Farmland Partners reports Q2 2026: Net income $3.1M, AFFO $1.7M, NOI up 2.9%

Farmland Partners reported second-quarter 2026 results with net income of $3.1 million ($0.07 per share) and AFFO of $1.7 million ($0.04 per share). Net operating income (NOI) rose 2.9% year-over-year to $7.1 million, while the company completed property dispositions and reduced leverage. Management raised the low end of 2026 AFFO per share guidance to $0.31 and declared a quarterly dividend of $0.09 per share.

Financial Highlights

• Net income: $3.1 million for the quarter ended June 30, 2026 ($0.07 basic and diluted net income available to common stockholders).
• AFFO: $1.7 million for the quarter ended June 30, 2026; AFFO per weighted average common share: $0.04.
• Net Operating Income (NOI): $7.1 million for the quarter ended June 30, 2026, a 2.9% increase versus the same period in 2025.
• Total operating revenues: $9.397 million for the quarter ended June 30, 2026 (down from $9.960 million year-over-year).
• Balance sheet: Total debt outstanding of approximately $224.8 million at June 30, 2026; access to liquidity of $133.8 million (including $11.4 million cash and $122.4 million undrawn credit availability); estimated debt to enterprise value ~35%.

Business Highlights

• Portfolio activity: Completed dispositions of two properties during the six months ended June 30, 2026 for approximately $16.4 million in aggregate consideration and recognized aggregate net gain on sale of $3.3 million; also completed the disposition of one property in the quarter for ~ $7.0 million with a $3.5 million gain on sale.
• Capital actions: Made $8.0 million of repayments against lines of credit during the quarter, reducing debt as a percentage of gross book value to 35.5% and used $68.2 million of debt in February 2026 to redeem all outstanding Series A preferred units.
• Operational scale: As of June 30, 2026, the company owned approximately 70,100 acres of farmland across 11 states and owns land/buildings for four agricultural equipment dealerships leased to a third party.
• Cash returns: Board declared a quarterly cash dividend of $0.09 per share payable October 15, 2026 to holders of record as of October 1, 2026.
• Outlook and capital allocation: Management continues to evaluate additional asset dispositions to reduce debt or fund share repurchases and increased the low end of 2026 AFFO per share guidance to $0.31 (top end remains $0.35).

Original SEC Filing: Farmland Partners Inc. [ FPI ] - 8-K - Jul. 29, 2026