Farmland Partners Reports Q2 Earnings with Improved AFFO but Lower Net Income
Farmland Partners Inc. (NYSE:FPI) reported a second-quarter adjusted funds from operations per share of $0.04, up from $0.03 in the same period last year. However, net income dropped to $3.1 million compared with $7.8 million previously due to fewer asset sales and lower disposition gains. The company raised its 2026 AFFO outlook range to between $13.5 million–$15.3 million, or $0.31–$0.35 per share, citing stronger variable lease payments—especially from almonds—as a key driver. Management remains cautious about the agricultural sector's financial health and is building loan-loss reserves while gradually reducing exposure to California assets due to challenging specialty-crop markets. The company sold an Illinois farm for $3.6 million in gains during the quarter, with management noting that solar development potential contributed significantly to its value. CFO Susan Landi highlighted increased interest income from higher balances in financing receivables and oil and gas royalties as positive contributors.
Tickers: $FPI