Farmland Partners Inc
NYSE:FPI
Farmland Partners Inc
Farmland Partners, Inc. operates as a real estate investment trust. The company is headquartered in Denver, Colorado and currently employs 25 full-time employees. The company went IPO on 2014-04-11. The firm owns and seeks to acquire farmland located in agricultural markets throughout North America. The firm primarily owns farms with an aggregate of approximately 160,200 acres in Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Missouri, North Carolina, Nebraska, South Carolina, South Dakota, and Virginia. The firm's portfolio is used to grow primary crops, such as corn, soybeans, wheat, rice and cotton, and produce specialty crops, such as almonds, citrus blueberries, and vegetables. In addition, under the FPI Loan Program, the Company make loans to third-party farmers (both tenant and non-tenant) to provide financing for property acquisitions, working capital requirements, operational farming activities, farming infrastructure projects and for other farming and agricultural real estate related projects.
Farmland Partners, Inc. operates as a real estate investment trust. The company is headquartered in Denver, Colorado and currently employs 25 full-time employees. The company went IPO on 2014-04-11. The firm owns and seeks to acquire farmland located in agricultural markets throughout North America. The firm primarily owns farms with an aggregate of approximately 160,200 acres in Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Missouri, North Carolina, Nebraska, South Carolina, South Dakota, and Virginia. The firm's portfolio is used to grow primary crops, such as corn, soybeans, wheat, rice and cotton, and produce specialty crops, such as almonds, citrus blueberries, and vegetables. In addition, under the FPI Loan Program, the Company make loans to third-party farmers (both tenant and non-tenant) to provide financing for property acquisitions, working capital requirements, operational farming activities, farming infrastructure projects and for other farming and agricultural real estate related projects.
AFFO Strength: Adjusted funds from operations (AFFO) for the quarter rose to $2.9 million ($0.07 per share), driven by lower interest expense, cost reductions, and higher loan income.
Guidance Raised: Management raised 2025 AFFO guidance to a range of $14.5 million to $16.6 million ($0.32–$0.36 per share), citing stronger management fees, interest income, and variable payments.
Special Dividend: Plans announced for a special dividend of $0.18–$0.22 per share, to be issued in January 2026, alongside the regular dividend.
Portfolio Moves: Sale of the Murray Wise Associates subsidiary simplifies operations and had minimal expected impact on future profitability.
Preferred Exchange: $31 million of Series A preferred units exchanged for Illinois properties with 56% appreciation, closing December 10, eliminating associated dividend payments from August 1.
Cautious Outlook: Management flagged that recent AFFO strength was helped by onetime events unlikely to repeat next year, signaling a more modest AFFO start in 2026.
Loan Program: Loan portfolio intentionally expanded for high-yield income, with extensions rather than new originations driving recent growth.
Farmland Market: Land values keep rising despite a tough farming economy; row crop rent renewals expected to be flat, with most leases now set for 1-year terms.
