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- **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.


Farmland Partners Inc. (FPI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FPI

FPI fundamentals

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