FPI 2026년 3분기 실적 발표: 손실, 대손충당금 및 AFFO 가이던스 하향 조정

주요 내용

• 팜랜드 파트너스(Farmland Partners Inc., NYSE: FPI)는 2026년 3분기 순손실이 1,550만 달러(주당 0.36달러)로, 2025년 3분기 순이익 50만 달러(주당 0.00달러) 대비 적자 전환했다고 발표했다.
• 3분기 조정운영자금(AFFO)은 가중평균 주당 마이너스 0.05달러인 마이너스 210만 달러를 기록해, 전년 동기의 플러스 290만 달러(주당 0.07달러)와 대비를 이뤘다.
• 실적에는 특정 차주 관련 신용손실 충당금 증가, 소송 손실 충당부채 증가, 매각 목적 보유 또는 매각 예정으로 지정된 캘리포니아 농지와 관련된 1,200만 달러의 손상차손이 반영됐다.
• 경영진은 2026년 AFFO 가이던스를 890만~1,070만 달러(주당 0.21~0.25달러)로 수정했다. 주당 가이던스 하향 조정분인 0.10달러 중 0.095달러는 두 건의 일회성 비용 때문이었다.
• FPI는 이번 분기 동안 평균 10.32달러의 가격으로 약 170만 주를 자사주로 매입했다. 경영진은 주가가 순자산가치(NAV) 대비 상당한 할인율로 거래되고 있다며, 자사주 매입 승인 연장이 합리적인 추정이라고 밝혔다.
• 중서부 지역 중심의 임대 갱신 절차는 약 3분의 1이 완료됐다. 경영진은 이 절차가 아직 초기 단계임을 강조했지만, 갱신 임대료는 보합세를 유지하거나 소폭 상승했다.

주요 재무 데이터

2026년 첫 9개월 동안 FPI는 전년 동기의 순이익 1,040만 달러(주당 0.18달러)에서 적자 전환해 1,170만 달러(주당 0.28달러)의 순손실을 기록했다. 9개월 누적 AFFO는 650만 달러(주당 0.14달러)에서 170만 달러(주당 0.04달러)로 감소했다.

사업 및 영업 실적

석유 및 가스 로열티 수입 증가와 이자 수익 증가가 매출을 뒷받침했다. 이자 수익은 FPI 대출 프로그램 및 금융채권의 평균 잔액 증가에 따른 수혜를 입었다.

이러한 증가분은 전년도 자산 매각에 따른 임대 수익 감소 및 2025년 동기 대비 농작물 매출 감소로 인해 상쇄됐다.

경영진은 중서부 지역에 더욱 집중되고 있는 핵심 포트폴리오가 견조한 회복력을 보이고 있다고 설명했다. 수확기 디젤 유류비를 비롯한 비용 증가로 인해 농가 수익성은 여전히 불확실한 상황이다. 이러한 압박에도 불구하고 초기 임대 갱신은 보합세를 유지하거나 소폭 상승했다.

FPI는 경영진이 특별히 선호하지 않는다고 밝힌 자산을 포함해 매각 대상 캘리포니아 농지 여러 곳을 지정했다. 이와 관련된 1,200만 달러의 손상차손은 이미 매각 목적 보유로 분류된 농지 및 회사가 매각하고자 하는 농지에 적용됐다.

경영진 가이던스

FPI는 2026년 AFFO를 890만~1,070만 달러(주당 0.21~0.25달러 상당)로 전망했다.

지난 7월 전망치와 비교해 주당 AFFO 가이던스는 0.10달러 하향 조정됐다. 추가 신용손실 충당금과 소송 손실 충당부채 증가가 이 감소분의 0.095달러를 차지했다.

경영진은 4분기에 추가적인 신용손실 충당금을 예상하지 않는다고 밝혔으나, 새로운 사실 및 상황에 따라 필요한 회계 처리가 달라질 수 있다고 덧붙였다.

리스크 및 관전 포인트

• 신용 익스포저: 실적 발표 콘퍼런스 콜에서 논의된 차주에 대한 총 익스포저는 대출금 및 금융채권을 포함해 5,100만 달러였다. 해당 차주는 일부 이자를 납부하며 정산했으나, 추진 중이던 대규모 자산 매각이 최종 무산됐다.
• 담보 불확실성: FPI는 해당 대출이 전통적인 부동산을 포함해 상당한 담보를 확보하고 있다고 밝혔다. 다만 기타 담보 및 개인 보증은 가치 평가가 더 어렵고 회사 분석에서 상당 부분 할인됐다.
• 소송: 루이지애나주에서의 불리한 판결 결과가 이번 분기 충당금 설정에 크게 기여했다. 별도로 FPI는 세이버포인트(Sabrepoint) 사건에서 유리한 항소심 판결을 받았으나, 경영진은 추가 지연을 예상하고 있으며 최종 회수 여부는 여전히 불확실하다고 밝혔다.
• 농가 수익성: 경영진이 양호한 수확량과 농작물 가격을 언급했음에도 불구하고 높은 운영 비용, 특히 디젤 가격은 농가 경제와 임대 협상에 압박을 가할 수 있다.
• 캘리포니아 자산 매각: 매각 목적 보유 또는 매각 예정으로 지정된 농지에서 1,200만 달러의 손상차손이 발생해 계획된 매각을 둘러싼 가치 평가 및 이행 리스크가 부각됐다.

애널리스트 Q&A 주요 내용

경영진은 현재 정보를 바탕으로 5,100만 달러 규모의 차주 익스포저에 대해 적절한 충당금을 쌓았다고 믿는다고 밝혔다. FPI의 익스포저를 상당 부분 줄일 것으로 기대됐던 자산 매각이 마지막 순간에 무산된 후 충당금이 증가했다.

세이버포인트 소송과 관련해 경영진은 텍사스 항소법원의 유리한 판결에 따라 FPI의 청구가 진행될 수 있다고 밝혔다. 회사는 세이버포인트가 텍사스 대법원에 상고할 것으로 예상하며 합의를 선호한다는 입장을 밝혔다. 경영진은 손해배상액을 1억 달러 이상으로 추정했지만 세이버포인트의 재정 능력에 대한 불확실성으로 인해 실제 회수액은 이보다 낮을 가능성이 크다고 당부했다.

자본 배분과 관련해 경영진은 NAV 대비 할인된 주가를 이유로 FPI 자사주 매입이 회사 입장에서 가장 매력적인 농지 매수 기회라고 보았다. 폴 피트먼(Paul Pittman) 이사회 의장은 이사회가 기존 자사주 매입 승인을 연장할 것으로 예상하는 것이 합리적이라고 밝혔다.

실적 발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, everyone. Thank you for joining us, and welcome to the Farmland Partners Inc. Q3 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. Good morning, and welcome to Farmland Partners Third Quarter 2026 Earnings Conference Call and Webcast. We truly 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 third 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, October 29, 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 third quarter 2026 earnings, which is available on our website, farmlandpartners.com, and is furnished as an exhibit to our current report on Form 8-K dated October 28, 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. Hello, everybody. So it was a tough quarter from the standpoint of our earnings due to some reserves and negative surprises we had along the way. The underlying core value of the portfolio, which today is gradually getting ever more concentrated in the Midwest is incredibly strong. Nothing negative going on there. Farm economy is pretty decent, but not perfect by any means. Costs are high. But the core portfolio continues to perform very, very well.

We got a surprising and negative result in a piece of litigation in Louisiana, which is a major piece of the reserves we took. And then we also have one loan situation that we continue to be worried about. And so we thought it prudent to take a reserve there, even though we will continue all efforts to collect the full amount. So with that, I will stop and turn it over to Luca, I believe, follows me here.

Luca Fabbri

Yes. Thank you, Paul. Just wanted to kind of strengthen a little bit Paul's comments about the strength of -- the resilience of the farm economy, especially the resilience of the asset class. This is not a great year for farmers because despite pretty good news on both yields and crop prices, the -- everybody is now reading headlines about the devastating impact of the cost items on their P&L, especially diesel prices. And this is especially negative at this time of the year when they are burning through a lot of diesel fuel for harvest.

So we are about 1/3 of the way into our lease renewal process for the renewing leases, very focused on the Midwest. And we are seeing that there is a lot of uncertainty regarding profitability among farmers. But it's -- and this is also a lease renewal cycle that is coming off a renewal about 3 years ago on average that was incredibly strong. So, so far, we are seeing relatively flat to slightly up lease renewals, but we are still very early to know exactly how it's going to end up in aggregate when we are done.

The other point I would like to make is that we are -- as always, we are incredibly strong believers in the asset class, especially for the core of our portfolio in the Midwest. We see the best farmland acquisition opportunity as being our own stock because we are trading at a significant discount to NAV. And to that effect, in the quarter, we purchased about 1.7 million shares at an average price of $10.32. And this is all the comments I wanted to make, and I will turn the call over to our CFO, Susan Landi, for her overview of the company's financial performance. Susan?

Susan Landi

Thank you, Luca. I'm going to cover a few items today, including a summary of the 3 and 9 months ended September 30, 2026, a review of our capital structure and updated guidance for 2026. I'll be referring to the supplemental package, which is available in the Investor Relations section of our website under the subheader Events and Presentations. First, I will share a few financial metrics that appear on Page 2. For the 3 months ended September 30, 2026, net loss was $15.5 million or $0.36 per share available to common stockholders versus a net income of $0.5 million or $0 per share available to common stockholders for the same period in 2025.

AFFO was negative $2.1 million or negative $0.05 per weighted average share compared to $2.9 million or $0.07 per weighted average share for the same period in 2025. For the 9 months ended September 30, 2026, net loss was $11.7 million or negative $0.28 per share available to common stockholders versus net income of $10.4 million or $0.18 a share available to common stockholders for the same period in 2025. AFFO was $1.7 million or $0.04 per weighted average share compared to $6.5 million or $0.14 per weighted average share for the same period in 2025.

Page 5 shows a more comprehensive look at the main drivers of these changes year-over-year. On the revenue side, we were positively impacted by higher receipts from oil and gas royalties and higher interest income due to a higher average balance on loans under the FPI loan program and financing receivables. These increases were offset by lower rental income due to asset dispositions that occurred in the prior year in addition to some lower crop sales in the current year versus the prior year. Operating expenses were higher on both a quarter-to-date and year-to-date basis over the prior year, and this was primarily due to an increase in the provision for credit loss reserve related to loans under the FPI loan program as well as an increase in the estimated loss contingency related to litigation that Paul had mentioned previously.

On Page 12, there are a few capital structure items to point out. We had undrawn capacity on our lines of credit of approximately $107 million at the end of Q3 2026. Page 15 is our updated outlook for 2026. The assumptions are listed at the bottom of the page. Changes from the July guidance primarily relate to 2 nonrecurring charges, the additional credit loss reserve and the increase in the loss contingency related to the litigation. Note that these 2 events account for $0.095 of the $0.10 decrease in AFFO per share. The forecasted range of AFFO $8.9 million to $10.7 million or $0.21 to $0.25 per share. This summarizes where we stand today. We will keep you updated as we progress through the year. This wraps up our comments this morning. Thank you all for participating. Operator, you can now begin the Q&A session.

Operator

[Operator Instructions] The first question comes from the line of Craig Kucera with Lucid Capital Markets.

질의응답

Craig Kucera

With the impairment charges you had this quarter, were those affiliated with just the assets held for sale? Or was that just a more broad-based valuation adjustment in California?

Paul Pittman

Luca, do you want to take that one?

Luca Fabbri

Sure. And I'll have Susan chime in for some more details. Fundamentally, we have a few farms that we are either holding for sale or we have earmarked for sale in California. That is, frankly, the -- all the farms that we don't particularly like. So the $12 million impairment charge relates to both the ones held for sale and the one that we intend to sell. Susan, anything you want to add to that?

Susan Landi

No.

Craig Kucera

Okay. I guess with Sabrepoint and reading your SEC filings, it reads like you thought this was the final gating factor as far as the appellate decision that will allow you to pursue those claims. Is that your opinion? And can you give us a sense of what those damages might be you might be seeking?

Paul Pittman

Yes. Let me take this one and Christine, our General Counsel, will chime in after me if she wants to add something. So yes, the victory that we got at the appellate level in the Texas courts on the Sabrepoint case is incredibly strong. Sabrepoint, in our opinion, will continue to delay -- but that opinion, if you actually read the entire opinion, which is publicly available, was very, very strong. It says, look, it's an appellate court. So it says we're not the trier of fact, but it sure looks like there's a smoking gun here is paraphrasing what that opinion said. And so our claims will be allowed to proceed.

We assume Sabrepoint will appeal this to the Supreme Court of Texas, not because they think they can win, not because they think the court will probably even take it, but it's further delay. Our hope is that we will engage in a settlement at some point instead of having to try this. If I was on the Sabrepoint side, I would certainly not want to go all the way through the court process and have a court announce that I basically committed fraud on the market. And remember, these guys are "asset managers," and if they go all the way through this case and get another opinion like the one just written, I don't think they can be in the securities business anymore for the rest of their lives.

So I think their pressure on them to settle is going to get strong. But who knows. As far as the amount that we could recover, what we ought to recover is $100 million plus. Will we recover that? Probably not. I just don't think Sabrepoint has as much money as the damage they cost, but we're going to go get every penny we can from them. So I'll just leave it at that.

Craig Kucera

Fair enough. I'd like to circle back to the provision for credit loss allowance. Was the borrower who's given you some trouble in the past, that -- did that continue to be reserved against this quarter? And how much is still -- how much has not been reserved against if that is the case?

Paul Pittman

Let me answer the question generally, and then Susan or Luca, you look at specifics if we can share them. So the answer to the question is, yes, we've taken reserves in the last few quarters against potential loan loss risk. It is the same borrower. The borrower per se is not causing us trouble. They made some payments in this quarter. They caught up on a bunch of interest and things like that. So it is not a situation where it's dire. Although we're a public entity, we're bound by GAAP. When a guy is paying slow and paying late, the risk of that borrower is increasing even if they're saying and promising they're going to pay you. And so we continue to take these reserves.

I don't want to suggest for a second that they're purely driven by accounting considerations, and we believe the risk is increasing. That's why we're taking reserves. But we still will work diligently to collect all of this. It's just that you just got to be honest with yourself when things aren't going exactly per contract, so to speak, and you're the lender, you got to accept that, that is not a good fact and make some reserves. So that's what we're doing there. Luca or Susan, if you can disclose anything more specific, feel free.

Susan Landi

So I believe part of your question was what is our exposure. Our total exposure between the loans and the financing receivables in aggregate is $51 million. I don't know if you had any more specific questions.

Luca Fabbri

And we have -- there is significant -- of course, very significant collateral behind that loan. Some of the collateral is traditional real estate collateral, but there is significant kind of less other types of collaterals and guarantees that are harder to value. So we've taken an approach that we think we embraced the principle that our financials should be conservative, but in the realm of reality. And we opted in our analysis to pretty much discount significantly the non-real estate collateral that we have behind this loan, including personal guarantees and so on and so forth.

Craig Kucera

That's helpful. Just one more for me. I mean, given your comments regarding the attractiveness of buybacks, I think this quarter, you nearly topped out your existing repurchase authorization. Is it reasonable to assume that the Board will re-up the existing authorization?

Paul Pittman

I'm going to answer that. I think that's a reasonable assumption.

Operator

Your next question comes from the line of Buck Horne with Raymond James.

Buck Horne

I just kind of want to follow up on a credit loss reserve question a little bit. It looks like in the guidance, you're not anticipating having to take any additional reserves in the fourth quarter or maybe going forward. Correct me if I'm wrong on that. Just wondering, what are the other flags you guys are looking at in that portfolio, if there are any other indicators of issues or whether it's struggles with payments or profitability? How is the rest of the exposure looking going forward?

Paul Pittman

Yes. The -- so let me describe a little more granularity what kind of happened, which disappointed us this quarter. As I said, they made some payments and caught up on some interest and other things. There was supposed to be a relatively significant asset sale that was going to bring us capital, and that has been an asset sale that had been in the works, as you can imagine, for 4 to 6 months, maybe more. That at the last moment didn't close. That's never a good fact. We're not right in the middle of those negotiations ourselves because it's the borrower making the sale of the assets to repay us. But that's just not a good fact.

And when we were expecting an additional -- a substantial additional reduction in our exposure and then it doesn't happen, like I said, you have to take that as a bad fact even if it isn't just positive that things are going to go negative for you. So that's the kind of thing that's going on. We -- as Luca said, we think we're going to be covered here. But when you sit down and say, okay, things go to hell in a handbasket and you're going to fire sale these assets, are you going to get a full recovery? And the answer in our math is that we're concerned that we wouldn't. Therefore, we take a reserve. We think we're well reserved at this point. But next quarter, we'll reveal more facts and circumstances that may affect what we need to do next quarter, although we're not anticipating a further reserve.

Operator

[Operator Instructions] There are no further questions at this time. I will now turn the call back to Luca for closing remarks.

Luca Fabbri

Thank you, Erica, and thank you, everybody. We appreciate your interest in our company and look forward to updating you on our activities and results in the coming quarters. Have a great rest of your day.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.