Darren Rabenou's questions to Farmland Partners Inc (FPI) leadership • Q4 2024
Question
Darren Rabenou questioned the ability to raise rents given recent declines in farm income, asked about the source of dividends (cash flow vs. asset sales), and inquired if the presence of distressed buyers in California signals a market bottom.
Answer
Executive Chairman Paul Pittman countered the premise of low farm income, stating it's currently one of the best periods ever for farmers, which supports the ability to raise rents. President and CEO Luca Fabbri described the California market as dislocated, with interest from smaller operators but not yet large institutional investors. Pittman added his view that the California market is at or near the bottom.