Farmland Partners Inc. (FPI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Farmland Partners Inc. (FPI) representa un enfoque innovador para la inversión agrícola, transformando la propiedad tradicional de las tierras agrícolas en una oportunidad financiera sofisticada y basada en tecnología. Al adquirir, administrar y arrendar estratégicamente propiedades agrícolas premium en múltiples estados, FPI ofrece a los inversores una vía única para generar rendimientos estables al tiempo que apoya las prácticas agrícolas sostenibles. Este innovador modelo de negocio une la brecha entre las estrategias de inversión institucional y el desarrollo agrícola moderno, creando una propuesta de valor convincente para aquellos que buscan oportunidades de inversión diversificadas a largo plazo en el sector agrícola robusto.

Farmland Partners Inc. (FPI) - Modelo de negocios: asociaciones clave

Fabricantes de equipos agrícolas

A partir de 2024, Farmland Partners Inc. mantiene asociaciones estratégicas con los principales fabricantes de equipos agrícolas:

Fabricante	Detalles de la asociación	Tipo de equipo
John Deere	Acuerdo de suministro de equipos a largo plazo	Tractores, cosechadores
Caso IH	Contrato de arrendamiento y mantenimiento de equipos	Equipo de cultivo de precisión

Inversores de tierras de cultivo institucionales

El FPI colabora con inversores institucionales que administran aproximadamente $ 500 millones en activos de tierras de cultivo.

• Sistema de jubilación de empleados públicos de California (Calpers)
• Asociación de seguros y anualidades de maestros (TIAA)
• Dotación de la Universidad de Harvard

Empresas de tecnología agrícola

Las asociaciones de tecnología clave incluyen:

Socio tecnológico	Enfoque tecnológico	Inversión anual
Corporación climática	Análisis de datos de cultivos	$ 2.3 millones
Planet Labs	Imágenes satelitales	$ 1.7 millones

Proveedores de servicios de gestión de la granja

FPI funciona con 12 proveedores regionales de servicios de gestión de granjas cubriendo las operaciones agrícolas en múltiples estados.

Bancos agrícolas regionales

Las asociaciones financieras con los bancos agrícolas incluyen:

Banco	Línea de crédito	Cobertura geográfica
Agribanco	$ 75 millones	Región del medio oeste
Servicios de crédito agrícola	$ 50 millones	Llanuras centrales

Farmland Partners Inc. (FPI) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de tierras agrícolas

A partir de 2024, Farmland Partners Inc. posee aproximadamente 158,000 acres de tierras de cultivo en 16 estados. Activos inmobiliarios agrícolas totales valorados en $ 1.2 mil millones.

Presencia estatal	Acres de propiedad
Illinois	32,500 acres
Texas	25,700 acres
Colorado	22,300 acres

Arrendar tierras agrícolas a los agricultores

Los ingresos anuales de arrendamiento para 2023 reportaron $ 74.3 millones. La cartera actual incluye más de 450 agricultores de inquilinos.

• Duración promedio de arrendamiento: 3-5 años
• El alquiler en efectivo por acre oscila entre $ 150 y $ 350 dependiendo del tipo de cultivo y la ubicación

Optimización del manejo del cultivo y el suelo

La cartera de cultivos incluye:

Tipo de cultivo	Porcentaje de cartera
Maíz	35%
Soja	28%
Trigo	15%

Inversión inmobiliaria y diversificación de cartera

Métricas de inversión para 2023:

• Valor total de la cartera de inversiones: $ 1.4 mil millones
• Gasto de adquisición de tierras agrícolas: $ 86.2 millones
• Precio promedio por acre: $ 5,450

Implementación de prácticas agrícolas sostenibles

Las iniciativas de sostenibilidad cubren aproximadamente el 45% de la cartera total de tierras agrícolas. Programas de secuestro de carbono implementados en 68,000 acres.

Práctica de sostenibilidad	Acres cubiertos
Agricultura sin labranza	42,000 acres
Implementación de la cosecha de cobertura	26,000 acres

Farmland Partners Inc. (FPI) - Modelo de negocios: recursos clave

Cartera extensa de tierras de cultivo

A partir del cuarto trimestre de 2023, Farmland Partners Inc. posee 158,000 acres de tierras de cultivo en 16 estados.

Estado	Acres	Cultivos primarios
Illinois	38,500	Maíz, soja
Colorado	27,000	Trigo, maíz
Texas	22,500	Algodón, trigo

Experiencia agrícola

Composición del equipo de gestión:

• 15 profesionales agrícolas
• Experiencia promedio: 22 años en gestión agrícola
• 3 Ph.D. Científicos agrícolas nivelados

Tecnología agrícola

Inversiones de infraestructura tecnológica:

• $ 4.2 millones gastados en tecnologías agrícolas de precisión en 2023
• 5 Sistemas avanzados de monitoreo satelital
• Plataformas de seguimiento de salud de cultivos en tiempo real

Capital financiero

Métricas financieras al 31 de diciembre de 2023:

Métrico	Cantidad
Activos totales	$ 1.3 mil millones
Patrimonio de los accionistas	$ 752 millones
Ingresos anuales	$ 214.6 millones

Diversificación de activos

Cultivo y distribución geográfica:

• 22 tipos de cultivos diferentes cultivados
• Los cultivos incluyen maíz, soja, trigo, algodón, almendras
• Propiedades agrícolas valoradas en 16 estados

Farmland Partners Inc. (FPI) - Modelo de negocio: propuestas de valor

Oportunidades de inversión agrícola estable y predecible

Farmland Partners Inc. posee 158,000 acres de tierras de cultivo en 16 estados a partir del tercer trimestre de 2023. La cartera de la compañía genera ingresos anuales de arrendamiento agrícola de $ 56.3 millones.

Métrico de inversión	Valor
Acres de tierras de cultivo totales	158,000
Ingresos anuales de arrendamiento agrícola	$ 56.3 millones
Diversificación geográfica	16 estados

Servicios profesionales de gestión de tierras agrícolas

FPI proporciona una gestión integral de tierras agrícolas a través del arrendamiento estratégico y la experiencia operativa.

• Gestión de la diversidad de cultivos en múltiples segmentos agrícolas
• Selección profesional de inquilinos y negociación de arrendamiento
• Integración avanzada de tecnología agrícola

Inversiones agrícolas sostenibles y ambientalmente responsables

El FPI comprometió $ 3.2 millones a prácticas agrícolas sostenibles en 2023, centrándose en la administración ambiental.

Métrica de sostenibilidad	Inversión
Inversión de prácticas sostenibles	$ 3.2 millones
Iniciativas de reducción de carbono	12 programas implementados

Generación de ingresos pasivos a través del arrendamiento de tierras de cultivo

Las tasas de arrendamiento promedio en la cartera de FPI varían de $ 150 a $ 350 por acre, generando ingresos pasivos consistentes para los inversores.

• Términos de arrendamiento típicamente de 3 a 5 años
• Ingresos de arrendamiento anuales promedio por acre: $ 245
• Tasa de retención de inquilinos: 87%

Apreciación potencial a largo plazo de los activos inmobiliarios agrícolas

La apreciación de las tierras agrícolas rastreó al 7.4% anual en los últimos cinco años, con un valor de activo total de $ 1.1 mil millones en 2023.

Métrica de rendimiento de activos	Valor
Valor total del activo	$ 1.1 mil millones
Tasa anual de apreciación de la tierra	7.4%
Duración promedio de retención de propiedad	8.6 años

Farmland Partners Inc. (FPI) - Modelo de negocios: relaciones con los clientes

Plataformas de comunicación directa de inversores

Farmland Partners Inc. mantiene la comunicación de los inversores a través de:

• Sitio web de Relaciones de Inversores: FarmlandPartners.com
• Asistencia anual de la reunión de accionistas: 237 inversores institucionales en 2023
• Participación de la conferencia de conferencia de inversores: 4 llamadas trimestrales por año

Canal de comunicación	Frecuencia	Alcanzar
Seminarios web de inversores	Trimestral	382 inversores registrados
Boletín de correo electrónico	Mensual	4.127 suscriptores
Línea directa de inversores	A diario	Tasa de respuesta del 98%

Informes financieros y de desempeño trimestrales

Informes de métricas para 2023:

• Total de acres bajo administración: 155,000
• Descargas de informe de ganancias trimestrales: 2,843
• Vistas de presentación del inversor: 6.512

Servicios de consulta de inversiones personalizadas

Detalles del servicio de consulta:

• Equipo dedicado de relaciones con inversores: 7 profesionales
• Tiempo de consulta promedio: 45 minutos por inversor
• Solicitudes de consulta en 2023: 412

Gestión de relaciones con los inversores digitales

Plataforma digital	Compromiso de usuario	Actuación
Portal de inversores	2.946 usuarios registrados	Tasa de satisfacción del 94%
Aplicación móvil	1,237 descargas	Calificación de 4.6/5 App Store

Mecanismos de seguimiento de rendimiento transparente

Destacados de seguimiento de rendimiento:

• Disponibilidad de seguimiento de cartera en tiempo real
• Actualizaciones del tablero de rendimiento: cada 15 minutos
• Visualización de retorno histórico: rango de datos de 10 años

Métrico	Valor 2023
Interacciones totales de los inversores	6,729
Tiempo de respuesta promedio	24 horas
Tasa de retención de inversores	92%

Farmland Partners Inc. (FPI) - Modelo de negocios: canales

Sitio web corporativo y portal de inversores en línea

Farmland Partners Inc. mantiene un sitio web de relaciones con los inversores en www.farmlandpartners.com con información financiera detallada e información de inversión.

Métricas del sitio web	2023 datos
Visitantes mensuales únicos	78,542
Tiempo promedio en el sitio	4.3 minutos
Consultas de inversión en línea	1.237 por trimestre

Plataformas de asesoramiento financiero

FPI utiliza múltiples plataformas de asesoramiento financiero para la participación institucional de los inversores.

• Red de terminal Bloomberg
• Plataforma S&P Capital IQ
• Morningstar directo

Conferencias de inversión agrícola

Participación de la conferencia	2023 detalles
Conferencias totales a las que asistió	12
Reuniones totales de inversores	87
Los clientes potenciales de inversión generados	43

Equipo de ventas directas

FPI mantiene un equipo especializado de ventas de inversiones agrícolas.

Composición del equipo de ventas	2024 cifras
Representantes de ventas totales	17
Cobertura geográfica	38 estados de EE. UU.
Tamaño de trato promedio	$ 3.2 millones

Redes de inversión institucionales

• Red Reit Investment Advisors
• Consorcio de inversión de fondos de pensiones
• Plataformas de gestión de dotaciones

Métricas de redes institucionales	2023 rendimiento
Inversores institucionales totales	124
Activos bajo administración a través de redes	$ 612 millones
Tasa de conversión de red	7.3%

Farmland Partners Inc. (FPI) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Farmland Partners Inc. atiende a inversores institucionales con los siguientes profile:

Métrico de inversión	Valor
Propiedad institucional total	68.2%
Tamaño de inversión promedio	$ 5.3 millones
Número de inversores institucionales	127 entidades

Individuos de alto nivel de red

Los socios de tierras de cultivo se dirigen a personas de alto valor de la red con características de inversión específicas:

• Umbral de inversión mínima: $ 250,000
• Asignación promedio de cartera: 3-5% en activos de tierras de cultivo
• Rango típico de patrimonio neto: $ 5 millones - $ 50 millones

Fondos de inversión agrícola

Categoría de fondos	Volumen de inversión
Fondos agrícolas dedicados	$ 42.7 millones
Fondos de activos reales diversificados	$ 28.3 millones

Gerentes de cartera de jubilación

Los gerentes de cartera de jubilación representan un segmento significativo de clientes con estrategias de asignación específicas:

• Asignación de fondos de pensiones: 1.2% para las inversiones en tierras de cultivo
• Inversión total del fondo de jubilación: $ 76.5 millones
• Duración promedio de la inversión: 7-10 años

Inversores centrados en inversiones sostenibles

Métrica de sostenibilidad	Valor
Participación de los inversores centrada en ESG	22.4%
Volumen de inversión sostenible	$ 63.2 millones
Inversiones compensadas de carbono	$ 18.6 millones

Farmland Partners Inc. (FPI) - Modelo de negocio: estructura de costos

Gastos de adquisición de tierras

A partir del informe financiero de 2023, Farmland Partners Inc. gastó $ 283.4 millones en adquisiciones de tierras de cultivo. El precio promedio por acre fue de $ 4,725.

Categoría de gastos	Monto total ($)
Costos totales de adquisición de tierras	283,400,000
Costo promedio por acre	4,725

Costos de mantenimiento y gestión de la propiedad

Los gastos anuales de administración de propiedades para 2023 totalizaron $ 42.6 millones.

• Mantenimiento de cultivos: $ 18.2 millones
• Reparación de infraestructura: $ 12.4 millones
• Mantenimiento del equipo: $ 7.5 millones
• Mantenimiento del sistema de riego: $ 4.5 millones

Inversiones en tecnología agrícola

La inversión en tecnología para 2023 fue de $ 9.3 millones, centrándose en tecnologías agrícolas de precisión.

Área de inversión tecnológica	Monto invertido ($)
Software de agricultura de precisión	3,700,000
Imágenes de drones y satélites	2,600,000
Tecnologías de sensor e IoT	3,000,000

Gastos generales operativos y gastos administrativos

Los costos administrativos y operativos para 2023 alcanzaron los $ 37.8 millones.

• Salarios y salarios: $ 22.5 millones
• Operaciones de oficina: $ 6.3 millones
• Servicios profesionales: $ 5.4 millones
• Viajes y transporte: $ 3.6 millones

Costos de cumplimiento e informes regulatorios

Los gastos de cumplimiento para 2023 fueron de $ 5.2 millones.

Categoría de gastos de cumplimiento	Monto ($)
Informes ambientales	1,800,000
Archivos regulatorios	1,500,000
Tarifas legales y de auditoría	1,900,000

Farmland Partners Inc. (FPI) - Modelo de negocios: flujos de ingresos

Ingresos de arrendamiento de tierras agrícolas

A partir de 2023, Farmland Partners Inc. reportó un total de ingresos de arrendamiento de tierras de cultivo de $ 85.3 millones. La compañía posee aproximadamente 158,000 acres de tierras de cultivo en 16 estados.

Tipo de arrendamiento	Ingresos anuales	Porcentaje de ingresos de arrendamiento total
Arrendamientos de alquiler en efectivo	$ 62.4 millones	73.1%
Arrendamientos de compartir compartidos	$ 22.9 millones	26.9%

Exparte de los ingresos de la producción de cultivos

En 2023, el intercambio de ingresos de producción de cultivos generó $ 37.6 millones para Farmland Partners Inc.

• Los cultivos primarios incluyen maíz, soja y trigo
• Porcentaje promedio de participación de ingresos de cultivos: 25-30%
• Acres de cultivos totales bajo gestión: 112,000

Apreciación de la propiedad agrícola

La cartera de tierras de cultivo de la compañía apreciada por 7.2% en 2023, que representa un aumento total del valor de la propiedad de $ 124.5 millones.

Región	Apreciación del valor de la propiedad
Medio oeste	8.5%
California	6.3%
Noroeste del Pacífico	7.1%

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones para 2023 totalizaron $ 11.2 millones, derivadas de la gestión de carteras de inversión de tierras de cultivo externas.

• Tasa de tarifas de gestión promedio: 1.5% de los activos bajo administración
• Activos totales bajo administración: $ 745 millones

Incentivos y créditos agrícolas sostenibles

Los ingresos por agricultura sostenible en 2023 alcanzaron los $ 4.7 millones, incluidos los programas de ventas de crédito de carbono y incentivos ambientales.

Tipo de incentivo	Ingresos generados
Ventas de crédito de carbono	$ 3.2 millones
Créditos del programa de conservación	$ 1.5 millones

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.