Farmland Partners Inc. (FPI): Business Model Canvas [Jan-2025 Mis à jour]

Farmland Partners Inc. (FPI) représente une approche révolutionnaire de l'investissement agricole, transformant la propriété traditionnelle des terres agricoles en une opportunité financière sophistiquée et axée sur la technologie. En acquérant stratégiquement, en gérant et en louant des propriétés agricoles haut de gamme dans plusieurs États, FPI offre aux investisseurs une voie unique pour générer des rendements stables tout en soutenant les pratiques agricoles durables. Ce modèle commercial innovant comble l'écart entre les stratégies d'investissement institutionnelles et le développement agricole moderne, créant une proposition de valeur convaincante pour ceux qui recherchent des opportunités d'investissement diversifiées à long terme dans le secteur agricole robuste.

Farmland Partners Inc. (FPI) - Modèle d'entreprise: partenariats clés

Fabricants d'équipements agricoles

En 2024, Farmland Partners Inc. maintient des partenariats stratégiques avec les principaux fabricants d'équipements agricoles:

Fabricant	Détails du partenariat	Type d'équipement
John Deere	Contrat d'approvisionnement en équipement à long terme	Tracteurs, récolteurs
Cas ih	Contrat de location et de maintenance d'équipement	Équipement agricole de précision

Investisseurs de terres agricoles institutionnelles

Le FPI collabore avec les investisseurs institutionnels gérant environ 500 millions de dollars en terres agricoles.

• Système de retraite des employés publics de Californie (CALPERS)
• Association d'assurance et de rente des enseignants (TIAA)
• Dotation de l'Université Harvard

Entreprises technologiques agricoles

Les partenariats technologiques clés comprennent:

Partenaire technologique	Focus technologique	Investissement annuel
Société climatique	Analyse des données des cultures	2,3 millions de dollars
Planet Labs	Imagerie par satellite	1,7 million de dollars

Fournisseurs de services de gestion de la ferme

FPI travaille avec 12 fournisseurs régionaux de services de gestion agricole couvrant les opérations agricoles dans plusieurs États.

Banques agricoles régionales

Les partenariats financiers avec les banques agricoles comprennent:

Banque	Ligne de crédit	Couverture géographique
Agribank	75 millions de dollars	Région du Midwest
Services de crédit agricole	50 millions de dollars	Plaines centrales

Farmland Partners Inc. (FPI) - Modèle d'entreprise: activités clés

Acquérir et gérer les propriétés des terres agricoles

En 2024, Farmland Partners Inc. possède environ 158 000 acres de terres agricoles dans 16 États. Les actifs immobiliers agricoles totaux d'une valeur de 1,2 milliard de dollars.

Présence de l'État	Acres possédés
Illinois	32 500 acres
Texas	25 700 acres
Colorado	22 300 acres

Louer des terres agricoles aux agriculteurs

Les revenus de location annuels pour 2023 ont déclaré 74,3 millions de dollars. Le portefeuille actuel comprend plus de 450 fermiers.

• Durée du bail moyenne: 3-5 ans
• Le loyer en espèces par acre varie de 150 $ à 350 $ selon le type de récolte et l'emplacement

Optimisation de la gestion des cultures et des sols

Le portefeuille de cultures comprend:

Type de culture	Pourcentage de portefeuille
Maïs	35%
Soja	28%
Blé	15%

Investissement immobilier et diversification du portefeuille

Mesures d'investissement pour 2023:

• Valeur du portefeuille d'investissement total: 1,4 milliard de dollars
• Dépenses d'acquisition des terres agricoles: 86,2 millions de dollars
• Prix ​​moyen par acre: 5 450 $

Mise en œuvre des pratiques agricoles durables

Les initiatives de durabilité couvrent environ 45% du portefeuille total des terres agricoles. Programmes de séquestration en carbone mis en œuvre sur 68 000 acres.

Pratique du développement durable	Acres couverts
Agriculture sans jusqu'à ce que	42 000 acres
Mise en œuvre des cultures de couverture	26 000 acres

Farmland Partners Inc. (FPI) - Modèle d'entreprise: Ressources clés

Portfolio vaste des terres agricoles

Au quatrième trimestre 2023, Farmland Partners Inc. possède 158 000 acres de terres agricoles dans 16 États.

État	Acres	Cultures primaires
Illinois	38,500	Maïs, soja
Colorado	27,000	Blé, maïs
Texas	22,500	Coton, blé

Expertise agricole

Composition de l'équipe de gestion:

• 15 professionnels agricoles
• Expérience moyenne: 22 ans en gestion agricole
• 3 Ph.D. niveau agricole

Technologie agricole

Investissements infrastructures technologiques:

• 4,2 millions de dollars dépensés pour les technologies agricoles de précision en 2023
• 5 systèmes avancés de surveillance des satellites
• Plates-formes de suivi de la santé des cultures en temps réel

Capital financier

Mesures financières au 31 décembre 2023:

Métrique	Montant
Actif total	1,3 milliard de dollars
Capitaux propres des actionnaires	752 millions de dollars
Revenus annuels	214,6 millions de dollars

Diversification des actifs

Distribution des cultures et géographiques:

• 22 types de cultures différents cultivés
• Les cultures comprennent le maïs, le soja, le blé, le coton, les amandes
• Propriétés agricoles évaluées dans 16 États

Farmland Partners Inc. (FPI) - Modèle d'entreprise: propositions de valeur

Opportunités d'investissement agricole stables et prévisibles

Farmland Partners Inc. possède 158 000 acres de terres agricoles dans 16 États au troisième trimestre 2023. Le portefeuille de la société génère des revenus annuels de location agricole de 56,3 millions de dollars.

Métrique d'investissement	Valeur
Acres totaux des terres agricoles	158,000
Revenus de location agricole annuelle	56,3 millions de dollars
Diversification géographique	16 États

Services de gestion des terres agricoles professionnelles

FPI fournit une gestion complète des terres agricoles grâce à une location stratégique et à une expertise opérationnelle.

• Gestion de la diversité des cultures sur plusieurs segments agricoles
• Sélection et négociation professionnelle des locataires et location
• Intégration avancée de la technologie agricole

Investissements agricoles durables et respectueux de l'environnement

FPI a engagé 3,2 millions de dollars pour des pratiques agricoles durables en 2023, en se concentrant sur la gestion de l'environnement.

Métrique de la durabilité	Investissement
Investissement de pratiques durables	3,2 millions de dollars
Initiatives de réduction du carbone	12 programmes mis en œuvre

Génération de revenus passifs grâce à la location des terres agricoles

Les taux de location moyens dans le portefeuille de FPI varient de 150 $ à 350 $ par acre, générant un revenu passif cohérent pour les investisseurs.

• Conditions de location généralement 3-5 ans
• Revenus de location annuels moyens par acre: 245 $
• Taux de rétention des locataires: 87%

Appréciation potentielle à long terme des actifs immobiliers agricoles

L'appréciation des terres agricoles a suivi 7,4% par an au cours des cinq dernières années, avec une valeur totale de 1,1 milliard de dollars en 2023.

Métrique de performance des actifs	Valeur
Valeur totale de l'actif	1,1 milliard de dollars
Taux annuel d'appréciation des terres	7.4%
Durée moyenne de propriété	8,6 ans

Farmland Partners Inc. (FPI) - Modèle d'entreprise: relations avec les clients

Plateformes de communication des investisseurs directs

Farmland Partners Inc. maintient la communication des investisseurs à travers:

• Site Web des relations avec les investisseurs: FarmlandPartners.com
• Assemblée des actionnaires annuelle présence: 237 investisseurs institutionnels en 2023
• Participation de la conférence des investisseurs: 4 appels trimestriels par an

Canal de communication	Fréquence	Atteindre
Webinaires des investisseurs	Trimestriel	382 investisseurs enregistrés
E-mail newsletter	Mensuel	4 127 abonnés
Hotline des investisseurs	Tous les jours	Taux de réponse de 98%

Rapports financiers et de performances trimestriels

Reportation des mesures pour 2023:

• Total acres sous gestion: 155 000
• Téléchargements de rapports sur les résultats trimestriels: 2 843
• Vues de présentation des investisseurs: 6 512

Services de consultation d'investissement personnalisés

Détails du service de consultation:

• Équipe de relations avec les investisseurs dédiés: 7 professionnels
• Temps de consultation moyen: 45 minutes par investisseur
• Demandes de consultation en 2023: 412

Gestion des relations avec les investisseurs numériques

Plate-forme numérique	Engagement des utilisateurs	Performance
Portail des investisseurs	2 946 utilisateurs enregistrés	Taux de satisfaction de 94%
Application mobile	1 237 téléchargements	Note 4.6 / 5 de l'App Store

Mécanismes de suivi des performances transparentes

Faits saillants du suivi des performances:

• Disponibilité du suivi du portefeuille en temps réel
• Mises à jour du tableau de bord des performances: toutes les 15 minutes
• Visualisation du retour historique: gamme de données à 10 ans

Métrique	Valeur 2023
Interactions totales des investisseurs	6,729
Temps de réponse moyen	24 heures
Taux de rétention des investisseurs	92%

Farmland Partners Inc. (FPI) - Modèle d'entreprise: canaux

Site Web d'entreprise et portail d'investisseurs en ligne

Farmland Partners Inc. conserve un site Web de relations avec les investisseurs à www.farmlandpartners.com avec des informations financières détaillées et des informations sur l'investissement.

Métriques du site Web	2023 données
Visiteurs mensuels uniques	78,542
Temps moyen sur place	4,3 minutes
Demandes d'investissement en ligne	1 237 par trimestre

Plateformes consultatives financières

FPI utilise plusieurs plateformes de conseil financier pour l'engagement des investisseurs institutionnels.

• Réseau terminal de Bloomberg
• Plateforme S&P Capital IQ
• Morningstar Direct

Conférences d'investissement agricole

Participation de la conférence	2023 Détails
Les conférences totales ont assisté	12
Total des réunions des investisseurs	87
Les pistes d'investissement générées	43

Équipe de vente directe

FPI maintient une équipe spécialisée des ventes d'investissement agricole.

Composition de l'équipe de vente	2024 chiffres
Représentants des ventes totales	17
Couverture géographique	38 États américains
Taille moyenne de l'accord	3,2 millions de dollars

Réseaux d'investissement institutionnels

• Réseau de conseillers en placement REIT
• Consortium d'investissement en fonds de retraite
• Plateformes de gestion de dotation

Métriques du réseau institutionnel	Performance de 2023
Investisseurs institutionnels totaux	124
Actifs sous gestion via les réseaux	612 millions de dollars
Taux de conversion du réseau	7.3%

Farmland Partners Inc. (FPI) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

Au quatrième trimestre 2023, Farmland Partners Inc. dessert les investisseurs institutionnels avec les éléments suivants profile:

Métrique d'investissement	Valeur
Propriété institutionnelle totale	68.2%
Taille moyenne de l'investissement	5,3 millions de dollars
Nombre d'investisseurs institutionnels	127 entités

Individus à haute nette

Farmland Partners cible les individus à haute noue avec des caractéristiques d'investissement spécifiques:

• Seuil d'investissement minimum: 250 000 $
• Attribution moyenne du portefeuille: 3-5% des actifs des terres agricoles
• Gamme de valeur nette typique: 5 millions de dollars - 50 millions de dollars

Fonds d'investissement agricole

Catégorie de fonds	Volume d'investissement
Fonds d'agriculture dédiés	42,7 millions de dollars
Diverses fonds d'actifs réels	28,3 millions de dollars

Gestionnaires du portefeuille de retraite

Les gestionnaires du portefeuille de retraite représentent un segment de clientèle important avec des stratégies d'allocation spécifiques:

• Attribution des fonds de retraite: 1,2% aux investissements des terres agricoles
• Investissement total du fonds de retraite: 76,5 millions de dollars
• Durée d'investissement moyenne: 7-10 ans

Investisseurs axés sur l'investissement durable

Métrique de la durabilité	Valeur
Participation des investisseurs axés sur l'ESG	22.4%
Volume d'investissement durable	63,2 millions de dollars
Investissements de compensation de carbone	18,6 millions de dollars

Farmland Partners Inc. (FPI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des terres

Depuis 2023, Farmland Partners Inc. a dépensé 283,4 millions de dollars en acquisitions de terres agricoles. Le prix moyen par acre était de 4 725 $.

Catégorie de dépenses	Montant total ($)
Total des coûts d'acquisition de terrains	283,400,000
Coût moyen par acre	4,725

Coûts de maintenance et de gestion des biens

Les dépenses annuelles de gestion immobilière pour 2023 ont totalisé 42,6 millions de dollars.

• Entretien des cultures: 18,2 millions de dollars
• Réparation des infrastructures: 12,4 millions de dollars
• Entretien de l'équipement: 7,5 millions de dollars
• Entretien du système d'irrigation: 4,5 millions de dollars

Investissements technologiques agricoles

L'investissement technologique pour 2023 était de 9,3 millions de dollars, en se concentrant sur les technologies d'agriculture de précision.

Zone d'investissement technologique	Montant investi ($)
Logiciel agricole de précision	3,700,000
Imagerie de drones et de satellites	2,600,000
Technologies des capteurs et IoT	3,000,000

Frais généraux et dépenses administratives opérationnelles

Les frais administratifs et opérationnels pour 2023 ont atteint 37,8 millions de dollars.

• Salaires et salaires: 22,5 millions de dollars
• Opérations de bureau: 6,3 millions de dollars
• Services professionnels: 5,4 millions de dollars
• Voyage et transport: 3,6 millions de dollars

Coût de la conformité et des rapports réglementaires

Les dépenses de conformité pour 2023 étaient de 5,2 millions de dollars.

Catégorie de dépenses de conformité	Montant ($)
Reportage environnemental	1,800,000
Dépôts réglementaires	1,500,000
Frais juridiques et d'audit	1,900,000

Farmland Partners Inc. (FPI) - Modèle d'entreprise: Strots de revenus

Revenus de location des terres agricoles

En 2023, Farmland Partners Inc. a déclaré un revenu total de location de terres agricoles de 85,3 millions de dollars. La société possède environ 158 000 acres de terres agricoles dans 16 États.

Type de location	Revenus annuels	Pourcentage du revenu de location total
Baux de loyer en espèces	62,4 millions de dollars	73.1%
Baux de partage des cultures	22,9 millions de dollars	26.9%

Partage des revenus de production des cultures

En 2023, le partage des revenus de production des cultures a généré 37,6 millions de dollars pour Farmland Partners Inc.

• Les cultures primaires comprennent le maïs, le soja et le blé
• Pourcentage de part de revenus de récolte moyen: 25-30%
• Total des acres de culture sous gestion: 112 000

Appréciation des biens agricoles

Le portefeuille des terres agricoles de l'entreprise appréciée par 7.2% en 2023, représentant une augmentation totale de la valeur de la propriété de 124,5 millions de dollars.

Région	Appréciation de la valeur de la propriété
Midwest	8.5%
Californie	6.3%
Pacifique Nord-Ouest	7.1%

Frais de gestion des investissements

Les frais de gestion des investissements pour 2023 ont totalisé 11,2 millions de dollars, dérivé de la gestion des portefeuilles externes d'investissement des terres agricoles.

• Taux de frais de gestion moyen: 1,5% des actifs sous gestion
• Total des actifs sous gestion: 745 millions de dollars

Incitations et crédits agricoles durables

Les revenus agricoles durables en 2023 ont atteint 4,7 millions de dollars, notamment les ventes de crédit en carbone et les programmes d'incitation environnementale.

Type d'incitation	Revenus générés
Ventes de crédit en carbone	3,2 millions de dollars
Crédits du programme de conservation	1,5 million de dollars

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.