Farmland Partners Inc. (NYSE:FPI) shares soared 7.99% in after-hours trading on Wednesday following the company's release of robust financial results for the full year 2024. Key highlights include:
- Net income of $61.5 million, up 94% year-over-year, and adjusted FFO of $14.1 million, up 72.9%.
- Completed $312 million in property dispositions, allowing the company to reduce total debt by $158.5 million and eliminate exposure to floating rate debt.
- Declared a one-time special dividend of $1.15 per share in addition to the regular quarterly dividend of $0.06 per share.
The strong performance and successful execution of strategic initiatives to enhance operational efficiencies and streamline the portfolio drove the significant appreciation in FPI's stock price. CEO Luca Fabbri cited the company's ability to create shareholder value through asset sales and highlighted growth opportunities in autonomous driving and robotaxi operations.
With a strengthened balance sheet, reduced overhead costs, and promising growth prospects, Farmland Partners appears well-positioned for continued success in 2025 and beyond, fueling investor optimism and the after-hours surge in the company's stock price.
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