These risks and uncertainties can cause actual results to differ materially from our current expectations, and we advise listeners to review the risk factors discussed in our press release distributed yesterday and in documents we have filed with or furnished to the SEC. I would now like to turn the call to our Executive Chairman, Paul Pittman. Paul?We will also discuss certain non-GAAP financial measures, including net operating income, FFO, adjusted FFO, EBITDAre, and adjusted EBITDAre. Definitions of the ...

Financial Data and Key Metrics Changes - Net income for 2025 was $32.2 million, with a quarterly net income of $21.8 million, translating to $0.65 and $0.49 per share, respectively, which is lower than the same periods in 2024 [11] - AFFO for 2025 was $17.9 million, with a quarterly AFFO of $11.4 million, or $0.39 and $0.26 per weighted average share, respectively, which was higher than the same periods in 2024 [11] - Total operating revenues declined by approximately $6 million, primarily due to dispositions in 2024 and 2025, partially offset by increased variable rents and interest income [12] Business Line Data and Key Metrics Changes - The company sold its brokerage and auction subsidiary, MWA, to Peoples Company, which simplified the business while maintaining market intelligence [8] - The increase in AFFO was driven by higher activity under the FPI loan program, lower interest expenses from reduced debt, and overall lower operating expenses [14] Market Data and Key Metrics Changes - The company expects to continue making marginal improvements to its portfolio in 2026, with a focus on California, contingent on fair pricing reflecting intrinsic asset value [10] - The California market is now open for transactions, although pricing remains low, and the company plans to gradually liquidate less favorable properties [27] Company Strategy and Development Direction - The company has increased its dividend by 50% to $0.09 per share per quarter, driven by disciplined cost control and strategic asset management [5][10] - The management emphasizes creating shareholder value through both dispositions and growth, rather than pursuing growth for its own sake [47] Management Comments on Operating Environment and Future Outlook - Management remains cautious about the agricultural business due to inherent uncertainties until harvest and sales occur [9] - The forecasted net income range for 2026 is $8.8 million to $10.9 million, with forecasted AFFO ranging from $14.4 million to $16.4 million [15][16] Other Important Information - The company has undrawn capacity on lines of credit of approximately $164 million at the end of December 2025, reduced to approximately $111.7 million as of the call date [14] - The company successfully amended its Farmer Mac facility, increasing its size from $75 million to $89.6 million [15] Q&A Session Summary Question: What are the drivers behind the change in variable rent versus 2025? - Management indicated that both asset dispositions and a cautious approach to forecasting variable payments contributed to the change, with the majority of the decline related to dispositions [19][21] Question: How much of the G&A decline is due to Murray Wise and other efficiencies? - Management confirmed that the significant reduction in G&A costs is primarily due to the sale of Murray Wise, along with other cost reductions [25][26] Question: What is the outlook for dispositions, particularly in California? - Management stated that all portfolio assets are saleable, with a focus on gradually liquidating less favorable properties in California while maintaining high-quality assets [27][29] Question: What is the status of the FPI loan program and its demand? - Management noted strong demand for the loan program, which is countercyclical, and expressed a willingness to extend loans as long as collateral remains solid [35][36] Question: How will disposition proceeds be used going forward? - Management indicated that share repurchases may decline as stock prices appreciate, and regular dividends will be driven by cash flow expectations rather than asset sales [50][51]

Financial Data and Key Metrics Changes - Net income for 2025 was $32.2 million, with a quarterly net income of $21.8 million, translating to $0.65 and $0.49 per share, respectively, which is lower than the same periods in 2024 [12] - AFFO for 2025 was $17.9 million, with a quarterly AFFO of $11.4 million, or $0.39 and $0.26 per weighted average share, respectively, which was higher than the same periods in 2024 [12] - Total operating revenues declined by approximately $6 million, primarily due to asset dispositions in 2024 and 2025, partially offset by increased variable rents and interest income [13] Business Line Data and Key Metrics Changes - The company sold its brokerage and asset management subsidiary, MWA, to streamline operations while maintaining a working relationship with the buyer [9] - The increase in AFFO was driven by higher activity under the FPI loan program, lower interest expenses from reduced debt, and overall lower operating expenses [14] Market Data and Key Metrics Changes - The company expects to continue making marginal improvements to its portfolio in 2026, with a focus on California, contingent on fair pricing reflecting intrinsic asset value [11] - The market for California assets is now open again, although pricing remains low, and the company plans to gradually liquidate less desirable properties [30] Company Strategy and Development Direction - The company has simplified its business model and reduced debt, which has allowed for a 50% increase in dividends [5] - The focus is on creating shareholder value through disciplined asset management rather than growth for growth's sake [49] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the agricultural business due to inherent uncertainties until harvest [10] - The forecast for 2026 includes a projected net income range of $8.8 million to $10.9 million and an AFFO range of $14.4 million to $16.4 million [16] Other Important Information - The company has undrawn capacity on lines of credit of approximately $164 million at the end of December 2025, which has since decreased to approximately $111.7 million [14] - The company successfully amended its Farmer Mac facility, increasing its size from $75 million to $89.6 million [15] Q&A Session Summary Question: Guidance on variable rent changes - Management indicated that the decline in variable payments is due to both asset dispositions and a cautious approach to forecasting performance in 2026 [21][22] Question: Year-over-year decline in G&A expenses - A significant portion of the decline in G&A costs is attributed to the sale of Murray Wise, along with other cost reductions [27][28] Question: Disposition strategy and market conditions - Management stated that all portfolio assets are saleable, with a focus on achieving the best prices under current market conditions, particularly in California [29][30] Question: FPI loan program demand - The loan program is experiencing strong demand, with management willing to extend loans as long as collateral remains solid [38] Question: Impact of lease transitions on variable payments - The transition of a lease from fixed to variable was not significant to the P&L [40][43] Question: Anticipated pricing for refinancing term loans - Management expects the refinancing to occur around the 5.3% range, in line with current market conditions [46][48] Question: Capital recycling strategy and share repurchases - Management indicated that share repurchases may decline as stock prices appreciate, with dividend increases driven by cash flow expectations rather than asset sales [53][54]

Core Points - Farmland Partners Inc. has declared a one-time dividend of $0.20 per share of common stock and Class A Common OP Unit [1] - The special dividend is payable in cash on January 7, 2026, to shareholders of record on December 23, 2025 [1] - This special dividend is in addition to the quarterly dividend of $0.06 per share declared on October 28, 2025 [1]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - For Q3 2025, net income was $0.5 million or $0.00 per share, lower than the same period in 2024 due to deferred gains from property dispositions [14] - AFFO for Q3 2025 was $2.9 million or $0.07 per share, higher than the same period in 2024, driven by lower interest expenses and increased interest income [15] - For the nine months ended September 30, 2025, net income was $10.4 million or $0.18 per share, an increase from the same period in 2024, attributed to net gains on property dispositions [15] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions, while solar, wind, and recreation revenues increased from a solar revenue sharing arrangement [20] - Management fees and interest income rose due to increased loan issuances under the FBI Loan Program [20] - Crop sales increased due to higher prices and yields on citrus and avocados, although costs of goods sold also rose due to higher maintenance costs [20] Market Data and Key Metrics Changes - The company noted a potential boost in soybean exports to China due to a new trade deal, although the long-term impact on rents or land values remains uncertain [6][7] - Land values continue to appreciate despite a challenging farm economy, with a reported 56% appreciation over ten years for certain properties [12] Company Strategy and Development Direction - The company is focused on simplification of operations, as evidenced by the sale of its brokerage and third-party farm management subsidiary [10] - A special dividend is planned for January 2026, targeting a range of $0.18 to $0.22 per share, reflecting the company's commitment to shareholder value [12] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding future AFFO performance, indicating that current strong results are based on one-time events [9] - The company anticipates a modest start to next year, similar to the beginning of this year, and will seek opportunities to enhance performance [9] Other Important Information - The company has fully repaid its lines of credit, maintaining undrawn capacity of approximately $159 million at the end of Q3 2025 [19] - Interest expenses decreased significantly due to debt reductions, contributing to improved financial metrics [18] Q&A Session Summary Question: When does the 2023 farm sale and the retirement of the CSA Preferred units close? - The transaction will close on December 10th [27] Question: Are there any additional sales expected to complete in the fourth quarter? - There may be a few small transactions, but nothing on the scale of the 23 farm deal [31] Question: What are the plans for the MetLife term loan maturing in March? - The company plans to renew it, likely with MetLife or another lender [32] Question: How should the removal of Murray Wise Associates from the revenue and expense lines be modeled? - The impact will be relatively negligible in the context of the overall P&L in 2026 [38] Question: What is the exposure in the portfolio to soybean farms? - Approximately 50% of the portfolio is related to soybean farms, but the exposure is indirect through farmer profitability [61][63] Question: Is there any runway for buybacks in Q4 and into 2026? - Buyback activity will depend on stock price and potential additional dispositions, with a focus on shareholder value distribution [71]

Core Insights - Gladstone Land Corporation (NASDAQ:LAND) is recognized as one of the safest monthly dividend stocks for income investors due to its consistent dividend payments and strong portfolio of farmland [1][4]. Group 1: Company Overview - Gladstone Land Corporation focuses on acquiring and leasing farmland to independent and corporate farming operators, with a portfolio of 150 farms across 15 states, covering approximately 103,000 acres [2]. - The crops cultivated include a variety of products such as vegetables, berries, almonds, and pistachios [2]. Group 2: Financial Performance - The company has maintained regular dividends for 148 consecutive months and has increased its dividends 35 times over the past 39 years [4]. - Currently, Gladstone Land offers a monthly dividend of $0.0467 per share, resulting in a dividend yield of 6.01% as of September 23 [4]. Group 3: Lease Structure and Revenue Recognition - Gladstone Land relies on owning prime farmland and maintaining strong tenant relationships, with a recent shift towards profit-based participation in lease structures [3]. - This shift is expected to push a significant portion of revenue recognition into the fourth quarter of 2025, aligning with harvest outcomes [3].

Company Overview - Farmland Partners Inc. (NYSE: FPI) has significantly improved its financial figures since initiating a deleveraging process [1] - The company has successfully reduced interest expenses, leading to better financial health [1] - Revenues per acre have shown improvement, indicating enhanced operational efficiency [1] - The value of the company's land is steadily rising, contributing to overall asset appreciation [1] Investment Strategy - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term [2] - The firm's strategy emphasizes companies with strong competitive advantages, operating in growing markets, and maintaining low debt levels [2] - A skilled and aligned management team is a key focus for Triba Research in its investment evaluations [2] - The firm prioritizes long-term value creation while staying informed about the latest market developments [2]

Financial Data and Key Metrics Changes - For Q1 2025, net income was $2.1 million, or $0.03 per share, an increase compared to the same period in 2024, driven by higher interest income and lower interest expenses [29] - Adjusted Funds from Operations (AFFO) was $2.3 million, or $0.05 per weighted average share, which was lower than the same period in 2024 [29] - Interest expense decreased by $2.4 million due to a reduction in debt of $189.4 million in Q4 2024 [30] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions in 2024, while solar, wind, and recreation revenues increased due to a solar lease arrangement [32] - Management fees and interest income rose due to increased loan issuances under the FPI loan program [32] - Direct operations revenue increased due to higher walnut prices, offset by increased costs for water and maintenance [32] Market Data and Key Metrics Changes - The portfolio's NAV is estimated to be in the mid-$14 range, reflecting a decrease due to dividend payouts [19] - The market for row crop land values remains stable, with no significant frothiness observed [45] - California land values are not recovering, with some capitulation among sellers indicating potential market stabilization [16][18] Company Strategy and Development Direction - The company plans to continue selective capital deployment, focusing on small acquisitions and loan programs [27] - There is an emphasis on stock buybacks due to the perceived undervaluation of the company's shares compared to farmland values [52] - The company aims to maintain liquidity and flexibility in capital deployment strategies [62] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of farmland, particularly in the context of global food demand and population growth [26] - The potential impact of tariffs on the agricultural market was discussed, with management noting that while there may be short-term pressures, long-term fundamentals remain strong [7][11] - The company anticipates modest rent increases in the row crop segment, reflecting a pause in rental growth [9] Other Important Information - The company won part of a legal case in Texas, which may have implications for future operations [13] - A compensation advisory vote did not pass, attributed to ISS recommendations, which management believes were misinformed [21][22] Q&A Session Summary Question: Can you provide details on the amortization of the FPI loan points? - Management indicated that approximately $2.4 million is expected to be recognized as amortization of points income for the year [40] Question: Is the increase in solar, wind, and recreational rent recurring? - Management clarified that while the arrangement with a solar tenant is recurring, it may not be at the same scale as the current year [42] Question: How have cap rates moved year-to-date? - Management noted that cap rates for row crop land values are stable, with no significant changes observed [45] Question: What is the company's stance on stock buybacks versus land purchases? - Management expressed a preference for stock buybacks due to the significant discount of the stock price compared to its perceived value [52] Question: How do tariffs affect core row crop assets versus permanent crops? - Management explained that many specialty crops are consumed domestically, which may provide some benefits amid tariff pressures [56]