Farmland Partners Inc. (NYSE: FPI) reported full‑year 2025 results that included a net income of $32.2 million and an adjusted funds from operations (AFFO) of $17.9 million. AFFO per share rose to $0.39 from $0.29 in 2024, a 34.5 % increase that reflects higher rental income and a growing loan portfolio.
Total operating revenue declined 10.4 % to $52.2 million, and net operating income fell 10.7 % to $41.9 million. Despite the revenue contraction, the company’s cost‑control program and a 15.9 % expansion of its loan program helped lift AFFO, while operating expenses were reported to have fallen 12.4 % to $46.9 million.
The company declared a quarterly cash dividend of $0.09 per share, a 50 % increase over the prior $0.06 dividend. Management reaffirmed its 2026 guidance, projecting AFFO of $0.33–$0.37 per share and a regular dividend of $0.09 per quarter, which annualizes to $0.36 per share.
In 2025, Farmland Partners completed dispositions of 60 farmland properties for $90.2 million and acquired six properties for $7.3 million, a net gain of $82.9 million. The company also reduced total indebtedness by $43.0 million, bringing its debt balance to $161.6 million. The sale of its auction, brokerage and third‑party management business, Murray Wise Associates, generated a $1.0 million gain.
Management highlighted disciplined cost control and the loan program growth as key drivers of the results, noting that the company’s focus on portfolio transformation and capital allocation continues to support cash‑flow generation. The company’s guidance signals confidence in maintaining AFFO growth and dividend sustainability in 2026.
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