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) year-over-year.

• AFFO was $2.1 million ($0.05 per share), compared to $2.3 million ($0.05 per share) in Q1 2025.

• Completed redemption of all Series A preferred units for $68.2 million, eliminating dilution risk and simplifying the balance sheet.

• Disposed of one West Coast property for $9.4 million, reducing exposure to higher-risk assets and recognizing a $0.3 million loss.

• Dividend increased by 50% to $0.09 per share quarterly ($0.36 annualized).

Financial highlights

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

• Net operating income (NOI) was $8.6 million, up 6.1% from Q1 2025.

• Adjusted EBITDAre was $5.0 million, down from $5.7 million in Q1 2025.

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

• 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.

Outlook and guidance

• 2026 AFFO per share guidance was reduced to $0.30–$0.35 due to higher non-cash credit loss allowances under the loan program.

• Revenue guidance for 2026 is $44.3–$45.4 million, reflecting lower variable payments and crop sales.

• No further acquisitions or dispositions projected for the remainder of 2026.

• 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.