Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”), a leading real estate investment trust (REIT) focused on acquiring and managing high-quality farmland across North America, today announced its financial results for the quarter ended June 30, 2025. The Company demonstrated strong operational and financial performance, driven by strategic farmland sales, share repurchases, and disciplined capital management.
Financial Performance for the Second Quarter 2025
For the second quarter of 2025, FPI reported net income of $7.8 million, or $0.15 per share available to common stockholders. This marks a significant improvement from the same period in 2024, when the Company reported a net loss of $2.1 million, or ($0.06) per share.
The Company also delivered Adjusted Funds From Operations (AFFO) of $1.3 million, or $0.03 per share, more than doubling the AFFO of $0.5 million, or $0.01 per share, reported in the second quarter of the prior year. The strong AFFO growth reflects enhanced operating efficiencies and a favorable asset sale environment.
Operational Highlights and Strategic Dispositions
During the quarter, Farmland Partners completed the disposition of 32 farmland properties, generating aggregate consideration of $71.6 million. The Company recognized an impressive aggregate gain on sale of $24.2 million, underscoring the continued appreciation and liquidity of its farmland portfolio. These transactions were part of a deliberate capital recycling strategy, aimed at maximizing shareholder value through the sale of mature or non-core assets.
Subsequent to quarter-end, FPI continued its capital allocation initiatives by repurchasing an additional 181,989 shares of common stock at an average price of $11.48 per share. The Company also made $23.0 million in repayments against its lines of credit, further strengthening its balance sheet and reducing interest expense.
CEO Commentary: Focused on Value Creation and Resilience
Luca Fabbri, President and Chief Executive Officer of Farmland Partners Inc., commented on the quarterly results:
“We continue to deliver strong total returns to our shareholders by generating consistent cash flow from efficient operations and recognizing significant gains on the strategic sale of appreciated farmland assets. In the first half of 2025 alone, we realized meaningful gains on more than $80 million in farm sales — clear evidence of asset appreciation and value creation for our shareholders.”
Fabbri noted that proceeds from the asset sales are being effectively redeployed to repurchase undervalued stock and reduce higher-cost debt, strategies he believes will boost long-term shareholder returns.
However, he also acknowledged challenges in specific markets:
“At the same time, we recorded $16.8 million in impairments on certain California permanent crop properties, reflecting longer-term value pressures from crop and water availability dynamics in that region. We remain committed to active portfolio management and believe in the enduring value of farmland as a low-volatility, income-producing asset class.”
Acquisition and Disposition Activity (First Half 2025)
For the six months ended June 30, 2025, Farmland Partners completed the acquisition of five properties for a total of $6.5 million, reflecting the Company’s disciplined acquisition strategy focused on value and long-term potential.
During the same period, FPI sold a total of 34 properties, realizing approximately $81.6 million in proceeds and generating a total gain on sale of $25.0 million. These strategic dispositions reflect the Company’s ability to monetize its assets at favorable valuations and redeploy capital to support shareholder returns.
Balance Sheet and Liquidity
As of June 30, 2025, FPI reported total debt of approximately $193.4 million, down from $204.6 million at year-end 2024. This reduction reflects the Company’s proactive debt repayment efforts supported by proceeds from property sales.
The Company had liquidity of $211.1 million at the end of the quarter, comprising $51.1 million in cash and $160.0 million in undrawn availability under its credit facilities. While this represents a modest decrease from the $245.8 million in liquidity reported at the end of 2024, FPI remains well-positioned to pursue growth opportunities and navigate market fluctuations.
As of July 18, 2025, FPI had 44,913,381 shares of common stock outstanding on a fully diluted basis.
Share Repurchase Activity
During the second quarter, FPI repurchased a total of 2,099,756 shares of its common stock at a weighted average price of $11.19 per share, reflecting management’s belief that the stock remains undervalued relative to the intrinsic value of the Company’s assets.
The continued repurchase activity following quarter-end, including nearly 182,000 shares, demonstrates FPI’s ongoing commitment to shareholder-friendly capital allocation.
Dividend Declarations
On July 22, 2025, the Board of Directors declared a quarterly cash dividend of $0.06 per share on the Company’s common stock and Class A Common OP units. The dividend will be payable on October 15, 2025, to stockholders and unitholders of record as of October 1, 2025.
2025 Earnings Guidance and Outlook
Farmland Partners reaffirmed its 2025 AFFO per share earnings guidance, maintaining the expectations outlined in the previous quarter. The Company continues to anticipate strong cash flow performance, supported by efficient operations and prudent capital management.
Detailed earnings guidance and financial projections can be found on page 15 of the supplemental investor package, available on the Company’s website under the Investor Relations section.
Conference Call Details
FPI will host a conference call and webcast to discuss its second-quarter results and provide an operational update on July 24, 2025, at 11:00 a.m. Eastern Time. Investors and analysts can join the live call by dialing 1-800-715-9871 and entering the conference ID 4868033.
A listen-only webcast of the call will also be accessible through the Investor Relations section of the Company’s website at For those unable to attend the live call, a telephone replay will be available until August 3, 2025, by dialing 1-800-770-2030 and entering the same playback ID. The webcast replay will also remain available for a limited time.
