XML 129 R19.htm IDEA: XBRL DOCUMENT

Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information (unaudited)

Quarterly Financial Information (unaudited)

Note 12—Quarterly Financial Information (unaudited)

The following table reflects the quarterly results of operations for the years ended December 31, 2024 and 2023.


		Quarter Ended
($ in thousands except per share data)		March 31, 2024			June 30, 2024			September 30, 2024			December 31, 2024
Operating revenues		$	11,990		$	11,445		$	13,317		$	21,474
Operating expenses			6,843			8,205			8,094			10,397
Other expenses ⁽¹⁾			3,720			5,293			3,374			(49,134)
Net income (loss) before income tax expense			1,427			(2,053)			1,849			60,211
Income tax expense			(19)			1			(11)			45
Net income (loss)		$	1,408		$	(2,052)		$	1,838		$	60,256
Net income (loss) available to common stockholders of Farmland Partners Inc.		$	606		$	(2,769)		$	1,028		$	57,563

Basic net income (loss) per share available to common stockholders ⁽²⁾		$	0.01		$	(0.06)		$	0.02		$	1.22
Diluted net income (loss) per share available to common stockholders ⁽²⁾		$	0.01		$	(0.06)		$	0.02		$	1.04
Basic weighted average common shares outstanding			47,704			47,798			47,839			46,836
Diluted weighted average common shares outstanding			47,704			47,798			47,839			55,093


		Quarter Ended
		March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023
Operating revenues		$	12,672		$	11,584		$	11,618		$	21,592
Operating expenses			7,835			8,828			11,603			11,201
Other expenses ⁽¹⁾			3,114			(5,146)			(4,109)			(7,375)
Net income before income tax expense			1,723			7,902			4,124			17,766
Income tax expense			(9)			(4)			191			(12)
Net income		$	1,714		$	7,898		$	4,315		$	17,754
Net income available to common stockholders of Farmland Partners Inc.		$	857		$	7,001		$	3,446		$	16,482

Basic net income (loss) per share available to common stockholders ⁽²⁾		$	0.02		$	0.14		$	0.07		$	0.35
Diluted net income (loss) per share available to common stockholders ⁽²⁾		$	0.02		$	0.12		$	0.07		$	0.30
Basic weighted average common shares outstanding			54,007			50,860			48,432			47,762
Diluted weighted average common shares outstanding			54,007			59,112			48,432			55,635

(1)

Other expenses for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024 included $0.1 million, $0.0 million, $(2.0) million, ($52.2) million, respectively, related to gain on disposition of assets. Other expenses for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023 included $1.8 million, $11.1 million, $10.3 million, $12.9 million, respectively, related to gain (loss) on disposition of assets.

(2)	The basic and diluted net (loss) income for the quarters do not equal full year results due to issuance of common stock throughout the year and rounding.