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Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets. As of March 31, 2026, the Company owned approximately 70,400 acres of farmland in 11 states, including Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas, and West Virginia. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Farmland Partners Inc. was established on September 27, 2013 and incorporated in Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $52M | $46M | $32M | $17M | 6.9% | -10.4% | -47.3% |
| 2024 | $58M | $86M | $60M | $16M | 12.4% | 1.3% | 93.8% |
| 2023 | $57M | $62M | $31M | $13M | 6.0% | -6.1% | 164.8% |
| 2022 | $61M | $35M | $12M | $17M | 2.0% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 61.21 | 57.47 | 58.23 | 52.18 |
| Operating Revenue | - | 54.25 | 51.44 | 52.15 | 41.45 |
| Cost Of Revenue | - | 14.16 | 13.41 | 11.30 | 10.26 |
| Gross Profit | - | 47.05 | 44.05 | 46.92 | 41.92 |
| Operating Expense | - | 21.97 | 20.20 | 21.42 | 18.86 |
| Selling General And Administration | - | 14.88 | 12.55 | 15.72 | 14.65 |
| Total Expenses | - | 36.12 | 33.61 | 32.72 | 29.12 |
| Operating Income | - | 25.08 | 23.86 | 25.50 | 23.06 |
| Total Operating Income As Reported | 16.81 | 24.97 | - | - | - |
| EBITDA | - | 35.29 | 61.67 | 85.88 | 45.95 |
| Normalized EBITDA | - | 32.76 | 31.40 | 32.55 | 27.91 |
| EBIT | - | 28.33 | 54.17 | 80.29 | 41.78 |
| Interest Expense | - | 16.14 | 22.66 | 18.85 | 9.63 |
| Net Interest Income | - | -16.14 | -22.66 | -18.85 | -9.63 |
| Other Non Operating Income Expenses | - | 0.66 | 0.04 | 1.33 | 0.49 |
| Other Income Expense | - | 3.24 | 30.32 | 54.78 | 18.73 |
| Interest Expense Non Operating | - | 16.14 | 22.66 | 18.85 | 9.63 |
| Net Non Operating Interest Income Expense | - | -16.14 | -22.66 | -18.85 | -9.63 |
| Pretax Income | - | 12.19 | 31.52 | 61.43 | 32.16 |
| Tax Provision | - | 0.23 | -0.17 | -0.02 | -0.02 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.05 | 6.36 | 11.20 | 3.79 |
| Net Income Continuous Operations | - | 11.96 | 31.68 | 61.45 | 32.17 |
| Net Income From Continuing And Discontinued Operation | - | 11.67 | 30.91 | 59.91 | 31.54 |
| Net Income From Continuing Operation Net Minority Interest | - | 11.67 | 30.91 | 59.91 | 31.54 |
| Net Income | - | 11.67 | 30.91 | 59.91 | 31.54 |
| Net Income Common Stockholders | - | 8.40 | 27.79 | 56.43 | 28.80 |
| Net Income Including Noncontrolling Interests | - | 11.96 | 31.68 | 61.45 | 32.17 |
| Normalized Income | - | 9.19 | 6.99 | 17.78 | 17.29 |
| Diluted NI Availto Com Stockholders | - | 8.40 | 27.79 | 56.43 | 28.80 |
| Basic Average Shares | - | 50.95 | 50.24 | 47.55 | 44.20 |
| Diluted Average Shares | - | 50.95 | 58.29 | 55.99 | 51.26 |
| Reconciled Depreciation | - | 6.96 | 7.50 | 5.59 | 4.17 |
| Reconciled Cost Of Revenue | - | 14.16 | 13.41 | 11.30 | 10.26 |
| Total Unusual Items | - | 2.53 | 30.28 | 53.33 | 18.04 |
| Total Unusual Items Excluding Goodwill | - | 2.53 | 30.28 | 53.33 | 18.04 |
| Preferred Stock Dividends | - | 3.21 | 2.97 | 2.97 | 2.58 |
| Minority Interests | - | -0.29 | -0.77 | -1.54 | -0.63 |
| Special Income Charges | - | 2.53 | 30.28 | 53.33 | 18.04 |
| Write Off | - | 0 | 5.84 | - | - |
| Impairment Of Capital Assets | - | 0 | 5.84 | 0.79 | 17.82 |
| Restructuring And Mergern Acquisition | - | 0.11 | 0.02 | 0.03 | 0 |
| Depreciation Amortization Depletion Income Statement | - | 6.96 | 7.50 | 5.59 | 4.17 |
| General And Administrative Expense | - | 14.88 | 12.55 | 15.72 | 14.65 |
| Other Gand A | - | 14.88 | 12.55 | 15.72 | 14.65 |
| Gain On Sale Of Ppe | - | 2.64 | 36.13 | 54.15 | 35.86 |
| Other Operating Expenses | - | 0.13 | 0.14 | 0.10 | 0.04 |
| Otherunder Preferred Stock Dividend | - | 0.06 | 0.16 | 0.51 | 0.16 |
| Earnings From Equity Interest | - | 0.05 | 0 | 0.12 | 0.19 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Farmland Partners Inc.this co. | FPI | $456M | 14.46↓ discount | 0.99 | 6.9% | 13.23 |
| One Liberty Properties, Inc. | OLP | $516M | 20.27 | 1.72 | 8.5% | 13.22 |
| Chiron Real Estate Inc. | XRN | $515M | - | 1.01 | -2.4% | 13.98 |
| Community Healthcare Trust Incorporated | CHCT | $494M | 96.77 | 1.15 | 1.2% | 13.34 |
| RE/MAX Holdings, Inc. | RMAX |
| - |
| - |
| - |
| - |
| - |
| $494M |
| 60.54 |
| 1.09 |
| 1.8% |
| 10.81 |
| KKR Real Estate Finance Trust Inc. | KREF | $453M | - | 0.39 | -6.0% | - |
| FRP Holdings, Inc. | FRPH | $452M | 135.80 | 1.06 | 0.8% | 30.39 |
| FrontView REIT, Inc. | FVR | $415M | -108.44 | 1.06 | -1.0% | 14.82 |
| Gladstone Land Corporation | LAND | $402M | 29.75 | 0.60 | 2.0% | 12.45 |
| Peer Median | - | 45.14 | 1.06 | 1.0% | 13.34 | |