Farmland partners inc. reports fourth quarter and fiscal year 2021 results

Denver, feb. 22, 2022 /prnewswire/ -- farmland partners inc. (nyse: fpi) ("fpi" or the "company") today reported financial results for the year ended december 31, 2021. selected q4 and full year 2021 highlights during the fourth quarter of 2021, the company: recorded total operating revenue of $20.0 million, compared to $17.9 million for the same period in 2020, an increase of 12%; recorded operating income of $11.3 million, compared to $9.7 million for the same period in 2020, an increase of 17%; recorded net income of $13.2 million, compared to $6.4 million for the same period in 2020; recorded net income excluding litigation-related items of $14.6 million 1, compared to $8.3 million 2 for the same period in 2020; recorded adjusted funds from operations ("affo") of $8.9 million, compared to $5.0 million for the same period in 2020; recorded affo excluding litigation-related items of $10.3 million 1, compared to $6.9 million 2 for the same period in 2020; converted its 6.00% series b preferred stock into shares of common stock, eliminating the most expensive security in the capital structure, increasing cash flow after common dividends by over $6 million on an annualized basis, reducing leverage, and increasing equity market capitalization; and completed the acquisition of murray wise associates llc for $8.1 million, increasing fpi's farm management capabilities, and adding brokerage and auction business activities.
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