Farmland Partners (FPI) Q4 2025 earnings summary

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.