Farmland Partners (NYSE: FPI) Q2 2026 profit drops as AFFO climbs

Q: How did Farmland Partners Inc. (FPI) perform financially in Q2 2026?

Farmland Partners reported Q2 2026 net income of $3,131 thousand on total operating revenues of $9,397 thousand . Net income fell 59.8% and revenues declined 5.7% year-over-year, largely due to much smaller gains on asset dispositions versus Q2 2025.

Q: How did FPI’s Q2 2026 AFFO and NOI compare to Q2 2025?

Core metrics improved: Q2 2026 AFFO rose to $1,694 thousand , a 30.6% increase, and NOI grew to $7,092 thousand , up 2.9% . These gains came despite lower rental income and crop sales relative to Q2 2025.

Q: What dividend did Farmland Partners Inc. (FPI) declare in July 2026?

The board declared a quarterly cash dividend of $0.09 per share of common stock and Class A Common OP unit. It is payable on October 15, 2026 to stockholders and common unit holders of record as of October 1, 2026 .

Q: What does this Farmland Partners Inc. (FPI) 8-K primarily disclose?

It presents Farmland Partners’ Q2 and first-half 2026 financial results, including GAAP net income, non-GAAP measures such as FFO, AFFO, NOI and EBITDAre, a quarterly dividend declaration, and details on an investor conference call and supplemental information package.

Q: How large is Farmland Partners Inc.’s (FPI) farmland portfolio as of June 30, 2026?

As of June 30, 2026, Farmland Partners owned approximately 70,100 acres of farmland in 11 U.S. states . The portfolio spans Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West Virginia, plus four agriculture equipment dealership properties in Ohio.

Q: Which non-GAAP financial measures does Farmland Partners Inc. (FPI) emphasize?

The company highlights FFO , AFFO , NOI , EBITDAre and Adjusted EBITDAre . It provides reconciliations from net income and explains that these metrics help assess operating performance by adjusting for depreciation, gains on sales, non-cash items and selected non-recurring costs.

Q: What were FPI’s key balance sheet figures as of June 30, 2026?

Total assets were $699,800 thousand , with total real estate, net, of $601,131 thousand and mortgage notes and bonds payable, net, of $223,885 thousand . Total equity stood at $463,112 thousand , following the elimination of redeemable non-controlling Series A preferred units.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Farmland Partners Inc. reported Q2 2026 results showing lower GAAP profit alongside stronger core cash metrics. Net income was $3,131 thousand versus $7,792 thousand a year earlier, as total operating revenues declined 5.7% to $9,397 thousand. Gain on disposition of assets, net, decreased to $3,527 thousand from $24,228 thousand, significantly affecting comparability.

Non-GAAP performance improved: AFFO rose 30.6% to $1,694 thousand (AFFO per share $0.04), and NOI increased 2.9% to $7,092 thousand, indicating more stable underlying farmland operations despite softer rental income and crop sales. The board declared a quarterly dividend of $0.09 per common share and Class A Common OP unit, payable October 15, 2026 to holders of record October 1, 2026. As of June 30, 2026, the company owned approximately 70,100 acres of farmland across 11 U.S. states.

Positive

AFFO for Q2 2026 increased to $1,694 thousand, up 30.6% year-over-year, with AFFO per diluted share rising to $0.04 from $0.03, supported by higher NOI.

Negative

Net income for Q2 2026 declined to $3,131 thousand, down 59.8% from $7,792 thousand in Q2 2025, with first-half net income falling 61.8% to $3,777 thousand.

Filing Explained

June 30, 2026 showed higher reported debt, cash, and common shares outstanding than December 31, 2025.

Farmland Partners Inc. furnished this July 29 Form 8-K to report its June 30, 2026 financial position and second-quarter results; the filing is current as a results disclosure, not evidence of a completed financing or asset transaction.

At June 30, the balance sheet reported mortgage notes and bonds payable of $223,885 thousand versus $160,842 thousand at December 31, 2025, cash and equivalents of $11,419 thousand versus $9,293 thousand, and 43,628,639 common shares outstanding versus 43,093,127.

The 8-K states that its information, including the press release, is furnished and is not deemed filed for Section 18 purposes or incorporated into another filing unless expressly referenced.

The company said supplemental information would be posted before the conference call scheduled for July 30, 2026 at 11:00 a.m. Eastern Time, providing the next specified point for additional detail.

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, and exhibit attachments filed with this report.

Key Figures

Net income: $3,131 (in thousands) Total operating revenues: $9,397 (in thousands) AFFO: $1,694 (in thousands) +5 more

8 metrics

Net income $3,131 (in thousands) Q2 2026 net income; down 59.8% versus Q2 2025

Total operating revenues $9,397 (in thousands) Q2 2026 total operating revenues; 5.7% lower than Q2 2025

AFFO $1,694 (in thousands) Q2 2026 AFFO; increased 30.6% compared with Q2 2025

NOI $7,092 (in thousands) Q2 2026 Net Operating Income; up 2.9% year-over-year

Quarterly dividend per share $0.09 Cash dividend on common stock and Class A Common OP units declared July 28, 2026

Total assets $699,800 (in thousands) Total assets as of June 30, 2026

Mortgage notes and bonds payable, net $223,885 (in thousands) Debt balance as of June 30, 2026

Farmland acreage owned 70,100 acres Farmland owned in 11 states as of June 30, 2026

Key Terms

Funds From Operations, Adjusted funds from operations, EBITDAre, Adjusted EBITDAre, +2 more

6 terms

Funds From Operations financial

"The Company calculates FFO in accordance with the standards established by Nareit."

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

Adjusted funds from operations financial

"The Company calculates AFFO by adjusting FFO to exclude income and expenses not reflective of sustainability."

Adjusted funds from operations is a financial measure that shows how much cash a real estate company generates from its property operations, excluding certain non-recurring items and accounting adjustments. It helps investors understand the company’s true cash flow ability to pay dividends or fund growth. This figure offers a clearer picture of ongoing financial performance by removing irregular or one-time factors that can distort regular income.

EBITDAre financial

"The Company calculates Earnings Before Interest Taxes Depreciation and Amortization for real estate (EBITDAre)."

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.

Adjusted EBITDAre financial

"The Company calculates Adjusted EBITDAre by adjusting EBITDAre for items such as stock-based compensation."

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

Net Operating Income (NOI) financial

"The Company calculates net operating income (NOI) as total operating revenues less property operating expenses and cost of goods sold."

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.

non-GAAP financial measures financial

"These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Total operating revenues (Q2 2026): $9,397 (in thousands) · Guidance included

quarter and six months ended June 30, 2026

Total operating revenues (Q2 2026) $9,397 (in thousands) -5.7% vs Q2 2025

Net income (Q2 2026) $3,131 (in thousands) -59.8% vs Q2 2025

Net income (six months 2026) $3,777 (in thousands) -61.8% vs first half 2025

AFFO (Q2 2026) $1,694 (in thousands) +30.6% vs Q2 2025

NOI (Q2 2026) $7,092 (in thousands) +2.9% vs Q2 2025

Dividends declared per common share (Q2 2026) $0.09 up from $0.06 in Q2 2025

Guidance

For 2026 AFFO per share earnings guidance, the company directs investors to page 15 of its supplemental package available in the Investor Relations section of its website.

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Understanding 8-K Material Events →

Available on EDGAR 07/29/2026 - 04:11 PM Accepted by SEC EDGAR 07/29/2026 - 04:10 PM

FAQ

How did Farmland Partners Inc. (FPI) perform financially in Q2 2026?

Farmland Partners reported Q2 2026 net income of $3,131 thousand on total operating revenues of $9,397 thousand. Net income fell 59.8% and revenues declined 5.7% year-over-year, largely due to much smaller gains on asset dispositions versus Q2 2025.

How did FPI’s Q2 2026 AFFO and NOI compare to Q2 2025?

Core metrics improved: Q2 2026 AFFO rose to $1,694 thousand, a 30.6% increase, and NOI grew to $7,092 thousand, up 2.9%. These gains came despite lower rental income and crop sales relative to Q2 2025.

What dividend did Farmland Partners Inc. (FPI) declare in July 2026?

The board declared a quarterly cash dividend of $0.09 per share of common stock and Class A Common OP unit. It is payable on October 15, 2026 to stockholders and common unit holders of record as of October 1, 2026.

What does this Farmland Partners Inc. (FPI) 8-K primarily disclose?

It presents Farmland Partners’ Q2 and first-half 2026 financial results, including GAAP net income, non-GAAP measures such as FFO, AFFO, NOI and EBITDAre, a quarterly dividend declaration, and details on an investor conference call and supplemental information package.

How large is Farmland Partners Inc.’s (FPI) farmland portfolio as of June 30, 2026?

As of June 30, 2026, Farmland Partners owned approximately 70,100 acres of farmland in 11 U.S. states. The portfolio spans Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West Virginia, plus four agriculture equipment dealership properties in Ohio.

Which non-GAAP financial measures does Farmland Partners Inc. (FPI) emphasize?

The company highlights FFO, AFFO, NOI, EBITDAre and Adjusted EBITDAre. It provides reconciliations from net income and explains that these metrics help assess operating performance by adjusting for depreciation, gains on sales, non-cash items and selected non-recurring costs.

What were FPI’s key balance sheet figures as of June 30, 2026?

Total assets were $699,800 thousand, with total real estate, net, of $601,131 thousand and mortgage notes and bonds payable, net, of $223,885 thousand. Total equity stood at $463,112 thousand, following the elimination of redeemable non-controlling Series A preferred units.

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): July 29, 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 July 29, 2026, Farmland Partners Inc. (the “Company”) issued a press release announcing its financial position as of June 30, 2026, results of operations for the three and six months ended June 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, July 30, 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 July 29, 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: July 29, 2026	By:	/s/ Luca Fabbri
		Luca Fabbri
		President and Chief Executive Officer

Exhibit 99.1

Farmland Partners Inc. Reports Second Quarter 2026 Results

Strong Performance Driven By Portfolio Improvement

DENVER, July 29, 2026 (BUSINESS WIRE) -- Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial results for the quarter ended June 30, 2026.

Selected Highlights

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

●

recorded net income of $3.1 million, or $0.07 per share available to common stockholders, compared to $7.8 million, or $0.15 per share available to common stockholders for the same period in 2025;

●

recorded AFFO of $1.7 million, or $0.04 per share, compared to $1.3 million, or $0.03 per share, for the same period in 2025;

●

recognized Net Operating Income (“NOI”) of $7.1 million, an increase of 2.9%, compared to the same period in 2025 (a 4.7% increase year-to date compared to the same period in 2025);

●

made repayments of $8.0 million against the Company’s lines of credit reducing debt as a percentage of gross book value to 35.5%;

●

completed the disposition of one property for consideration of approximately $7.0 million and recognized a gain on sale of $3.5 million; and

●

increased the low end of the 2026 AFFO per share guidance range to $0.31 from $0.30. The top end of the range remains at $0.35 per share.

CEO Comments

Luca Fabbri, President and Chief Executive Officer, commented: “We continue to deliver strong total returns to our shareholders by generating consistent cash flow from efficient operations and strong performance of our core business, aided by a resilient farm economy. We continue to evaluate further opportunities for asset disposals in the remainder of the year, generating proceeds that may be used to reduce debt or fund stock buybacks. Over the past several years, we have focused on creating a leaner corporate structure while streamlining our core business. Those efforts are translating into improved operating profitability and stronger cash flow from operations. We remain confident in both our business model and the enduring strength of farmland as a low-volatility, total-return asset class. We look forward to a strong remainder of the year.”

Financial and Operating Results

●

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


(in thousands)	For the three months ended June 30,							For the six months ended June 30,
Financial Results:	2026			2025		Change		2026			2025		Change
Net Income	$	3,131		$	7,792	(59.8)	%	$	3,777		$	9,885	(61.8)	%
Net income available to common stockholders ⁽¹⁾	$	0.07		$	0.15	(53.3)	%	$	0.08		$	0.18	(55.6)	%
AFFO⁽²⁾	$	1,694		$	1,297	30.6	%	$	3,769		$	3,581	5.2	%
AFFO per weighted average common share	$	0.04		$	0.03	33.3	%	$	0.09		$	0.08	12.5	%
Adjusted EBITDAre ⁽²⁾	$	4,801		$	4,469	7.4	%	$	9,808		$	10,151	(3.4)	%

Operating Results:
Total Operating Revenues	$	9,397		$	9,960	(5.7)	%	$	19,499		$	20,212	(3.5)	%
Net Operating Income (NOI)	$	7,092		$	6,890	2.9	%	$	15,696		$	14,998	4.7	%

(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 six months ended June 30, 2026, when filed, for more information.

(2)	The six months ended June 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 six months ended June 30, 2026, the Company completed no acquisitions of properties.

●

During the six months ended June 30, 2026, the Company completed dispositions consisting of two properties for approximately $16.4 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 $224.8 million at June 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 June 30, 2026, the Company had access to liquidity of $133.8 million, consisting of $11.4 million in cash and $122.4 million in undrawn availability under its credit facilities. The Company’s estimated debt to enterprise value was approximately 35% at June 30, 2026.

●

As of July 24, 2026, the Company had 43,923,735 shares of common stock outstanding on a fully diluted basis.

Dividend Declarations

On July 28, 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 October 15, 2026 to stockholders and common unit holders of record as of October 1, 2026.

2026 Earnings Guidance and Supplemental Package

For the Company’s 2026 AFFO per share earnings guidance, 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 July 30, 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 624079146. 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 June 30, 2026, the Company owned approximately 70,100 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; 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 June 30, 2026 (Unaudited) and December 31, 2025

(in thousands, except par value and share data)


		June 30,			December 31,
		2026			2025
ASSETS
Land, at cost		$	552,060		$	565,002
Grain facilities			7,249			7,476
Groundwater			8,858			8,858
Irrigation improvements			22,240			22,741
Drainage improvements			6,385			6,401
Permanent plantings			27,683			28,049
Other			3,222			3,334
Construction in progress			1,378			1,190
Real estate, at cost			629,075			643,051
Less accumulated depreciation			(27,944)			(26,783)
Total real estate, net			601,131			616,268
Cash and cash equivalents			11,419			9,293
Loans and financing receivables, net			76,388			80,232
Right of use asset, net			429			169
Accounts receivable, net			2,860			4,408
Derivative asset			—			141
Inventory			2,964			2,316
Equity method investments			3,880			4,245
Prepaid and other assets			729			1,993
TOTAL ASSETS		$	699,800		$	719,065

LIABILITIES AND EQUITY
LIABILITIES
Mortgage notes and bonds payable, net		$	223,885		$	160,842
Lease liability			429			169
Dividends payable			4,053			11,483
Accrued interest			2,302			2,116
Accrued property taxes			1,318			1,411
Deferred revenue			1,635			1,243
Accrued expenses			3,066			3,831
Total liabilities			236,688			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; 43,628,639 shares issued and outstanding at June 30, 2026, and 43,093,127 shares issued and outstanding at December 31, 2025			436			431
Additional paid in capital			526,217			520,899
Retained earnings			120,860			117,314
Cumulative dividends			(187,509)			(179,641)
Other comprehensive income			—			350
Non-controlling interests in operating partnership			3,108			8,034
Total equity			463,112			467,387

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY		$	699,800		$	719,065

Consolidated Statements of Operations of Operations

Farmland Partners Inc.

Consolidated Statements of Operations

Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

(in thousands except per share amounts)


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
OPERATING REVENUES:
Rental income		$	5,705		$	6,024		$	12,002		$	12,994
Crop sales			1,080			1,439			1,344			2,286
Other revenue			2,612			2,497			6,153			4,932
Total operating revenues			9,397			9,960			19,499			20,212

OPERATING EXPENSES
Depreciation, depletion and amortization			905			1,130			1,815			2,303
Property operating expenses			1,427			1,606			2,643			3,086
Cost of goods sold			878			1,464			1,160			2,128
Provision for credit loss allowance			782			—			2,601			69
Acquisition and due diligence costs			—			(3)			—			2
General and administrative expenses			1,691			2,413			3,617			4,965
Legal and accounting			312			657			679			1,101
Impairment of assets			751			16,821			751			16,821
Other operating expenses			—			5			—			17
Total operating expenses			6,746			24,093			13,266			30,492

OTHER (INCOME) EXPENSE:
Other (income)			(43)			(123)			(69)			(256)
(Income) from equity method investment			(17)			(3)			(38)			(2)
(Gain) on disposition of assets, net			(3,527)			(24,228)			(3,272)			(24,991)
Interest expense			3,083			2,437			5,804			5,075
Total other (income) expense			(504)			(21,917)			2,425			(20,174)

Net income before income tax (benefit) expense			3,155			7,784			3,808			9,894

Income tax (benefit) expense			24			(8)			31			9

NET INCOME			3,131			7,792			3,777			9,885

Net (income) attributable to non-controlling interests in operating partnership			(21)			(190)			(27)			(244)

Net income attributable to the Company			3,110			7,602			3,750			9,641

Dividend equivalent rights allocated to performance-based unvested restricted shares			(8)			(4)			(16)			(8)
Nonforfeitable distributions allocated to time-based unvested restricted shares			(23)			(19)			(45)			(39)
Distributions on Series A Preferred Units			—			(743)			(204)			(1,486)

Net income available to common stockholders of Farmland Partners Inc.		$	3,079		$	6,836		$	3,485		$	8,108

Basic and diluted per common share data:
Basic net income available to common stockholders		$	0.07		$	0.15		$	0.08		$	0.18
Diluted net income available to common stockholders		$	0.07		$	0.14		$	0.08		$	0.18
Basic weighted average common shares outstanding			43,368			45,248			43,283			45,418
Diluted weighted average common shares outstanding			43,368			53,984			43,283			54,184
Dividends declared per common share - regular and special		$	0.09		$	0.06		$	0.18		$	0.12

Reconciliation of Non-GAAP Measures

Farmland Partners Inc.

Reconciliation of Non-GAAP Measures

Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)


		For the three months ended June 30,							For the six months ended June 30,
(in thousands except per share amounts)		2026			2025				2026			2025
Net income		$	3,131		$	7,792			$	3,777		$	9,885
(Gain) on disposition of assets, net			(3,527)			(24,228)				(3,272)			(24,991)
Depreciation, depletion and amortization			905			1,130				1,815			2,303
Impairment of assets			751			16,821				751			16,821
FFO⁽¹⁾		$	1,260		$	1,515			$	3,071		$	4,018

Stock-based compensation			434			528				902			1,047
Real estate related acquisition and due diligence costs			—			(3)				—			2
Distributions on Series A Preferred Units			—			(743)				(204)			(1,486)
AFFO ⁽¹⁾		$	1,694		$	1,297			$	3,769		$	3,581

AFFO per diluted weighted average share data:

AFFO weighted average common shares			44,008			46,765				43,987			46,972

Net income available to common stockholders of Farmland Partners Inc.		$	0.07		$	0.15			$	0.08		$	0.18
Income available to redeemable non-controlling interest and non-controlling interest in operating partnership			0.00			0.03				0.00			0.03
Depreciation, depletion and amortization			0.02			0.02				0.04			0.05
Impairment of assets			0.02			0.36				0.02			0.36
Stock-based compensation			0.01			0.01				0.02			0.02
(Gain) on disposition of assets, net			(0.08)			(0.52)				(0.07)			(0.53)
Distributions on Series A Preferred Units			0.00			(0.02)				0.00			(0.03)
AFFO per diluted weighted average share ⁽¹⁾		$	0.04		$	0.03			$	0.09		$	0.08


		For the three months ended June 30,					For the six months ended June 30,
(in thousands)		2026			2025		2026			2025
Net income		$	3,131		$	7,792	$	3,777		$	9,885
Interest expense			3,083			2,437		5,804			5,075
Income tax (benefit) expense			24			(8)		31			9
Depreciation, depletion and amortization			905			1,130		1,815			2,303
Impairment of assets			751			16,821		751			16,821
(Gain) on disposition of assets, net			(3,527)			(24,228)		(3,272)			(24,991)
EBITDAre ⁽¹⁾		$	4,367		$	3,944	$	8,906		$	9,102

Stock-based compensation			434			528		902			1,047
Real estate related acquisition and due diligence costs			—			(3)		—			2
Adjusted EBITDAre ⁽¹⁾		$	4,801		$	4,469	$	9,808		$	10,151

(1)

The six months ended June 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 Six Months Ended June 30, 2026 and 2025 (Unaudited)


	For the three months ended June 30,							For the six months ended June 30,
($ in thousands)	2026			2025				2026		2025
OPERATING REVENUES:
Rental income	$	5,705		$	6,024			$	12,002	$	12,994
Crop sales		1,080			1,439				1,344		2,286
Other revenue		2,612			2,497				6,153		4,932
Total operating revenues		9,397			9,960				19,499		20,212

Property operating expenses		1,427			1,606				2,643		3,086
Cost of goods sold		878			1,464				1,160		2,128
NOI		7,092			6,890				15,696		14,998

Depreciation, depletion and amortization		905			1,130				1,815		2,303
Provision for credit loss allowance		782			—				2,601		69
Acquisition and due diligence costs		—			(3)				—		2
General and administrative expenses		1,691			2,413				3,617		4,965
Legal and accounting		312			657				679		1,101
Impairment of assets		751			16,821				751		16,821
Other operating expenses		—			5				—		17
Other (income)		(43)			(123)				(69)		(256)
(Income) from equity method investment		(17)			(3)				(38)		(2)
(Gain) on disposition of assets, net		(3,527)			(24,228)				(3,272)		(24,991)
Interest expense		3,083			2,437				5,804		5,075
Income tax (benefit) expense		24			(8)				31		9
NET INCOME	$	3,131		$	7,792			$	3,777	$	9,885

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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Farmland Partners (NYSE: FPI) Q2 2026 profit drops as AFFO climbs

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FAQ

How did Farmland Partners Inc. (FPI) perform financially in Q2 2026?

How did FPI’s Q2 2026 AFFO and NOI compare to Q2 2025?

What dividend did Farmland Partners Inc. (FPI) declare in July 2026?

What does this Farmland Partners Inc. (FPI) 8-K primarily disclose?

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