What were the key takeaways from Farmland's earnings call?

What factors drove the changes in Farmland's revenue and profit?

Did Farmland beat or miss consensus estimates last quarter?

What is Farmland's gross profit margin?

What were the key takeaways from Farmland’s earnings call?

What is the market's earnings forecast for Farmland next quarter?

What is Farmland's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Farmland year over year?

- **Record AFFO Growth**: Q3 AFFO up 12% YoY to $2.9M, driven by cost savings and loan program expansion.
- **Strategic Asset Sale**: $31M Illinois farmland exchange with Series A preferred holder, locking in 56% appreciation.
- **Special Dividend Announced**: 2026 dividend of $0.18–$0.22/share, maintaining shareholder return discipline.
- **China Trade Deal Impact**: Short-term soybean export boost, but cautious on long-term land value impact.
- **Portfolio Strategy**: Shrinking farmland portfolio while expanding high-yield loans to maintain cash flow.
- **Valuation Defense**: Stock buybacks likely limited in Q4, but open to opportunities if price dips below NAV.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue growth driven by strong AFFO performance, with a 56% appreciation on Illinois farmland sales.
- **Strategic Simplification**: Sold Murray Wise Associates (MWA) brokerage subsidiary, simplifying operations while maintaining access to its expertise.
- **Special Dividend**: Announced a 2026 special dividend of $0.18–$0.22 per share, aligning with prior years' shareholder returns.
- **China Trade Deal**: Noted potential short-term soybean export boost but cautioned against long-term land value impact.

**【CFO Financial Commentary】**
- **Net Income**: Q3 net income $0.5M (flat YoY), driven by lower interest expenses and debt reductions.
- **AFFO Performance**: Q3 AFFO $2.9M ($0.07/share), up 12% YoY due to lower operating costs and higher interest income.
- **Year-to-Date Results**: 2025 YTD net income $10.4M ($0.18/share), +14% YoY; AFFO $6.5M ($0.14/share), +18% YoY.
- **Outlook**: 2025 AFFO guidance raised to $14.5–$16.6M ($0.32–$0.36/share), reflecting higher loan program activity.

**【Q&A Highlights】**
- **Series A Preferred Units**: $31M Illinois farmland exchange with Series A preferred holder, closing December 10, 2025.
- **MWA Impact**: MWA sale expected to have minimal Q4 impact, with 2026 AFFO cautious due to one-time 2025 events.
- **Loan Portfolio Strategy**: Expanding high-yield loan program to offset shrinking farmland portfolio, with selective risk management.
- **China Soybean Trade**: Potential 1-year soybean export surge, but uncertain long-term impact on U.S. land values.
- **Buyback Activity**: Buybacks likely limited in Q4 due to special dividend, but open to opportunities if stock price dips below NAV.
- **Farmland Appreciation**: Long-term 3–4% annual farmland value growth driven by Midwest row crops, despite short-term farmer profitability challenges.


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