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Farmland Partners
Farmland Partners (FPI) investor relations material
Farmland Partners Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Net income for 2025 was $32.2 million ($0.65/share), down from $61.5 million ($1.19/share) in 2024, mainly due to significant property dispositions and lower fixed farm rent revenues.
AFFO rose to $17.9 million ($0.39/share), a 27% increase year-over-year, exceeding guidance by $0.05/share.
60 properties were sold for $90.2 million, generating a $34.9 million net gain; six properties were acquired for $7.3 million.
Total indebtedness decreased by $43.0 million to $161.6 million; 3.4 million shares were repurchased at $11.07/share.
Sold Murray Wise Associates (MWA) for $5.3 million, realizing a $1.0 million gain.
Declared a one-time special dividend of $0.20/share and raised the quarterly dividend by 50% to $0.09/share.
Financial highlights
Total operating revenues for 2025 were $52.2 million, down 10.4% year-over-year; NOI was $41.9 million, a 10.7% decrease.
Adjusted EBITDAre was $30.1 million, down 16.2% from the prior year.
Net income per share fell 45.4% year-over-year; AFFO per share increased 34.5%.
Asset impairments increased by $17 million, related to West Coast properties.
Interest expense reduced by $9.2 million due to significant debt reduction.
Outlook and guidance
2026 net income forecasted at $8.8–$10.9 million; AFFO at $14.4–$16.4 million ($0.33–$0.37/share).
Revenue expected to decrease to $43.9–$45.0 million due to prior year dispositions and lower variable payments from citrus and avocados.
Expenses projected to decline further from lower property and payroll costs.
Interest expense expected to rise due to new borrowings for Series A preferred unit redemption.
No acquisitions or dispositions assumed in 2026 projections.
Why net income down but AFFO up in 2025?
Impact of asset pruning and debt reduction strategy?
Explain growth in other revenue and loan program
California asset sales: price vs. speed?
FPI Loan Program's strategic role and growth?
Is 2026 G&A a sustainable run rate?
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Next Farmland Partners earnings date
Q1 20267 May, 2026
Farmland Partners
Next Farmland Partners earnings date
Q1 20267 May, 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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