FPI - Earnings call transcript Q4 2024

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Operator

Thank you for standing by. My name is Gail, and I will be your conference operator today. At this time, I would like to welcome everyone to the Farmland Partners Inc. Q4 and Fiscal Year 2024 Earnings Call. [Operator Instructions]

the of back Farmland turn President Luca now CEO and Partners. will call to over Fabbri, I Please go ahead.

Luca Fabbri

Call more truly important press we strategy somewhat format in very Thank you, to share interactive Full public you Conference Partners' welcome join and to Webcast. opportunity Gail. and Good calls filings than morning, see Year everybody, them us for XXXX because the you taking appreciate as our and with these Farmland and releases. a less time We to a thinking our formal and Earnings

will to customary Christine I now General turn Christine? remarks. call over some our for the Garrison, Counsel, preliminary

Christine Garrison

Thank release close been has to The to you announcing sub-header supplemental the yesterday. The posted section of Investor Presentations. & our the you, fourth was under and press market our call. quarter thank Events after website everyone package on Luca, Relations earnings the distributed

the you today, made this to who of presentation, listen those this XX, call. XXXX, remind February are to herein be and will we updated For not remarks subsequent recording as the that of

make and we development as related acquisitions markets. During for outlook identified and well broader dispositions, comments rents potential the to acquisitions, our portfolio, forward-looking performance agricultural business will statements, our and including this and of on our impact the financing call, activities, future dispositions statements of as opportunities our business

adjusted FFO, the are well adjusted our measures also X-K earnings, report website, to non-GAAP XXXX as most dated net and We full income, as financial our EBITDAre Form certain XX, GAAP discuss on current FFO, Definitions company's including farmlandpartners.com comparable available will XXXX. February to an included press furnished in the announcing non-GAAP of is measures, exhibit year release EBITDAre. reconciliations and on as is measures these operating which

cause which press from actual yesterday risk risks materially many generally Listeners in and are can and the or certain we expectations, and listeners documents control. beyond review results our These statements release to to of distributed our that are advise these and to to with difficult the we uncertainties our are and furnished filed SEC. uncertainties, current subject risks differ in cautioned discussed to factors have predict

to Paul? like Chairman, to now over our would Executive the Paul turn call I Pittman.

Paul Pittman

Thank you, Christine.

comments a will my bit success morning shorter the details normal. team I little through rest So let couple than of this pipelines. the of a be of but to the go hit the want of year, I'll the

story. long said for that owning time a farmland We a total have long, return is fundamentally

amount last did to think our of prove XX to basically at all cash distributed We months that a I sales the very shareholders. in gains. that shareholders truly substantial of high our asset We January. sales the distribution asset earlier, somewhat a in year form if similar you $X.XX good early a of And a smaller did very at but special we on based also prices. recall, dividend

a our asset yield said element current element. of most plus public frankly is return appreciation. Farmland The class. for is of second the it's there. life function have It bigger the always ignored We've the markets of

delivered we've on that. row, Now a X years in

recent higher. We specialty our hard pricing about at have therefore, and very rents for also crops increasing driving very, least time good in getting AFFO That's focused the higher very revenue and on through most all year.

reducing The we other thing on is focused cost.

the of the stock underlying this you a your make increase distribution -- fundamentally year, out context think substantial price, of is of shareholders in of that go which to stock $X.XX of having the the company. delivered about assets has in down All handed kind particularly when should

And substantially should be of together which happy. all shareholders, -- have quite we bit The and all quite back very things we've delivered of including bought a delevered all stock. for substantially myself, these of

to make comments, team to over it all and the With see turn you I'll that, I'll some of in and more the Luca rest Q&A. the

Luca Fabbri

-- crop had very performance if strong variable to This that some very, rents been company. I in returns years, year, our specific as we've a in good very certainly kind also already you, and a drove our operation had terms the in for as very numbers our points of rent couple year performance of showing renewals, This this some alluded rent of is elements several for one to. I that Paul revenue. now revenue. we for the very had up farms Thank the strong highlight specialty to delivering would that a well just direct And of of fact very, base point has XXXX that Paul. want very strong performance, be

cost So that to structural reductions all able that year. the some perform also performance, we were strong this including contributed to

more reduced not some shareholders liquidity allowed at in to a done this we of done significant as you our our buybacks. form indebtedness sales, some that gain Looking mentioned, conjunction we broadly also also much as able special created resulted to only, also we aware, we've that year, all were in expense the asset deliver in all some are of to what saw. the but with dividend, rates us and we've interest interest has a and stock do reduce That reduced Paul

$X.XX. per for are will $X.XX year share out terms of we look you $X.XX. between is the rate our forward putting If AFFO I at a guidance see current of That dividend and of above at that XXXX, in

dividends quarter-to-quarter are all basis. Board the by aware, on decided a you're As

a on whole staying Board. on progresses, the that quarter-by-quarter will made $X.XX of a basis, again, different For be the on are the by of the But the kind share, being, a course with per decision but time dividend. year will, Board approach as we evaluate course,

Susan our company's I turn the will Financial her Officer, overview call to over for Landi, that, financial With Chief the performance. Susan? of

Susan Landi

for going Investor guidance Relations XXXX. I'm available of and Events structure, full referring you, a I'll review a for full including in be under year to the the which the our items Presentations. cover sub-header Thank package, XXXX, section summary website of of a of is the few to & today, year Luca. revenue capital comparison supplemental

Page metrics X. First, I appear a that will share few on financial

net year stockholders, December income for ended XXXX, is or share due million $X.XX per to XX, full renewals. dispositions to XXXX, the $XX.X fourth period which quarter debt of same the largely For reductions, several that the interest the higher in years the occurred common than available which XXXX, impact of the lease in significant of impact and of savings strong was resulted

lower share, of directly and the avocado AFFO on increased which properties result for per was increased rents. XXXX. significantly million higher impacted of taxes, than the operated weighted expense as sales or volume positively same was our average a $XX.X citrus property farm reductions, was by interest debt lower and period AFFO $X.XX variable

X. Page to of on Next, was disposition sale XX with to in million. $XX.X aggregate of gain will review compared gain assets dispositions other with properties $XX.X XX properties of of some million we higher on operating items shown expenses of due and an dispositions in XXXX on sale the Gain on aggregate XXXX of an

result dispositions, interest outstanding debt we of to expense lower of meaningful million these As were by by borrowings. net able a $XXX.X reducing our

expense. operating both expenses the dispositions depreciation lowered In property and addition,

December year. XXXX, million to million and to a and expenses ended $X.X XX, and offset onetime $X.X travel special partially the lower of expense year a by of bonus executive General throughout increased officers the compensation during severance administrative due expense

as of company's the in of was expense cost-cutting former with incurred Treasurer the departure previously initiative. the announced severance part and connection CFO The company's

the Next, XX. of approximately had items at lines capital end are to moving year. the million There a of the point of on We capacity to Page $XXX few out. on structure undrawn credit

We have no interest debt resets that is XXXX. during subject to rate

fixed full at bottom for A in negotiated of rent rates. categories sold because decrease XX October property Page different and expected, year that that by that offset few the the to the breaks partially lease are: XXXX. comments did that's differences XXXX. highlight The down the dispositions years retain between I'd strong of as to of XXXX the describe rent with revenue in several like company was the points Note farm of the decrease periods. renewal the

increase the in operations Loan in interest primarily sales, to is crop up FPI and to and sales. avocado relative of and cost as impairment lower fees sold. to an cost insurance citrus, crop combination Direct of increase XXXX, program. the well sales increased Management the issuances It XXXX of of as was income in loan goods and walnuts largely under due due

The listed the Page are outlook at XXXX. for assumptions of the page. XX is our bottom

sold, interest revenue income to fixed Variable well is that's is the associated absence due of the outlook in due On and and row due of crop increased change full to rent renewals. transactions insurance, FPI XXXX reflects the for goods side, farm, program. recreation of cost and higher plus sold. The and solar, water. direct crops, with grapes activity to year decreased fees the minus maintenance loan again, Management payments citrus as crop sales, the on ops, increased costs the primarily lease farms wind as impact

where expense decreased year during a bonus. the of onetime forecasted impact due the million operating we $X.XX in $XX.X is today. on million stand side, decreased expense that of million result the Interest the or year. On of expense to declined to and the property with occurred occurred range savings such realizing the that decreased share as a AFFO $X.XX weighted sales to buybacks. as and year $X.X QX share. of reductions shares due full This $X.X The XXXX, the events to also full of expenses G&A XXXX the primarily impact severance summarizes per debt $XX.X average special million

we year. will you as We updated progress the keep through

you begin the comments this Operator, This up our Thank wraps now you for Q&A can all participating. session. morning.

Operator

Scott. from Your first Rob Janney Stevenson Instructions] with [Operator Montgomery line the question comes of

Robert Stevenson

to term or are of longer areas thoughts And versus are is I'd in in where relative today right there's environment just country love any be types the if that to to sort making acquisitions ones to pricing where you to your far too XXXX. on to of deals pricey? the do you now that the needed do be just crop want get that net sense

Paul Pittman

Yes.

overall me if extremely and Illinois Luca Colorado the Missouri. in Indiana basically state portfolio focused comments. Rob, California. and additional small of that Eastern looked on may it have then Let more a is is still one. broadly you our little and at of so take bit holdings to set today, A

reached particularly valuations a sale So We terms higher. strong. a properties Illinois stage the in -- prices, thought is Not Illinois, record. plateau driving in kind this is is remain market of But not We've of we've meaning good every in the incredibly new for the about past. talked single strong. very

make We to would sense. the valuations buy Illinois continue if in

Mississippi sale the all very you at when investors, that And think the last own the States, and gains. we our a that very, think Louisiana, relatively is it's high recognize very of were of yield gains assets that's know, most of we high you most approximately assets the for value Illinois the with most Nebraska environment, we our year, the about the but since achieved the a properties value best when appreciation where of Arkansas, we today, sold all most -- environment. about gain gains we low end XX,XXX acres. As Best with properties. United Those embedded we own. on But portfolio the embedded really the current not Delta, Southeast essentially the them portfolio own

too was, frankly, Colorado hot, -- bit not it's Goldilocks, Colorado. to not cold. a too like Turning little

more excited about be term, extensive that because and get the water time. We water of just limitations region particularly likelihood limitations not through long the -- to there are that

will we Plains exit like I the think gradually region. High

farms, going Louisiana current in place attractive. we the back of of any sold into slightly If we is the higher with regions Delta. a a to last where very more would Northeast properties that and of are in -- lot have the many we the we high-quality Midwest Southeast go Arkansas November, of the particular, characteristics Super They yield. were buy

California. to an calls. not talked of those With the X remains We've variety a worth at conference has California And of first or and of around X the California challenge, least, the crops area about as last concern. being the couple this the third second State turning Now years' challenges. a if of in California. probably of of of labor particularly -- being in of water challenges probably the overplanting challenges, and sort being many world. regulatory biggest labor

that region. done in investors are a has very asset are on that many that exiting right institutional region. in pressure that's that region now. think, of What values scared is lot of cases, There people We put

So article asset an a or long-term is where excited read by asset to class. Nothing our be I last that's up the somebody it. I moves not going time every to this the XX-day portfolio value the cycle monitor recognize in a in down it's We're value that, -- -- like class. not I'd about place That's whether days. XX continue we in on don't doesn't of written players. we're that kind understand get

it, to lighten California. question. to So of something buy we we're approached fair up going but we kind right if to in likely will kind at own watch our of there. exposure a that, monitor price get Rob, We're would assets it additional answers hope lighten it the unlikely California very I on now,

Robert Stevenson

Yes, hitting that's the or of states those and the capital? et very something or that regarding thresholds in about that capital return cetera, Ohio you guys forward looking How to sort helpful. expand are and/or more is, bought it's bent of and And are of you would dealerships. of Ohio for that and business -- other deployment Deere coverage, whether other thinking I do going how either guess you question deploy not about you thinking whatever guys you were and

Paul Pittman

Yes.

thoughts a to talked that. So And couple individual this. our of ones investors, many about on largest I've particularly

love them the hate some idea. doing of more them, the And of of some idea and that of frankly,

here's think when challenge the about So it. of intellectual you kind

given buildings. as we We of that any tools even dealership particularly, income current great sorts In it company are a year. I the face underneath enough yield of And current not long-term X% X.X%. own problems us. a we We maybe they're in the yield Deere the is believe, appreciation don't assets, own One for of Those land believe, solid the dealership. cases, some current footprint. assets in John the

or cap As long this price as lease going in of on view my Many in like higher are less more pay fair farmland rate and that. is you payment, that is fair at as these or value to you asset that, is a just dealerships important the appraised as highway than appreciate located things even for long really about fair value, value with likely not or farmland. case intersections pay

reason to values values land there's So ag the go The as asset parts go up they won't think the as up United to go go of up. land value in States of up. no underlying the won't base

argument today. So that portfolio have of that would more be do the the -- don't that. to in that's much very since to exposure We overall the

look, stay but argument not a that sensible counterargument, I the level, believe knitting. confuse which really dealership the stick Don't At it from is it's your to it. Both also In John are true. Deere some argument a of triple lease. sensible, those is with in, it's away is that, farmland, just net industrial things

view answer points of the of few to might with that you'll see I this it X management, amongst super X people think with that I I think was conversation do or you of we having is Rob, the group your to both more because aggressively I getting don't question, those. people Board rest have of expressed. a and would So if us

they're do guess attractive, expect do more it. us a on a don't is may if but I of those few to particularly we lot So

Robert Stevenson

on last the Okay. availability borrowing Susan. is today for get you That's helpful. best you one pricing then And for would to today incremental debt? debt sort rate What $XX that cost today? needed What you if one Where of that? of is you of the And million side? how sort would me your

Luca Fabbri

of And pulls chime up Susan the well, me in here number. let while kind correct

kind a also of look spread X and of at -- short-term But -- use that come we more SOFR is exposure liquidity if X-plus rate traditional terms debt credit ways are kind our Susan? to will in we us interest to on immediately rates again, of have structurally that loan different over different rate. said risks. agreements Having available year at can under we to You with kind would we of different actually have increase and interest that, because it lines that's

Susan Landi

the borrowing incremental now We're around Yes. X% for rate. right right

Paul Pittman

I'm Susan for with. connect Luca. what to said I want to room and in said want same second. Susan question the Luca to connect I Rob, a just not your and as

really it's too. around X% would go to So if quickly, we right wanted we that I beat that it rate. If you rate, think out, termed borrow

Operator

with [Operator line Horne of Instructions] Your Buck next question comes Raymond the from James.

Buck Horne

if the maybe Curious that the year sales, job. quarter last about progress for and just tenants the going sharing there on how are the your or and thoughts -- funding funding had with cost course various the freezes a that if particular seems articles that lot the around any of asset be know to few Congrats some great plays to sort wondering share to of of farmers that portfolio farmers on over exposed are if that the out programs could all that great you USDA and freezing And sort think been in exposed agreements. are you year? there high-level headlines the if a some of do or you of any of out

Paul Pittman

Yes.

of words. thank here's you my on perspective for that. Buck, your kind kind So And

the budget, about large So the look relatively it -- when USDA buckets. got to X you at think in separate you

of first budget. is is. it is aid what off food That's top percentage basically don't the That budget. bucket the in and food head a it But a large, purchasing. my low-income of SNAP. The the large stamps, overall have it's people I huge of USDA large to percentage

very that that. the to for Clinton be stamp these food think. you a changes older safety, it some think waste to they go -- And one the under Not coming I pretty a in remember needs rack. not program. short-term of themselves I if Clinton maybe the successful think also fact D.C. think forever is the and life on fulfilling make a of I'm don't I providing out sure on a that administration, that They a is. of that most nobody there back need They're program bit abuse think and we some -- there to so you safety fraud screwed, back -- there those a be I'm got Bill the wants is little things net. Washington to and human Trump at there sense administration beings program less than focused call, forever are disincentivize in But create

piece That of insurance. is program There's least a thinking, disaster important is that. most At It bucket insurance. U.S. crop security. different a of to the for is farmers, but crop and hoc of that good payments, are cements citizens. program and delivered farm good of program for program. second for that way lot there's is it there's pieces program things The a ad my to payments that there's And the the reason direct is good really that food all is a very farmers, of

years if have bad that have a again does States and row. don't row it bad and we year We terms had to little a we X United in year, X a Causes had production in a supply. of therefore, are back hungry. not would does food is such really in a in productive year, a in bad of problem bad that Where a bit the cause we in go lets what country one pricing, years making problem it, have terms the is go going nobody but sure next is food of crop who plant farmer increase insurance

so program very, very And is that good.

on and I'm focused real company, away want don't doing long it just system -- partly time, to call a they on degree mean some to in and of that payments in the insurance, with fraud USDA the all. who's be. think, I tenants there. stay should there we we a as particular I a for going is is abusing and Washington and from everybody team are that. was hoc abuse crop that current because farming. focus insurance emergency who rid do payments get in at ad farmer to is sure indirect waste Again, We, anything the tenant what We

focused sort So on we we of regard to We just on got those sensible -- economic tenants. farmers, farms. are without making don't very, sure any payment which we've results government have very of their also have and

meaningful I done that's So in think us anything any that kind don't in hurts way. of area

highest might it but people land that fact, in speaking, -- higher us like In answer, higher I help quality quality farming the helps. Long-winded relatively hope regions. have, it

Buck Horne

also -- do were that farmers maybe or through undertaken, in to lot intent, I thinking it's money helps. the to And appreciate project definitely just want on think, environmental or to they Inflation I putting clarify, doing the I because a more upgrades I on. lot cost-sharing they I Act, of whether kind money Reduction putting was thoughts. going want arrangement that fencing question that CapEx the of No, some upfront the I -- these were wasn't a other had to clear that -- of with government a was

had risk of some Just a being money financial program that cut sort of wondering farms lot of CapEx any spent advantage if of your taken portfolio due or to where it back? funding

Paul Pittman

No.

we we, quick getting kind it as rare or circumstance pursue are I to seldom mean, eligible answer incredibly government ever no. payments, either and the is a program directly, of sort directly we pushing some it would share any direct do us for tenant a not although get by by with of it -- an company, So payment.

to don't. just just we that want that in play So we really space, don't

a muted be has from us landowner But the on you the Now I that fair, us very mean, very, I just negative had coming like massive in USDA large flow mean, a the I because capital for community, reasons cash impact to just is in there's impact to reduction the less it if explained. agriculture on system.

a on administration obligation. to in cost a anything contractual that's USDA is share pre-existing the of a fulfill They're do. the my specifics, sort don't exactly just the the that's something. going I that to But know As sense again, And will what contract. obligation,

relevant more I is think it's going change forward, question. programs the will those

Buck Horne

terms could terms quick renewals renewal your of you. kind what appreciate new on your kind if And you kind Got think I that. one is are plays of and share asking you. the in for rates that spring through Got out for lease just you one going year? this Very of of at last helpful. how

Paul Pittman

Sure.

So XX.X%. rates, prior on in We renewals average That based was look over of is you to essentially about net on negative is the last rate. down. back the the renewal X-year rates on years to XXXX a year. couple strong had X the XXXX slightly years, renewal if last up incredibly renewal year X.X% rent flat

recognize of number Now this then those rents those properties. sold, renewing year they're because weird statistic. high-quality were is kind in had we properties, We properties that of most really we that those worked our way the through sold very on not so

or So year selling statistic a with XX% that of sloppy XX% of it's this of portfolio. the kind

the to but years sort wasn't this again. if X positive, had takeaway statistic, rental have of slightly and it properties and is years the have XX% ago X going Because even all big really strong it might increases sold flattish those XX% be we been still But ago year. in or we

-- of in well. kind made that's you the plateau land why got as rents we're I in So about comp, plateau like values, a comment

back we're coming again. cycle the think a we for year, Now can increases where push to I going rent be in

particularly price in grain our to increasing or corn centric, the is increase If months, And makes you've up the over row that corn portfolio, in happiness X roll which discussion, crop easier. when of to particular, that rent negotiation rent related relatively therefore, price, chart, out go a pull very corn farmers. significant you soybean you last a in profitability have seen

Buck Horne

again job. progress, all Congrats good the

Operator

the Your comes of next line Darren question Rabenou with Partners. DTR from

Darren Rabenou

to in do income -- being on -- do hit you to dividends not up asking cash of you you're can credit last And been to able think on assume rents. that's changing that that high, think I to about can which I year? mean going of flow we said of do selling terms you the changed this access assets basis? go-forward through what think want Following levels that markets, because versus you you interest or historically badly How rates so a going in that. raise with being paid I'm think be the

income? income where up. prices in where So cetera? et out think are income that farmers -- you is Is mentioned that commodity looking to that see forward bottomed levels going go that you farmers' do corn given You in and have labor, more

Paul Pittman

Yes.

the kind these the at other of data of and partly end grain it's it narrow-angle year, kind suggests places and climbing whether or lens. but kind something large back is farm through also last of actually that coming of recent lens a that's price. wide-angle of direct looking authorized That's payments increasing So out income up. you're that -- were USDA And a the depends

that's If overdone. you at let's look because it's is really wide-angle probably we -- important. we're last the just through idea what's the so now legs farmers year. a last little than their lens better were narrow-angle lens, This But just look that are on

are economic for American years the top XX farmers. return in certainly right now We ever

best government something year the ever. it without recently said, it's best with would read I ever be year payments, and that the sixth government eighth payments,

care. who So I really I just mean -- be blunt. don't understands these statistics. I'm I somebody

out a are -- push push to prices proportion. prices of rents rents are going we able be bit. year able grain Farmers grain going understands Things is is is a are little totally probably of blunt profitability you're kind company is up, which far, statistics. if -- to just be going through. profitability went are very going This going not just you'll Our down, up these up, down, to

good, times a grab you rent us, while little why increases are you where is then year those be this company, so anytime And a more can. And as can't. gentle a in

approach. our of kind that's so And

rent be about context, making model. we'll Think up a long-term Don't that's you average up So or XX% a zero. about increase think your to the continue it or that X% able XX% for as to year as in of XX% To we see forever think give push year, X% XX% rents. we year. or

So it's modeling or is long-term that. X% X% average, like or something if you're kind of

Darren Rabenou

giving seeing coming signals And mean, assets away market? all, at in looking banks of I what which Because are maybe bottom buyers into California of kind you're for? are the that distressed is now, a the right you

Paul Pittman

question? want to it, this about mean do Luca, I've might about have I you thought more. thought it you take but

So go ahead.

Luca Fabbri

buyers fine. I'm to as lot We market. are probably yet. fairly the haven't it. is there into lots stepped -- are probably market see of on properties used farmland That's There of well, the they know California you right. -- very dislocated. market are a the That's willing still There the is being that

take for top water the resolve. a and regarding supply lot kind demand uncertainties and of will so for probably forth there mind of there sigma long-term fundamental little to So operators. of and farmland availability Unfortunately, assets. a That is misalignment remain kind on between a of so longer and

for good XXXX. almonds have performed have walnuts However, in performance, performed example, than well pretty expected, better

those expecting here far, operators the picking have large What quite already are a because we specifically present than the XXXX, investors a of a so already bit bit seeing looking therefore, in there. swooping to we to any of interest. little is more feel they're and and to little decent from are and, mostly of market. now in buy from that a are smaller up -- exposure of market they lot We parcels investors investors buy a had pretty haven't We seen really into quantities, California they big

Paul Pittman

question, I predict exactly specific or right your the to bottom can But Darren, now. at near bottom never we're you where is. think the

Operator

of Capital Lucid from comes line with Kucera Craig the question next Your Markets.

Craig Kucera

Loan program. bit a the talk to about like FPI I'd

And Do pretty get the where just to outstanding your segment? you a continued on demand thoughts increase in that your higher in would you like sizable had demand. quarter. fourth You see in expect to see loans

Paul Pittman

and I mean, demand, -- Craig, We it. partly it's on it's focused partly

but job we the controlling are good done we As a portfolio, cost, company. a have we've public shrunk

So a there to how can floor costs. much lower is we

being know, is a expensive Board, in filing legal, of terms et you fees, As cetera. accounting, public outside

flow with And on program, so the was that us and loan as taking of such got but we fees we rates the of interest increase the making a of a cash we loans and that last got by obviously, we properties we helps high out large things reach by ton portion additional sale on we've consciously where we did many sold like a in so important. said hope, actively at fall with to way and -- into portfolio, that transaction risk, our deep not

that's and see numbers. the we you that's what really so what did, in And

It's a it's agriculture the we're are own who the hand, marketplace we in if sort farmers not and because that ag often an not very to role a often but don't position asset is of What that. cash in land we poor Again, on the owning touch it's because asset people in are where necessary. do own other assets. asset-based Most lender. serve of lenders rich. are to bad business loan, a We, they are want but

taking value, long not make So as of scared We're we're I and we loan. as a in do. And team like feels collateral very to. of we'll the if what terms property covered our that's we have

And to so we're that's able of why kind expand.

obvious assets. if terrible? approach, is There's paid the question, little the just got lending. he's a that borrower -- of will value you've what buy to -- that we do he's back time. reason how take it's that flow people really is approach cash get many take probably not asset And of when that lots has the doing lots you that we not And trying Well, guy's to reality

us as You all, you that's scare of transactions. can at those loan the other interest we've business terms him money rates as market. we family to related and got And I strong play sheet. fees the kind role can balance against good and sell to lend up said, sell the position we assets asset, generate of or in doesn't And some and as either the in long value, clean very

Craig Kucera

been that's program. know I always a Right.

it to in past. the than hope had more grow You

calls Has the one any there the more call in and all since for increase maybe going inbound been shakeup Just me. on discussed on that we change the administration today?

Paul Pittman

now. Do It's to may -- have on you view a Luca, day-to-day know. point answer. be of express runs I Luca company a don't Luca, it? you basis the a

Luca Fabbri

fact offer. a the here in what's of I commodity going inquiries the not prices the that in the think to -- increased felt of product related It's kind squeezed we little bit I'm bit. back quite type an operators of has given related personally have little months, to uptick of that need the We've just a especially sure more coming and some have that that a in inbound administration XXXX, really happen loan it's the don't program. to marginal change. Yes. bounced for seen

Operator

session and Farmland everyone, of our Please you, concludes President Q&A that Thank to go will the Partners. and turn Fabbri, ahead. call for today. now I over Luca CEO back

Luca Fabbri

look thank our our We the a and coming results in appreciate day. company forward updating quarters. you, Thank and in Have your you, everybody. on you to and activities great interest Gail,

Operator

for Thank gentlemen, you today's and call. all Ladies concludes that joining.

may a day, nice Have You disconnect. now everyone.

Farmland Partners (FPI) 20 Feb 252024 Q4 Earnings call transcript