Farmland Partners Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $15.5 million ($0.36 per share) for the quarter ended September 30, 2026, compared to net income of $0.5 million ($0.00 per share) in the same period in 2025.
• Nine-month net loss was $11.7 million ($0.28 per share) compared to net income of $10.4 million ($0.18 per share) in 2025.
• Adjusted Funds From Operations (AFFO) was negative $2.1 million ($0.05 per share) for the quarter, versus positive $2.9 million ($0.07 per share) in 2025; nine-month AFFO was $1.7 million ($0.04 per share) versus $6.5 million ($0.14 per share) in 2025, a 74.0% decrease.
• Adjusted EBITDAre was $1.1 million for the quarter, down 81.3% from $5.7 million in 2025; nine-month Adjusted EBITDAre was $10.9 million, down 31.5% from $15.9 million in 2025.
• Total operating revenues were $9.8 million for the quarter, a 13.1% decrease from $11.3 million in 2025; nine-month revenues were $29.3 million, down 7.0% from $31.5 million in 2025.
• Net Operating Income (NOI) was $6.6 million for the quarter, down 18.0% from $8.0 million in 2025; nine-month NOI was $22.3 million, down 3.2% from $23.0 million in 2025.
• Asset impairment charges totaled $12.0 million for the quarter and $12.8 million for the nine months.
• Provision for credit loss reserves was $2.3 million for the quarter and $4.9 million for the nine months.
• Total debt outstanding was approximately $239.8 million at September 30, 2026, compared to $161.6 million at December 31, 2025.
• Estimated debt to enterprise value was approximately 34% at September 30, 2026.
• Liquidity access was $115.3 million, consisting of $7.9 million in cash and $107.4 million in undrawn credit facility availability.

Guidance and Future Outlook:

• 2026 AFFO per share earnings guidance was decreased compared to the prior quarter.

Business Segments and Product Lines:

• Completed the disposition of one property in California for approximately $1.0 million, recognizing a loss on sale of less than $0.1 million.
• During the nine months ended September 30, 2026, completed no acquisitions of properties.
• During the nine months ended September 30, 2026, completed dispositions of three properties for approximately $17.4 million in aggregate consideration, recognizing an aggregate net gain on sale of $3.3 million.
• The portfolio includes approximately 70,000 acres of farmland in 11 states and four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand.

Market and Competitive Landscape:

• The company continues to pursue a strategy of divesting California properties at fair market values to decrease exposure.
• The core portfolio continues to perform strongly despite isolated negative news in credit, litigation, and non-core asset values.

Risks and Challenges:

• Macroeconomic factors affected real estate values in California, leading to asset write-downs.
• Credit loss reserves and litigation risks have impacted financial results.
• A Louisiana appellate court affirmed an order awarding former tenants approximately $3.5 million in damages for breach of contract, which the company intends to appeal.
• The company faces ongoing litigation risks related to a 2018 short-and-distort attack, though a Texas Court of Appeals reversed the dismissal of claims against First Sabrepoint Capital Management, LP.

Management Commentary and Tone:

• CEO Luca Fabbri stated that while core portfolio performance remains strong, financials were dominated by isolated negative news.
• Management expressed strong belief in the unrealized value of the portfolio and highlighted the execution of significant share repurchases.
• Management noted achieving a significant milestone in pursuing the perpetrators of the 2018 short-and-distort attack.

Other Key Points:

• Repurchased 1,652,147 shares of common stock at a weighted average price of $10.32 per share under the share repurchase program.
• Used approximately $68.2 million of debt in February 2026 to redeem all outstanding Series A preferred units.
• The Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock and Class A Common OP unit, payable on January 15, 2027.
• As of October 23, 2026, there were 42,271,225 shares of common stock outstanding on a fully diluted basis.
• Nine-month results included approximately $0.5 million of income from a solar lease arrangement with a tenant.