Farmland Partners Inc.
- Open
- 9.80
- Day high
- 9.80
- Day low
- 9.57
- Prev close
- 9.71
- Volume
- 371K
- Mkt cap
- $426M
- P/E (TTM)
- 13.8
- EPS (TTM)
- $0.70
- P/B
- 0.9
- P/S
- 7.9
- Yield
- 5.19%
- Per share
- $0.50
- ▲Insiders net buying $19K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions mixed (13F)
Farmland Partners Inc. (FPI) is a Real Estate company listed on NYSE. The stock is down 16% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
Farmland Partners Inc. (FPI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FPI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.04 | $0.05 | +25.0% | $6M | +11.1% |
| Feb 18, 2026 | $0.21 | $0.25 | +19.0% | $23M | +30.7% |
| Oct 29, 2025 | $0.06 | $0.07 | +16.7% | $11M | -34.4% |
| Jul 23, 2025 | $0.04 | $0.03 | -25.0% | $10M | -6.0% |
| May 7, 2025 | $0.06 | $0.05 | -16.7% | $10M | +8.0% |
| Feb 19, 2025 | $0.17 | $0.19 | +11.8% | $21M | +5.8% |
| Jul 24, 2024 | $0.03 | $0.01 | -63.6% | $11M | -3.7% |
| Apr 30, 2024 | $0.03 | $0.06 | +128.6% | $12M | -1.3% |
| Feb 28, 2024 | $0.17 | $0.16 | -5.9% | $22M | +91.1% |
| Oct 25, 2023 | $-0.01 | $-0.01 | -4.5% | $12M | -8.2% |
| Jul 26, 2023 | $-0.01 | $-0.02 | -91.9% | $12M | -13.4% |
| May 3, 2023 | $0.00 | $0.03 | +700.0% | $13M | -6.1% |
FPI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | Sherrick Bruce Jdirector | Buy | 2,000 | $9.65 |
| Apr 30, 2026 | Moore Danny D.director | Grant | 3,726 | $11.54 |
| Apr 30, 2026 | Good John Adirector | Grant | 3,986 | $11.54 |
| Apr 30, 2026 | Sherrick Bruce Jdirector | Grant | 3,726 | $11.54 |
| Mar 5, 2026 | Garrison Christine M.officer: General Counsel and Secretary | Tax | 892 | $12.97 |
| Mar 5, 2026 | Pittman Paul Adirector, officer: Executive Chairman | Tax | 7,010 | $12.97 |
| Mar 5, 2026 | Fabbri Lucadirector, officer: President and CEO | Tax | 3,903 | $12.97 |
| Feb 26, 2026 | Garrison Christine M.officer: General Counsel and Secretary | Tax | 2,049 | $12.62 |
| Feb 26, 2026 | Pittman Paul Adirector, officer: Executive Chairman | Tax | 2,142 | $12.62 |
| Feb 26, 2026 | Fabbri Lucadirector, officer: President and CEO | Tax | 4,483 | $12.62 |
| Feb 25, 2026 | Grafton Jennifer Sdirector | Sell | 1,600 | $12.36 |
| Feb 24, 2026 | Grafton Jennifer Sdirector | Buy | 1,600 | $12.36 |
| Feb 19, 2026 | Landi Susan M.officer: Chief Financial Officer | Tax | 429 | — |
| Feb 19, 2026 | Landi Susan M.officer: Chief Financial Officer | Grant | 3,652 | — |
| Feb 19, 2026 | Pittman Paul Adirector, officer: Executive Chairman | Grant | 26,519 | — |
Source: FPI SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full FPI insider & 13F page →Farmland Partners Inc. company profile
Overview
Farmland Partners Inc. (NYSE:FPI) is an internally managed real estate investment trust founded in 2013 and publicly traded since April 2014. The company specializes in owning and acquiring high-quality North American farmland while also providing loans to farmers secured by farm real estate. Based in Denver, Colorado, FPI has built a diversified agricultural real estate portfolio spanning approximately 155,000 acres across 16 states, serving over 100 tenants who cultivate around 26 different crop types. The company elected REIT status for federal tax purposes beginning in 2014, allowing it to pass through most of its income to shareholders while avoiding corporate-level taxation.
Business
Farmland Partners operates in the agricultural real estate sector, functioning as a specialized Real Estate Investment Trust that focuses exclusively on farmland ownership and farm-related lending. The company's business revolves around acquiring productive agricultural land and leasing it to farmers, while also providing financing solutions to agricultural operators. The company's operations are divided into several key segments. Fixed Farm Rent represents the largest revenue source, generating income through long-term lease agreements with tenant farmers who pay annual rent to cultivate crops on FPI's land. This segment typically accounts for the majority of the company's revenue stream. The Direct Operations segment involves FPI directly managing certain specialty crop farms, particularly citrus groves, avocado orchards, and walnut farms, where the company retains crop sales revenue rather than collecting fixed rent. The Solar, Wind, and Recreation segment generates income by leasing portions of farmland for renewable energy projects and recreational activities. Additionally, the company operates a Management Fees and Interest Income segment through its FPI Loan Program, which provides financing to farmers using farm real estate as collateral. The agricultural real estate industry serves as a critical foundation for food production, with farmland representing both a productive asset and a store of value. Unlike other real estate sectors, farmland values are influenced by commodity prices, weather patterns, water availability, and global food demand. The sector has historically provided inflation protection and steady appreciation, as agricultural land is a finite resource with growing global food demand.
Competitive moat
Farmland Partners operates in a sector with inherent competitive advantages, though its specific moat strength is moderate rather than dominant. The company's primary moat stems from farmland scarcity, as agricultural land represents a finite resource that cannot be easily replicated, particularly high-quality soil in prime growing regions like the Corn Belt. Once established in desirable agricultural areas, FPI benefits from location-specific advantages including soil quality, climate conditions, and proximity to transportation infrastructure that competitors cannot duplicate. The company has developed operational expertise in farmland acquisition, tenant relationships, and agricultural market knowledge that provides some competitive advantage. FPI's scale allows for portfolio diversification across crops, geographies, and tenant relationships, reducing single-point-of-failure risks compared to smaller farmland investors. The company's REIT structure provides tax advantages and access to public capital markets that private farmland investors lack. However, FPI's moat faces several limitations. The company competes with institutional investors including pension funds, endowments, and specialized agricultural investment firms that often have lower cost of capital and longer investment horizons. Individual farmers and local investors frequently outbid REITs for prime farmland due to their willingness to accept lower returns and emotional attachment to land ownership. Private equity and family offices with significant capital resources increasingly view farmland as an attractive inflation hedge and portfolio diversification tool. Additionally, technological disruption in agriculture, including precision farming, vertical farming, and alternative protein sources, could potentially reduce demand for traditional farmland over the long term. The company's relatively high debt levels and need for external capital to grow also limit its competitive positioning compared to better-capitalized rivals.
Risks & safety
Farmland Partners presents a moderate margin of safety with mixed financial health indicators. The company has significantly improved its balance sheet position through recent asset sales and debt reduction efforts. • Liquidity position: Strong current ratio of 5.21 and quick ratio of 5.04 as of Q1 2025, with $21.7 million in cash and $167 million in undrawn credit capacity • Debt management: Debt-to-equity ratio of 0.42, substantially improved from previous levels above 0.70; reduced total debt by $158.5 million in 2024 • Cash generation: Positive free cash flow of $6.4 million in Q1 2025, though historically volatile • Valuation metrics: Trading at 62.3x trailing P/E ratio (elevated due to low net income), but only 1.06x book value suggesting potential asset value discount • Solvency risk: Low immediate solvency concerns given improved debt levels and asset base of $810 million • Interest coverage: Manageable given reduced debt load, though rising interest rates pose refinancing risks • Other considerations: REIT structure requires 90% income distribution, limiting retained earnings for growth; commodity price sensitivity creates earnings volatility; concentrated exposure to agricultural sector economic cycles
Recent development
Over the past several years, Farmland Partners has undergone significant strategic repositioning focused on portfolio optimization and balance sheet strengthening. The company executed a major asset disposition program, selling approximately $200 million in farmland assets during 2023-2024, generating substantial gains and enabling debt reduction of over $158 million. These sales were strategically targeted at non-core properties, particularly water-challenged assets in California and Colorado, while retaining high-quality Corn Belt properties. FPI has expanded its FPI Loan Program, providing farm real estate-secured financing to agricultural operators at attractive interest rates of 8-10%. This initiative diversifies revenue streams beyond traditional rental income and leverages the company's agricultural expertise. The loan program has shown steady growth, contributing increasingly to management fees and interest income. The company has implemented significant cost reduction measures, cutting general and administrative expenses by approximately 13-15% through organizational restructuring, including executive compensation reductions and operational streamlining. FPI completed a leadership transition with Susan Landi assuming the CFO role as part of ongoing efficiency improvements. Recent strategic moves include selective acquisitions focused on add-on properties adjacent to existing farms, primarily in Illinois, to achieve operational synergies and portfolio concentration. The company has also explored alternative revenue streams through solar lease arrangements and recreational land uses, though these remain relatively small components of total revenue. FPI distributed a special dividend of $1.15 per share in 2024, returning excess proceeds from asset sales to shareholders while maintaining focus on closing the perceived discount between stock price and underlying asset values.
FPI company profile · for informational purposes only — not investment advice.
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