Farmland Partners Inc. (FPI): Business Model Canvas [Dec-2025 Updated]

You're trying to get a precise read on Farmland Partners Inc.'s (FPI) business engine as of late 2025, and the truth is, it's a sophisticated machine built on real assets. Forget simple landlording; their model hinges on strategically managing 125,200 acres via long-term, triple-net leases while actively harvesting value through dispositions-they realized $24.5 million in net gains from sales in 2025 alone. Plus, they're balancing this with a growing high-yield farmer loan program and maintaining a strong balance sheet, showing $172.5 million in liquidity as of Q3. If you want to see the nine building blocks that drive their revenue, from fixed rent to interest income, and how they are targeting a full-year 2025 AFFO between $14.5 million and $16.6 million, the canvas below breaks down exactly how they operate.

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

You're looking at the core relationships Farmland Partners Inc. (FPI) relies on to generate stable, inflation-hedged returns from its land holdings. These partnerships are critical because FPI's model is asset-light on the operational side, relying heavily on others to farm the land, finance growth, and manage specialized services.

The primary operational partnership involves the farmers themselves, who are the stewards of the land.

• Tenant farmers for long-term triple-net lease agreements, which pass property taxes, insurance, and maintenance costs to the tenant.
• As of June 30, 2025, Farmland Partners Inc. owned and/or managed approximately 125,500 acres of farmland in 15 states.
• Fixed farm rent revenue saw an expected decrease due to property dispositions completed in late 2024 and through 2025.

Financing and capital structure management involve key relationships with financial institutions, which provide the necessary liquidity and structure to manage the portfolio.

Partnerships for alternative revenue streams, specifically renewable energy, contribute to the diversification of Farmland Partners Inc.'s income base. This is a deliberate pivot to non-traditional sources to support cash flow.

• Income from solar and wind arrangements is a key driver for the raised 2025 AFFO guidance.
• For the nine months ended September 30, 2025, the company recorded approximately $1.0 million of income from a solar lease arrangement with a tenant.
• Historically, solar projects in Illinois on 432 and 1,542 acres were expected to increase rental income from an average of $245 per acre to $570 per acre.

The strategic divestiture of the third-party management subsidiary involved a key partnership transition with Peoples Company.

• Peoples Company announced it would acquire Murray Wise Associates, LLC (MWA) from Farmland Partners Inc., with a closing set for November 15, 2025.
• MWA, which Farmland Partners Inc. acquired in November 2021, added approximately 16,700 acres to FPI's management portfolio at that time.
• MWA has completed land and agribusiness transactions totaling more than $5 billion across 43 states over the past 25 years.
• The transaction simplifies Farmland Partners Inc.'s operations, focusing it more squarely on direct farmland ownership.

A significant partnership restructuring involved preferred unit holders to clean up the capital structure, effectively using appreciated assets to retire debt-like obligations.

This exchange is viewed as tangible proof of the appreciation potential in the asset class. It's a smart move to de-risk the balance sheet.

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

You're looking at the core operational engine of Farmland Partners Inc. (FPI) as of late 2025. This isn't just about owning dirt; it's about actively managing a complex, geographically diverse real estate portfolio while deploying capital strategically. The key activities here are what drive their REIT performance metrics, like Adjusted Funds From Operations (AFFO).

Strategic acquisition and disposition of farmland assets

Farmland Partners Inc. is constantly trading assets to optimize the portfolio, focusing on selling non-core or lower-yielding properties to fund debt reduction and share repurchases. This activity is central to their capital allocation strategy. For instance, management announced the sale of its brokerage and farm management subsidiary, Murray Wise Associates, to streamline operations. They also entered agreements to sell certain assets, specifically mentioning 23 properties in the Corn Belt region.

Here's a look at the transaction flow through the first nine months of fiscal year 2025:

You can see the disposition activity was particularly heavy in the third quarter, with 32 properties sold for aggregate consideration of $71.6 million. Also, they executed a strategic exchange of $31 million worth of Series A preferred units for properties located in Illinois.

Active management of the 125,200 acres diversified portfolio

The core asset base requires active oversight across multiple growing regions. As of September 30, 2025, Farmland Partners Inc. owned and/or managed approximately 125,200 acres of farmland spread across 15 states. This portfolio includes major agricultural regions like Illinois, Iowa, and Nebraska, along with specialized assets like permanent crop farms in California.

Key management focus areas include:

• Maintaining operational stability across the 15 states portfolio.
• Managing specialized assets, including land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand.
• Direct farming operations on 2,103 acres of Company-owned land in California via its taxable REIT subsidiary (TRS) as of March 31, 2025.
• Forecasting flat row crop rent renewals for 2026, with potential improvements later in 2026.

It's about keeping the land productive, even when facing market headwinds, like those impacting U.S. agriculture from foreign trade challenges.

Operating the FPI Loan Program for high-yield farmer financing

The FPI Loan Program is a distinct activity that generates interest income, which management noted helped raise the 2025 AFFO guidance. This program addresses short-term cash flow needs for farmers, secured by farm real estate or growing crops.

Here are the specifics on the loan program activity and structure:

• Expected points amortization contribution to 2025 results is approximately $2.4 million.
• In Q1 2025, Farmland Partners Inc. issued $7.6 million in new loans under the program.
• Typical loan terms involve headline interest rates of 8-10% plus points.
• The program generally targets loans in principal amounts of $1.0 million or more with maturities up to six years.

This lending niche provides an attractive yield component to the overall business model.

Investor relations and capital allocation (e.g., share repurchases)

A major activity is optimizing the capital structure, which directly impacts shareholder returns. Management clearly signaled confidence in the stock's valuation by executing significant buybacks and planning a special distribution. The total debt outstanding saw a material reduction, moving from approximately $204.6 million at the end of 2024 to $170.4 million by September 30, 2025. They achieved this partly by making $23.0 million in repayments against the lines of credit during Q3 2025.

Key capital allocation actions as of late 2025 include:

• Repurchasing approximately 1.25 million common shares in Q3 2025 at an average price of $10.84 per share.
• Raising the full-year 2025 Adjusted Funds From Operations (AFFO) guidance to a range of $0.32 to $0.36 per share.
• Announcing plans for a special dividend between $0.18 and $0.22 per share, payable in January 2026.

They believe their own stock is the cheapest farmland they can buy, honestly.

Securing and managing long-term farm leases with tenants

While specific long-term lease metrics like average duration aren't explicitly detailed in the latest summaries, the leasing activity is the primary revenue driver for the core farmland holdings. The revenue generated from these leases is foundational to the REIT structure. The company's strategy involves securing leases that provide stable, predictable cash flow, which is why management is focused on negotiating rent renewals. For example, management is anticipating flat row crop rent renewals for 2026, with potential for improvement later that year. This activity directly underpins the Net Operating Income (NOI) generated by the 125,200 acres.

Finance: draft 13-week cash view by Friday.

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

You're looking at the hard assets and financial muscle Farmland Partners Inc. (FPI) relies on to run its business as of late 2025. These aren't abstract concepts; they are concrete numbers and physical holdings that drive the operation.

The foundation of Farmland Partners Inc. (FPI) is its physical land base. As of September 30, 2025, the company controlled a substantial footprint, which is key for a real estate investment trust (REIT) focused on agriculture.

These acres span key agricultural regions, including states like Illinois, Iowa, Nebraska, and Texas. Furthermore, Farmland Partners Inc. (FPI) holds land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand.

The operational structure itself is a resource. Farmland Partners Inc. (FPI) operates as an internally managed real estate company. This structure means deep agricultural expertise resides in-house, which is critical for asset selection and management.

• Every farm considered must pass a test for better than average soil quality index.
• The company actively seeks land where water availability through precipitation and irrigation meets agronomic needs.
• This internal expertise allows Farmland Partners Inc. (FPI) to select tenants who promote efficiency and protect the assets.

Financially, liquidity is a major strength, especially after recent capital recycling efforts. As of the end of Q3 2025, the company maintained a strong position.

This liquidity position is supported by a significant reduction in debt, with total debt outstanding at approximately $170.4 million as of September 30, 2025, down from $204.6 million at the end of 2024.

The FPI Loan Program acts as a distinct financial resource, complementing the core leasing business. This program provides short-term, high-interest loans secured by farm real estate to farmers. The income from this lending is a noted driver of performance; for instance, higher interest income from the program contributed to the Q3 2025 Adjusted Funds From Operations (AFFO).

Here's a look at the scale and yield associated with this lending arm:

• Target loan principal amounts generally range from $500,000 to $5 million, with some targets extending up to $10 million.
• The program generated annualized interest income of approximately $2.4 million as of Q1 2025.
• The company raised its FY 2025 AFFO guidance to a range of $14.5 million to $16.6 million, or $0.32 to $0.36 per share, partly on the strength of management fees and interest income.

The combination of tangible, high-quality land assets and a robust, flexible balance sheet with a high-yield lending component defines the core resource base for Farmland Partners Inc. (FPI).

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:

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:

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:

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:

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:

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:

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.