FPI
Farmland Partners Inc.10.24
+0.17+1.69%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details CA exits, loan strength
Q&A doubled down on dispositions, with management declaring they've soured on California full stop—planning gradual exits except top almonds—while deeming everything else salable at top dollar, including bullish Illinois holdings. Loan program demand stays strong amid farmer woes, eyeing steady growth or hold. Buybacks should taper as shares rise; dividend boost stems from AFFO, not lumpy sales. Guidance dip ties mostly to dispositions, with cautious Q4 variable rents. Everything in the portfolio is salable. Crisp answers left investors watching sale pace and loan yields.
Key Stats
Market Cap
459.91MP/E (TTM)
8.13Basic EPS (TTM)
1.26Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
Farmland Partners trimmed net income 47.6% to $32.2M for FY2025 ended December 31, 2025, as $34.9M gains from disposing 60 properties for $90.2M overshadowed $17.8M West Coast impairments from crop and water woes; yet AFFO climbed 27% to $17.9M ($0.39/share). Q4 momentum shone via a $10.5M gain exchanging 23 Corn Belt farms for Series A preferred unit redemptions, deleveraging debt $43M to $161.6M while liquidity swelled to $172.9M. Share repurchases nabbed 3.4M shares at $11.07 average; a $0.20 special dividend capped capital returns. Tenant farming profitability drives rents.
8-K
Beats AFFO, hikes dividend
Farmland Partners reported 2025 net income of $32.2M but beat AFFO guidance with $17.9M ($0.39/share, up 34.5% YoY) via $90.2M in dispositions netting $34.9M gain and debt cut to $161.6M. Balance sheet simplified post-Series A redemption. Dividend jumps 50% to $0.09 quarterly. Strong sales offset NOI drop.
10-Q
Q3 FY2025 results
Farmland Partners posted Q3 revenues of $11.3M, down 15.5% y/y from dispositions, yet swung to net income of $0.5M versus $1.8M last year, buoyed by $24.5M YTD gain on 35 property sales for $85.5M cash. Rental income fell 38.6% y/y to $6.0M (derived), reflecting smaller portfolio, while interest income doubled on loan growth; interest expense plunged 58.7% y/y to $2.3M after debt paydown. Cash dropped to $13.5M (from $78.4M YE) amid $37.8M buybacks and $61.2M dividends, but $159M revolver availability cushions $68M 2026 maturities. Debt netted $170M at quarter-end. Tenant concentration tops 10% in Corn Belt.
8-K
FPI boosts guidance, sells units
Farmland Partners Inc. reported Q3 2025 net income of $0.5 million, down from $1.8 million last year, yet AFFO doubled to $2.9 million amid $85.5 million in property sales and $23 million debt repayments. The company agreed to sell its brokerage and management business for $5.3 million and swap 23 Corn Belt properties for $31 million in preferred units, slashing exposure from $99 million to $68 million at a 56% gain over 2016 costs. It raised 2025 AFFO guidance to $0.32–$0.36 per share. Streamlining sharpens farmland focus.
10-Q
Q2 FY2025 results
Farmland Partners swung to a $7.8M net income in Q2 FY2025 ended June 30, 2025, up from a $2.1M loss y/y, driven by a $24.2M gain on selling 32 properties for $81.6M while revenue dipped 13% y/y to $10.0M on fewer acres. Rental income fell 37% y/y to $6.0M post-dispositions, yet crop sales rose 54% y/y to $1.4M on stronger citrus volumes, and other revenue surged 157% y/y to $2.5M from higher loan interest. A $16.8M impairment hit West Coast assets due to crop and water woes, but interest expense halved y/y to $2.4M after debt paydowns. Cash sat at $51.1M with $160M revolver availability and $192.7M debt (14% variable); free cash flow not disclosed in the 10-Q. Dispositions trimmed the portfolio to 75,900 acres, focused on Corn Belt strength. Tenant concentration risks linger in key regions.
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