Farmland Partners Inc.
Farmland Partners Inc. owns and manages a portfolio of U.S. farmland and related agricultural real estate, structured as a REIT. Its business is built around earning rental income from tenant farmers, while also using selective acquisitions, dispositions, loans, and ancillary services to enhance returns and asset value.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCore rental income from owned farmland leased to farm operators under fixed and variable rent structures.
Loans secured by farmland, crops, equipment, or other collateral to farmers and landowners.
Property management, auction, brokerage, and volume purchasing services provided through the TRS.
Farm operations conducted directly by the taxable REIT subsidiary on select acreage.
Lease income and optionality from solar and wind development on farmland parcels.
Customers
The company’s main customers are farm operators who lease its land and pay rent to use the acreage for crop production. It also serves landowners and third-party farmers through the FPI Loan Program, and agricultural tenants through volume purchasing and related agribusiness services. A smaller customer base includes renewable energy developers and operators that lease land for solar or wind projects, plus equipment dealership tenants in Ohio.
Lease farmland to grow corn, soybeans, wheat, rice, cotton, and specialty crops; they buy access to productive acreage and flexibility in lease terms.
Borrow from the FPI Loan Program for acquisitions, working capital, infrastructure, and other farming-related needs.
Lease farmland for solar and wind projects, creating incremental land-use revenue and long-duration optionality.
Use property management, auction, brokerage, and volume purchasing services through the TRS.
Lease dealership and related agricultural real estate, such as the Ohio properties leased under the John Deere brand.
Strategy
The company’s strategy is to own and manage high-quality farmland that can generate stable rent, asset appreciation, and dividend capacity over time. It also seeks to improve returns through selective acquisitions and dispositions, agricultural lending, renewable-energy leases, and TRS activities that monetize land beyond traditional crop rent. Portfolio diversification across crop types and regions is central to reducing volatility from weather, commodity prices, and tenant performance.
High-quality acreage supports rent durability, appreciation, and long-term scarcity value.
Ancillary revenue streams reduce dependence on crop rent and tenant profitability.
Selective dispositions can improve portfolio quality and redeploy capital into higher-return assets.
Mixing primary and specialty crops across multiple states helps manage volatility from weather and commodity cycles.
Geography
Farmland Partners’ portfolio is concentrated in the United States, with owned farms across Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas, and West Virginia. Its operating footprint also includes managed acres in additional Midwestern and Southern states, plus four agriculture equipment dealership properties in Ohio. Geography matters because crop mix, water availability, commodity exposure, and land values differ materially by region, especially between the Corn Belt, Delta/South, High Plains, Southeast, and West Coast.
Risks
The business is exposed to tenant profitability, commodity prices, weather, water availability, and regional farmland values, all of which can affect rent collection and asset values. It also faces REIT-specific risks such as leverage, refinancing, and distribution capacity, plus execution risk in loans, renewable-energy leases, and direct farming activities. Cybersecurity, environmental liabilities, and geopolitical trade disruptions are additional risks because they can impair operations, tenant demand, or the value of farmland.
- Tenant profitability deteriorationImpact: HighLikelihood: Medium
If farm operators earn less, they may struggle to pay rent, taxes, and insurance.
Exposure: Fixed and variable farmland leases
- Commodity price and trade volatilityImpact: HighLikelihood: Medium
Crop prices affect tenant margins and therefore the rent the company can collect.
Exposure - Weather, disease, and water scarcityImpact: HighLikelihood: Medium
Agricultural output and land productivity can fall sharply in adverse conditions.
Exposure - Geopolitical and tariff exposureImpact: MediumLikelihood: Medium
Trade disputes, including soybean export pressure to China, can disrupt pricing and demand.
Exposure: U.S. crop exports
- Environmental and cybersecurity liabilityImpact: MediumLikelihood: Low
Environmental claims or cyber incidents could create remediation costs and business disruption.
Exposure
Accounting
Judgemental itemsManagement must split acquisition cost across land, buildings, and other assets using valuation assumptions.
Impact: Affects depreciation, gains/losses on sale, and reported asset values
Some lease income depends on crop sales and insurance thresholds, delaying recognition until criteria are met.
Impact: Can shift revenue between periods and increase quarterly volatility
Land values depend on market comparables, soil, water, and lease characteristics.
Impact: Can materially affect balance sheet carrying values and gains/losses
The FPI Loan Program introduces borrower credit risk and collateral valuation judgments.
Impact: Can affect interest income and allowance/provision levels
The OZ Fund is unconsolidated, so earnings depend on equity-method results rather than full consolidation.
Impact: Can create volatility in non-operating income
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Last updated: 24/09/2026