$FPI

Farmland Partners Inc.

CIK:0001591670|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING REVENUES:
Rental income	$ 5,705	$ 6,024	$ 12,002	$ 12,994
Total operating revenues	9,397	9,960	19,499	20,212
OPERATING EXPENSES
Depreciation, depletion and amortization	905	1,130	1,815	2,303
Property operating expenses	1,427	1,606	2,643	3,086
Cost of goods sold	878	1,464	1,160	2,128
Provision for credit loss allowance	782		2,601	69
Acquisition and due diligence costs		(3)		2
General and administrative expenses	1,691	2,413	3,617	4,965
Legal and accounting	312	657	679	1,101
Impairment of assets	751	16,821	751	16,821
Other operating expenses		5		17
Total operating expenses	6,746	24,093	13,266	30,492
OTHER (INCOME) EXPENSE:
Other (income)	(43)	(123)	(69)	(256)
(Income) from equity method investment	(17)	(3)	(38)	(2)
(Gain) on disposition of assets, net	(3,527)	(24,228)	(3,272)	(24,991)
Interest expense	3,083	2,437	5,804	5,075
Total other (income) expense	(504)	(21,917)	2,425	(20,174)
Net income before income tax (benefit) expense	3,155	7,784	3,808	9,894
Income tax (benefit) expense	24	(8)	31	9
NET INCOME	3,131	7,792	3,777	9,885
Net (income) attributable to non-controlling interests in operating partnership	(21)	(190)	(27)	(244)
Net income attributable to the Company	3,110	7,602	3,750	9,641
Distributions on Series A Preferred Units		(743)	(204)	(1,486)
Net income available to common stockholders of Farmland Partners Inc.	$ 3,079	$ 6,836	$ 3,485	$ 8,108
Basic and diluted per common share data:
Basic net income available to common stockholders	$ 0.07	$ 0.15	$ 0.08	$ 0.18
Diluted net income available to common stockholders	$ 0.07	$ 0.14	$ 0.08	$ 0.18
Basic weighted average common shares outstanding	43,368	45,248	43,283	45,418
Diluted weighted average common shares outstanding	43,368	53,984	43,283	54,184
Dividends declared per common share - regular and special	$ 0.09	$ 0.06	$ 0.18	$ 0.12
Performance-based unvested restricted shares
OTHER (INCOME) EXPENSE:
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares	$ (8)	$ (4)	$ (16)	$ (8)
Time-based unvested restricted shares
OTHER (INCOME) EXPENSE:
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares	(23)	(19)	(45)	(39)
Crop sales
OPERATING REVENUES:
Revenue	1,080	1,439	1,344	2,286
Other revenue
OPERATING REVENUES:
Revenue	$ 2,612	$ 2,497	$ 6,153	$ 4,932

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 3,777	$ 9,885
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation, depletion and amortization	1,815	2,303
Amortization of deferred financing fees and discounts/premiums on debt	185	223
Amortization of net origination fees related to notes receivable	(1,467)	(1,218)
Stock-based compensation	902	1,047
(Gain) on disposition of assets, net	(3,272)	(24,991)
(Income) from equity method investment	(38)	(2)
Current and expected credit losses	2,601	69
Impairment of assets	751	16,821
Amortization of dedesignated interest rate swap	(193)	(416)
Losses on modification and extinguishment of debt	9	23
Changes in operating assets and liabilities:
(Increase) Decrease in accounts receivable	1,547	2,729
(Increase) Decrease in interest receivable	(1,876)	(50)
(Increase) Decrease in other assets	1,259	1,662
(Increase) Decrease in inventory	(648)	68
Increase (Decrease) in accrued interest	186	(736)
Increase (Decrease) in accrued expenses	(623)	(3,234)
Increase (Decrease) in deferred revenue	392	323
Increase (Decrease) in accrued property taxes	(125)	(320)
Net cash and cash equivalents provided by operating activities	5,182	4,186
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate acquisitions		(6,501)
Real estate and other improvements	(630)	(251)
Distributions from equity method investees	403	50
Collections of principal on loans	7,352	4,497
Origination fees on notes receivable	25
Issuances of loans and financing receivables	(2,800)	(12,059)
Proceeds from disposition of assets	16,364	81,556
Net cash and cash equivalents provided by investing activities	20,714	67,292
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from mortgage notes payable	80,200	23,000
Repayments on mortgage notes payable	(17,000)	(34,183)
Common stock repurchased		(24,263)
Payment of debt issuance costs	(351)
Payment of swap fees		(126)
Redemption of Series A preferred units	(68,204)
Redemption of common units	(70)
Dividends on common stock	(15,130)	(58,503)
Shares withheld for income taxes on vesting of equity-based compensation	(411)	(273)
Distributions on Series A preferred units	(2,583)	(2,970)
Distributions to non-controlling interests in operating partnership, common	(221)	(1,528)
Net cash and cash equivalents (used in) financing activities	(23,770)	(98,846)
Net increase (decrease) in cash and cash equivalents	2,126	(27,368)
Cash and cash equivalents, beginning of period	9,293	78,441
Cash and cash equivalents, end of period	11,419	51,073
Cash paid during period for interest	5,504	6,002
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Additions to real estate improvements included in accrued expenses	61	138
Origination fees included in notes receivable		591
Swap fees payable included in accrued interest		146
Noncash conversion of accrued interest to notes receivable principal	1,509
Prepaid property tax liability acquired in acquisitions		6
Conversion of common units to shares of common stock	12,339	7,649
Right-of-use assets obtained in exchange for new operating lease liabilities	348	656
Common stock
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable, common stock	4,027	2,718
Common units
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable, common units	$ 26	45
Series A preferred units
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Distributions payable, Series A preferred units		$ 1,485

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Land, at cost	$ 552,060	$ 565,002
Grain facilities	7,249	7,476
Groundwater	8,858	8,858
Irrigation improvements	22,240	22,741
Drainage improvements	6,385	6,401
Permanent plantings	27,683	28,049
Other	3,222	3,334
Construction in progress	1,378	1,190
Real estate, at cost	629,075	643,051
Less accumulated depreciation	(27,944)	(26,783)
Total real estate, net	601,131	616,268
Cash and cash equivalents	11,419	9,293
Loans and financing receivables, net	76,388	80,232
Right of use asset, net	429	169
Accounts receivable, net	2,860	4,408
Derivative asset		141
Inventory	2,964	2,316
Equity method investments	3,880	4,245
Prepaid and other assets	729	1,993
TOTAL ASSETS	699,800	719,065
LIABILITIES
Mortgage notes and bonds payable, net	223,885	160,842
Lease liability	429	169
Dividends payable	4,053	11,483
Accrued interest	2,302	2,116
Accrued property taxes	1,318	1,411
Deferred revenue	1,635	1,243
Accrued expenses	3,066	3,831
Total liabilities	236,688	181,095
Commitments and contingencies (See Note 8)
Redeemable non-controlling interest in operating partnership, Series A preferred units		70,583
EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 43,628,639 shares issued and outstanding at June 30, 2026, and 43,093,127 shares issued and outstanding at December 31, 2025	436	431
Additional paid in capital	526,217	520,899
Retained earnings	120,860	117,314
Cumulative dividends	(187,509)	(179,641)
Other comprehensive income		350
Non-controlling interests in operating partnership	3,108	8,034
Total equity	463,112	467,387
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY	$ 699,800	$ 719,065