Farmland Partners (FPI) Q2 2026 earnings summary

Executive summary

• Delivered a strong but uneventful quarter, with performance in line with expectations and a marginal upward adjustment to AFFO guidance on the low end for the year.

• Owned approximately 70,100 acres of farmland across 11 states as of June 30, 2026, with a portfolio mix of 60% primary crops and 40% specialty crops.

• Principal revenue source is rental income from tenants; leases are primarily fixed rent, with some variable rent based on farm revenue.

• Direct farming operations conducted on 1,818 acres in California through a taxable REIT subsidiary.

• No property acquisitions in the first half of 2026; two property dispositions for $16.4 million and a net gain of $3.3 million.

Financial highlights

• Q2 2026 net income was $3.1M ($0.07/share), down from $7.8M ($0.15/share) in Q2 2025; six-month net income was $3.8M ($0.08/share), down from $9.9M ($0.18/share) in the prior year.

• AFFO for Q2 2026 was $1.7M ($0.04/share), up from $1.3M ($0.03/share) in Q2 2025; six-month AFFO was $3.8M ($0.09/share), up from $3.6M ($0.08/share) year-over-year.

• Total operating revenues for Q2 2026 were $9.4M, a 5.7% decrease year-over-year; six-month revenues were $19.5M, down 3.5%.

• Rental income for Q2 2026 was $5.7M, down 5.3% year-over-year; crop sales and other revenue also declined.

• Cash and cash equivalents were $11.4M as of June 30, 2026, compared to $51.1M a year earlier.

Outlook and guidance

• AFFO guidance for 2026 raised on the low end to $13.5M-$15.3M ($0.31-$0.35/share), reflecting improved variable lease payment outlook.

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

• High interest rates and inflation remain headwinds, but farmland values are expected to remain stable or appreciate long-term.

• Guidance incorporates higher variable lease payments, increased credit loss provisions, and a $3.6M gain on a property sale.

• No material changes to risk factors or business strategy disclosed.