Key Takeaways:
- Net income of $0.5M; AFFO rose to $2.9M ($0.07/share), up 106% year over year
- Repurchased ~1.25M shares at an average price of $10.84; repaid $23M on credit lines
- Signed agreements to sell Murray Wise Associates and to exchange 23 properties for preferred units
- Liquidity of $172.5M at quarter-end; total debt reduced to ~$170.4M
- 2025 AFFO guidance increased to $0.32–$0.36 per share; special dividend expected in January 2026
Farmland Partners Inc. Q3 2025 Performance at a Glance
Farmland Partners Inc. reported third-quarter 2025 net income of $0.5 million, with adjusted funds from operations (AFFO) of $2.9 million, or $0.07 per share, compared with $1.4 million, or $0.03 per share, a year earlier. Total operating revenues were $11.3 million, and NOI was $8.0 million for the quarter.
Capital Allocation and Portfolio Moves
During the quarter, the company repurchased 1,248,802 common shares at a weighted average price of $10.84 and made $23.0 million in repayments on its lines of credit. Year-to-date activity included six acquisitions totaling $7.3 million and 35 dispositions for approximately $85.5 million, generating $24.5 million in aggregate gains. Subsequent to quarter-end, the company agreed to sell its Murray Wise Associates business and to transfer 23 Corn Belt properties in exchange for $31.0 million of preferred units.
Guidance, Liquidity, and Balance Sheet
Management raised full-year 2025 AFFO guidance to $0.32–$0.36 per share. Quarter-end liquidity stood at $172.5 million, including $13.5 million of cash and $159.0 million of undrawn credit capacity, while total debt declined to about $170.4 million. Farmland Partners Inc. also noted improved operating cash generation alongside continued balance sheet simplification.
Farmland Partners Inc. Dividend and Investor Call Details
The board declared a quarterly cash dividend of $0.06 per share payable January 15, 2026, to holders of record on January 2, 2026. Farmland Partners Inc. plans to host its earnings call on October 30, 2025, at 11:00 a.m. ET, with webcast access available via the company’s investor relations website.
Read the complete financial results here.
