Farmland Partners Inc.

Farmland Partners Inc. (NYSE: FPI) is an internally managed real estate investment trust that owns and acquires high-quality farmland located in agricultural markets throughout North America. The company operates through its operating partnership, Farmland Partners Operating Partnership, LP, which holds substantially all of its assets and conducts its operations.

As of December 31, 2025, FPI owns approximately 71,600 acres of farmland across eleven states including Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas, and West Virginia. The company also owns land and buildings for four agriculture equipment dealerships in Ohio leased under the John Deere brand. Additionally, FPI holds a 9.97% equity interest in Promised Land Opportunity Zone Farms I, LLC, an unconsolidated equity method investment holding eleven properties.

The company's portfolio is strategically diversified between primary crops, which comprise approximately 60% of the portfolio by value and include corn, soybeans, wheat, rice, and cotton, and specialty crops, which represent approximately 40% and include almonds, pistachios, citrus, avocados, strawberries, and edible beans. FPI generates revenue primarily through rental payments from farm operators under leases typically ranging from one to three years, with the majority structured as fixed-rent arrangements. Some leases incorporate variable rent components based on tenant farming revenues.

Beyond core farmland ownership, FPI operates complementary businesses including the FPI Loan Program, which provides financing to landowners and farmers secured by farmland, non-farmland real estate, crops, and agricultural equipment. The company also operates FPI Agribusiness Inc., a taxable REIT subsidiary providing volume purchasing services to tenants and directly operating farms on certain permanent crop properties.

FPI has strategically developed renewable energy opportunities, with ten farms supporting operational or under-construction solar and wind energy production totaling approximately 1,973 acres, and twelve additional farms holding options for future renewable energy development. The company qualified for taxation as a REIT commencing with its short taxable year ended December 31, 2014, and maintains its REIT status through compliance with applicable Internal Revenue Code requirements.