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Farmland Partners (FPI) investor relations material

Farmland Partners Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Q2 2025 net income was $7.8 million ($0.15 per share), reversing a prior year loss, driven by gains on asset sales, operational efficiency, and lower interest expense, despite $16.8 million in impairments on California properties due to crop and water issues.

  • Completed $71.6–$81.6 million in property sales, realizing $24.2–$25.0 million in gains, and repurchased over 2.2 million shares YTD.

  • Stock repurchases totaled $24.3–$26 million, reducing fully diluted shares by 5%.

  • Maintained strong liquidity and reduced leverage through asset sales and debt repayments.

  • CEO emphasized confidence in farmland as a stable, appreciating asset class.

Financial highlights

  • Q2 2025 net income: $7.8 million ($0.15/share), AFFO: $1.3 million ($0.03/share), both up year-over-year.

  • Six-month net income: $9.9 million ($0.18/share), AFFO: $3.58 million, both up from prior year.

  • Total operating revenues for Q2 2025 were $9.96 million, down 13% year-over-year; NOI: $6.89 million, down 21.8%.

  • Aggregate consideration from 34 property sales in 2025 was $81.6 million, resulting in a $25 million net gain.

  • Interest expense decreased by $2.8 million for the quarter and $5.2 million year-to-date versus prior year.

Outlook and guidance

  • 2025 AFFO per share guidance is $0.28–$0.34, with full-year AFFO forecast of $12.8M–$15.5M.

  • Revenue guidance reflects lower fixed farm rent and solar/wind/recreation rent due to dispositions, offset by higher management fees and interest income.

  • Management expects continued value creation through asset sales, capital redeployment, and selective acquisitions.

  • Anticipates future Federal Reserve rate cuts could further reduce borrowing costs.

  • Expense guidance includes increased impairments for West Coast properties and lower interest expense from debt repayments.

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Frequently asked questions

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 farmers secured by farm real estate. The Company maintains a flexible capital structure, which allows for opportunistic value-Maximization opportunities, including organic as well as inorganic growth through acquisitions, sales of non-core assets, or new fund raises. Farmland Partners is focused on managing farmland investments to provide clients with attractive risk adjusted returns over the long term while preserving their capital.

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