Farmland Partners (FPI) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $0.6 million ($0.01 per share), down from $2.1 million ($0.03 per share) in Q1 2025.

• AFFO was $2.1 million ($0.05 per share), compared to $2.3 million ($0.05 per share) year-over-year.

• All Series A preferred units were redeemed in February 2026 for $68.2 million, eliminating dilution risk and strengthening the balance sheet.

• Portfolio comprised approximately 70,400 acres across 10 states, with 60% in primary crops and 40% in specialty crops as of March 31, 2026.

• No property acquisitions in Q1 2026; one West Coast property disposed for $9.4 million, reducing California exposure and resulting in a $0.3 million loss.

Financial highlights

• Total operating revenues were $10.1 million, down 1.5% year-over-year.

• Rental income decreased 9.7% to $6.3 million; crop sales fell 68.8% to $0.3 million; other revenue rose 45.4% to $3.5 million.

• Net operating income (NOI) increased 6.1% to $8.6 million.

• Adjusted EBITDAre was $5.0 million, down from $5.7 million year-over-year.

• Total debt outstanding rose to $232.8 million from $161.6 million at year-end 2025, mainly due to Series A preferred unit redemption.

Outlook and guidance

• 2026 AFFO guidance is $13.2–$15.2 million ($0.30–$0.35 per share), reduced due to non-cash allowances for potential loan losses.

• Management expects continued strong demand for farmland, supported by global food demand and limited supply.

• High interest rates persist despite recent Fed cuts; future rate cuts could lower borrowing costs.

• No material changes to risk factors from the prior year; ongoing litigation continues but is not expected to materially impact financials.