Farmland Partners Inc. Reports Full Year 2025 Results

DENVER--( BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial results for the year ended December 31, 2025.

Selected Highlights

For the year ended December 31, 2025, the Company:

Subsequent to December 31, 2025, the Company:

CEO Comments

Luca Fabbri, President and Chief Executive Officer, commented: “We delivered a very strong financial performance in 2025, producing compelling AFFO per share, further pruning lesser performing and riskier assets at strong sale prices and fortifying and simplifying our balance sheet, eliminating the risk of a significant issuance of common shares at a dilutive stock price through the redemption of the remaining Series A preferred units in February 2026. Our operating results continue to reflect the strength and resilience of our portfolio and the quality of our tenants. Despite ongoing crop pricing pressures, our tenants remain among the strongest farm operators in the country. Farmland values also remain appealing, as evidenced by our continued ability to produce gains on asset dispositions. Looking ahead to 2026, we believe we are well positioned to continue delivering attractive risk-adjusted total returns through disciplined capital management, high-quality assets, and favorable long-term agricultural trends. As a result, we are raising our quarterly dividend by 50% to $0.09 per share.”

Financial and Operating Results

(in thousands)

For the years ended

December 31,

Financial Results:

2025

2024

Change

Net Income

32,172

61,450

(47.6

Net income available to common stockholders (1)

0.65

1.19

(45.4

AFFO (2)

17,872

14,074

27.0

AFFO per weighted average common share

0.39

0.29

34.5

Adjusted EBITDAre (2)

30,067

35,882

(16.2

Operating Results:

Total Operating Revenues

52,178

58,226

(10.4

Net Operating Income (NOI)

41,915

46,921

(10.7

(1)

Basic net income per share available to common stockholders. See “Note 9—Stockholders’ Equity and Non-controlling Interests” in the Annual Report on Form 10-K for the year ended December 31, 2025, when filed, for more information.

(2)

The year ended December 31, 2025 included approximately $1.0 million of income as a result of a solar lease arrangement with a tenant. The year ended December 31, 2024 included approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement.

Acquisition and Disposition Activity

Balance Sheet

Dividend Declarations

On February 17, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock and Class A Common OP unit. The dividends are payable on April 15, 2026 to stockholders and common unit holders of record as of April 1, 2026.

2026 Earnings Guidance and Supplemental Package

For 2026 earnings guidance, please see page 15 of the supplemental package, which can be accessed through the Investor Relations section of the Company's website.

Conference Call Information

The Company has scheduled a conference call on February 19, 2026, at 11:00 a.m. (U.S. Eastern Time) to discuss the financial results and provide a company update.

The call can be accessed live over the phone by dialing 1-800-715-9871 and using the conference ID 8436455. The conference call will also be available via a live listen-only webcast that can be accessed through the Investor Relations section of the Company's website, www.farmlandpartners.com.

A replay of the conference call will be available beginning shortly after the end of the event until March 1, 2026, which can be accessed by dialing 1-800-770-2030 and using the playback ID 8436455. A replay of the webcast will also be accessible on the Investor Relations section of the Company's website for a limited time following the event.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets. As of December 31, 2025, the Company owned and/or managed approximately 71,600 acres of farmland in 11 states, including Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West Virginia. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws, including, without limitation, statements with respect to our outlook and the outlook for the farm economy generally, proposed and pending acquisitions and dispositions, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance, and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the ongoing war in Ukraine and the and other geopolitical tensions and their impacts on the world agriculture market, world food supply, the farm economy generally, and our tenants’ businesses; changes in trade policies in the United States and other countries that import agricultural products from the United States, including the imposition of tariffs; high inflation and elevated interest rates; the onset of an economic recession in the United States and other countries that impact the farm economy; extreme weather events, such as droughts, tornadoes, hurricanes, wildfires or floods; the impact of future public health crises on our business and on the economy and capital markets generally; general volatility of the capital markets and the market price of the Company’s common stock; changes in the Company’s business strategy, availability, terms and deployment of capital; the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all; availability of qualified personnel; changes in the Company’s industry, interest rates or the general economy; adverse developments related to crop yields or crop prices; the degree and nature of the Company’s competition; the outcomes of ongoing litigation; the timing, price or amount of repurchases, if any, under the Company's share repurchase program; the ability to consummate acquisitions or dispositions under contract; and the other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the Company’s other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Farmland Partners Inc.

Consolidated Balance Sheets

As of December 31, 2025 and 2024

(in thousands, except par value and share data)

December 31,

2025

2024

ASSETS

Land, at cost

565,002

645,592

Grain facilities

7,476

7,714

Groundwater

8,858

11,033

Irrigation improvements

22,741

28,890

Drainage improvements

6,401

8,243

Permanent plantings

28,049

42,461

Other

3,334

3,983

Construction in progress

1,190

1,484

Real estate, at cost

643,051

749,400

Less accumulated depreciation

(26,783

)

(31,557

)

Total real estate, net

616,268

717,843

Cash and cash equivalents

9,293

78,441

Assets held for sale

—

Loans and financing receivables, net

80,232

55,305

Right of use asset, net

169

194

Accounts receivable, net

4,408

4,287

Derivative asset

141

498

Inventory

2,316

2,659

Equity method investments

4,245

4,101

Intangible assets, net

—

1,374

Goodwill

—

2,706

Prepaid and other assets

1,993

2,179

TOTAL ASSETS

719,065

869,648

LIABILITIES AND EQUITY

LIABILITIES

Mortgage notes and bonds payable, net

160,842

203,683

Lease liability

169

194

Dividends payable

11,483

57,253

Accrued interest

2,116

3,062

Accrued property taxes

1,411

1,650

Deferred revenue

1,243

1,153

Accrued expenses

3,831

6,096

Total liabilities

181,095

273,091

Commitments and contingencies

Redeemable non-controlling interest in operating partnership, Series A preferred units

70,583

101,970

EQUITY

Common stock, $0.01 par value, 500,000,000 shares authorized; 43,093,127 shares issued and outstanding at December 31, 2025, and 45,931,827 shares issued and outstanding at December 31, 2024

431

459

Additional paid in capital

520,899

551,994

Retained earnings

117,314

88,352

Cumulative dividends

(179,641

)

(160,406

)

Other comprehensive income

350

1,512

Non-controlling interests in operating partnership

8,034

12,676

Total equity

467,387

494,587

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY

719,065

869,648

Farmland Partners Inc.

Consolidated Statements of Operations

Years Ended December 31, 2025 and 2024

(in thousands except per share amounts)

For the Years Ended

December 31,

2025

2024

OPERATING REVENUES:

Rental income

35,929

47,119

Crop sales

5,521

5,027

Other revenue

10,728

6,080

Total operating revenues

52,178

58,226

OPERATING EXPENSES

Depreciation, depletion and amortization

4,168

5,588

Property operating expenses

5,641

7,368

Cost of goods sold

4,622

3,937

Acquisition and due diligence costs

General and administrative expenses

11,724

14,071

Legal and accounting

2,928

1,654

Impairment of assets

17,821

790

Other operating expenses

103

Total operating expenses

46,945

33,539

OTHER (INCOME) EXPENSE:

Other (income)

(493

)

(123

)

(Income) from equity method investment

(194

)

(125

)

(Gain) on disposition of assets, net

(35,864

)

(54,148

)

(Income) from forfeited deposits

—

(1,205

)

Interest expense

9,627

18,854

Total other (income)

(26,924

)

(36,747

)

Net income before income tax benefit

32,157

61,434

Income tax benefit

(15

)

(16

)

NET INCOME

32,172

61,450

Net (income) attributable to non-controlling interests in operating partnership

(627

)

(1,539

)

Net income attributable to the Company

31,545

59,911

Dividend equivalent rights allocated to performance-based unvested restricted shares

(29

)

(53

)

Nonforfeitable distributions allocated to time-based unvested restricted shares

(136

)

(460

)

Distributions on Series A Preferred Units

(2,583

)

(2,970

)

Net income available to common stockholders of Farmland Partners Inc.

28,797

56,428

Basic and diluted per common share data:

Basic net income available to common stockholders

0.65

1.19

Diluted net income available to common stockholders

0.61

1.06

Basic weighted average common shares outstanding

44,196

47,546

Diluted weighted average common shares outstanding

51,255

55,987

Dividends declared per common share - regular and special

0.44

1.39

Farmland Partners Inc.

Reconciliation of Non-GAAP Measures

Years Ended December 31, 2025 and 2024

For the years ended December 31,

(in thousands except per share amounts)

2025

2024

Net income

32,172

61,450

(Gain) on disposition of assets, net

(35,864

)

(54,148

)

Depreciation, depletion and amortization

4,168

5,588

Impairment of assets

17,821

790

FFO (1)

18,297

13,680

Stock-based compensation

2,156

1,963

Real estate related acquisition and due diligence costs

Distributions on Series A Preferred Units

(2,583

)

(2,970

)

Severance expense

—

1,373

AFFO (1)

17,872

14,074

AFFO per diluted weighted average share data:

AFFO weighted average common shares

45,537

49,127

Net income available to common stockholders of Farmland Partners Inc.

0.65

1.19

Income available to redeemable non-controlling interest and non-controlling interest in operating partnership

0.06

0.07

Depreciation, depletion and amortization

0.09

0.11

Impairment of assets

0.39

0.02

Stock-based compensation

0.05

0.04

(Gain) on disposition of assets, net

(0.79

)

(1.10

)

Distributions on Series A Preferred Units

(0.06

)

(0.07

)

Severance expense

0.00

0.03

AFFO per diluted weighted average share (1)

0.39

0.29

For the years ended December 31,

(in thousands)

2025

2024

Net income

32,172

61,450

Interest expense

9,627

18,854

Income tax benefit

(15

)

(16

)

Depreciation, depletion and amortization

4,168

5,588

Impairment of assets

17,821

790

(Gain) on disposition of assets, net

(35,864

)

(54,148

)

EBITDAre (1)

27,909

32,518

Stock-based compensation

2,156

1,963

Real estate related acquisition and due diligence costs

Severance expense

—

1,373

Adjusted EBITDAre (1)

30,067

35,882

(1)

Farmland Partners Inc.

Reconciliation of Non-GAAP Measures

Years Ended December 31, 2025 and 2024

For the years ended December 31,

($ in thousands)

2025

2024

OPERATING REVENUES:

Rental income

35,929

47,119

Crop sales

5,521

5,027

Other revenue

10,728

6,080

Total operating revenues

52,178

58,226

Property operating expenses

5,641

7,368

Cost of goods sold

4,622

3,937

NOI

41,915

46,921

Depreciation, depletion and amortization

4,168

5,588

Acquisition and due diligence costs

General and administrative expenses

11,724

14,071

Legal and accounting

2,928

1,654

Impairment of assets

17,821

790

Other operating expenses

103

Other (income)

(493

)

(123

)

(Income) from equity method investment

(194

)

(125

)

(Gain) on disposition of assets, net

(35,864

)

(54,148

)

(Income) from forfeited deposits

—

(1,205

)

Interest expense

9,627

18,854

Income tax benefit

(15

)

(16

)

NET INCOME

32,172

61,450

Non-GAAP Financial Measures

The Company considers the following non-GAAP measures to be useful to investors as key supplemental measures of its performance: FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of the Company’s operating performance. FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre, as calculated by the Company, may not be comparable to other companies that do not define such terms in exactly the same way as the Company.

FFO

The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit. Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate related depreciation, depletion and amortization (excluding amortization of deferred financing costs), impairment write-downs of depreciated property, and adjustments associated with impairment write-downs for unconsolidated partnerships and joint ventures. Management presents FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from sales of depreciable operating properties, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. The Company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs. However, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO.

AFFO

The Company calculates AFFO by adjusting FFO to exclude the income and expenses that the Company believes are not reflective of the sustainability of the Company’s ongoing operating performance, including, but not limited to, real estate related acquisition and due diligence costs, stock-based compensation and incentive, deferred impact of interest rate swap terminations, distributions on the Company’s preferred units and severance expense.

Changes in GAAP accounting and reporting rules that were put in effect after the establishment of Nareit’s definition of FFO in 1999 result in the inclusion of a number of items in FFO that do not correlate with the sustainability of the Company’s operating performance. Therefore, in addition to FFO, the Company presents AFFO and AFFO per share, fully diluted, both of which are non-GAAP measures. Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company’s operational performance than FFO. AFFO is not intended to represent cash flow or liquidity for the period and is only intended to provide an additional measure of the Company’s operating performance. Even AFFO, however, does not properly capture the timing of cash receipts, especially in connection with full-year rent payments under lease agreements entered into in connection with newly acquired farms. Management considers AFFO per share, fully diluted to be a supplemental metric to GAAP earnings per share. AFFO per share, fully diluted provides additional insight into how the Company’s operating performance could be allocated to potential shares outstanding at a specific point in time. Management believes that AFFO is a widely recognized measure of the operations of REITs and presenting AFFO will enable investors to assess the Company’s performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and AFFO per share, fully diluted and, accordingly, the Company’s AFFO and AFFO per share, fully diluted may not always be comparable to AFFO and AFFO per share amounts calculated by other REITs. AFFO and AFFO per share, fully diluted should not be considered as an alternative to net income (loss) or earnings per share (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to net income (loss) earnings per share (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions.

EBITDAre and Adjusted EBITDAre

The Company calculates Earnings Before Interest Taxes Depreciation and Amortization for real estate (“EBITDAre”) in accordance with the standards established by Nareit in its September 2017 White Paper. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates. EBITDAre is a key financial measure used to evaluate the Company’s operating performance but should not be construed as an alternative to operating income, cash flows from operating activities or net income, in each case as determined in accordance with GAAP. The Company believes that EBITDAre is a useful performance measure commonly reported and will be widely used by analysts and investors in the Company’s industry. However, while EBITDAre is a performance measure widely used across the Company’s industry, the Company does not believe that it correctly captures the Company’s business operating performance because it includes non-cash expenses and recurring adjustments that are necessary to better understand the Company’s business operating performance. Therefore, in addition to EBITDAre, management uses Adjusted EBITDAre, a non-GAAP measure.

The Company calculates Adjusted EBITDAre by adjusting EBITDAre for certain items such as stock-based compensation and incentive, real estate related acquisition and due diligence costs and severance expense that the Company considers necessary to understand its operating performance. The Company believes that Adjusted EBITDAre provides useful supplemental information to investors regarding the Company’s ongoing operating performance that, when considered with net income and EBITDAre, is beneficial to an investor’s understanding of the Company’s operating performance. However, EBITDAre and Adjusted EBITDAre have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

In prior periods, the Company has presented EBITDA and Adjusted EBITDA. In accordance with Nareit’s recommendation, beginning with the Company’s reported results for the three months ended March 31, 2018, the Company is reporting EBITDAre and Adjusted EBITDAre in place of EBITDA and Adjusted EBITDA.

Net Operating Income (NOI)

The Company calculates net operating income (NOI) as total operating revenues (rental income, tenant reimbursements, crop sales and other revenue), less property operating expenses (direct property expenses and real estate taxes), less cost of goods sold. Since net operating income excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other income and losses and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and leasing farmland real estate, providing a perspective not immediately apparent from net income. However, net operating income should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other income and losses.