$FPI
Farmland Partners Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023008106 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $11.58M $12.67M
YoY Change -6.26% -8.77%
Cost Of Revenue $3.408M $3.128M
YoY Change 0.5% -7.84%
Gross Profit $8.176M $9.544M
YoY Change -8.81% -9.07%
Gross Profit Margin 70.58% 75.32%
Selling, General & Admin $3.185M $2.850M
YoY Change -16.62% -34.63%
% of Gross Profit 38.96% 29.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.207M $1.794M
YoY Change 32.95% 2.46%
% of Gross Profit 26.99% 18.8%
Operating Expenses $5.419M $7.835M
YoY Change -39.13% -18.13%
Operating Profit $2.757M $4.837M
YoY Change -20.2% 11.97%
Interest Expense -$5.839M $4.924M
YoY Change -256.0% 28.66%
% of Operating Profit -211.79% 101.8%
Other Income/Expense, Net -$75.00K -$3.114M
YoY Change -79.51% -2.11%
Pretax Income $7.903M $1.723M
YoY Change 155.84% 51.27%
Income Tax $4.000K $9.000K
% Of Pretax Income 0.05% 0.52%
Net Earnings $7.001M $1.676M
YoY Change 140.09% 51.54%
Net Earnings / Revenue 60.44% 13.23%
Basic Earnings Per Share $0.14 $0.02
Diluted Earnings Per Share $0.12 $0.02
COMMON SHARES
Basic Shares Outstanding 51.91M 54.34M
Diluted Shares Outstanding 59.11M 54.01M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.23M $12.23M
YoY Change -42.99% -24.05%
Cash & Equivalents $9.056M $12.23M
Short-Term Investments
Other Short-Term Assets $1.381M $2.301M
YoY Change -16.56% -17.17%
Inventory $2.752M $2.711M
Prepaid Expenses
Receivables $1.701M $3.793M
Other Receivables $0.00 $0.00
Total Short-Term Assets $17.06M $21.03M
YoY Change -36.26% -15.72%
LONG-TERM ASSETS
Property, Plant & Equipment $1.075B $1.101B
YoY Change -0.69% 2.66%
Goodwill $2.706M $2.706M
YoY Change 0.0% 0.0%
Intangibles $2.045M $2.050M
YoY Change 6.96% 7.16%
Long-Term Investments $4.289M $4.158M
YoY Change 3.4% 21.05%
Other Assets $30.00K $98.00K
YoY Change -81.93% -77.21%
Total Long-Term Assets $1.108B $1.133B
YoY Change 0.9% 3.97%
TOTAL ASSETS
Total Short-Term Assets $17.06M $21.03M
Total Long-Term Assets $1.108B $1.133B
Total Assets $1.125B $1.154B
YoY Change 0.02% 3.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $14.48M $14.44M
YoY Change 10.93% 1.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.49M $17.70M
YoY Change 7.36% 5.82%
LONG-TERM LIABILITIES
Long-Term Debt $471.0M $441.0M
YoY Change 10.97% -4.71%
Other Long-Term Liabilities $1.141M $10.76M
YoY Change -13.36% 35.71%
Total Long-Term Liabilities $472.2M $451.8M
YoY Change 10.9% -4.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.49M $17.70M
Total Long-Term Liabilities $472.2M $451.8M
Total Liabilities $603.4M $469.5M
YoY Change 36.48% -3.69%
SHAREHOLDERS EQUITY
Retained Earnings $11.37M $4.440M
YoY Change -562.87% -198.43%
Common Stock $587.2M $633.7M
YoY Change -5.94% 12.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $522.0M $563.9M
YoY Change
Total Liabilities & Shareholders Equity $1.125B $1.154B
YoY Change 0.02% 3.53%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $7.001M $1.676M
YoY Change 140.09% 51.54%
Depreciation, Depletion And Amortization $2.207M $1.794M
YoY Change 32.95% 2.46%
Cash From Operating Activities -$6.445M $15.84M
YoY Change 244.47% 53.64%
INVESTING ACTIVITIES
Capital Expenditures $10.36M $1.233M
YoY Change -147.33% -113.79%
Acquisitions
YoY Change
Other Investing Activities $44.40M $7.144M
YoY Change 236.16% 535.02%
Cash From Investing Activities $34.04M $5.911M
YoY Change -491.96% -175.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.59M -17.18M
YoY Change -302.08% 3.72%
NET CHANGE
Cash From Operating Activities -6.445M 15.84M
Cash From Investing Activities 34.04M 5.911M
Cash From Financing Activities -28.59M -17.18M
Net Change In Cash -1.001M 4.575M
YoY Change -127.84% -132.52%
FREE CASH FLOW
Cash From Operating Activities -$6.445M $15.84M
Capital Expenditures $10.36M $1.233M
Free Cash Flow -$16.81M $14.61M
YoY Change -183.95% -24.14%

Facts In Submission

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Farmland Partners Inc.
CY2023Q1 dei Entity Central Index Key
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CY2023Q1 dei Current Fiscal Year End Date
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CY2023Q1 dei Entity Incorporation State Country Code
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CY2023Q1 dei Entity Tax Identification Number
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4600 South Syracuse Street, Suite 1450
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1139000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Profit Loss
ProfitLoss
1714000
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
594004000
CY2023Q1 fpi Income Loss From Continuing Operations Before Income Taxes And Redeemable Non Controlling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndRedeemableNonControllingInterest
1714000
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
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54000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15839000
CY2023Q1 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
580000
CY2022Q1 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
576000
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
36000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
405000
CY2023Q1 us-gaap Dividends
Dividends
4062000
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-383000
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
14592000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
577104000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
472076000
CY2022Q1 fpi Income Loss From Continuing Operations Before Income Taxes And Redeemable Non Controlling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndRedeemableNonControllingInterest
1139000
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
38293000
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
1000
CY2022Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
185000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
642000
CY2022Q1 us-gaap Dividends
Dividends
3374000
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
1107000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
509699000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
1714000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
1139000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1794000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1751000
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
158000
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
82000
CY2023Q1 fpi Amortization Of Borrower Paid Points And Direct Costs Related To Note Receivable
AmortizationOfBorrowerPaidPointsAndDirectCostsRelatedToNoteReceivable
-6000
CY2022Q1 fpi Amortization Of Borrower Paid Points And Direct Costs Related To Note Receivable
AmortizationOfBorrowerPaidPointsAndDirectCostsRelatedToNoteReceivable
-5000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
405000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
642000
CY2023Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1826000
CY2022Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
660000
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-27000
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
7000
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
15000
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
12000
CY2023Q1 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
162000
CY2022Q1 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
317000
CY2022Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-27000
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3246000
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1628000
CY2023Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
39000
CY2022Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
73000
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-906000
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1091000
CY2023Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-96000
CY2022Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-86000
CY2023Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-311000
CY2022Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
72000
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1794000
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2068000
CY2023Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
10712000
CY2022Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
7881000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10309000
CY2023Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
141000
CY2022Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
7980000
CY2023Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
1092000
CY2022Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
964000
CY2023Q1 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
7000
CY2022Q1 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
6000
CY2022Q1 fpi Proceeds From Upfront Points Paid By Borrower
ProceedsFromUpfrontPointsPaidByBorrower
60000
CY2022Q1 us-gaap Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
3500000
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
7137000
CY2022Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
4559000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5911000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7819000
CY2023Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
14001000
CY2022Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
112000000
CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
9850000
CY2022Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
160384000
CY2022Q1 fpi Proceeds From At Market Offering
ProceedsFromAtMarketOffering
38274000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
54000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19000
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14591000
CY2023Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
137000
CY2022Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
212000
CY2023Q1 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
73000
CY2022Q1 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
219000
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3259000
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2274000
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
36000
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
185000
CY2023Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3210000
CY2022Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3510000
CY2023Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
74000
CY2022Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
68000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17175000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-16559000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
4575000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-14069000
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
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12229000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16102000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
5188000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
3412000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
205000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1000000
CY2023Q1 fpi Swap Fees Payable Included In Accrued Interest
SwapFeesPayableIncludedInAccruedInterest
36000
CY2022Q1 fpi Swap Fees Payable Included In Accrued Interest
SwapFeesPayableIncludedInAccruedInterest
36000
CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
11000
CY2022Q1 fpi Deferred Offering Costs Amortized Through Equity In Period
DeferredOfferingCostsAmortizedThroughEquityInPeriod
26000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
163700
CY2023Q1 fpi Number Of Agriculture Equipment Dealerships Included In Purchase Of Land And Buildings
NumberOfAgricultureEquipmentDealershipsIncludedInPurchaseOfLandAndBuildings
4
CY2023Q1 fpi Area Of Real Estate Property For Which Company Serves As Property Manager
AreaOfRealEstatePropertyForWhichCompanyServesAsPropertyManager
31000
CY2023Q1 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 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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2023Q1 us-gaap Notes And Loans Payable Current
NotesAndLoansPayableCurrent
441000000.0
CY2023Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1100000000
CY2023Q1 fpi Capacity Amount Available Effective Shelf Registration
CapacityAmountAvailableEffectiveShelfRegistration
100000000
CY2022Q4 fpi Number Of Agriculture Equipment Dealerships Included In Purchase Of Land And Buildings
NumberOfAgricultureEquipmentDealershipsIncludedInPurchaseOfLandAndBuildings
4
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
0
CY2022 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
0
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000
CY2023Q1 fpi Agricultural Related Cost Of Harvested Crop
AgriculturalRelatedCostOfHarvestedCrop
900000
CY2022Q1 fpi Agricultural Related Cost Of Harvested Crop
AgriculturalRelatedCostOfHarvestedCrop
1400000
CY2023Q1 us-gaap Agricultural Related Inventory Growing Crops
AgriculturalRelatedInventoryGrowingCrops
2711000
CY2022Q4 us-gaap Agricultural Related Inventory Growing Crops
AgriculturalRelatedInventoryGrowingCrops
2808000
CY2023Q1 us-gaap Agricultural Related Inventory
AgriculturalRelatedInventory
2711000
CY2022Q4 us-gaap Agricultural Related Inventory
AgriculturalRelatedInventory
2808000
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
10800000
CY2023Q1 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 reporting period.</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 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;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;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;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>
CY2023Q1 fpi Operating Lease Lease Income Beginning Of Year
OperatingLeaseLeaseIncomeBeginningOfYear
9420000
CY2022Q1 fpi Operating Lease Lease Income Beginning Of Year
OperatingLeaseLeaseIncomeBeginningOfYear
7754000
CY2023Q1 fpi Operating Lease Lease Income Amended During Year
OperatingLeaseLeaseIncomeAmendedDuringYear
268000
CY2022Q1 fpi Operating Lease Lease Income Amended During Year
OperatingLeaseLeaseIncomeAmendedDuringYear
1793000
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
9688000
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
9547000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
27269000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
25930000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
14592000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
7450000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
5243000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
36981000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
117465000
CY2023Q1 fpi Agricultural Related Revenue Of Harvested Crop
AgriculturalRelatedRevenueOfHarvestedCrop
400000
CY2022Q1 fpi Agricultural Related Revenue Of Harvested Crop
AgriculturalRelatedRevenueOfHarvestedCrop
700000
CY2023Q1 fpi Number Of Acquisitions
NumberOfAcquisitions
1
CY2022Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
8000000.0
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
0
CY2023Q1 fpi Number Of Dispositions
NumberOfDispositions
2
CY2023Q1 fpi Number Of Real Estate Property Sold
NumberOfRealEstatePropertySold
2
CY2023Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
7100000
CY2023Q1 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
1800000
CY2022Q1 fpi Number Of Dispositions
NumberOfDispositions
2
CY2022Q1 fpi Number Of Real Estate Property Sold
NumberOfRealEstatePropertySold
2
CY2022Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
4600000
CY2022Q1 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
700000
CY2022Q4 fpi Number Of Agriculture Equipment Dealerships Included In Purchase Of Land And Buildings
NumberOfAgricultureEquipmentDealershipsIncludedInPurchaseOfLandAndBuildings
4
CY2022Q4 us-gaap Lessor Sales Type Lease Renewal Term1
LessorSalesTypeLeaseRenewalTerm1
P20Y
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0615
CY2023Q1 us-gaap Interest Receivable
InterestReceivable
41000
CY2022Q4 us-gaap Interest Receivable
InterestReceivable
2000
CY2023Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
92000
CY2022 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
92000
CY2023Q1 fpi Notes And Interest Receivable Net
NotesAndInterestReceivableNet
21959000
CY2022Q4 fpi Notes And Interest Receivable Net
NotesAndInterestReceivableNet
21921000
CY2022Q1 fpi Number Of Loans
NumberOfLoans
2
CY2022Q4 fpi Number Of Agriculture Equipment Dealerships Included In Purchase Of Land And Buildings
NumberOfAgricultureEquipmentDealershipsIncludedInPurchaseOfLandAndBuildings
4
CY2022Q4 us-gaap Lessor Sales Type Lease Renewal Term1
LessorSalesTypeLeaseRenewalTerm1
P20Y
CY2022Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0
CY2023Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0
CY2023Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
22051000
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
92000
CY2023Q1 us-gaap Notes Receivable Net
NotesReceivableNet
21959000
CY2023Q1 fpi Percentage Of Amortized Cost On Financing Receivable Allowance For Credit Loss
PercentageOfAmortizedCostOnFinancingReceivableAllowanceForCreditLoss
0.0042
CY2022Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
22013000
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
92000
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
21921000
CY2022 fpi Percentage Of Amortized Cost On Financing Receivable Allowance For Credit Loss
PercentageOfAmortizedCostOnFinancingReceivableAllowanceForCreditLoss
0.0042
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
92000
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
92000
CY2023Q1 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
16100000
CY2022Q4 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
19600000
CY2023Q1 us-gaap Secured Debt
SecuredDebt
443639000
CY2022Q4 us-gaap Secured Debt
SecuredDebt
439488000
CY2023Q1 us-gaap Debt Instrument Collateral Amount
DebtInstrumentCollateralAmount
1085160000
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2592000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2613000
CY2023Q1 fpi Secured Debt Net
SecuredDebtNet
441047000
CY2022Q4 fpi Secured Debt Net
SecuredDebtNet
436875000
CY2023Q2 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0180
CY2023Q1 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1400000
CY2022Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1200000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
2100000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
102087000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
84603000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
69704000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
185145000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
443639000
CY2023Q1 us-gaap Lease Cost
LeaseCost
70000.00
CY2022Q1 us-gaap Lease Cost
LeaseCost
60000.00
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
157000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
247000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
205000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
609000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
46000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
563000
CY2023Q1 fpi Net Book Value Of Assets With Unexercised Options
NetBookValueOfAssetsWithUnexercisedOptions
5200000
CY2023Q1 fpi Net Book Value Of Assets With Exercised Repurchase Options
NetBookValueOfAssetsWithExercisedRepurchaseOptions
15800000
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0600
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0600
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2018Q3 fpi Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Increase
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchasedIncrease
30000000.0
CY2019Q4 fpi Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Increase
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchasedIncrease
50000000.0
CY2022Q2 fpi Stock Offering Authorized Amount
StockOfferingAuthorizedAmount
100000000.0
CY2023Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
70000.00
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
60000.00
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
1676000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
1106000
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
16000
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
15000
CY2023Q1 fpi Redeemable Non Controlling Interest Temporary Equity Dividends Accrued
RedeemableNonControllingInterestTemporaryEquityDividendsAccrued
-803000
CY2022Q1 fpi Redeemable Non Controlling Interest Temporary Equity Dividends Accrued
RedeemableNonControllingInterestTemporaryEquityDividendsAccrued
-878000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
857000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
213000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54007000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45781000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54007000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45781000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2023Q1 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
54322
CY2022Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
55555
CY2022Q4 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
3306000
CY2021Q4 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
279000
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-581000
CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
2433000
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Reclassification For Discontinuance Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceBeforeTax
-198000
CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Reclassification For Discontinuance Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceBeforeTax
-594000
CY2023Q1 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
2923000
CY2022Q4 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
3306000

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0001558370-23-008106.txt Edgar Link pending
0001558370-23-008106-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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fpi-20230331_lab.xml Edgar Link unprocessable
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fpi-20230331_pre.xml Edgar Link unprocessable
fpi-20230331x10q_htm.xml Edgar Link completed
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