Farmland Partners Inc. (FPI): Business Model Canvas

Farmland Partners Inc. (FPI) stellt einen bahnbrechenden Ansatz für Agrarinvestitionen dar und verwandelt den traditionellen Besitz von Ackerland in eine anspruchsvolle, technologiegesteuerte Finanzmöglichkeit. Durch den strategischen Erwerb, die Verwaltung und die Vermietung erstklassiger landwirtschaftlicher Grundstücke in mehreren Bundesstaaten bietet FPI Investoren eine einzigartige Möglichkeit, stabile Renditen zu erzielen und gleichzeitig nachhaltige landwirtschaftliche Praktiken zu unterstützen. Dieses innovative Geschäftsmodell schließt die Lücke zwischen institutionellen Anlagestrategien und moderner landwirtschaftlicher Entwicklung und schafft ein überzeugendes Wertversprechen für diejenigen, die diversifizierte, langfristige Investitionsmöglichkeiten im robusten Agrarsektor suchen.

Farmland Partners Inc. (FPI) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von landwirtschaftlichen Geräten

Ab 2024 unterhält Farmland Partners Inc. strategische Partnerschaften mit großen Landmaschinenherstellern:

Hersteller	Einzelheiten zur Partnerschaft	Gerätetyp
John Deere	Langfristiger Liefervertrag für Ausrüstung	Traktoren, Erntemaschinen
Fall IH	Leasing- und Wartungsvertrag für Geräte	Präzisionslandwirtschaftsgeräte

Institutionelle Agrarlandinvestoren

FPI arbeitet mit institutionellen Anlegern zusammen, die landwirtschaftliche Flächen im Wert von rund 500 Millionen US-Dollar verwalten.

• Ruhestandssystem für öffentliche Angestellte in Kalifornien (CalPERS)
• Teachers Insurance and Annuity Association (TIAA)
• Stiftung der Harvard University

Agrartechnologieunternehmen

Zu den wichtigsten Technologiepartnerschaften gehören:

Technologiepartner	Technologiefokus	Jährliche Investition
Climate Corporation	Analyse von Pflanzendaten	2,3 Millionen US-Dollar
Planet Labs	Satellitenbildgebung	1,7 Millionen US-Dollar

Anbieter von landwirtschaftlichen Managementdiensten

FPI arbeitet mit 12 regionale Agrarmanagement-Dienstleister deckt landwirtschaftliche Betriebe in mehreren Bundesstaaten ab.

Regionale Agrarbanken

Zu den Finanzpartnerschaften mit Agrarbanken gehören:

Bank	Kreditlinie	Geografische Abdeckung
AgriBank	75 Millionen Dollar	Region Mittlerer Westen
Agrarkreditdienstleistungen	50 Millionen Dollar	Zentralebene

Farmland Partners Inc. (FPI) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Agrargrundstücken

Im Jahr 2024 besitzt Farmland Partners Inc. etwa 158.000 Acres Ackerland in 16 Bundesstaaten. Das gesamte landwirtschaftliche Immobilienvermögen wird auf 1,2 Milliarden US-Dollar geschätzt.

Staatspräsenz	Acres im Besitz
Illinois	32.500 Hektar
Texas	25.700 Hektar
Colorado	22.300 Hektar

Verpachtung landwirtschaftlicher Flächen an Landwirte

Der jährliche Mietumsatz für 2023 beträgt 74,3 Millionen US-Dollar. Das aktuelle Portfolio umfasst über 450 Pächter.

• Durchschnittliche Mietdauer: 3-5 Jahre
• Die Barmiete pro Hektar liegt je nach Ernteart und Standort zwischen 150 und 350 US-Dollar

Optimierung der Pflanzen- und Bodenbewirtschaftung

Das Pflanzenportfolio umfasst:

Erntetyp	Prozentsatz des Portfolios
Mais	35%
Sojabohnen	28%
Weizen	15%

Immobilieninvestitionen und Portfoliodiversifizierung

Investitionskennzahlen für 2023:

• Gesamtwert des Anlageportfolios: 1,4 Milliarden US-Dollar
• Ausgaben für den Erwerb von Ackerland: 86,2 Millionen US-Dollar
• Durchschnittspreis pro Acre: 5.450 $

Umsetzung nachhaltiger landwirtschaftlicher Praktiken

Nachhaltigkeitsinitiativen decken etwa 45 % des gesamten Agrarflächenportfolios ab. Programme zur Kohlenstoffbindung auf 68.000 Acres umgesetzt.

Nachhaltigkeitspraxis	Hektar abgedeckt
Direktsaat	42.000 Hektar
Implementierung von Zwischenfrüchten	26.000 Hektar

Farmland Partners Inc. (FPI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Agrarlandportfolio

Im vierten Quartal 2023 besitzt Farmland Partners Inc. 158.000 Acres Ackerland in 16 Bundesstaaten.

Staat	Hektar	Primärkulturen
Illinois	38,500	Mais, Sojabohnen
Colorado	27,000	Weizen, Mais
Texas	22,500	Baumwolle, Weizen

Agrarkompetenz

Zusammensetzung des Managementteams:

• 15 Agrarfachleute
• Durchschnittliche Erfahrung: 22 Jahre im landwirtschaftlichen Management
• 3 Ph.D. Agrarwissenschaftler auf Niveau

Agrartechnologie

Investitionen in die Technologieinfrastruktur:

• Im Jahr 2023 wurden 4,2 Millionen US-Dollar für Präzisionslandwirtschaftstechnologien ausgegeben
• 5 fortschrittliche Satellitenüberwachungssysteme
• Echtzeit-Plattformen zur Überwachung der Pflanzengesundheit

Finanzkapital

Finanzkennzahlen zum 31. Dezember 2023:

Metrisch	Betrag
Gesamtvermögen	1,3 Milliarden US-Dollar
Eigenkapital	752 Millionen Dollar
Jahresumsatz	214,6 Millionen US-Dollar

Vermögensdiversifizierung

Anbau und geografische Verbreitung:

• 22 verschiedene Pflanzenarten werden angebaut
• Zu den Nutzpflanzen zählen Mais, Sojabohnen, Weizen, Baumwolle und Mandeln
• Bewertete landwirtschaftliche Grundstücke in 16 Bundesstaaten

Farmland Partners Inc. (FPI) – Geschäftsmodell: Wertversprechen

Stabile und vorhersehbare Investitionsmöglichkeiten in der Landwirtschaft

Farmland Partners Inc. besitzt seit dem dritten Quartal 2023 158.000 Acres Ackerland in 16 Bundesstaaten. Das Portfolio des Unternehmens erwirtschaftet jährliche Einnahmen aus der Pacht von landwirtschaftlichen Betrieben in Höhe von 56,3 Millionen US-Dollar.

Investitionsmetrik	Wert
Gesamtfläche Ackerland	158,000
Jährliche landwirtschaftliche Pachteinnahmen	56,3 Millionen US-Dollar
Geografische Diversifizierung	16 Staaten

Professionelle Ackerlandmanagementdienste

FPI bietet umfassendes Ackerlandmanagement durch strategisches Leasing und betriebliches Know-how.

• Management der Pflanzenvielfalt in mehreren landwirtschaftlichen Segmenten
• Professionelle Mieterauswahl und Mietvertragsverhandlung
• Fortschrittliche Integration landwirtschaftlicher Technologie

Nachhaltige und umweltbewusste Agrarinvestitionen

FPI stellte im Jahr 2023 3,2 Millionen US-Dollar für nachhaltige landwirtschaftliche Praktiken bereit und konzentrierte sich dabei auf den Umweltschutz.

Nachhaltigkeitsmetrik	Investition
Investition in nachhaltige Praktiken	3,2 Millionen US-Dollar
Initiativen zur Kohlenstoffreduzierung	12 implementierte Programme

Passive Einkommensgenerierung durch Ackerlandpacht

Die durchschnittlichen Pachtzinsen im FPI-Portfolio liegen zwischen 150 und 350 US-Dollar pro Acre und generieren ein konsistentes passives Einkommen für Investoren.

• Die Mietlaufzeit beträgt in der Regel 3–5 Jahre
• Durchschnittlicher jährlicher Pachtertrag pro Acre: 245 $
• Mieterbindungsrate: 87 %

Potenzielle langfristige Wertsteigerung landwirtschaftlicher Immobilien

Die Wertsteigerung von Agrarland betrug in den letzten fünf Jahren jährlich 7,4 %, mit einem Gesamtvermögenswert von 1,1 Milliarden US-Dollar im Jahr 2023.

Asset-Performance-Metrik	Wert
Gesamtvermögenswert	1,1 Milliarden US-Dollar
Jährliche Wertsteigerungsrate des Grundstücks	7.4%
Durchschnittliche Haltedauer der Immobilie	8,6 Jahre

Farmland Partners Inc. (FPI) – Geschäftsmodell: Kundenbeziehungen

Direkte Kommunikationsplattformen für Investoren

Farmland Partners Inc. pflegt die Anlegerkommunikation durch:

• Investor-Relations-Website: farmlandpartners.com
• Teilnahme an der Hauptversammlung: 237 institutionelle Anleger im Jahr 2023
• Teilnahme an Telefonkonferenzen für Investoren: 4 vierteljährliche Telefonkonferenzen pro Jahr

Kommunikationskanal	Häufigkeit	Reichweite
Investoren-Webinare	Vierteljährlich	382 registrierte Anleger
E-Mail-Newsletter	Monatlich	4.127 Abonnenten
Investoren-Hotline	Täglich	98 % Rücklaufquote

Vierteljährliche Finanz- und Leistungsberichterstattung

Berichtskennzahlen für 2023:

• Insgesamt verwaltete Hektar: 155.000
• Downloads des vierteljährlichen Gewinnberichts: 2.843
• Aufrufe der Investorenpräsentation: 6.512

Personalisierte Anlageberatungsdienste

Details zum Beratungsservice:

• Engagiertes Investor-Relations-Team: 7 Fachleute
• Durchschnittliche Beratungszeit: 45 Minuten pro Investor
• Beratungsanfragen im Jahr 2023: 412

Digitales Investor-Relations-Management

Digitale Plattform	Benutzerinteraktion	Leistung
Investorenportal	2.946 registrierte Benutzer	94 % Zufriedenheitsrate
Mobile App	1.237 Downloads	4,6/5 App-Store-Bewertung

Transparente Mechanismen zur Leistungsverfolgung

Highlights der Leistungsverfolgung:

• Verfügbarkeit der Portfolioverfolgung in Echtzeit
• Aktualisierungen des Leistungs-Dashboards: Alle 15 Minuten
• Visualisierung der historischen Rendite: 10-Jahres-Datenbereich

Metrisch	Wert 2023
Gesamtzahl der Anlegerinteraktionen	6,729
Durchschnittliche Reaktionszeit	24 Stunden
Anlegerbindungsrate	92%

Farmland Partners Inc. (FPI) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Online-Investorenportal

Farmland Partners Inc. unterhält unter www.farmlandpartners.com eine Investor-Relations-Website mit detaillierten Finanzberichten und Investitionsinformationen.

Website-Metriken	Daten für 2023
Einzigartige monatliche Besucher	78,542
Durchschnittliche Zeit vor Ort	4,3 Minuten
Online-Investitionsanfragen	1.237 pro Quartal

Finanzberatungsplattformen

FPI nutzt mehrere Finanzberatungsplattformen für die Einbindung institutioneller Anleger.

• Bloomberg-Terminalnetzwerk
• S&P Capital IQ-Plattform
• Morningstar Direct

Konferenzen zu Agrarinvestitionen

Konferenzteilnahme	2023 Details
Gesamtzahl der besuchten Konferenzen	12
Gesamtzahl der Investorentreffen	87
Generierte Investitions-Leads	43

Direktvertriebsteam

FPI unterhält ein spezialisiertes Verkaufsteam für Agrarinvestitionen.

Zusammensetzung des Vertriebsteams	Zahlen für 2024
Gesamtzahl der Vertriebsmitarbeiter	17
Geografische Abdeckung	38 US-Bundesstaaten
Durchschnittliche Dealgröße	3,2 Millionen US-Dollar

Institutionelle Investmentnetzwerke

• REIT-Investmentberaternetzwerk
• Pensionsfonds-Investitionskonsortium
• Stiftungsverwaltungsplattformen

Institutionelle Netzwerkmetriken	Leistung 2023
Gesamtzahl der institutionellen Anleger	124
Über Netzwerke verwaltetes Vermögen	612 Millionen Dollar
Netzwerk-Conversion-Rate	7.3%

Farmland Partners Inc. (FPI) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 bietet Farmland Partners Inc. institutionellen Anlegern Folgendes an profile:

Investitionsmetrik	Wert
Gesamtes institutionelles Eigentum	68.2%
Durchschnittliche Investitionsgröße	5,3 Millionen US-Dollar
Anzahl institutioneller Anleger	127 Einheiten

Vermögende Privatpersonen

Farmland Partners richtet sich an vermögende Privatpersonen mit spezifischen Anlagemerkmalen:

• Mindestinvestitionsschwelle: 250.000 USD
• Durchschnittliche Portfolioallokation: 3-5 % in Agrarlandvermögen
• Typischer Nettowertbereich: 5 bis 50 Millionen US-Dollar

Agrarinvestitionsfonds

Fondskategorie	Investitionsvolumen
Spezielle Landwirtschaftsfonds	42,7 Millionen US-Dollar
Diversifizierte Real-Asset-Fonds	28,3 Millionen US-Dollar

Portfoliomanager für die Altersvorsorge

Altersvorsorge-Portfoliomanager stellen ein bedeutendes Kundensegment mit spezifischen Allokationsstrategien dar:

• Zuweisung der Pensionskasse: 1,2 % für landwirtschaftliche Investitionen
• Gesamtinvestition in den Pensionsfonds: 76,5 Millionen US-Dollar
• Durchschnittliche Anlagedauer: 7-10 Jahre

Auf nachhaltige Investitionen ausgerichtete Anleger

Nachhaltigkeitsmetrik	Wert
ESG-orientierte Anlegerbeteiligung	22.4%
Nachhaltiges Investitionsvolumen	63,2 Millionen US-Dollar
CO2-Ausgleichsinvestitionen	18,6 Millionen US-Dollar

Farmland Partners Inc. (FPI) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Grundstücken

Laut Finanzbericht 2023 gab Farmland Partners Inc. 283,4 Millionen US-Dollar für den Erwerb von Agrarland aus. Der durchschnittliche Preis pro Acre betrug 4.725 $.

Ausgabenkategorie	Gesamtbetrag ($)
Gesamtkosten für den Landerwerb	283,400,000
Durchschnittliche Kosten pro Acre	4,725

Kosten für die Instandhaltung und Verwaltung von Immobilien

Die jährlichen Immobilienverwaltungskosten für 2023 beliefen sich auf insgesamt 42,6 Millionen US-Dollar.

• Pflanzenpflege: 18,2 Millionen US-Dollar
• Reparatur der Infrastruktur: 12,4 Millionen US-Dollar
• Gerätewartung: 7,5 Millionen US-Dollar
• Instandhaltung des Bewässerungssystems: 4,5 Millionen US-Dollar

Investitionen in Agrartechnologie

Die Technologieinvestitionen für 2023 beliefen sich auf 9,3 Millionen US-Dollar und konzentrierten sich auf Präzisionslandwirtschaftstechnologien.

Technologie-Investitionsbereich	Investierter Betrag ($)
Präzisionslandwirtschaftssoftware	3,700,000
Drohnen- und Satellitenbildgebung	2,600,000
Sensor- und IoT-Technologien	3,000,000

Betriebsgemeinkosten und Verwaltungskosten

Die Verwaltungs- und Betriebskosten für 2023 beliefen sich auf 37,8 Millionen US-Dollar.

• Gehälter und Löhne: 22,5 Millionen US-Dollar
• Bürobetrieb: 6,3 Millionen US-Dollar
• Professionelle Dienstleistungen: 5,4 Millionen US-Dollar
• Reise und Transport: 3,6 Millionen US-Dollar

Kosten für Compliance und regulatorische Berichterstattung

Die Compliance-Aufwendungen für 2023 beliefen sich auf 5,2 Millionen US-Dollar.

Compliance-Ausgabenkategorie	Betrag ($)
Umweltberichterstattung	1,800,000
Zulassungsanträge	1,500,000
Anwalts- und Prüfungsgebühren	1,900,000

Farmland Partners Inc. (FPI) – Geschäftsmodell: Einnahmequellen

Einnahmen aus der Pacht von Ackerland

Im Jahr 2023 meldete Farmland Partners Inc. Gesamteinnahmen aus der Pacht von Ackerland in Höhe von 85,3 Millionen US-Dollar. Das Unternehmen besitzt rund 158.000 Hektar Ackerland in 16 Bundesstaaten.

Leasingtyp	Jahresumsatz	Prozentsatz der gesamten Leasingeinnahmen
Barmietverträge	62,4 Millionen US-Dollar	73.1%
Pachtverträge für Ernteanteile	22,9 Millionen US-Dollar	26.9%

Aufteilung der Einnahmen aus der Pflanzenproduktion

Im Jahr 2023 generierte die Umsatzbeteiligung im Pflanzenbau 37,6 Millionen US-Dollar für Farmland Partners Inc.

• Zu den Hauptkulturen zählen Mais, Sojabohnen und Weizen
• Durchschnittlicher Prozentsatz der Ernteertragsbeteiligung: 25-30 %
• Insgesamt verwaltete Anbaufläche: 112.000

Wertschätzung von landwirtschaftlichem Eigentum

Das Ackerlandportfolio des Unternehmens wird geschätzt 7.2% im Jahr 2023, was einer Gesamtwertsteigerung der Immobilie von 124,5 Millionen US-Dollar entspricht.

Region	Wertsteigerung von Immobilien
Mittlerer Westen	8.5%
Kalifornien	6.3%
Pazifischer Nordwesten	7.1%

Gebühren für die Anlageverwaltung

Die Investitionsverwaltungsgebühren für 2023 beliefen sich auf insgesamt 11,2 Millionen US-Dollar und stammen aus der Verwaltung externer Agrarland-Investitionsportfolios.

• Durchschnittlicher Verwaltungsgebührensatz: 1,5 % des verwalteten Vermögens
• Gesamtvermögensverwaltung: 745 Millionen US-Dollar

Anreize und Kredite für nachhaltige Landwirtschaft

Die Einnahmen aus nachhaltiger Landwirtschaft erreichten im Jahr 2023 4,7 Millionen US-Dollar, einschließlich des Verkaufs von Emissionsgutschriften und Umweltanreizprogrammen.

Anreiztyp	Generierter Umsatz
Verkauf von Emissionszertifikaten	3,2 Millionen US-Dollar
Credits für Naturschutzprogramme	1,5 Millionen Dollar

Farmland Partners Inc. (FPI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and farmers choose Farmland Partners Inc. (FPI). It's about tangible assets and reliable cash flow, plain and simple.

Stable, Appreciating Real Asset Class for Public Investors

Farmland Partners Inc. offers public investors direct exposure to agricultural land, a real asset class that historically provides a hedge against inflation and market volatility. The value creation from this strategy is evident in the company's transactional success. For instance, a recent disposition of 23 properties in the Corn Belt region was executed at a price approximately 56% higher than the price paid to purchase those same properties back in 2016. This demonstrates tangible, realized appreciation over the holding period.

The company's active portfolio management, which includes strategic selling, is a key driver of shareholder value. During the nine months ended September 30, 2025, Farmland Partners Inc. completed 35 property dispositions for approximately $85.5 million in aggregate consideration. This activity resulted in a recognized aggregate gain on sale of $24.5 million for that nine-month period.

Predictable Rental Income Through Long-Term Triple-Net Leases

The foundation of Farmland Partners Inc.'s predictable revenue stream rests on its leasing structure. The majority of the Company's leases are structured to provide rent payments on an entirely or partially fixed basis. To smooth out cash flow volatility for both the company and the tenant, rental income is recorded on a straight-line basis over the entire lease term, even if cash payments are received in lump sums at specific times. Furthermore, the portfolio maintained a 0% vacancy rate as of late 2025, underscoring the consistent demand for its leased assets.

Flexible, High-Yield Financing Options for Farmers (FPI Loan Program)

The FPI Loan Program serves as a crucial value-add by providing financing flexibility where traditional lenders may hesitate, especially for farmers managing generational transitions or recovering from cyclical losses. The program is designed to make loans that are collateralized by farm real estate or growing crops. Structurally, the Company seeks to originate loans in principal amounts of $1.0 million or more, featuring fixed interest rates and maturities extending up to six years. This service helps farmers unlock equity from an illiquid asset quickly.

Geographic and Crop Diversification to Mitigate Agricultural Risk

Farmland Partners Inc. actively manages risk by maintaining a geographically and agriculturally diverse portfolio. As of September 30, 2025, the Company owned and/or managed approximately 125,200 acres of farmland spread across 15 states. This diversification strategy helps insulate returns from weather events or regional economic pressures specific to one area.

Here's a quick look at the portfolio composition as reported for Q2 2025:

Metric	Value/Percentage
Total Owned and Managed Acres (as of Sept 30, 2025)	125,200 acres
Number of States with Holdings (as of Sept 30, 2025)	15 states
Portfolio Vacancy Rate (as of late 2025)	0%
Portfolio Value Allocation: Primary Crops	60%
Portfolio Value Allocation: Specialty Crops	40%

Primary crops include corn, soybeans, wheat, rice, and cotton, while specialty crops include citrus, avocados, and tree nuts.

Realized Value Creation, Evidenced by $24.5 Million Net Gain on 2025 Dispositions

The ability to realize gains on appreciated assets is a core component of the value proposition, moving beyond just rental income. You saw this clearly in the year-to-date results. During the first nine months of 2025, the aggregate gain on sale recognized from property dispositions reached $24.5 million. This active pruning of the portfolio, which also included taking $16.8 million in impairments on select California farms due to water constraints, shows a commitment to optimizing asset value rather than holding underperforming assets indefinitely.

The company is focused on maximizing returns from its farmland investments.

Finance: draft 13-week cash view by Friday.

Farmland Partners Inc. (FPI) - Canvas Business Model: Customer Relationships

You're looking at how Farmland Partners Inc. (FPI) manages its key relationships, which really boils down to its tenants, its borrowers, and its owners-you, the shareholder. The focus here is on creating durable, value-accretive connections across the board.

Long-term, contractual relationships with tenant farmers

FPI maintains a fully occupied portfolio, which is a strong signal of tenant satisfaction and relationship stability. As of September 30, 2025, the portfolio vacancy was 0%. The company's owned and managed farmland spanned approximately 75,600 acres owned and 49,600 acres managed across 15 states. While the search results don't give the exact average lease term for 2025, the company historically seeks to build meaningful partnerships to prevent turnover. The relationship is supported by the fact that about 60% of the portfolio (by value) grows primary crops, and 40% grows specialty crops.

Direct, high-touch lending relationship with loan program borrowers

The FPI Loan Program is a growing component of the business, providing direct financing to farmers secured by farm real estate or growing crops. This relationship is designed to be high-touch, often involving loans in principal amounts of $1.0 million or more at fixed interest rates with maturities up to six years. The program is actively expanding; FPI issued $7.6 million in new loans in the first quarter of 2025 alone. Management noted that points amortization from this program is expected to contribute approximately $2.4 million to revenue for fiscal year 2025. Yields on these loans are attractive, often in the 8-10% + points range, with some reaching the high-teens.

Proactive investor relations and communication with shareholders

Farmland Partners Inc. communicates frequently with shareholders through scheduled earnings calls, which occurred in May, July, and October 2025 for the first three quarters. The company actively engages by providing detailed supplemental packages alongside earnings releases. A key action demonstrating commitment to shareholders was the repurchase of 1,248,802 shares of common stock in the third quarter of 2025 at a weighted average price of $10.84 per share. This follows the Q1 2025 repurchase of 63,023 shares at $11.74 per share.

Portfolio optimization for long-term shareholder value

The relationship with shareholders is cemented by actions taken to enhance intrinsic value, often involving strategic buying and selling. The company raised its full-year 2025 Adjusted Funds From Operations (AFFO) per share guidance to a range of $0.32 to $0.36. Furthermore, management projected a special dividend for the year ended 2025, payable in January 2026, projected to be between $0.18 and $0.22 per share.

Here's a quick look at the recent portfolio activity that directly impacts shareholder value:

Metric	Period/Date	Value/Amount
Owned and/or Managed Acres	September 30, 2025	Approximately 125,200 acres
Properties Disposed	Q2 2025	32 properties
Proceeds from Q2 2025 Dispositions	Q2 2025	$71.6 million
Gain on Sale from Q2 2025 Dispositions	Q2 2025	$24.2 million
New Loans Issued	Q1 2025	$7.6 million
Shares Repurchased	Q3 2025	1,248,802 shares
Total Debt Outstanding	September 30, 2025	Approximately $170.4 million

The company is streamlining its focus, including the sale of its brokerage arm and property exchanges to reduce preferred share exposure, which is a direct move to simplify the financial structure for investors.

The relationship with shareholders is also managed through key financial metrics they emphasize:

• FY2025 AFFO per share guidance range: $0.32 to $0.36
• Projected 2025 Special Dividend: $0.18 to $0.22 per share
• Q3 2025 AFFO per share: $0.07
• Q2 2025 Net Income: $7.8 million ($0.15 per share)

Farmland Partners Inc. (FPI) - Canvas Business Model: Channels

You're looking at how Farmland Partners Inc. (FPI) gets its value proposition-owning and managing high-quality farmland-out to its customers and investors as of late 2025. This is all about the touchpoints they use to connect with farmers, financiers, and the public markets.

Direct leasing agreements with experienced tenant farmers

This channel is supported by the core asset base. Farmland Partners Inc. directly leases its holdings to tenant farmers. As of September 30, 2025, the company owned and/or managed approximately 125,200 acres of farmland spread across 15 states, including major agricultural regions like Illinois, Iowa, and Nebraska. This physical asset base is the foundation for the primary leasing revenue stream.

The company also uses this channel to support ancillary operations:

• Leasing land and buildings for four agriculture equipment dealerships in Ohio, under the John Deere brand.
• Direct Operations Gross Profit channel saw crop sales increase in the first nine months of 2025 compared to 2024.

FPI Loan Program platform for farmer financing

Farmland Partners Inc. uses a dedicated platform to make loans to third-party farmers and landowners, secured by farm real estate and/or other agricultural related assets. This is a direct service channel to a segment of the agricultural community.

The activity on this channel directly impacts financial results:

• Interest income increased for the nine months ended September 30, 2025, due to a higher balance on loans under the FPI Loan Program compared to the same period in 2024.
• Amortization of points associated with the FPI Loan Program was higher in 2025 compared to 2024.

New York Stock Exchange (NYSE) for common stock investors

The public equity market on the NYSE is the channel for raising capital from institutional and individual investors. Farmland Partners Inc. stock trades under the ticker FPI.

Key metrics reflecting investor interaction and capital deployment through this channel for the period ending September 30, 2025, include:

Metric	Value as of September 30, 2025
Shares of Common Stock Repurchased (Q3 2025)	1,248,802 shares
Weighted Average Price per Share Repurchased (Q3 2025)	$10.84 per share
2025 Fiscal Year AFFO Guidance Range (Raised)	$0.32 to $0.36 per share
Projected Special Dividend for 2025 (Payable Jan 2026)	Between $0.18 and $0.22 per share

The company also utilizes the market to manage its capital structure, having repaid $23.0 million against its lines of credit during the third quarter of 2025.

Direct property sales to institutional and private buyers

Farmland Partners Inc. actively uses asset dispositions as a channel to realize gains and reshape the portfolio. This involves direct sales of farmland properties.

Activity on the disposition channel for the nine months ended September 30, 2025, shows significant transactions:

• Total property dispositions completed: 35 properties.
• Aggregate consideration from these dispositions: approximately $85.5 million.
• Aggregate net gain on sale recognized: $24.5 million.

Recent strategic sales include:

• Agreement to sell 23 properties in the Corn Belt region for $31.0 million of Series A preferred units.
• Agreement to sell the brokerage and farm management business (Murray Wise Associates, LLC) for aggregate consideration of $5.3 million.

Finance: draft 13-week cash view by Friday.

Farmland Partners Inc. (FPI) - Canvas Business Model: Customer Segments

You're looking at the core groups Farmland Partners Inc. (FPI) serves to generate its returns.

Public and institutional investors seeking real asset exposure

This group provides the equity capital base for Farmland Partners Inc. (FPI). As of late 2025, the company has a significant institutional footprint.

• Institutional investors and hedge funds holding shares totaled 170 in the previous two years.
• Major institutional holders include Vanguard Group Inc and BlackRock, Inc.
• The common stock price as of November 28, 2025, was $9.84 per share.
• Fully diluted common shares outstanding were 43,846,568 as of October 24, 2025.
• The company raised its Fiscal Year 2025 Adjusted Funds From Operations (AFFO) guidance to $0.28-$0.34 per share.

Experienced tenant farmers needing long-term land access

These are the primary users of the core asset-the farmland-paying rent to Farmland Partners Inc. (FPI). The company's portfolio size directly relates to this segment's needs.

• Farmland Partners Inc. (FPI) owned and/or managed approximately 125,200 acres as of September 30, 2025.
• This acreage is spread across 15 states.
• The company is managing its tenant relationships, with modest rent growth expected in 2025 after a pause in 2024.
• One tenant arrangement included a solar lease, contributing approximately $1.0 million in income for the nine months ended September 30, 2025.
• Farmland Partners Inc. (FPI) engaged in direct farming operations on 2,103 acres as of March 31, 2025.

Third-party farmers and landowners requiring flexible financing

This segment utilizes the FPI Loan Program, which provides secured loans for working capital and other agricultural needs, creating an interest income stream for Farmland Partners Inc. (FPI).

• Activity in the FPI Loan Program positively impacted AFFO for the quarter ended June 30, 2025, due to higher interest income.
• Loans often carry yields around 8-10% plus points, with some in the high-teens.
• Points amortization expected to contribute approximately $2.4 million in 2025.

Family offices and private buyers for strategic asset dispositions

Farmland Partners Inc. (FPI) actively manages its portfolio by selling appreciated assets, often to private entities or family offices, which generates cash for debt reduction and special dividends.

• During the nine months ended September 30, 2025, the company completed 35 property dispositions for approximately $85.5 million in aggregate consideration.
• These dispositions recognized an aggregate gain on sale of $24.5 million for the same nine-month period.
• The company announced the sale of its brokerage and farm management business to streamline focus onto core farmland investments.

Here's a quick look at some key operational and financial metrics relevant to these customer interactions as of late 2025:

Metric	Value (As of Late 2025 Data)	Reporting Period End Date
Farmland Owned/Managed (Acres)	125,200	September 30, 2025
Total Property Dispositions (Count)	35	Nine Months Ended September 30, 2025
Total Disposition Consideration ($)	$85.5 million	Nine Months Ended September 30, 2025
Q3 2025 AFFO Per Share ($)	$0.07	September 30, 2025
Projected 2025 Special Dividend ($/share)	$0.18 to $0.22	Projected for January 2026 Payment

Farmland Partners Inc. (FPI) - Canvas Business Model: Cost Structure

You're looking at the expense side of Farmland Partners Inc.'s (FPI) operations as of late 2025. The cost structure reflects a company actively managing its balance sheet through debt reduction while continuing its core business of owning and leasing farmland, plus some direct operations.

Interest Expense on Debt

The most significant positive shift in the cost structure for Farmland Partners Inc. comes from debt management. You saw the impact clearly in the third quarter of 2025; interest expense decreased by $3.2 million for the three months ended September 30, 2025. This aggressive deleveraging, which saw total debt outstanding fall to approximately $170.4 million at September 30, 2025, from about $204.6 million at the end of 2024, is projected to yield significant annual savings. Management previously projected approximately $10.9 million in annual interest savings following major debt paydowns late in 2024. Repayments of $23.0 million against lines of credit occurred in July 2025 alone.

Property Taxes, Insurance, and Maintenance Costs

These costs, which Farmland Partners Inc. groups into property operating expenses, are directly tied to the size and composition of the physical portfolio. The company noted that lower property operating costs positively impacted Adjusted Funds From Operations (AFFO) in Q3 2025. The disposition of assets has been a key driver in reducing these specific expenses. For instance, the first quarter of 2025 saw Property Operating Expenses reported at $1.80 million.

Here's a snapshot of some key operational expenses for the periods where data is available:

Expense Category (Period)	Amount (USD Millions)	Context
Interest Expense Reduction (Q3 2025)	$3.2 million	Decrease for the three months ended September 30, 2025
Interest Expense Reduction (9M 2025)	$8.4 million	Decrease for the nine months ended September 30, 2025
Property Operating Expenses (Q1 2025)	$1.80 million	Reported for the quarter ended March 31, 2025
Cost of Goods Sold (Q1 2025)	$0.54 million	Reported for the quarter ended March 31, 2025
Total Debt Outstanding (Sep 30, 2025)	$170.4 million	Balance sheet figure

General and Administrative (G&A) Expenses, Including Legal Fees

General and administrative expenses showed a favorable trend year-over-year for the nine-month period ending September 30, 2025. G&A expenses decreased by $1.7 million for the nine months ended September 30, 2025, compared to the prior year. This reduction was largely due to the non-recurrence of a $1.4 million one-time severance expense and accelerated stock-based compensation that hit the prior year's figures. To be fair, management did note increased legal expenses as a point of caution during the Q3 2025 earnings call, even as overall G&A was down.

Costs Associated with Farmland Acquisition and Disposition

Costs here relate to the capital deployment strategy, which has heavily favored dispositions in 2025 to realize gains and pay down debt. For the nine months ended September 30, 2025, Farmland Partners Inc. completed 35 property dispositions for aggregate consideration of approximately $85.5 million. Acquisition costs, which are generally low given the current strategy, were reported as an immaterial amount for the six months ended June 30, 2025. In Q1 2025 specifically, Acquisition and due diligence costs were $5 thousand.

Operating Expenses for Direct-Operated Farms (Direct Ops)

The direct operations segment involves costs like Cost of Goods Sold, which are netted against crop sales and insurance to determine gross profit. For the first quarter of 2025, the Cost of Goods Sold component was $0.54 million. Management's updated 2025 guidance reflected an updated outlook for direct operations, which, along with higher variable payments and crop sales, was a driver for raising the full-year AFFO forecast.

Finance: draft 13-week cash view by Friday.

Farmland Partners Inc. (FPI) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Farmland Partners Inc. (FPI), and honestly, it's not just about collecting rent checks anymore; it's a multi-faceted approach built on asset appreciation and strategic financial engineering.

The primary, most stable component remains the fixed farm rent from triple-net leases. This is the bedrock of the business, though recent dispositions mean the base rental income is shifting. For instance, in Q3 2025, total operating revenues came in at $11.25 million, which was lower than the $13.32 million seen in Q3 2024, largely due to selling off properties. Still, management projects a full-year 2025 total revenue range between $47.9 million and $49.1 million.

The real story in 2025 is the monetization of asset value through sales. Net gains from strategic property dispositions are a crucial, albeit lumpy, revenue driver that fuels special shareholder returns. For the nine months ended September 30, 2025, Farmland Partners Inc. recognized an aggregate gain on sale of $24.5 million from disposing of 35 properties for approximately $85.5 million. This strategy is deliberate value unlocking, as seen when they exchanged 23 properties for Series A preferred units at a value appreciated by about 56% compared to the original 2016 purchase price.

The FPI Loan Program is definitely a growing segment contributing to cash flow stability. Higher interest income from an increased loan balance positively impacted the Adjusted Funds From Operations (AFFO) results for the quarter and year-to-date. This opportunistic lending is a key driver management cited for raising their guidance.

Beyond the core farming leases, Farmland Partners Inc. is capturing value from alternative land uses. Specifically, income from solar, wind, and recreation revenue from land leases is materializing. Through September 30, 2025, the company reported approximately $1.0 million in income from a solar lease arrangement.

All these streams feed into the bottom-line metric for REITs, AFFO. Management increased its expectations for the year, setting the full-year 2025 AFFO forecast in the range of $14.5 million to $16.6 million, which translates to $0.32 to $0.36 per share.

Here's a quick look at how the key components contributed to the financial picture as of the nine-month mark:

Revenue Stream Component	Latest Real-Life Financial Number	Period/Context
Net Gains on Asset Dispositions	$24.5 million	Nine Months Ended September 30, 2025
Total Operating Revenue (Q3)	$11.25 million	Q3 2025
Solar Lease Income	$1.0 million	Nine Months Ended September 30, 2025
Full-Year 2025 AFFO Forecast (Low End)	$14.5 million	Full Year 2025 Guidance
Full-Year 2025 AFFO Forecast (High End)	$16.6 million	Full Year 2025 Guidance

The shift in revenue mix is clear: less rental income from sold assets, but more cash flow from asset sales and the growing loan program. You should definitely keep an eye on how much of that 2025 AFFO strength management attributes to 'one-time events' versus sustainable operations going into 2026.

The sources of cash flow that drove the Q3 AFFO beat included:

• Lower interest expense from debt reductions.
• Lower property operating costs following dispositions.
• Increased interest income from the FPI Loan Program.

Finance: draft a sensitivity analysis on the impact of a 10% drop in expected disposition gains for 2026 by next Tuesday.