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.

60,5 %

−10,4 %

— Farmland Partners Inc.
%
Farmland leasing70% Core rental income from owned farmland leased to farm operators under fixed and variable rent structures.
Agricultural lending10% Loans secured by farmland, crops, equipment, or other collateral to farmers and landowners.
Agribusiness services8% Property management, auction, brokerage, and volume purchasing services provided through the TRS.
Direct farming operations5% Farm operations conducted directly by the taxable REIT subsidiary on select acreage.
Renewable energy and ancillary land use7% Lease income and optionality from solar and wind development on farmland parcels.

The company’s main customers are farm operators who lease its land and pay rent to use the acreage for crop production...

  • Farm tenant operatorsprimary

    Lease farmland to grow corn, soybeans, wheat, rice, cotton, and specialty crops; they buy access to productive acreage and flexibility in lease terms.

  • Agricultural borrowerssecondary

    Borrow from the FPI Loan Program for acquisitions, working capital, infrastructure, and other farming-related needs.

  • Renewable energy developerssecondary

    Lease farmland for solar and wind projects, creating incremental land-use revenue and long-duration optionality.

  • Agribusiness service usersemerging

    Use property management, auction, brokerage, and volume purchasing services through the TRS.

  • Commercial agricultural tenantsemerging

    Lease dealership and related agricultural real estate, such as the Ohio properties leased under the John Deere brand.

Farmland Partners’ portfolio is concentrated in the United States, with owned farms across Arkansas, California,...

  • •Owned farms span 11 U.S. states across the Corn Belt, South, High Plains, Southeast, and West Coast
  • •West Coast exposure is concentrated in California permanent-crop acreage
  • •Corn Belt holdings include Illinois, Indiana, Iowa, Missouri, eastern Nebraska, and Ohio
  • •Managed acres extend the operating footprint into additional states such as Mississippi and North Carolina
  • •Ohio dealership real estate adds a non-farm agricultural real estate exposure
  • •No meaningful non-U.S. operating footprint was disclosed

The company’s strategy is to own and manage high-quality farmland that can generate stable rent, asset appreciation,...

01
Farmland acquisition and portfolio qualitymedium-term

High-quality acreage supports rent durability, appreciation, and long-term scarcity value.

02
Income diversificationshort-term

Ancillary revenue streams reduce dependence on crop rent and tenant profitability.

03
Capital recyclingmedium-term

Selective dispositions can improve portfolio quality and redeploy capital into higher-return assets.

04
Diversification by crop and regionlong-term

Mixing primary and specialty crops across multiple states helps manage volatility from weather and commodity cycles.

The business is exposed to tenant profitability, commodity prices, weather, water availability, and regional farmland...

high

Tenant profitability deterioration

If farm operators earn less, they may struggle to pay rent, taxes, and insurance.

Scope
Fixed and variable farmland leases
Materiality
high
high

Commodity price and trade volatility

Crop prices affect tenant margins and therefore the rent the company can collect.

Scope
Soybeans, corn, wheat and other row crops
Materiality
high
high

Weather, disease, and water scarcity

Agricultural output and land productivity can fall sharply in adverse conditions.

Scope
Irrigated and specialty-crop acreage, especially in the West
Materiality
high
medium

Geopolitical and tariff exposure

Trade disputes, including soybean export pressure to China, can disrupt pricing and demand.

Scope
U.S. crop exports
Materiality
medium
medium

Environmental and cybersecurity liability

Environmental claims or cyber incidents could create remediation costs and business disruption.

Scope
Owned properties, tenant data, and operating systems
Materiality
medium
Farmland purchase-price allocation
Affects depreciation, gains/losses on sale, and reported asset values
Variable rent recognition
Can shift revenue between periods and increase quarterly volatility
Fair value and impairment of real estate
Can materially affect balance sheet carrying values and gains/losses
Credit and loan loss estimates
Can affect interest income and allowance/provision levels
Equity-method investment accounting
Can create volatility in non-operating income

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: 28/04/2026