Key Takeaways
- Farmland Partners Inc. (NYSE: FPI) reported Q1 2026 net income of $0.6 million ($0.01 per share), down from $2.1 million ($0.03 per share) in Q1 2025; AFFO was $2.1 million ($0.05 per share), essentially flat on a per-share basis versus $2.3 million ($0.05 per share) in the prior-year quarter.
- Net Operating Income (NOI) increased 6.1% to $8.6 million from $8.1 million in Q1 2025, while total operating revenues were essentially flat at $10.1 million, a decrease of 1.5% year-over-year.
- The Company raised its quarterly cash dividend 50% to $0.09 per share ($0.36 annualized) from $0.06 per share ($0.24 annualized), and redeemed all 68,000 remaining Series A preferred units for approximately $68.2 million, eliminating the risk of dilutive conversion into common shares.
- Farmland Partners disposed of one West Coast property for $9.4 million, reducing California exposure, and ended Q1 2026 with liquidity of $132.1 million comprising $17.7 million in cash and $114.4 million in undrawn credit facility availability; debt-to-enterprise value was approximately 33%.
- The Company reduced its full-year 2026 AFFO per share guidance due to non-cash allowances for potential loan losses under the FPI loan program; the Board declared a Q2 2026 dividend of $0.09 per share, payable July 15, 2026 to holders of record as of July 1, 2026.
Farmland Partners Posts Q1 2026 Net Income of $0.6 Million as NOI Rises 6%
Farmland Partners Inc. (NYSE: FPI) reported Q1 2026 net income of $646 thousand, or $0.01 per share available to common stockholders, compared to $2.1 million, or $0.03 per share, in Q1 2025. AFFO was $2.075 million, or $0.05 per share, compared to $2.284 million, or $0.05 per share, in the prior-year quarter — flat on a per-share basis. Adjusted EBITDAre declined 11.9% to $5.007 million from $5.682 million. Total operating revenues were $10.1 million, down 1.5% year-over-year.
Net Operating Income rose 6.1% to $8.604 million from $8.108 million in Q1 2025, representing the primary positive operating trend for the quarter. The Company noted that both Q1 2026 and Q1 2025 results included income from a solar lease arrangement with a tenant, contributing approximately $0.5 million and $1.0 million, respectively.
“The first quarter of 2026 was in line with expectations. We made progress this quarter in strengthening the quality and resilience of our portfolio, including the disposition of an additional West Coast property, which modestly reduced our exposure to higher-risk assets. We also simplified our balance sheet through the February redemption of our remaining Series A preferred units, eliminating potential dilution risk,” said Luca Fabbri, President and Chief Executive Officer of Farmland Partners. “Looking ahead, we remain confident in the long-term fundamentals of the farmland REIT asset class and its ability to generate durable, attractive returns, despite ongoing disruptions and near-term volatility impacting the broader agriculture industry.”
50% Dividend Increase and Series A Preferred Redemption Strengthen Capital Structure
In February 2026, Farmland Partners raised its quarterly cash dividend by 50%, increasing it to $0.09 per share ($0.36 per share annualized) from $0.06 per share ($0.24 annualized). In the same month, the Company redeemed all 68,000 remaining Series A preferred units, deploying approximately $68.2 million in debt to complete the redemption and eliminating the risk of dilutive conversion of those units into common shares. Total debt outstanding rose to $232.8 million at March 31, 2026 from $161.6 million at December 31, 2025, reflecting this redemption financing.
During the quarter, the Company disposed of one property in the West Coast region for $9.4 million in consideration, recognizing a loss on sale of $0.3 million, and made no new property acquisitions. Subsequent to quarter-end, the Company repaid $8.0 million against its lines of credit. As of April 24, 2026, the Company had 43,910,214 shares of common stock outstanding on a fully diluted basis.
Farmland Partners Lowers 2026 AFFO Guidance on Loan Loss Allowances
The Company reduced its full-year 2026 AFFO per share guidance compared to its prior-quarter estimate, citing non-cash allowances for potential loan losses under the FPI loan program. Full guidance detail is available on page 15 of the supplemental package accessible through the Investor Relations section of the Company’s website. The Board of Directors declared a Q2 2026 quarterly dividend of $0.09 per share of common stock and Class A Common OP unit, payable July 15, 2026 to stockholders and common unit holders of record as of July 1, 2026.
Farmland Partners Q1 2026 Financial Summary
The following table summarizes Farmland Partners’ key financial and operating metrics for Q1 2026 compared to Q1 2025.
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Net Income | $646K | $2,093K | -69.1% |
| Net Income per Share (basic) | $0.01 | $0.03 | -66.7% |
| AFFO | $2,075K | $2,284K | -9.2% |
| AFFO per Share | $0.05 | $0.05 | 0% |
| Adjusted EBITDAre | $5,007K | $5,682K | -11.9% |
| Total Operating Revenues | $10,102K | $10,252K | -1.5% |
| Net Operating Income (NOI) | $8,604K | $8,108K | +6.1% |
| Balance Sheet (as of March 31, 2026) | |||
| Total Debt | $232.8M | (vs $161.6M at Dec 31, 2025) | |
| Total Liquidity | $132.1M | ($17.7M cash + $114.4M undrawn) | |
| Debt / Enterprise Value | ~33% | — | |
| Annualized Dividend | $0.36/share | (raised 50% from $0.24) | |
Read the company's entire financials here.
