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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 | 5.9% | -10.4% | -47.3% |
| 2024 | $58M | $86M | $60M | $16M | 10.0% | 1.3% | 93.8% |
| 2023 | $57M | $62M | $31M | $13M | 4.9% | -6.1% | 164.8% |
| 2022 | $61M | $35M | $12M | $17M | 1.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 61.21 | 57.47 | 58.23 | 52.18 |
| Cost Of Revenue | 14.16 | 13.41 | 11.30 | 10.26 |
| Gross Profit | 47.05 | 44.05 | 46.92 | 41.91 |
| Operating Expense | 21.97 | 20.20 | 21.42 | 18.86 |
| Operating Income | 25.09 | 23.86 | 25.50 | 23.06 |
| EBITDA | 35.29 | 61.67 | 85.88 | 45.95 |
| EBIT | 28.33 | 54.17 | 80.29 | 41.78 |
| Pretax Income | 12.19 | 31.52 | 61.43 | 32.16 |
| Tax Provision | 0.23 | -0.17 | -0.02 | -0.01 |
| Net Income | 11.67 | 30.91 | 59.91 | 31.55 |
| Net Income Common Stockholders | 8.40 | 27.79 | 56.43 | 28.80 |
| Total Expenses | 36.12 | 33.61 | 32.72 | 29.12 |
| Interest Expense | 16.14 | 22.66 | 18.85 | 9.63 |
| Selling General And Administration | 14.88 | 12.55 | 15.72 | 14.65 |
| Normalized EBITDA | 32.76 | 31.39 | 32.55 | 27.91 |
| Normalized Income | 9.19 | 6.99 | 17.78 | 17.29 |
| Basic EPS | 0.16 | 0.55 | 1.19 | 0 |
| Diluted EPS | 0.16 | 0.53 | 1.06 | 0 |
| Tax Effect Of Unusual Items | 0.05 | 6.36 | 11.20 | 3.79 |
| Tax Rate For Calcs | 0.02 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 2.53 | 30.28 | 53.33 | 18.04 |
| Total Unusual Items Excluding Goodwill | 2.53 | 30.28 | 53.33 | 18.04 |
| Net Income From Continuing Operation Net Minority Interest | 11.67 | 30.91 | 59.91 | 31.55 |
| Reconciled Depreciation | 6.96 | 7.50 | 5.59 | 4.17 |
| Reconciled Cost Of Revenue | 14.16 | 13.41 | 11.30 | 10.26 |
| Net Interest Income | -16.14 | -22.66 | -18.85 | -9.63 |
| Net Income From Continuing And Discontinued Operation | 11.67 | 30.91 | 59.91 | 31.55 |
| Total Operating Income As Reported | 24.97 | 0 | 0 | 0 |
| Diluted Average Shares | 50.95 | 58.29 | 55.99 | 0 |
| Basic Average Shares | 50.95 | 50.24 | 47.55 | 0 |
| Diluted NI Availto Com Stockholders | 8.40 | 27.79 | 56.43 | 28.80 |
| Otherunder Preferred Stock Dividend | 0.06 | 0.16 | 0.51 | 0.17 |
| Preferred Stock Dividends | 3.21 | 2.97 | 2.97 | 2.58 |
| Minority Interests | -0.29 | -0.77 | -1.54 | -0.63 |
| Net Income Including Noncontrolling Interests | 11.96 | 31.68 | 61.45 | 32.17 |
| Net Income Continuous Operations | 11.96 | 31.68 | 61.45 | 32.17 |
| Other Income Expense | 3.25 | 30.32 | 54.78 | 18.73 |
| Other Non Operating Income Expenses | 0.66 | 0.04 | 1.33 | 0.49 |
| Special Income Charges | 2.53 | 30.28 | 53.33 | 18.04 |
| Gain On Sale Of Ppe | 2.64 | 36.13 | 54.15 | 35.86 |
| Write Off | 0 | 5.84 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 5.84 | 0.79 | 17.82 |
| Restructuring And Mergern Acquisition | 0.11 | 0.02 | 0.03 | 0 |
| Earnings From Equity Interest | 0.05 | 0 | 0.12 | 0.19 |
| Net Non Operating Interest Income Expense | -16.14 | -22.66 | -18.85 | -9.63 |
| Interest Expense Non Operating | 16.14 | 22.66 | 18.85 | 9.63 |
| Other Operating Expenses | 0.13 | 0.14 | 0.10 | 0.04 |
| 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 |
| Operating Revenue | 54.25 | 51.44 | 52.15 | 41.45 |
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 | $509M | 18.82↓ discount | 1.07 | 5.9% | 27.07 |
| RE/MAX Holdings, Inc. | RMAX | $596M | 27.68 | 0.49 | -28.1% | 1.10 |
| Universal Health Realty Income Trust | UHT | $565M | 32.12 | 3.71 | 11.6% | 13.98 |
| Brandywine Realty Trust | BDN | $523M | - | 0.71 | -22.3% | 16.89 |
| Industrial Logistics Properties Trust | ILPT |
| $501M |
| - |
| 1.02 |
| -7.3% |
| 16.31 |
| One Liberty Properties, Inc. | OLP | $498M | 19.86 | 1.59 | 8.5% | 18.43 |
| Community Healthcare Trust Incorporated | CHCT | $493M | 215.75 | 1.08 | 1.2% | 13.22 |
| The Real Brokerage Inc. | REAX | $461M | - | 8.74 | -15.7% | -61.89 |
| Chatham Lodging Trust | CLDT | $429M | 62.29 | 0.56 | 1.9% | 9.11 |
| Peer Median | - | 32.12 | 1.05 | -3.1% | 13.60 | |