Financial Performance - Farmland Partners Inc recorded net income of $05 million, or $000 per share available to common stockholders, compared to $18 million, or $002 per share for the same period in 2024[10] - The company recorded AFFO of $2887 million, or $007 per share, compared to $1399 million, or $003 per share, for the same period in 2024[10, 12] - For the nine months ended September 30, 2025, net income was $10376 million, a 7690% increase compared to $1194 million in 2024[12] - AFFO for the nine months ended September 30, 2025, was $6468 million, a 372% increase compared to $4713 million in 2024[12] - Total operating revenues for the three months ended September 30, 2025, were $11251 million, a 155% decrease compared to $13317 million in 2024[12] - Total operating revenues for the nine months ended September 30, 2025, were $31463 million, a 144% decrease compared to $36752 million in 2024[12] - The company increased the bottom and top end of 2025 AFFO guidance range to $032 to $036 from $028 to $034[10] Balance Sheet and Capital Activities - The company made repayments of $230 million against its lines of credit[10] - The company repurchased 1,248,802 shares of its common stock at a weighted average price of $1084 per share[10] - Total debt outstanding was approximately $1704 million at September 30, 2025, compared to $2046 million at December 31, 2024[17] - The company had access to liquidity of $1725 million at September 30, 2025, consisting of $135 million in cash and $1590 million in undrawn availability under its credit facilities[17] Strategic Transactions - The company entered into a definitive agreement to sell Murray Wise Associates, LLC, for aggregate consideration of $53 million[10] - The company entered into a definitive agreement to dispose of 23 properties in exchange for $310 million of Series A preferred units, a price approximately 56% higher than the 2016 purchase price[10]

Core Insights - Farmland Partners (FPI) reported quarterly funds from operations (FFO) of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.06 per share, and up from $0.03 per share a year ago [1][2] - The company achieved an FFO surprise of +16.67% this quarter, having previously missed estimates by -25% in the prior quarter [2] - Revenues for the quarter ended September 2025 were $11.25 million, surpassing the Zacks Consensus Estimate by 5.64%, but down from $13.32 million year-over-year [3] Financial Performance - Over the last four quarters, Farmland Partners has surpassed consensus FFO estimates two times and revenue estimates three times [2][3] - The current consensus FFO estimate for the upcoming quarter is $0.17 on revenues of $16.92 million, and for the current fiscal year, it is $0.30 on revenues of $47.78 million [8] Market Position - Farmland Partners shares have declined approximately 12.5% year-to-date, contrasting with the S&P 500's gain of 17.2% [4] - The Zacks Industry Rank places the REIT and Equity Trust - Other sector in the top 35% of over 250 Zacks industries, indicating a favorable industry outlook [9] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future FFO expectations [4] - The estimate revisions trend for Farmland Partners was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, suggesting it is expected to outperform the market [7]

Financial Performance - The company recorded net income of $0.5 million, or $0.00 per share, a decrease of 73.3% compared to $1.8 million, or $0.02 per share, for the same period in 2024[3] - The company reported AFFO of $2.9 million, or $0.07 per share, representing a 106.4% increase from $1.4 million, or $0.03 per share, in the same period of 2024[3] - Total operating revenues for the quarter were $11.3 million, down 15.5% from $13.3 million in the same quarter of 2024[5] - Rental income decreased to $5,991,000 in Q3 2025 from $9,753,000 in Q3 2024, representing a decline of 38.3%[19] - Net income for the nine months ended September 30, 2025, was $10,376,000, compared to $1,194,000 for the same period in 2024, showing a significant increase[21] - Funds from Operations (FFO) for Q3 2025 were $2,960,000, up 133.9% from $1,272,000 in Q3 2024[19] - Adjusted EBITDAre for the nine months ended September 30, 2025, was $15,889,000, down from $22,752,000 in 2024, indicating a decrease of 30.3%[21] - The company experienced a net loss available to common stockholders of $128,000 in Q3 2025, compared to a net income of $1,028,000 in Q3 2024[21] Debt and Dividends - The company had total debt outstanding of approximately $170.4 million as of September 30, 2025, down from $204.6 million at December 31, 2024[10] - The company declared a quarterly cash dividend of $0.06 per share, payable on January 15, 2026[8] - The company declared dividends of $0.06 per common share for both Q3 2025 and Q3 2024[21] - The company expects to issue a special dividend for the year ended 2025, projected to be between $0.18 and $0.22 per share[2] Asset Management and Transactions - The company completed 35 property dispositions for approximately $85.5 million, recognizing an aggregate gain on sale of $24.5 million[10] - The company entered into a definitive agreement to sell its brokerage and third-party farm management business for $5.3 million[3] - As of September 30, 2025, the company owned and/or managed approximately 125,200 acres of farmland across 15 states[13] Accounting Measures - The Company calculates FFO according to Nareit's standards, which excludes gains or losses from sales of depreciable operating property and real estate-related depreciation, providing a clearer view of operational performance[23] - AFFO is calculated by adjusting FFO to exclude non-sustainable income and expenses, such as acquisition costs and stock-based compensation, offering a more accurate reflection of ongoing operational performance[24] - Changes in GAAP accounting rules have led to the inclusion of items in FFO that may not correlate with sustainable operating performance, prompting the Company to present both FFO and AFFO as non-GAAP measures[25] - EBITDAre is defined as net income excluding interest, taxes, depreciation, and amortization, and is a key financial measure for evaluating operating performance, though it may not fully capture business performance due to non-cash expenses[27] - Adjusted EBITDAre further refines EBITDAre by excluding stock-based compensation and acquisition-related costs, providing supplemental information on ongoing operating performance[28] - Net Operating Income (NOI) is calculated as total operating revenues minus property operating expenses, offering insights into revenues and expenses directly associated with owning and leasing farmland real estate[30] Interest and Share Count - Interest expense for Q3 2025 was $2,271,000, a decrease of 58.7% from $5,496,000 in Q3 2024[19] - The number of basic weighted average common shares outstanding decreased to 43,187,000 in Q3 2025 from 47,839,000 in Q3 2024[19]

Core Insights - The acquisition of Murray Wise Associates, LLC (MWA) by Peoples Company reflects a broader industry trend towards specialized farm management solutions [1][2] - This transaction is set to enhance operational efficiency and returns for clients in the agricultural sector [2][3] Company Overview - Peoples Company is a leader in integrated land management, brokerage, appraisal, and energy solutions, with a national presence [1][8] - MWA has a strong reputation in farmland auctions and brokerage, having completed transactions totaling over $5 billion across 43 states in the past 25 years [3][6] Strategic Implications - The integration of MWA into Peoples Company will expand service offerings while maintaining high standards of integrity and professionalism [4] - The acquisition positions Peoples Company as a dominant player in the Illinois farmland market, following previous acquisitions of other Illinois-based firms [7] Leadership Transition - Eric Sarff, President of MWA, will join Peoples Company as Vice President, contributing to the company's strategy and execution [5] - The transition will involve MWA's nine team members moving to Peoples Company, enhancing the firm's operational capabilities [4][5]

Core Insights - The company has released its latest top investment picks for October 2025, emphasizing the timeliness of joining to access these opportunities [1] - Significant investment in research is highlighted, with the company spending over $100,000 annually to identify profitable investment opportunities [1] - The approach has garnered over 500 five-star reviews from satisfied members, indicating a positive reception and effectiveness of the strategies offered [2] Financial Commitment - The company invests thousands of hours into researching real estate strategies, showcasing a strong commitment to providing valuable insights at a low cost [1] Member Benefits - Members are encouraged to join now to start maximizing their returns, suggesting a focus on immediate financial benefits for participants [2]

Core Viewpoint - The recent non-binding takeout offer for Plymouth Industrial signifies a growing trend in M&A activity within the real estate sector, driven by favorable market conditions and significant valuation disparities among REITs [1][6]. Group 1: M&A Activity Drivers - The median REIT is currently trading at 81.8% of NAV, with some REITs as low as 46% and others at 198%, creating opportunities for accretive M&A transactions [1][6]. - Strong fundamentals in REITs are evident, with 60.7% of REITs beating earnings in Q2 2025, indicating robust performance in the sector [5][6]. - There is ample capital available for acquisitions, with private equity firms and publicly traded REITs well-capitalized following the reopening of equity and debt markets post-pandemic [6][7]. Group 2: Sector-Specific Transaction Volume - Industrial REITs have been particularly active, acquiring 90 properties in 2025 for a total of $3.94 billion [8]. - In the shopping center sector, Blackstone's buyout of ROIC and 86 individual property purchases by shopping center REITs totaling $2.39 billion highlight increased M&A interest [9]. - The multifamily sector has seen significant activity, with Equity Residential acquiring a portfolio from Blackstone for $964 million and BSR REIT selling to Avalon Bay for $618 million, alongside $2.7 billion in individual asset purchases [10]. Group 3: Targeted REITs for Acquisition - Whitestone REIT is a potential target due to its trading at $12.91, significantly below its NAV of $17.88, despite strong asset performance [12][17]. - Centerspace is trading at 73.9% of NAV, with a unique portfolio that is outperforming in its markets, making it an attractive acquisition target [18][19]. - Kite Realty is noted for its large discount to NAV and strong cash flows, presenting an opportunity for accretive acquisitions [21][23]. - Farmland Partners is strategically selling assets to buy back stock, potentially leading to a full company sale in the future [24][25]. - Armada Hoffler is trading at a substantial discount to NAV, with a market price of $7.15 compared to an NAV of $12.49, indicating a significant acquisition opportunity [25][30].

PART I. FINANCIAL INFORMATION Presents the company's unaudited consolidated financial statements and detailed explanatory notes for the reporting periods [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements of Farmland Partners Inc. for the periods ended June 30, 2025, and December 31, 2024 (for balance sheet) or June 30, 2024 (for income statements and cash flows), along with detailed notes explaining the company's organization, accounting policies, revenue recognition, risk concentrations, real estate activities, loan programs, debt structure, commitments, equity, hedge accounting, and income taxes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Presents the company's financial position, including assets, liabilities, and equity, at specific reporting dates ASSETS (in thousands) | ASSETS (in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Total real estate, net | $648,571 | $717,843 | | Cash and cash equivalents | $51,073 | $78,441 | | Loans and financing receivables, net | $64,066 | $55,305 | | TOTAL ASSETS | $776,671 | $868,560 | LIABILITIES AND EQUITY (in thousands) | LIABILITIES AND EQUITY (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Mortgage notes and bonds payable, net | $192,747 | $203,683 | | Total liabilities | $202,671 | $272,003 | | Redeemable non-controlling interest in operating partnership, Series A preferred units | $100,485 | $101,970 | | Total equity | $473,515 | $494,587 | | TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY | $776,671 | $868,560 | - Total assets decreased by **$91.89 million** from December 31, 2024, to June 30, 2025, primarily driven by a reduction in net real estate and cash, partially offset by an increase in loans and financing receivables[11](index=11&type=chunk) - Total liabilities decreased by **$69.33 million**, mainly due to a reduction in mortgage notes and bonds payable and dividends payable[11](index=11&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Details the company's revenues, expenses, and net income or loss over the specified reporting periods OPERATING REVENUES (in thousands) | OPERATING REVENUES (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Rental income | $6,024 | $9,539 | $12,994 | $19,746 | | Crop sales | $1,439 | $935 | $2,286 | $1,595 | | Other revenue | $2,497 | $971 | $4,932 | $2,094 | | **Total operating revenues** | **$9,960** | **$11,445** | **$20,212** | **$23,435** | OPERATING EXPENSES (in thousands) | OPERATING EXPENSES (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Impairment of assets | $16,821 | $0 | $16,821 | $0 | | **Total operating expenses** | **$24,093** | **$8,205** | **$30,492** | **$15,048** | OTHER (INCOME) EXPENSE (in thousands) | OTHER (INCOME) EXPENSE (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | (Gain) loss on disposition of assets, net | $(24,228) | $10 | $(24,991) | $96 | | Interest expense | $2,437 | $5,249 | $5,075 | $10,285 | NET INCOME (LOSS) (in thousands) | NET INCOME (LOSS) (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | **NET INCOME (LOSS)** | **$7,792** | **$(2,052)** | **$9,885** | **$(644)** | | Net income (loss) available to common stockholders of Farmland Partners Inc. | $6,836 | $(2,769) | $8,108 | $(2,163) | | Basic net income (loss) available to common stockholders (per share) | $0.15 | $(0.06) | $0.18 | $(0.05) | | Diluted net income (loss) available to common stockholders (per share) | $0.14 | $(0.06) | $0.18 | $(0.05) | - Net income for the three months ended June 30, 2025, was **$7.79 million**, a significant improvement from a net loss of **$2.05 million** in the prior-year period, primarily driven by a substantial gain on asset dispositions and lower interest expense, despite a decrease in rental income and an impairment charge[14](index=14&type=chunk) - For the six months ended June 30, 2025, net income was **$9.89 million**, compared to a net loss of **$0.64 million** in the same period last year, influenced by similar factors[14](index=14&type=chunk) [Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Reports net income or loss alongside other comprehensive income or loss for the reporting periods (in thousands) | (in thousands) | For the Three Months Ended June 30, 2025 | For the Three Months Ended June 30, 2024 | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--------------- | :--------------------------------------- | :--------------------------------------- | :------------------------------------- | :------------------------------------- | | Net income (loss) | $7,792 | $(2,052) | $9,885 | $(644) | | Comprehensive income (loss) | $7,435 | $(2,008) | $9,441 | $(814) | | Comprehensive income (loss) attributable to Farmland Partners Inc. | $7,245 | $(1,958) | $9,197 | $(799) | - Comprehensive income attributable to Farmland Partners Inc. significantly improved to **$7.25 million** for the three months ended June 30, 2025, from a loss of **$1.96 million** in the prior year, and to **$9.20 million** for the six months, from a loss of **$0.80 million**[17](index=17&type=chunk) [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Outlines the movements in the company's equity accounts over the specified reporting periods (in thousands) | (in thousands) | Balance at December 31, 2024 | Balance at June 30, 2025 | | :--------------- | :--------------------------- | :----------------------- | | Total Equity | $494,587 | $473,515 | Key Changes (6 Months Ended June 30, 2025) | Key Changes (6 Months Ended June 30, 2025) | Amount (in thousands) | | :--------------------------------------- | :-------------------- | | Net income | $9,641 | | Dividends accrued and paid | $(6,208) | | Common stock repurchased and cancellation of shares | $(24,263) | | Conversion of common units to shares of common stock | $0 (net effect) | - Total equity decreased from **$494.59 million** at December 31, 2024, to **$473.52 million** at June 30, 2025, primarily due to common stock repurchases and dividends paid, partially offset by net income[19](index=19&

Financial Data and Key Metrics Changes - For Q2 2025, net income was $7.8 million or $0.15 per share, an increase from the same period in 2024, primarily due to gains on the sale of 32 properties and lower general and administrative costs [21][22] - Adjusted Funds from Operations (AFFO) was $1.3 million or $0.03 per share, higher than the same period in 2024, positively impacted by lower interest expenses and increased interest income [22][23] - Year-to-date net income was $9.9 million or $0.18 per share, also higher than the prior year, driven by 34 property dispositions and significant debt reductions [22][23] Business Line Data and Key Metrics Changes - The gain on asset dispositions was higher due to the sale of 34 properties in 2025, resulting in a net gain of $25 million compared to a loss in 2024 [23] - Fixed farm rent decreased due to property dispositions, while solar, wind, and recreation revenues increased due to a solar revenue-sharing arrangement [25][26] Market Data and Key Metrics Changes - Land values in the Midwest remained strong, contributing to gains from asset sales [5] - California faced challenges, leading to write-downs on several farms due to water issues and regulatory concerns [6][20] Company Strategy and Development Direction - The company is focused on long-term investments and is cautious about acquisitions, preferring to buy back stock and reduce debt [30][31] - The strategy includes exiting markets with long-term concerns, such as Colorado, while concentrating on stable regions like the Midwest [5][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in farmland as a reliable long-term investment despite short-term challenges in specific regions [19][20] - The company anticipates continued demand for farmland as an asset class, supported by high-net-worth individuals investing in this sector [18][19] Other Important Information - The company recorded impairments totaling $16.8 million on two farms in California, primarily due to regulatory water access issues [20][21] - The company has undrawn capacity on lines of credit of approximately $160 million as of June 30, 2025, with no debt subject to interest rate resets [24] Q&A Session Summary Question: How much more can the company sell in 2025 given the multiyear disposition program? - The company has four more transactions planned and is relying on the safe harbor based on seven transactions rather than the dollar amount [28] Question: Will the company need to pay a special dividend at the end of the year? - It is difficult to predict as it depends on the dynamics between GAAP accounting and tax accounting [29] Question: How is the company thinking about acquisitions versus repaying debt and buying back stock? - The company is disciplined in its acquisition strategy and is currently more focused on stock buybacks [30][31] Question: What is driving the increase in legal and accounting guidance? - An ongoing tenant dispute in Louisiana is driving the increase in legal and accounting expenses [33][34] Question: What are the thoughts on the preferred units eligible for conversion? - The company is unlikely to convert preferred units into shares and plans to pay them off with cash from asset sales or borrowings [35] Question: What is the outlook on variable payments and crop sales? - Variable payments increased due to improved crop yield expectations, while crop sales were adjusted based on crop type performance [37][56] Question: Are there any other farms at risk of water access issues? - Currently, there are no immediate needs for further write-downs, but the regulatory environment remains a concern [62] Question: How is the company utilizing its cash balance? - The company is optimizing its cash balance for stock repurchases and debt repayment while currently earning a positive spread on cash [67][68]

Financial Performance - Farmland Partners Inc recorded net income of $7792 thousand, or $015 per share, for the three months ended June 30, 2025, compared to a net loss of $2052 thousand, or $(006) per share, for the same period in 2024[10] - AFFO for the quarter was $1297 thousand, or $003 per share, compared to $530 thousand, or $001 per share, in 2024, representing a 1447% increase[10, 12] - For the six months ended June 30, 2025, the company's AFFO was $3581 thousand, or $008 per share, compared to $3314 thousand, or $007 per share, in 2024, an increase of 81%[12] - Total operating revenues for the quarter were $9960 thousand, a 130% decrease compared to $11445 thousand in 2024[12] - Net Operating Income (NOI) for the quarter decreased by 218% to $6890 thousand from $8814 thousand in 2024[12] Asset Transactions and Capital Management - The company completed dispositions of 32 properties for an aggregate consideration of $716 million, recognizing a gain on sale of $242 million during the quarter[10] - During the six months ended June 30, 2025, the company completed 34 property dispositions for approximately $816 million, recognizing a gain on sale of $250 million[17] - The company repurchased 2099756 shares of its common stock at a weighted average price of $1119 per share during the quarter[10] - Subsequent to June 30, 2025, the company repurchased 181989 shares of common stock at a weighted average price of $1148 per share and made repayments of $230 million against its lines of credit[10] Balance Sheet and Liquidity - The company had total debt outstanding of approximately $1934 million as of June 30, 2025, compared to $2046 million at December 31, 2024[17] - As of June 30, 2025, the company had access to liquidity of $2111 million, including $511 million in cash and $1600 million in undrawn credit facilities[17]

Financial Performance - Farmland Partners (FPI) reported quarterly funds from operations (FFO) of $0.03 per share, missing the Zacks Consensus Estimate of $0.04 per share, but an improvement from $0.01 per share a year ago [1] - The quarterly report indicates an FFO surprise of -25.00%, with a previous quarter's FFO of $0.05 per share also missing expectations of $0.06 per share, resulting in a -16.67% surprise [2] - The company posted revenues of $9.96 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.91%, but down from $11.44 million year-over-year [3] Market Performance - Farmland Partners shares have declined approximately 4% since the beginning of the year, contrasting with the S&P 500's gain of 7.3% [4] - The outlook for the stock's immediate price movement will largely depend on management's commentary during the earnings call [4] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.07 on revenues of $11.35 million, and for the current fiscal year, it is $0.32 on revenues of $48.48 million [8] - The estimate revisions trend for Farmland Partners was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [7] Industry Context - The REIT and Equity Trust - Other industry, to which Farmland Partners belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, suggesting potential challenges ahead [9]