Farmland Partners Inc. Reports Full Year 2025 Results

Raises Quarterly Dividend by 50% to $0.09 per share; Beats AFFO Guidance by $0.05 per Share

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:

• recorded net income of $32.2 million, or $0.65 per share available to common stockholders, compared to $61.5 million, or $1.19 per share available to common stockholders for the same period in 2024;
• recorded AFFO of $17.9 million, or $0.39 per share, compared to $14.1 million, or $0.29 per share, for the same period in 2024 and compared to Q3 2025 updated guidance of $0.34 per share at the midpoint;
• completed dispositions of 60 properties in the Corn Belt, Delta and South, High Plains and West Coast regions for aggregate consideration of $90.2 million, including $2.1 million in seller financing, and recognized an aggregate net gain on sale of $34.9 million. Of the 60 properties, 23 properties were exchanged for the redemption and cancellation of 31,000 Series A preferred units;
• completed acquisitions of six properties in the Corn Belt region for total consideration of $7.3 million;
• decreased total indebtedness by $43.0 million from $204.6 million at December 31, 2024 to $161.6 million at December 31, 2025;
• repurchased 3,411,581 shares of its common stock at a weighted average price of $11.07 per share;
• sold Murray Wise Associates, LLC (“MWA”) and its subsidiaries, the Company’s auction, brokerage and third-party management business, at an aggregate gain of $1.0 million, a 23.3% capital appreciation on the Company’s original investment made in late 2021; and
• declared a one-time special dividend of $0.20 per share of common stock and Class A Common OP Unit in December 2025 which was paid in January 2026.

Subsequent to December 31, 2025, the Company:

• raised cash dividends by 50% to an annualized dividend of $0.36 per share, or $0.09 per quarter, of common stock and Class A Common OP unit from $0.24 per share, or $0.06 per quarter, of common stock and Class A Common OP unit;
• completed one disposition in the West Coast region for $1.3 million in aggregate consideration;
• redeemed the remaining 68,000 Series A preferred units for $68.0 million plus accrued distributions for an aggregate of $68.2 million in cash, eliminating the risk of having to issue common stock at a dilutive price and fortifying and simplifying the Company’s balance sheet;
• made borrowings, net of repayments, of $76.2 million against the Company’s lines of credit; and
• made principal advances totaling $2.5 million and received collections totaling $4.9 million on existing loans under the FPI Loan Program.

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

• The table below shows financial and operating results for the years ended December 31, 2025 and 2024.

• See “Non-GAAP Financial Measures” below for complete definitions of AFFO, Adjusted EBITDAre, and NOI and the financial tables accompanying this press release for reconciliations of net income to AFFO, Adjusted EBITDAre and NOI.

Acquisition and Disposition Activity

• During the year ended December 31, 2025, the Company acquired six properties for total consideration of $7.3 million.
• During the year ended December 31, 2025, the Company completed 60 property dispositions for approximately $90.2 million in aggregate consideration, including $2.1 million in seller financing, and recognized a gain on sale of $34.9 million. Of the 60 property dispositions, the Company exchanged 23 properties for the redemption and cancellation of 31,000 Series A preferred units.
• In November 2025, we sold MWA, our auction, brokerage and third-party management business, and its subsidiaries, for aggregate consideration of $5.3 million, including $3.3 million in seller financing, and recognized an aggregate gain on sale of $1.0 million.

Balance Sheet

• The Company had total debt outstanding of approximately $161.6 million at December 31, 2025 compared to total debt outstanding of approximately $204.6 million at December 31, 2024. The Company’s estimated debt to enterprise value was approximately 25.0% at December 31, 2025.
• At December 31, 2025, the Company had access to liquidity of $172.9 million, consisting of $9.3 million in cash and $163.6 million in undrawn availability under its credit facilities. The Company used approximately $80.2 million of this liquidity in February 2026 to redeem all outstanding Series A preferred units, simplifying the balance sheet and eliminating the risk of conversion of Series A preferred units into common shares at a dilutive stock price.
• As of February 13, 2026, the Company had 43,836,899 shares of common stock outstanding on a fully diluted basis.

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.

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.

Susan Landi
[email protected]