Cuộc họp công bố kết quả kinh doanh Q3 2026 của FPI: Thua lỗ, trích lập dự phòng tín dụng và hạ dự báo AFFO

Các điểm chính

• Farmland Partners Inc. (NYSE: FPI) báo cáo lỗ ròng quý 3/2026 đạt 15,5 triệu USD, tương đương 0,36 USD/cổ phiếu, so với lợi nhuận ròng 0,5 triệu USD, tương đương 0,00 USD/cổ phiếu trong quý 3/2025.
• AFFO quý 3 ghi nhận âm 2,1 triệu USD, tương đương âm 0,05 USD trên mỗi cổ phiếu bình quân lưu hành, so với mức dương 2,9 triệu USD, tương đương 0,07 USD/cổ phiếu của cùng kỳ năm trước.
• Kết quả kinh doanh chịu ảnh hưởng bởi dự phòng tổn thất tín dụng tăng liên quan đến một bên vay, dự phòng tổn thất tranh chấp pháp lý tăng và khoản chi phí suy giảm giá trị 12 triệu USD liên quan đến các trang trại ở California đang nắm giữ hoặc dự định bán.
• Ban lãnh đạo đã điều chỉnh dự báo AFFO năm 2026 xuống còn 8,9 triệu - 10,7 triệu USD, tương đương 0,21 - 0,25 USD/cổ phiếu. Hai khoản chi phí bất thường chiếm 0,095 USD trong mức giảm 0,10 USD của dự báo trên mỗi cổ phiếu.
• FPI đã mua lại khoảng 1,7 triệu cổ phiếu với mức giá trung bình 10,32 USD trong quý. Ban lãnh đạo cho biết cổ phiếu được giao dịch ở mức chiết khấu sâu so với giá trị tài sản ròng (NAV) và chỉ ra rằng việc gia hạn cấp phép mua lại cổ phiếu là một giả định hợp lý.
• Khoảng một phần ba quá trình gia hạn hợp đồng thuê tập trung tại vùng Trung Tây đã hoàn tất. Giá gia hạn tương đối đi ngang đến tăng nhẹ, mặc dù ban lãnh đạo nhấn mạnh rằng quá trình này vẫn đang ở giai đoạn đầu.

Dữ liệu tài chính chính

Trong 9 tháng đầu năm 2026, FPI ghi nhận khoản lỗ ròng 11,7 triệu USD, tương đương 0,28 USD/cổ phiếu, so với lợi nhuận ròng 10,4 triệu USD, tương đương 0,18 USD/cổ phiếu cùng kỳ năm trước. AFFO 9 tháng giảm xuống 1,7 triệu USD, tương đương 0,04 USD/cổ phiếu, từ mức 6,5 triệu USD, tương đương 0,14 USD/cổ phiếu.

Kết quả hoạt động và kinh doanh

Thu nhập tiền bản quyền dầu khí cao hơn và thu nhập lãi tăng đã hỗ trợ doanh thu. Thu nhập lãi hưởng lợi từ dư nợ bình quân cao hơn của các khoản cho vay theo chương trình cho vay của FPI và các khoản thu tài trợ.

Mức tăng này đã bị bù trừ bởi thu nhập cho thuê thấp hơn sau các đợt thoái vốn tài sản trong năm trước và doanh số bán nông sản giảm so với cùng kỳ năm 2025.

Ban lãnh đạo mô tả danh mục đầu tư cốt lõi, ngày càng tập trung ở vùng Trung Tây, là có khả năng chống chịu tốt. Khả năng sinh lời của nông dân vẫn chưa chắc chắn do chi phí tăng cao, đặc biệt là chi phí dầu diesel trong mùa thu hoạch. Mặc dù chịu những áp lực đó, các hợp đồng gia hạn thuê sớm vẫn tương đối đi ngang đến tăng nhẹ.

FPI đã xác định một số trang trại ở California để bán, bao gồm các bất động sản mà ban lãnh đạo cho biết họ không đặc biệt ưu ái. Khoản chi phí suy giảm giá trị 12 triệu USD liên quan áp dụng cho các trang trại đã nắm giữ để bán và các trang trại công ty có ý định bán.

Dự báo của ban lãnh đạo

FPI dự báo AFFO năm 2026 đạt 8,9 triệu - 10,7 triệu USD, tương đương 0,21 - 0,25 USD/cổ phiếu.

So với triển vọng tháng 7, dự báo AFFO trên mỗi cổ phiếu đã giảm 0,10 USD. Dự phòng tổn thất tín dụng bổ sung và dự phòng tổn thất tranh chấp pháp lý cao hơn chiếm 0,095 USD trong mức giảm đó.

Ban lãnh đạo cho biết họ không dự kiến sẽ có thêm khoản dự phòng tổn thất tín dụng nào khác trong quý 4, nhưng lưu ý rằng các tình tiết và hoàn cảnh mới có thể làm thay đổi xử lý kế toán bắt buộc.

Rủi ro và các điểm cần theo dõi

• Rủi ro tín dụng: Tổng mức rủi ro đối với bên vay được thảo luận trong cuộc họp là 51 triệu USD trên khắp các khoản cho vay và khoản thu tài trợ. Bên vay đã thực hiện các khoản thanh toán và trả kịp một số khoản lãi, nhưng một vụ bán tài sản lớn theo kế hoạch đã không thể hoàn tất.
• Rủi ro về tài sản thế chấp: FPI cho biết khoản vay có tài sản thế chấp đáng kể, bao gồm bất động sản truyền thống. Tuy nhiên, các tài sản thế chấp khác và bảo lãnh cá nhân khó định giá hơn và đã bị chiết khấu đáng kể trong phân tích của công ty.
• Tranh chấp pháp lý: Kết quả không thuận lợi ở Louisiana đã đóng góp đáng kể vào các khoản dự phòng của quý. Tách biệt với điều này, FPI đã nhận được quyết định phúc thẩm thuận lợi trong vụ kiện Sabrepoint, nhưng ban lãnh đạo dự kiến sẽ có thêm sự chậm trễ và cho biết khả năng thu hồi cuối cùng vẫn chưa chắc chắn.
• Khả năng sinh lời của nông dân: Chi phí vận hành cao, đặc biệt là giá dầu diesel, có thể gây áp lực lên hiệu quả kinh tế trang trại và đàm phán hợp đồng thuê ngay cả khi ban lãnh đạo đề cập đến năng suất và giá nông sản thuận lợi.
• Thoái vốn ở California: Các trang trại nắm giữ hoặc dự định bán đã phát sinh khoản chi phí suy giảm giá trị 12 triệu USD, làm nổi bật rủi ro định giá và thực thi xung quanh các đợt bán hàng theo kế hoạch.

Điểm nổi bật trong phần Hỏi & Đáp với chuyên gia phân tích

Ban lãnh đạo cho biết công ty tin rằng mình đã trích lập dự phòng đầy đủ cho rủi ro 51 triệu USD từ bên vay dựa trên thông tin hiện tại. Khoản dự phòng tăng lên sau khi một vụ bán tài sản dự kiến giúp giảm đáng kể mức rủi ro của FPI đã không thể hoàn tất vào phút cuối.

Về vụ kiện Sabrepoint, ban lãnh đạo cho biết các yêu cầu bồi thường của FPI có thể tiếp tục sau phán quyết phúc thẩm thuận lợi ở Texas. Công ty dự kiến Sabrepoint có thể kháng án lên Tòa án Tối cao Texas và bày tỏ sự ưu tiên cho việc hòa giải. Ban lãnh đạo ước tính thiệt hại ở mức hơn 100 triệu USD nhưng cảnh báo rằng mức thu hồi thực tế có thể sẽ thấp hơn do sự không chắc chắn về năng lực tài chính của Sabrepoint.

Về việc phân bổ vốn, ban lãnh đạo coi việc mua lại cổ phiếu FPI là cơ hội thu mua đất nông nghiệp hấp dẫn nhất của công ty do mức chiết khấu đã nêu so với NAV. Chủ tịch Hội đồng quản trị Paul Pittman cho biết việc giả định HĐQT sẽ gia hạn ủy quyền mua lại hiện tại là hợp lý.

Toàn văn Biên bản cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.