Farmland Partners : No significant recent storm damage, strong lease renewals

Farmland Partners provided business updates on several topics, including recent storms in California and the Southeast, the status of lease renewals, and updated disposition expectations for 2023. While there was substantial rain on the Company’s farms in the areas affected by Hurricane Idalia and Tropical Storm Hilary, there was no significant damage that would impair productivity. Many farmers, businesses, and residents in both areas were not so fortunate, and we wish them a speedy recovery. Leases to renew in 2023: Approximately 14% of total revenue. Renewals already completed: Approximately 50% by acres. Rental rates: Average increases more than 15%. Lease renewals signed in the fall of 2023 generally commence in Q4 and, accordingly, contribute to revenue to a greater extent in 2024 and beyond than in 2023. When reporting earnings for the quarter ended June 30, 2023, the Company estimated that it would sell up to $135M of assets in 2023. As of the date of this release, the total identified transactions have increased to approximately $190M