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Farmland Partners (FPI) investor relations material
Farmland Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net income for Q3 2025 was $0.5 million ($0.00 per share), down from $1.8 million ($0.02 per share) in Q3 2024, while AFFO rose to $2.9 million ($0.07 per share) from $1.4 million ($0.03 per share) year-over-year.
Net income for the nine months ended September 30, 2025, was $10.4 million, up from $1.2 million in the prior year, driven by property dispositions, higher crop sales, increased interest income, and lower expenses.
Completed the sale of Murray Wise Associates for $5.3 million, simplifying operations and securing a good price for shareholders.
Exchanged $31 million of Series A Preferred units for Illinois properties, realizing a 56% appreciation over 10 years and reducing Series A exposure by 31%.
Announced a special dividend of $0.18–$0.22 per share to be paid in January 2026.
Financial highlights
Q3 2025 net income was $0.5 million, down 73.3% year-over-year; nine-month net income was $10.4 million, up 769% year-over-year.
Q3 2025 AFFO was $2.9 million ($0.07 per share), up year-over-year due to lower interest expense and higher loan program income.
Nine months ended September 30, 2025: AFFO was $6.5 million ($0.14 per share), higher year-over-year due to lower taxes, G&A, and interest expense.
Net gain on sale of assets for nine months was $24.5 million, up from $1.9 million in 2024.
Total operating revenues for Q3 2025 were $11.3 million, down from $13.3 million in Q3 2024; nine-month revenues were $29.5 million, down from $45.1 million year-over-year.
Outlook and guidance
2025 AFFO per share guidance raised to $0.32–$0.36, up from $0.28–$0.34, reflecting higher management fees, interest income, and variable payments.
Special dividend range expected to remain unchanged despite potential small additional asset sales.
Management expects continued portfolio optimization through selective acquisitions and dispositions, with a focus on risk-adjusted returns.
Guidance incorporates increased impairment expense for certain West Coast properties, offset by lower operating and depreciation expenses.
No new acquisitions or dispositions projected for Q4 2025.
2026 AFFO performance drivers?
China trade deal's long-term rent impact?
Series A preferred unit retirement plan
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Next Farmland Partners earnings date
Q4 202526 Feb, 2026
Next Farmland Partners earnings date
Q4 202526 Feb, 2026
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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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