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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.
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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