Farmland Partners Inc. functions as an internally managed real estate enterprise, primarily focused on acquiring and holding premium North American agricultural land. ...
Farmland Partners Inc. (FPI) is a publicly traded, internally managed real estate investment trust (REIT) headquartered in Denver, Colorado. Founded in 2013 by Paul Pittman, the company focuses on acquiring and managing high-quality agricultural land in North America, primarily in the United States. Its business model revolves around purchasing farmland ...Farmland Partners Inc. (FPI) is a publicly traded, internally managed real estate investment trust (REIT) headquartered in Denver, Colorado. Founded in 2013 by Paul Pittman, the company focuses on acquiring and managing high-quality agricultural land in North America, primarily in the United States. Its business model revolves around purchasing farmland and leasing it to farmers at competitive rents, generating income through rental revenue and potential asset appreciation. Additionally, FPI provides secured loans to farmers, collateralized by farm real estate, expanding its financial services within the agricultural sector. The company's portfolio includes approximately 155,000 acres distributed across 16 states, from Alabama to Virginia, covering a diverse range of crops such as corn, soybeans, wheat, rice, and cotton. With over 100 tenants farming this land, FPI leverages its scale and expertise to ensure efficient land use and productivity. The company elected to be taxed as a REIT for U.S. federal income tax purposes starting in 2014, which allows it to distribute at least 90% of taxable income to shareholders as dividends. Financially, FPI reported a market capitalization of $431.9 million, a dividend yield of 5.1%, and a trailing price-to-earnings ratio of 16.55. Key executives include President and CEO Luca Fabbri, who previously served as CFO, and Executive Chairman Paul Pittman, a farmer by background. The company's mission is to provide investors with a stable, long-term investment in agricultural real estate while supporting the farming community through reliable land access and financing solutions.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$52.2M
-10.4%
-7.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$31.5M
-47.3%
+385.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+64.4%
-20.1%
+6.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+44.2%
+0.9%
+30.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+60.5%
-41.2%
+422.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$17.4M
+8.0%
-143.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+33.4%
+20.5%
-146.2%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
35.1%
-17.1%
-3.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
537.08x
+26097.9%
+15910.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to the Farmland Partners, Inc. Q2 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to Luca Fabbri, President and Chief Executive Officer. Luca, please go ahead.
Luca Fabbri: Thank you, Erica, and good morning, and welcome to Farmland Partners Second Quarter 2026 Earnings Conference Call and Webcast. We fully appreciate you taking the time to join us for these calls because we see them as a very important opportunity to share with you our thinking and our strategy in a format less formal and more interactive than public filings and press releases. I will now turn over the call to our General Counsel, Christine Garrison, for some customary preliminary remarks. Christine?
Christine Garrison: Thank you, Luca, and thank you to everyone on the call. The press release announcing our second quarter earnings was distributed after market closed yesterday. The supplemental package has been posted to the Investor Relations section of our website under the subheader Events and Presentations. For those who listen to the recording of this presentation, we remind you that the remarks made herein are as of today, July 30, 2026, and will not be updated subsequent to this call. During this call, we will make forward-looking statements, including statements related to the future performance of our portfolio, our identified and potential acquisitions and dispositions, impact of acquisitions, dispositions and financing activities, business development opportunities as well as comments on our outlook for our business, rents and the broader agricultural markets. We will also discuss certain non-GAAP financial measures including net operating income, FFO, adjusted FFO, EBITDAre and adjusted EBITDAre. Definitions of these non-GAAP measures as well as reconciliations to the most comparable GAAP measures are included in the company's press release announcing second quarter 2026 earnings, which is available on our website, farmlandpartners.com and is furnished as an exhibit to our current report on 8-K dated July 29, 2026. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control. 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?
Paul Pittman: Thank you, Christine. This was actually a pretty good quarter for us and frankly, a very mundane quarter. No real surprising events. Everything is kind of performing as expected and as projected. So you'll hear me back at the Q&A, but I'm going to turn it over to Luca, so we don't end up repeating the same things.
Luca Fabbri: Thank you, …