Key Takeaways
- Farmland Partners Inc. reports 2025 net income of $32.2 million, down from $61.5 million in 2024
- AFFO increased 27% year-over-year to $17.9 million, or $0.39 per share
- Completed 60 property dispositions for $90.2 million and recognized $34.9 million in gains
- Reduced total debt to $161.6 million and redeemed all Series A preferred units in February 2026
- Increased quarterly dividend by 50% to $0.09 per share
Farmland Partners Inc. Reports 2025 Net Income of $32.2 Million
Farmland Partners Inc. (NYSE: FPI) reported financial results for the year ended December 31, 2025, posting net income of $32.2 million, or $0.65 per share available to common stockholders. This compares to net income of $61.5 million, or $1.19 per share, for the same period in 2024.
Adjusted Funds From Operations (AFFO) rose to $17.9 million, or $0.39 per share, compared to $14.1 million, or $0.29 per share, in 2024. AFFO per share exceeded the company’s updated third-quarter 2025 guidance midpoint of $0.34 per share.
Total operating revenues declined 10.4% year-over-year to $52.2 million, while net operating income (NOI) decreased 10.7% to $41.9 million. Adjusted EBITDA was $30.1 million, down from $35.9 million in 2024.
Farmland Partners Portfolio Transactions and Capital Allocation
During 2025, Farmland Partners Inc. completed dispositions of 60 properties across the Corn Belt, Delta and South, High Plains, and West Coast regions for aggregate consideration of $90.2 million, including $2.1 million in seller financing. The company recognized a net gain on sale of $34.9 million.
Of the 60 properties sold, 23 were exchanged for the redemption and cancellation of 31,000 Series A preferred units. The company also acquired six properties in the Corn Belt region for $7.3 million.
In November 2025, Farmland Partners Inc. sold Murray Wise Associates, LLC (MWA), its auction, brokerage, and third-party management business, for $5.3 million, including $3.3 million in seller financing, recognizing a $1.0 million gain on sale.
The company repurchased 3,411,581 shares of common stock at a weighted average price of $11.07 per share and reduced total indebtedness by $43.0 million to $161.6 million as of December 31, 2025. Estimated debt to enterprise value stood at approximately 25.0%.
Balance Sheet Strengthened and Dividend Increased
Subsequent to year-end, Farmland Partners Inc. redeemed the remaining 68,000 Series A preferred units for $68.2 million, eliminating the potential for dilution from conversion into common shares and simplifying the capital structure.
The company raised its annualized dividend by 50% to $0.36 per share, or $0.09 per quarter, up from $0.24 annually. On February 17, 2026, the Board declared a quarterly cash dividend of $0.09 per share, payable April 15, 2026, to stockholders of record as of April 1, 2026.
Luca Fabbri, President and Chief Executive Officer of Farmland Partners Inc., said: “We delivered a very strong financial performance in 2025, producing compelling AFFO per share, further pruning lesser performing and riskier assets at strong sale prices and fortifying and simplifying our balance sheet, eliminating the risk of a significant issuance of common shares at a dilutive stock price through the redemption of the remaining Series A preferred units in February 2026.”
He added that despite crop pricing pressures, tenant performance remained resilient and farmland values continued to support gains on asset dispositions, positioning the company for 2026.
Read the complete financial results.
