal sales. The Company evaluates all contracts at inception to determine if they are derivatives and if they meet the normal purchase and normal sale designation requirements. </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 has in place one interest rate swap agreement with Rabobank to add stability to interest expense and to manage its exposure to interest rate movements. This agreement qualifies as a cash flow hedge and is actively evaluated for ongoing effectiveness (see “Note 10—Hedge Accounting”). 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;">Additionally, the Company assesses whether the derivative used in its hedging transaction is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. The Company discontinues hedge accounting when it is determined that a derivative has ceased to be or is not expected to be highly effective as a hedge, and then reflects changes in fair value of the derivative in earnings after termination of the hedge relationship.</p>
CY2022 fpi Noncontrolling Interest Holding Period
NoncontrollingInterestHoldingPeriod
P1Y
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
0.0
CY2022 fpi Operating Lease Lease Income Beginning Of Year
OperatingLeaseLeaseIncomeBeginningOfYear
36952000
CY2021 fpi Operating Lease Lease Income Beginning Of Year
OperatingLeaseLeaseIncomeBeginningOfYear
38757000
CY2022 fpi Operating Lease Lease Income Amended During Year
OperatingLeaseLeaseIncomeAmendedDuringYear
8663000
CY2021 fpi Operating Lease Lease Income Amended During Year
OperatingLeaseLeaseIncomeAmendedDuringYear
6494000
CY2022 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
45615000
CY2021 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
45251000
CY2021 fpi Number Of Dispositions
NumberOfDispositions
12
CY2021 fpi Number Of Real Estate Property Sold
NumberOfRealEstatePropertySold
20
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
36072000
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
25493000
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
14424000
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
7448000
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
5241000
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
36973000
CY2022Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
125651000
CY2022 fpi Agricultural Related Revenue Of Harvested Crop
AgriculturalRelatedRevenueOfHarvestedCrop
5400000
CY2021 fpi Agricultural Related Revenue Of Harvested Crop
AgriculturalRelatedRevenueOfHarvestedCrop
900000
CY2022 fpi Number Of Acquisitions
NumberOfAcquisitions
17
CY2022 fpi Number Of Properties Acquired
NumberOfPropertiesAcquired
20
CY2022 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
54400000
CY2022 fpi Number Of Agriculture Equipment Dealerships Included In Purchase Of Land And Buildings
NumberOfAgricultureEquipmentDealershipsIncludedInPurchaseOfLandAndBuildings
4
CY2021 fpi Number Of Acquisitions
NumberOfAcquisitions
12
CY2021 fpi Number Of Properties Acquired
NumberOfPropertiesAcquired
12
CY2021 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
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CY2021 us-gaap Other Payments To Acquire Businesses
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CY2021 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
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CY2022Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1129485000
CY2021Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
1092693000
CY2022 fpi Real Estate Construction In Progress
RealEstateConstructionInProgress
14810000
CY2021 fpi Real Estate Construction In Progress
RealEstateConstructionInProgress
10647000
CY2022 fpi Real Estate Other Non Real Estate
RealEstateOtherNonRealEstate
68000
CY2021 fpi Real Estate Other Non Real Estate
RealEstateOtherNonRealEstate
71000
CY2022Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
38447000
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
38303000
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1103411000
CY2022Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
38433000
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
38254000

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