Farmland Partners Inc. Reports Third Quarter 2026 Results

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

DENVER--(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).

• 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.

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.

Susan Landi
ir@farmlandpartners.com