FPI 2026 年第三季法說會：虧損、信用準備金與下修 AFFO 財測指引

重點總覽

• Farmland Partners Inc. (NYSE: FPI) 公布 2026 年第三季淨虧損為 1,550 萬美元（或每股虧損 0.36 美元），相較之下 2025 年第三季淨收益為 50 萬美元（或每股 0.00 美元）。
• 第三季 AFFO（調整後營運資金）為負 210 萬美元（或加權平均每股負 0.05 美元），去年同期則為正 290 萬美元（或每股 0.07 美元）。
• 財報結果包含與單一借款人相關的信用損失備抵提存增加、訴訟損失預備金增加，以及涉及持有待售或指定出售的加州農場之 1,200 萬美元減損費用。
• 管理層將 2026 年 AFFO 指引調降至 890 萬至 1,070 萬美元（或每股 0.21 至 0.25 美元）。每股指引調降 0.10 美元中，有 0.095 美元來自兩筆非常規費用。
• FPI 本季以均價 10.32 美元回購約 170 萬股。管理層表示，該股票交易價格相較於每股淨資產價值 (NAV) 折價幅度相當大，並指出重啟股份回購授權是合理的假設。
• 以中西部為重點的租約續約程序已完成約三分之一。續約價格大致持平至略為上漲，不過管理層強調該程序仍處於早期階段。

主要財務數據

2026 年前九個月，FPI 淨虧損為 1,170 萬美元（或每股虧損 0.28 美元），而去年同期淨收益為 1,040 萬美元（或每股收益 0.18 美元）。前九個月 AFFO 從 650 萬美元（或每股 0.14 美元）降至 170 萬美元（或每股 0.04 美元）。

業務與營運表現

石油與天然氣權利金收入增加以及利息收入成長支撐了營收。利息收入受惠於 FPI 貸款計畫與融資應收款項的平均餘額增加。

然而，因前一年資產處分導致租金收入減少，以及農作物銷售額較 2025 年同期下降，抵銷了上述增幅。

管理層表示，日益集中於中西部的核心資產組合展現出強勁韌性。由於成本居高不下（特別是收成期間的柴油費用），農戶的獲利能力仍面臨不確定性。儘管存在這些壓力，早期的租約續約價格仍持平至略為上漲。

FPI 指出已擬定出售數個位於加州的農場，涵蓋管理層表示並不特別偏好的物業。相關的 1,200 萬美元減損費用涵蓋已持有待售及公司意圖出售的農場。

管理層財務指引

FPI 預測 2026 年 AFFO 為 890 萬至 1,070 萬美元，相當於每股 0.21 至 0.25 美元。

與 7 月的展望相比，每股 AFFO 指引調降了 0.10 美元。額外的信用損失備抵與較高的訴訟損失預備金佔了其中 0.095 美元的降幅。

管理層表示，預計第四季不會再提存信用損失備抵，但也指出新的事實與情況可能會改變所需的會計處理方式。

風險與關注焦點

• 信用風險曝險：電話會議中討論的該借款人總曝險額為 5,100 萬美元，包含貸款與融資應收款項。雖然該借款人已進行還款並補繳部分利息，但一項預期的重大資產出售案最終未能順利交割。
• 擔保品不確定性：FPI 表示該筆貸款擁有充足的擔保品，包括傳統房地產。然而，其他擔保品與個人擔保較難估值，並在公司的分析中大幅打折計算。
• 訴訟事宜：路易斯安那州訴訟的不利結果是本季備抵提存的主要原因之一。另外，FPI 在 Sabrepoint 案中獲得有利的上訴判決，但管理層預計會有進一步拖延，並表示最終追回的金額仍具不確定性。
• 農戶獲利能力：雖然管理層指出產量與農作物價格表現良好，但高昂的營運成本（尤其是柴油價格）仍可能對農場營運經濟狀況與租約談判帶來壓力。
• 加州資產處分：持有待售或指定出售的農場產生了 1,200 萬美元的減損費用，凸顯出計畫中銷售案的估值與執行風險。

分析師問答重點

管理層表示，根據目前資訊，公司認為已針對 5,100 萬美元的借款人曝險提存足夠備抵。在原先預計可大幅降低 FPI 曝險的預期資產出售於最後一刻未能交割後，備抵金額隨之增加。

關於 Sabrepoint 訴訟案，管理層表示在德州上訴法院做出有利判決後，FPI 的主張可繼續進行。公司預期 Sabrepoint 可能會上訴至德州最高法院，並表達了和解的意願。管理層估計損害賠償金額超過 1 億美元，但警告由於 Sabrepoint 財務能力存在不確定性，實際追回的金額可能會較低。

在資金配置方面，管理層認為鑑於股票相較於 NAV 的折價，回購 FPI 股票是公司最具吸引力的農地收購機會。執行董事長 Paul Pittman 表示，假設董事會將續發現有的回購授權是合理的。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.