Farmland Partners Inc.

Listed Company

FPICIK 0001591670NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$52.18M

Net Income

$31.55M

Total Assets

$719.07M

Equity

$467.39M

Shares Out

43.62M

Op. Cash Flow

$17.43M

Business

Farmland Partners Inc. is an internally managed real estate company that acquires, owns and manages high-quality farmland located in agricultural markets throughout North America. It generates revenue by leasing farmland to farm-operator tenants and by providing complementary services, including a loan program for farmers, property management, brokerage and auction services, and direct farming and volume purchasing through its taxable REIT subsidiary. Key business components include Farmland Partners Operating Partnership, FPI Agribusiness (TRS), the FPI Loan Program, and third-party asset management and brokerage activities. The company owns and manages farms across multiple U.S. regions, including Arkansas, California, Colorado, Illinois, Indiana, Kansas, Louisiana, Missouri, Nebraska, South Carolina, Texas and West Virginia, and leases land to agricultural operators and renewable energy developers while serving third-party clients.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	36	47	49	49	45
Total operating revenues	52	58	57	61	52
Depreciation, depletion and amortization	4	6	7	7	8
Property operating expenses	6	7	9	8	7
Cost of goods sold	5	4	5	6	2
Acquisition and due diligence costs	2,000	28,000	17,000	111,000	55,000
General and administrative expenses	12	14	11	12	8
Legal and accounting	3	2	1	3	10
Impairment of assets	18	790,000	6	0	—
Other operating expenses	39,000	103,000	144,000	130,000	31,000
Total operating expenses	47	34	39	36	35
Other (income)	−493,000	−123,000	−39,000	−663,000	—
(Income) from equity method investment	−194,000	−125,000	−1,000	−52,000	−19,000
(Gain) on disposition of assets, net	−36	−54	−36	−3	−9
(Income) from forfeited deposits	—	−1	—	—	—
Interest expense	10	19	23	—	—
Total other (income)	−27	−37	−14	13	7
Net income before income tax benefit	32	61	32	12	10
Income tax benefit	−15,000	−16,000	−166,000	200,000	0
NET INCOME	32	61	32	12	10
Net (income) attributable to non-controlling interests in operating partnership	−627,000	−2	−768,000	−286,000	−268,000
Net income attributable to the Company	32	60	31	12	10
Distributions on Series A Preferred Units	−3	−3	—	—	—
Net income available to common stockholders of Farmland Partners Inc.	29	56	28	8	−6
Basic net income available to common stockholders	0.65	1.19	0.55	0.16	−0.17
Diluted net income available to common stockholders	0.61	1.06	0.53	0.16	−0.17
Basic weighted average common shares outstanding	44	48	50	51	35
Diluted weighted average common shares outstanding	51	56	58	51	35
Dividends declared per common share - regular and special	0.44	1.39	0.45	0.23	0.2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land, at cost	565	646	870	981	946
Grain facilities	7	8	12	11	11
Groundwater	9	11	11	18	10
Irrigation improvements	23	29	42	50	53
Drainage improvements	6	8	10	13	13
Permanent plantings	28	42	40	50	54
Other	3	4	5	7	7
Construction in progress	1	1	4	15	11
Real estate, at cost	643	749	995	1,144	1,103
Less accumulated depreciation	−27	−32	−33	−38	−38
Total real estate, net	616	718	962	1,106	1,065
Cash and cash equivalents	9	78	5	8	30
Assets held for sale	0	61,000	28,000	33,000	530,000
Loans and financing receivables, net	80	55	31	22	6
Right of use asset, net	169,000	194,000	399,000	325,000	107,000
Accounts receivable, net	4	4	8	7	5
Derivative asset	141,000	498,000	2	2	—
Inventory	2	3	2	3	3
Equity method investments	4	4	4	4	3
Intangible assets, net	—	1	2	2	2
Goodwill	—	3	3	3	3
Prepaid and other assets	2	2	2	3	3
TOTAL ASSETS	719	870	1,022	1,160	1,122
Mortgage notes and bonds payable, net	161	204	361	437	511
Lease liability	169,000	194,000	399,000	325,000	—
Dividends payable	11	57	13	3	2
Accrued interest	2	3	5	4	3
Accrued property taxes	1	2	2	2	2
Deferred revenue	1	1	2	44,000	45,000
Accrued expenses	4	6	8	9	10
Total liabilities	181	273	391	456	529
Commitments and contingencies (See Note 8)	—	—	—	—	—
Redeemable non-controlling interest in operating partnership, Series A preferred units	71	102	102	110	121
Common stock, $0.01 par value, 500,000,000 shares authorized; 43,093,127 shares issued and outstanding at December 31, 2025, and 45,931,827 shares issued and outstanding at December 31, 2024	431,000	459,000	482,000	531,000	444,000
Additional paid in capital	521	552	577	647	524
Retained earnings	117	88	31	4	−5
Cumulative dividends	−180	−160	−96	−74	−62
Other comprehensive income	350,000	2	3	3	279,000
Non-controlling interests in operating partnership	8	13	13	13	14
Total equity	467	495	529	594	472
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY	719	870	1,022	1,160	1,122

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing fees and discounts/premiums on debt	409,000	684,000	689,000	378,000	384,000
Amortization of net origination fees related to notes receivable	−3	−341,000	−19,000	−37,000	−3,000
Stock-based compensation	2	2	2	2	1
Current and expected credit losses	2	113,000	76,000	—	—
Amortization of dedesignated interest rate swap	−814,000	−114,000	198,000	449,000	874,000
Losses on modification and extinguishment of debt	70,000	891,000	—	—	—
(Increase) Decrease in accounts receivable	−121,000	2	865,000	−2	−974,000
(Increase) Decrease in interest receivable	52,000	−68,000	−63,000	−119,000	−100,000
(Increase) Decrease in other assets	295,000	1	112,000	−139,000	−639,000
(Increase) Decrease in inventory	343,000	−324,000	473,000	251,000	−2
Increase (Decrease) in accrued interest	−947,000	−2	611,000	1	−471,000
Increase (Decrease) in accrued expenses	−2	−561,000	−2	−2	146,000
Increase (Decrease) in deferred revenue	303,000	759,000	564,000	56,000	−58,000
Increase (Decrease) in accrued property taxes	19,000	−660,000	136,000	252,000	4,000
Net cash and cash equivalents provided by operating activities	17	16	13	17	8
Real estate acquisitions	−7	−18	−22	−54	−81
Real estate and other improvements	−544,000	−2	−6	−4	−3
Distributions from equity method investees	50,000	161,000	50,000	—	—
Collections of principal on loans	6	12	3	3	—
Issuances of loans and financing receivables	−30	−36	−12	−21	−4
Proceeds from disposition of assets	96	312	195	17	71
Net cash and cash equivalents provided by investing activities	63	269	158	−60	−19
Borrowings from mortgage notes payable	32	81	80	223	41
Repayments on mortgage notes payable	−74	−240	−156	−297	−36
Issuance of stock	—	34,000	155,000	59,000	—
Common stock repurchased	−38	−28	−72	—	—
Payment of debt issuance costs	−338,000	−155,000	−312,000	−1	−841,000
Payment of swap fees	−126,000	−366,000	−437,000	−291,000	−291,000
Dividends on common stock	−64	−22	−12	−11	−6
Shares withheld for income taxes on vesting of equity-based compensation	−316,000	−185,000	−43,000	−186,000	—
Distributions on Series A preferred units	−3	−3	−3	—	—
Distributions to non-controlling interests in operating partnership, common	−2	−617,000	−295,000	−285,000	−296,000
Net cash and cash equivalents (used in) financing activities	−150	−212	−174	21	14
Net increase (decrease) in cash and cash equivalents	−69	73	−2	−23	3
Cash paid during period for interest	11	21	22	—	15
Additions to real estate improvements included in accrued expenses	23,000	253,000	275,000	853,000	424,000
Origination fees included in notes receivable	3	3	—	—	—
Swap fees payable included in accrued interest	146,000	75,000	146,000	146,000	146,000
Series A exchange for land	31	—	—	—	—
Prepaid property tax liability acquired in acquisitions	8,000	34,000	10,000	63,000	40,000
Right-of-use assets obtained in exchange for new operating lease liabilities	308,000	13,000	396,000	325,000	—
Conversion of common units to shares of common stock	8	—	—	—	—

Filings

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