Farmland Partners posts $15.5M net loss in Q3 2026

Q: What were FPI’s Q3 2026 revenue and net income?

Farmland Partners reported $9.777 million in operating revenue and a $15.512 million net loss for the three months ended September 30, 2026. In the same quarter of 2025, operating revenue was $11.251 million and net income was $0.491 million.

Q: How many shares did FPI repurchase?

Farmland Partners reported repurchasing 1.7 million shares.

Q: When is FPI’s declared dividend payable?

The board declared a quarterly cash dividend of $0.09 per share of common stock and Class A Common OP unit, payable January 15, 2027, to holders of record January 4, 2027.

FPI’s quarterly revenue and adjusted EBITDAre declined year over year, while it declared a $0.09 per-share dividend.

Filing Impact

(Very High)

Filing Sentiment

(Positive)How Sentiment works

Sentiment and the balance of points

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Form Type

8-K

Rhea-AI Filing Summary

Farmland Partners Inc. (FPI) reported a $15.512 million net loss for the three months ended September 30, 2026, compared with $0.491 million net income a year earlier. Operating revenue was $9.777 million, down 13.1%, and net operating income was $6.560 million, down 18.0%. AFFO was a loss of $2.089 million, or -$0.05 per diluted weighted average share, compared with AFFO of $2.887 million, or $0.07 per share, in the prior-year quarter. Adjusted EBITDAre was $1.073 million, down 81.3%.

For the nine months ended September 30, 2026, operating revenue was $29.276 million, down 7.0%; the company reported a net loss of $11.735 million versus net income of $10.376 million, and AFFO of $1.680 million, down 74.0%. The company said 2026 AFFO-per-share guidance decreased compared with the prior quarter, citing credit loss reserves and litigation risk. It reported repurchasing 1.7 million shares. The board declared a $0.09 quarterly cash dividend per common share and Class A Common OP unit, payable January 15, 2027, to holders of record January 4, 2027.

1 point · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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How the balance works How Sentiment works

1 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate pointQuarterly dividends declared per common share were $0.09, versus $0.06 in the three months ended September 30, 2025.

Negative

Major point. Forward-looking: it has not happened yet and may not happen.2026 AFFO-per-share guidance decreased compared with the prior quarter; revised guidance was attributed to credit loss reserves and litigation risk.
Moderate pointQ3 operating revenue declined 13.1% to $9.777 million.
Moderate pointQ3 net income shifted to a $15.512 million loss from $0.491 million income.
Moderate pointQ3 adjusted EBITDAre was $1.073 million, down 81.3% year over year.

Filing Explained

This Farmland Partners 8-K reports results for the quarter ended September 30, 2026; at quarter-end, net mortgage notes and bonds payable were $238,981 thousand, versus $160,842 thousand on December 31, 2025, while cash and equivalents were $7,882 thousand versus $9,293 thousand.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q3 operating revenue: $9.777 million Q3 net income (loss): $15.512 million loss Q3 AFFO: $2.089 million loss +4 more

7 metrics

Q3 operating revenue $9.777 million Three months ended September 30, 2026; down 13.1% from 2025

Q3 net income (loss) $15.512 million loss Three months ended September 30, 2026; $0.491 million net income in 2025

Q3 AFFO $2.089 million loss Three months ended September 30, 2026; $2.887 million AFFO in 2025

Q3 adjusted EBITDAre $1.073 million Three months ended September 30, 2026; down 81.3% from 2025

Nine-month operating revenue $29.276 million Nine months ended September 30, 2026; down 7.0% from 2025

Shares repurchased 1.7 million shares Reported in the third-quarter results

Quarterly cash dividend $0.09 per share Declared for common stock and Class A Common OP units

Key Terms

FFO, AFFO, EBITDAre, net operating income (NOI)

4 terms

FFO financial

"FFO as a supplemental performance measure"

Funds from operations (FFO) is a performance metric used mainly for real estate companies that measures the cash generated by their core rental and property-management activities, while removing accounting items such as building depreciation and one-time gains or losses from property sales. Investors rely on FFO to assess a real estate firm's ability to pay and sustain dividends and fund growth—similar to checking how much actual rent a landlord collects each month rather than paper profits.

AFFO financial

"The Company calculates AFFO by adjusting FFO"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

EBITDAre financial

"The Company calculates Earnings Before Interest Taxes Depreciation and Amortization for real estate"

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

net operating income (NOI) financial

"The Company calculates net operating income (NOI) as total operating revenues"

Net operating income (NOI) is the money a property or business generates from its regular operations after paying direct operating costs (like maintenance, utilities, and staff) but before paying financing costs, taxes, or accounting write‑downs. Investors use NOI to judge how well an asset produces cash from its core activity—think of it as the profit from running a store before paying the mortgage and taxes—so it helps compare properties and value income-producing investments.

Earnings Snapshot

Operating revenue: $9.777 million · Guidance included

Three months ended September 30, 2026

Operating revenue $9.777 million Down 13.1% from $11.251 million in 2025

Net income (loss) $15.512 million loss Compared with $0.491 million net income in 2025

AFFO $2.089 million loss Compared with $2.887 million in 2025

Adjusted EBITDAre $1.073 million Down 81.3% from 2025

Guidance

The company said 2026 AFFO-per-share guidance decreased compared with the prior quarter, citing credit loss reserves and litigation risk.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were FPI’s Q3 2026 revenue and net income?

Farmland Partners reported $9.777 million in operating revenue and a $15.512 million net loss for the three months ended September 30, 2026. In the same quarter of 2025, operating revenue was $11.251 million and net income was $0.491 million.

How many shares did FPI repurchase?

Farmland Partners reported repurchasing 1.7 million shares.

When is FPI’s declared dividend payable?

The board declared a quarterly cash dividend of $0.09 per share of common stock and Class A Common OP unit, payable January 15, 2027, to holders of record January 4, 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/28/2026 - 04:10 PM EDT Accepted by SEC EDGAR 10/28/2026 - 04:10 PM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2026

FARMLAND PARTNERS INC.

(Exact name of registrant as specified in its charter)

Maryland

(State or other jurisdiction

of incorporation)

001-36405

(Commission

File Number)

46-3769850

(IRS Employer

Identification No.)

4600 S. Syracuse Street, Suite 1450

Denver, Colorado

(Address of principal executive offices)

80237

(Zip Code)

Registrant’s telephone number, including area code: (720) 452-3100

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	FPI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.Results of Operations and Financial Condition.

On October 28, 2026, Farmland Partners Inc. (the “Company”) issued a press release announcing its financial position as of September 30, 2026, results of operations for the three and nine months ended September 30, 2026 and other related information. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The Company intends to make certain supplemental information available on its website www.farmlandpartners.com under the section “Investor Relations—Presentations” prior to the Company’s conference call with investors on Thursday, October 29, 2026 at 11:00 a.m. (Eastern Time).

The information included in this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.Financial Statements and Exhibits.


Exhibit No.		Description
99.1*		Press release dated October 28, 2026.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		FARMLAND PARTNERS INC.

Date: October 28, 2026	By:	/s/ Luca Fabbri
		Luca Fabbri
		President and Chief Executive Officer

Exhibit 99.1

Farmland Partners Inc. Reports Third Quarter 2026 Results

Repurchased 1.7 Million Shares; Revised Guidance Due to Credit Loss Reserves and Litigation Risk

DENVER, October 28, 2026 (BUSINESS WIRE) -- Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial results for the quarter ended September 30, 2026.

Selected Highlights

For the quarter ended September 30, 2026, the Company:

●

responded to macroeconomic factors affecting real estate by writing down asset values in California, leading to a net loss of $15.5 million, or $0.36 per share available to common stockholders, including impairment of assets totaling $12.0 million, compared to net income of $0.5 million, or $0.00 per share available to common stockholders, including impairment of assets totaling $1.0 million, for the same period in 2025;

●

recorded AFFO of ($2.1) million, or ($0.05) per share, compared to $2.9 million, or $0.07 per share, for the same period in 2025;

●

continued the Company’s long-term strategy to decrease its California exposure by completing the disposition of one property in California for consideration of approximately $1.0 million and recognizing a loss on sale of less than $0.1 million; and

●

repurchased 1,652,147 shares of its common stock at a weighted average price of $10.32 per share under the share repurchase program.

CEO Comments

Luca Fabbri, President and Chief Executive Officer, commented: “The core of our portfolio continues to perform strongly, albeit the quarter's financials were dominated by isolated negative news in credit, litigation, and non-core asset values. We continued to pursue our strategy of divesting our California properties at fair market values. We achieved a significant milestone in pursuing the perpetrators of the 2018 short-and-distort attack against the company. We remain strong believers in the unrealized value of our portfolio, and to that end we executed significant share repurchases.”

Financial and Operating Results

●

The table below shows financial and operating results for the three and nine months ended September 30, 2026 and 2025 (unaudited).


(in thousands)	For the three months ended September 30,							For the nine months ended September 30,
Financial Results:	2026			2025		Change		2026			2025		Change
Net Income (Loss)	$	(15,512)		$	491	NM		$	(11,735)		$	10,376	NM
Net income (loss) available to common stockholders ⁽¹⁾	$	(0.36)		$	0.00	NM		$	(0.28)		$	0.18	NM
AFFO⁽²⁾	$	(2,089)		$	2,887	NM		$	1,680		$	6,468	(74.0)	%
AFFO per weighted average common share	$	(0.05)		$	0.07	NM		$	0.04		$	0.14	(71.4)	%
Adjusted EBITDAre ⁽²⁾	$	1,073		$	5,738	(81.3)	%	$	10,881		$	15,889	(31.5)	%

Operating Results:
Total Operating Revenues	$	9,777		$	11,251	(13.1)	%	$	29,276		$	31,463	(7.0)	%
Net Operating Income (NOI)	$	6,560		$	8,000	(18.0)	%	$	22,256		$	22,998	(3.2)	%

(1)	Basic net income per share available to common stockholders. See “Note 9—Stockholders’ Equity and Non-controlling Interests” in the Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2026, when filed, for more information.

(2)	The nine months ended September 30, 2026 and 2025 included approximately $0.5 million and $1.0 million, respectively, of income as a result of a solar lease arrangement with a tenant.

●

See “Non-GAAP Financial Measures” below for complete definitions of AFFO, Adjusted EBITDAre, and NOI and the financial tables accompanying this press release for reconciliations of net income to AFFO, Adjusted EBITDAre and NOI.

Acquisition and Disposition Activity

●

During the nine months ended September 30, 2026, the Company completed no acquisitions of properties.

●

During the nine months ended September 30, 2026, the Company completed dispositions consisting of three properties for approximately $17.4 million in aggregate consideration and recognized an aggregate net gain on sale of $3.3 million.

Balance Sheet

●

The Company had total debt outstanding of approximately $239.8 million at September 30, 2026 compared to total debt outstanding of approximately $161.6 million at December 31, 2025. The Company used approximately $68.2 million of debt in February 2026 to redeem all outstanding Series A preferred units.

●

At September 30, 2026, the Company had access to liquidity of $115.3 million, consisting of $7.9 million in cash and $107.4 million in undrawn availability under its credit facilities. The Company’s estimated debt to enterprise value was approximately 34% at September 30, 2026.

●

As of October 23, 2026, the Company had 42,271,225 shares of common stock outstanding on a fully diluted basis.

Litigation Update

●

In October 2026, the Texas Court of Appeals issued an order reversing the trial court’s dismissal of the Company’s claims against First Sabrepoint Capital Management, LP and related defendants (“Sabrepoint”), with the court holding that the Company may pursue the majority of its claims against Sabrepoint.

●

Also in October 2026, a Lousiana appellate court affirmed the lower court’s order awarding a group of former tenants’ alleged gross revenues of approximately $3.5 million as damages, including pre-judgment interest and court costs, in a breach of contract claim. FPI disagrees with the court of appeals in its application of the law and facts and intends to further appeal the court’s order.

●

Please refer to Note 8 of our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2026, when filed, for more information.

Dividend Declarations

On October 27, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock and Class A Common OP unit. The dividends are payable on January 15, 2027 to stockholders and common unit holders of record as of January 4, 2027.

2026 Earnings Guidance and Supplemental Package

The Company’s 2026 AFFO per share earnings guidance decreased compared to the prior quarter. For details, please see page 15 of the supplemental package, which can be accessed through the Investor Relations section of the Company's website.

Conference Call Information

The Company has scheduled a conference call on October 29, 2026, at 11:00 a.m. (U.S. Eastern Time) to discuss the financial results and provide a company update.

The call can be accessed live over the phone by dialing 1-833-461-5787 and using the conference ID 139465118. The conference call will also be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company's website, www.farmlandpartners.com.

A replay of the webcast will also be accessible on the Investor Relations section of the Company's website for a limited time following the event.

About Farmland Partners Inc.

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 third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets. As of September 30, 2026, the Company owned approximately 70,000 acres of farmland in 11 states, including Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West Virginia. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws, including, without limitation, statements with respect to our outlook and the outlook for the farm economy generally, proposed and pending acquisitions and dispositions, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance, and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the ongoing wars in Ukraine and Iran and other geopolitical tensions and their impacts on the world agriculture market, world food supply, the farm economy generally, and our tenants’ businesses; changes in trade policies in the United States and other countries that import agricultural products from the United States, including the imposition of tariffs; high inflation and elevated interest rates; the onset of an economic recession in the United States and other countries that impact the farm economy; extreme weather events, such as droughts, tornadoes, hurricanes, wildfires or floods; the impact of future public health crises on our business and on the economy and capital markets generally; changes in legislative, oversight and regulatory priorities affecting the agricultural sector; general volatility of the capital markets and the market price of the Company’s common stock; changes in the Company’s business strategy, availability, terms and deployment of capital; the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all; availability of qualified personnel; changes in the Company’s industry, interest rates or the general economy; adverse developments related to crop yields or crop prices; the degree and nature of the Company’s competition; the outcomes of ongoing litigation; the timing, price or amount of repurchases, if any, under the Company's share repurchase program; the ability to consummate acquisitions or dispositions under contract; and the other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Consolidated Balance Sheets

Farmland Partners Inc.

Consolidated Balance Sheets

As of September 30, 2026 (Unaudited) and December 31, 2025

(in thousands, except par value and share data)


		September 30,			December 31,
		2026			2025
ASSETS
Land, at cost		$	546,664		$	565,002
Grain facilities			7,249			7,476
Groundwater			8,858			8,858
Irrigation improvements			18,002			22,741
Drainage improvements			6,385			6,401
Permanent plantings			12,894			28,049
Other			3,184			3,334
Construction in progress			540			1,190
Real estate, at cost			603,776			643,051
Less accumulated depreciation			(19,735)			(26,783)
Total real estate, net			584,041			616,268
Cash and cash equivalents			7,882			9,293
Assets held for sale			3,244			—
Loans and financing receivables, net			70,955			80,232
Right of use asset, net			384			169
Accounts receivable, net			7,617			4,408
Derivative asset			—			141
Inventory			2,237			2,316
Equity method investments			3,881			4,245
Prepaid and other assets			442			1,993
TOTAL ASSETS		$	680,683		$	719,065

LIABILITIES AND EQUITY
LIABILITIES
Mortgage notes and bonds payable, net		$	238,981		$	160,842
Lease liability			384			169
Dividends payable			3,913			11,483
Accrued interest			2,454			2,116
Accrued property taxes			1,785			1,411
Deferred revenue			792			1,243
Accrued expenses			5,199			3,831
Total liabilities			253,508			181,095

Commitments and contingencies

Redeemable non-controlling interest in operating partnership, Series A preferred units			—			70,583

EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 41,978,212 shares issued and outstanding at September 30, 2026, and 43,093,127 shares issued and outstanding at December 31, 2025			420			431
Additional paid in capital			509,618			520,899
Retained earnings			105,453			117,314
Cumulative dividends			(191,295)			(179,641)
Other comprehensive income			—			350
Non-controlling interests in operating partnership			2,979			8,034
Total equity			427,175			467,387

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY		$	680,683		$	719,065

Consolidated Statements of Operations of Operations

Farmland Partners Inc.

Consolidated Statements of Operations

Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)

(in thousands except per share amounts)


		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
OPERATING REVENUES:
Rental income		$	5,646		$	5,991		$	17,648		$	18,985
Crop sales			1,543			2,789			2,887			5,075
Other revenue			2,588			2,471			8,741			7,403
Total operating revenues			9,777			11,251			29,276			31,463

OPERATING EXPENSES
Depreciation, depletion and amortization			900			938			2,715			3,241
Property operating expenses			1,517			1,413			4,160			4,499
Cost of goods sold			1,700			1,838			2,860			3,966
Provision for credit loss reserve			2,332			(49)			4,933			20
Acquisition and due diligence costs			—			—			—			2
General and administrative expenses			1,666			2,294			5,283			7,259
Legal and accounting			2,136			808			2,815			1,909
Impairment of assets			12,043			1,000			12,794			17,821
Other operating expenses			—			2			—			19
Total operating expenses			22,294			8,244			35,560			38,736

OTHER (INCOME) EXPENSE:
Other (income)			(178)			(115)			(247)			(371)
(Income) from equity method investment			(1)			(163)			(39)			(165)
(Gain) loss on disposition of assets, net			12			531			(3,260)			(24,460)
Interest expense			3,173			2,271			8,977			7,346
Total other (income) expense			3,006			2,524			5,431			(17,650)

Net income (loss) before income tax (benefit) expense			(15,523)			483			(11,715)			10,377

Income tax (benefit) expense			(11)			(8)			20			1

NET INCOME (LOSS)			(15,512)			491			(11,735)			10,376

Net (income) loss attributable to non-controlling interests in operating partnership			105			(8)			78			(252)

Net income (loss) attributable to the Company			(15,407)			483			(11,657)			10,124

Dividend equivalent rights allocated to performance-based unvested restricted shares			(8)			(4)			(24)			(12)
Nonforfeitable distributions allocated to time-based unvested restricted shares			(23)			(19)			(68)			(58)
Distributions on Series A Preferred Units			—			(588)			(204)			(2,074)

Net income (loss) available to common stockholders of Farmland Partners Inc.		$	(15,438)		$	(128)		$	(11,953)		$	7,980

Basic and diluted per common share data:
Basic net income (loss) available to common stockholders		$	(0.36)		$	0.00		$	(0.28)		$	0.18
Diluted net income (loss) available to common stockholders		$	(0.36)		$	0.00		$	(0.28)		$	0.18
Basic weighted average common shares outstanding			42,851			43,187			43,137			44,666
Diluted weighted average common shares outstanding			42,851			43,187			43,137			44,666
Dividends declared per common share - regular and special		$	0.09		$	0.06		$	0.27		$	0.18

Reconciliation of Non-GAAP Measures

Farmland Partners Inc.

Reconciliation of Non-GAAP Measures

Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)


		For the three months ended September 30,							For the nine months ended September 30,
(in thousands except per share amounts)		2026			2025				2026			2025
Net income (loss)		$	(15,512)		$	491			$	(11,735)		$	10,376
(Gain) loss on disposition of assets, net			12			531				(3,260)			(24,460)
Depreciation, depletion and amortization			900			938				2,715			3,241
Impairment of assets			12,043			1,000				12,794			17,821
FFO⁽¹⁾		$	(2,557)		$	2,960			$	514		$	6,978

Stock-based compensation			468			515				1,370			1,562
Real estate related acquisition and due diligence costs			—			—				—			2
Distributions on Series A Preferred Units			—			(588)				(204)			(2,074)
AFFO ⁽¹⁾		$	(2,089)		$	2,887			$	1,680		$	6,468

AFFO per diluted weighted average share data:

AFFO weighted average common shares			43,494			44,320				43,821			46,084

Net income (loss) available to common stockholders of Farmland Partners Inc.		$	(0.36)		$	0.00			$	(0.28)		$	0.18
Income available to redeemable non-controlling interest and non-controlling interest in operating partnership			0.00			0.02				0.00			0.05
Depreciation, depletion and amortization			0.02			0.02				0.06			0.07
Impairment of assets			0.28			0.02				0.30			0.39
Stock-based compensation			0.01			0.01				0.03			0.03
(Gain) loss on disposition of assets, net			0.00			0.01				(0.07)			(0.53)
Distributions on Series A Preferred Units			0.00			(0.01)				0.00			(0.05)
AFFO per diluted weighted average share ⁽¹⁾		$	(0.05)		$	0.07			$	0.04		$	0.14


		For the three months ended September 30,					For the nine months ended September 30,
(in thousands)		2026			2025		2026			2025
Net income (loss)		$	(15,512)		$	491	$	(11,735)		$	10,376
Interest expense			3,173			2,271		8,977			7,346
Income tax (benefit) expense			(11)			(8)		20			1
Depreciation, depletion and amortization			900			938		2,715			3,241
Impairment of assets			12,043			1,000		12,794			17,821
(Gain) loss on disposition of assets, net			12			531		(3,260)			(24,460)
EBITDAre ⁽¹⁾		$	605		$	5,223	$	9,511		$	14,325

Stock-based compensation			468			515		1,370			1,562
Real estate related acquisition and due diligence costs			—			—		—			2
Adjusted EBITDAre ⁽¹⁾		$	1,073		$	5,738	$	10,881		$	15,889

(1)

The nine months ended September 30, 2026 and 2025 included approximately $0.5 million and $1.0 million, respectively, of income as a result of a solar lease arrangement with a tenant.

Farmland Partners Inc.

Reconciliation of Non-GAAP Measures

Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited)


	For the three months ended September 30,							For the nine months ended September 30,
($ in thousands)	2026			2025				2026		2025
OPERATING REVENUES:
Rental income	$	5,646		$	5,991			$	17,648	$	18,985
Crop sales		1,543			2,789				2,887		5,075
Other revenue		2,588			2,471				8,741		7,403
Total operating revenues		9,777			11,251				29,276		31,463

Property operating expenses		1,517			1,413				4,160		4,499
Cost of goods sold		1,700			1,838				2,860		3,966
NOI		6,560			8,000				22,256		22,998

Depreciation, depletion and amortization		900			938				2,715		3,241
Provision for credit loss reserve		2,332			(49)				4,933		20
Acquisition and due diligence costs		—			—				—		2
General and administrative expenses		1,666			2,294				5,283		7,259
Legal and accounting		2,136			808				2,815		1,909
Impairment of assets		12,043			1,000				12,794		17,821
Other operating expenses		—			2				—		19
Other (income)		(178)			(115)				(247)		(371)
(Income) from equity method investment		(1)			(163)				(39)		(165)
(Gain) loss on disposition of assets, net		12			531				(3,260)		(24,460)
Interest expense		3,173			2,271				8,977		7,346
Income tax (benefit) expense		(11)			(8)				20		1
NET INCOME (LOSS)	$	(15,512)		$	491			$	(11,735)	$	10,376

Non-GAAP Financial Measures

Non-GAAP Financial Measures

The Company considers the following non-GAAP measures to be useful to investors as key supplemental measures of its performance: FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of the Company’s operating performance. FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre, as calculated by the Company, may not be comparable to other companies that do not define such terms in exactly the same way as the Company.

FFO

The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit. Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate related depreciation, depletion and amortization (excluding amortization of deferred financing costs), impairment write-downs of depreciated property, and adjustments associated with impairment write-downs for unconsolidated partnerships and joint ventures. Management presents FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from sales of depreciable operating properties, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. The Company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs. However, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO.

AFFO

The Company calculates AFFO by adjusting FFO to exclude the income and expenses that the Company believes are not reflective of the sustainability of the Company’s ongoing operating performance, including, but not limited to, real estate related acquisition and due diligence costs, stock-based compensation and incentive, deferred impact of interest rate swap terminations and distributions on the Company’s preferred units.

Changes in GAAP accounting and reporting rules that were put in effect after the establishment of Nareit’s definition of FFO in 1999 result in the inclusion of a number of items in FFO that do not correlate with the sustainability of the Company’s operating performance. Therefore, in addition to FFO, the Company presents AFFO and AFFO per share, fully diluted, both of which are non-GAAP measures. Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company’s operational performance than FFO. AFFO is not intended to represent cash flow or liquidity for the period and is only intended to provide an additional measure of the Company’s operating performance. Even AFFO, however, does not properly capture the timing of cash receipts, especially in connection with full-year rent payments under lease agreements entered into in connection with newly acquired farms. Management considers AFFO per share, fully diluted to be a supplemental metric to GAAP earnings per share. AFFO per share, fully diluted provides additional insight into how the Company’s operating performance could be allocated to potential shares outstanding at a specific point in time. Management believes that AFFO is a widely recognized measure of the operations of REITs and presenting AFFO will enable investors to assess the Company’s performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and AFFO per share, fully diluted and, accordingly, the Company’s AFFO and AFFO per share, fully diluted may not always be comparable to AFFO and AFFO per share amounts calculated by other REITs. AFFO and AFFO per share, fully diluted should not be considered as an alternative to net income (loss) or earnings per share (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to net income (loss) earnings per share (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions.

EBITDAre and Adjusted EBITDAre

The Company calculates Earnings Before Interest Taxes Depreciation and Amortization for real estate (“EBITDAre”) in accordance with the standards established by Nareit in its September 2017 White Paper. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates. EBITDAre is a key financial measure used to evaluate the Company’s operating performance but should not be construed as an alternative to operating income, cash flows from operating activities or net income, in each case as determined in accordance with GAAP. The Company believes that EBITDAre is a useful performance measure commonly reported and will be widely used by analysts and investors in the Company’s industry. However, while EBITDAre is a performance measure widely used across the Company’s industry, the Company does not believe that it correctly captures the Company’s business operating performance because it includes non-cash expenses and recurring adjustments that are necessary to better understand the Company’s business operating performance. Therefore, in addition to EBITDAre, management uses Adjusted EBITDAre, a non-GAAP measure.

The Company calculates Adjusted EBITDAre by adjusting EBITDAre for certain items such as stock-based compensation and incentive and real estate related acquisition and due diligence costs that the Company considers necessary to understand its operating performance. The Company believes that Adjusted EBITDAre provides useful supplemental information to investors regarding the Company’s ongoing operating performance that, when considered with net income and EBITDAre, is beneficial to an investor’s understanding of the Company’s operating performance. However, EBITDAre and Adjusted EBITDAre have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

In prior periods, the Company has presented EBITDA and Adjusted EBITDA. In accordance with Nareit’s recommendation, beginning with the Company’s reported results for the three months ended March 31, 2018, the Company is reporting EBITDAre and Adjusted EBITDAre in place of EBITDA and Adjusted EBITDA.

Net Operating Income (NOI)

The Company calculates net operating income (NOI) as total operating revenues (rental income, tenant reimbursements, crop sales and other revenue), less property operating expenses (direct property expenses and real estate taxes), less cost of goods sold. Since net operating income excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other income and losses and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and leasing farmland real estate, providing a perspective not immediately apparent from net income. However, net operating income should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other income and losses.

Source: View Original Filing on SEC EDGAR

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