Farmland Partners Inc. (FPI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Farmland Partners Inc. (FPI) representa uma abordagem inovadora do investimento agrícola, transformando a propriedade tradicional das terras agrícolas em uma oportunidade financeira sofisticada e orientada pela tecnologia. Ao adquirir, gerenciar e arrendar estrategicamente propriedades agrícolas premium em vários estados, o FPI oferece aos investidores um caminho único para gerar retornos estáveis, apoiando práticas agrícolas sustentáveis. Esse modelo inovador de negócios preenche a lacuna entre estratégias de investimento institucional e desenvolvimento agrícola moderno, criando uma proposta de valor atraente para aqueles que buscam oportunidades diversificadas de investimento de longo prazo no setor agrícola robusto.

Farmland Partners Inc. (FPI) - Modelo de Negócios: Principais Parcerias

Fabricantes de equipamentos agrícolas

A partir de 2024, a Farmland Partners Inc. mantém parcerias estratégicas com os principais fabricantes de equipamentos agrícolas:

Fabricante	Detalhes da parceria	Tipo de equipamento
John Deere	Contrato de fornecimento de equipamentos de longo prazo	Tratores, colheitadeiras
Caso ih	Contrato de arrendamento e manutenção de equipamentos	Equipamento agrícola de precisão

Investidores institucionais de terras agrícolas

O FPI colabora com investidores institucionais que gerenciam aproximadamente US $ 500 milhões em ativos de terras agrícolas.

• Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers)
• Associação de Seguros e Anuidades de Professores (TIAA)
• Doações da Universidade de Harvard

Empresas de tecnologia agrícola

As principais parcerias tecnológicas incluem:

Parceiro de tecnologia	Foco em tecnologia	Investimento anual
Corporação Climática	Análise de dados de culturas	US $ 2,3 milhões
Planet Labs	Imagem por satélite	US $ 1,7 milhão

Provedores de serviços de gestão agrícola

FPI trabalha com 12 provedores regionais de serviços de gestão agrícola cobrindo operações agrícolas em vários estados.

Bancos agrícolas regionais

Parcerias financeiras com bancos agrícolas incluem:

Banco	Linha de crédito	Cobertura geográfica
Agribank	US $ 75 milhões	Região do meio -oeste
Serviços de crédito agrícola	US $ 50 milhões	Planícies centrais

Farmland Partners Inc. (FPI) - Modelo de Negócios: Atividades -chave

Adquirir e gerenciar propriedades de terras agrícolas

A partir de 2024, a Farmland Partners Inc. possui aproximadamente 158.000 acres de terras agrícolas em 16 estados. Total de ativos imobiliários agrícolas avaliados em US $ 1,2 bilhão.

Presença do estado	Acres de propriedade
Illinois	32.500 acres
Texas	25.700 acres
Colorado	22.300 acres

Arrendamento de terras agrícolas para agricultores

A receita anual de arrendamento para 2023 reportou em US $ 74,3 milhões. O portfólio atual inclui mais de 450 agricultores de inquilinos.

• Duração média do arrendamento: 3-5 anos
• O aluguel em dinheiro por acre varia de US $ 150 a US $ 350, dependendo do tipo de colheita e da localização

Otimização de gerenciamento de culturas e solo

O portfólio de culturas inclui:

Tipo de colheita	Porcentagem de portfólio
Milho	35%
Soja	28%
Trigo	15%

Investimento imobiliário e diversificação de portfólio

Métricas de investimento para 2023:

• Valor da carteira total de investimentos: US $ 1,4 bilhão
• Gastos de aquisição de terras agrícolas: US $ 86,2 milhões
• Preço médio por acre: US $ 5.450

Implementação de práticas agrícolas sustentáveis

As iniciativas de sustentabilidade cobrem aproximadamente 45% do portfólio total de terras agrícolas. Programas de seqüestro de carbono implementados em 68.000 acres.

Prática de sustentabilidade	Acres cobertos
Agricultura no plantio direto	42.000 acres
Implementação de culturas de cobertura	26.000 acres

Farmland Partners Inc. (FPI) - Modelo de negócios: Recursos -chave

Extenso portfólio de terras agrícolas

A partir do quarto trimestre 2023, a Farmland Partners Inc. possui 158.000 acres de terras agrícolas em 16 estados.

Estado	Acres	Culturas primárias
Illinois	38,500	Milho, soja
Colorado	27,000	Trigo, milho
Texas	22,500	Algodão, trigo

Experiência agrícola

Composição da equipe de gerenciamento:

• 15 profissionais agrícolas
• Experiência média: 22 anos em gestão agrícola
• 3 Ph.D. Cientistas agrícolas de nível

Tecnologia Agrícola

Investimentos de infraestrutura de tecnologia:

• US $ 4,2 milhões gastos em tecnologias de agricultura de precisão em 2023
• 5 sistemas avançados de monitoramento de satélite
• Plataformas de rastreamento de saúde em tempo real

Capital financeiro

Métricas financeiras em 31 de dezembro de 2023:

Métrica	Quantia
Total de ativos	US $ 1,3 bilhão
Equidade dos acionistas	US $ 752 milhões
Receita anual	US $ 214,6 milhões

Diversificação de ativos

Crop e distribuição geográfica:

• 22 tipos de culturas diferentes cultivados
• As culturas incluem milho, soja, trigo, algodão, amêndoas
• Propriedades da fazenda avaliadas em 16 estados

Farmland Partners Inc. (FPI) - Modelo de Negócios: Proposições de Valor

Oportunidades de investimento agrícola estável e previsível

A Farmland Partners Inc. possui 158.000 acres de terras agrícolas em 16 estados a partir do terceiro trimestre de 2023. O portfólio da empresa gera receitas anuais de arrendamento agrícola de US $ 56,3 milhões.

Métrica de investimento	Valor
Total de terras agrícolas acres	158,000
Receita anual de arrendamento agrícola	US $ 56,3 milhões
Diversificação geográfica	16 estados

Serviços profissionais de gerenciamento de terras agrícolas

O FPI fornece uma gestão abrangente de terras agrícolas por meio de leasing estratégico e experiência operacional.

• Gerenciamento de diversidade de culturas em vários segmentos agrícolas
• Seleção profissional de inquilinos e negociação de arrendamento
• Integração avançada de tecnologia agrícola

Investimentos agrícolas sustentáveis ​​e ambientalmente responsáveis

O FPI comprometeu US $ 3,2 milhões a práticas agrícolas sustentáveis ​​em 2023, focando na administração ambiental.

Métrica de sustentabilidade	Investimento
Investimento de práticas sustentáveis	US $ 3,2 milhões
Iniciativas de redução de carbono	12 programas implementados

Geração de renda passiva através de leasing de terras agrícolas

As taxas médias de arrendamento no portfólio da FPI variam de US $ 150 a US $ 350 por acre, gerando renda passiva consistente para os investidores.

• Termos de arrendamento tipicamente 3-5 anos
• Receita média anual de arrendamento por acre: US $ 245
• Taxa de retenção de inquilinos: 87%

Apreciação potencial a longo prazo de ativos imobiliários agrícolas

A apreciação das terras agrícolas rastreou 7,4% ao ano nos últimos cinco anos, com o valor total do ativo de US $ 1,1 bilhão em 2023.

Métrica de desempenho de ativos	Valor
Valor total do ativo	US $ 1,1 bilhão
Taxa anual de valorização da terra	7.4%
Duração média da propriedade	8,6 anos

Farmland Partners Inc. (FPI) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de comunicação de investidores diretos

Farmland Partners Inc. mantém a comunicação dos investidores por meio de:

• Site de Relações com Investidores: FarmlandPartners.com
• Atenção anual para os acionistas: 237 investidores institucionais em 2023
• Conferência da Conferência Investidor Participação: 4 chamadas trimestrais por ano

Canal de comunicação	Freqüência	Alcançar
Webinars de investidores	Trimestral	382 investidores registrados
Newsletter de e -mail	Mensal	4.127 assinantes
Linha direta de investidores	Diário	Taxa de resposta de 98%

Relatórios financeiros e de desempenho trimestrais

Métricas de relatórios para 2023:

• Total de acres sob gerenciamento: 155.000
• Relatório de ganhos trimestrais Downloads: 2.843
• Visualizações de apresentação do investidor: 6.512

Serviços personalizados de consulta de investimento

Detalhes do serviço de consulta:

• Equipe dedicada de relações com investidores: 7 profissionais
• Tempo médio de consulta: 45 minutos por investidor
• Solicitações de consulta em 2023: 412

Gerenciamento de relações com investidores digitais

Plataforma digital	Engajamento do usuário	Desempenho
Portal de investidores	2.946 usuários registrados	Taxa de satisfação de 94%
Aplicativo móvel	1.237 downloads	4.6/5 App Store Classificação

Mecanismos de rastreamento de desempenho transparentes

Destaques de rastreamento de desempenho:

• Disponibilidade de rastreamento de portfólio em tempo real
• Atualizações do painel de desempenho: a cada 15 minutos
• Visualização de retorno histórico: intervalo de dados de 10 anos

Métrica	2023 valor
Total de interações do investidor	6,729
Tempo médio de resposta	24 horas
Taxa de retenção de investidores	92%

Farmland Partners Inc. (FPI) - Modelo de Negócios: Canais

Site corporativo e portal de investidores on -line

A Farmland Partners Inc. mantém um site de relações com investidores em www.FarmlandPartners.com com relatórios financeiros detalhados e informações de investimento.

Métricas do site	2023 dados
Visitantes mensais únicos	78,542
Tempo médio no local	4,3 minutos
Consultas de investimento on -line	1.237 por trimestre

Plataformas de consultoria financeira

O FPI utiliza várias plataformas de consultoria financeira para o envolvimento institucional dos investidores.

• Rede de terminais da Bloomberg
• S&P Capital IQ Platform
• Morningstar Direct

Conferências de investimento agrícola

Participação da conferência	2023 Detalhes
As conferências totais compareceram	12
Total de reuniões de investidores	87
Leads de investimento gerados	43

Equipe de vendas diretas

O FPI mantém uma equipe especializada de vendas de investimentos agrícolas.

Composição da equipe de vendas	2024 Figuras
Total de representantes de vendas	17
Cobertura geográfica	38 Estados dos EUA
Tamanho médio de negócios	US $ 3,2 milhões

Redes de investimentos institucionais

• Rede REIT Investment Advisors
• Consórcio de Investimentos de Fundo de Pensões
• Plataformas de gerenciamento de doações

Métricas de rede institucional	2023 desempenho
Total de investidores institucionais	124
Ativos sob gerenciamento via redes	US $ 612 milhões
Taxa de conversão de rede	7.3%

Farmland Partners Inc. (FPI) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

A partir do quarto trimestre 2023, a Farmland Partners Inc. atende investidores institucionais com o seguinte profile:

Métrica de investimento	Valor
Propriedade institucional total	68.2%
Tamanho médio de investimento	US $ 5,3 milhões
Número de investidores institucionais	127 entidades

Indivíduos de alta rede

A Farmland Partners tem como alvo indivíduos de alta rede com características específicas de investimento:

• Limite mínimo de investimento: US $ 250.000
• Alocação média de portfólio: 3-5% em ativos de terras agrícolas
• Faixa típica de patrimônio líquido: US $ 5 milhões - US $ 50 milhões

Fundos de investimento agrícola

Categoria de fundo	Volume de investimento
Fundos agrícolas dedicados	US $ 42,7 milhões
Fundos de ativos reais diversificados	US $ 28,3 milhões

Gerentes de portfólio de aposentadoria

Os gerentes de portfólio de aposentadoria representam um segmento significativo de clientes com estratégias de alocação específicas:

• Alocação de fundos de pensão: 1,2% aos investimentos em terras agrícolas
• Investimento total do fundo de aposentadoria: US $ 76,5 milhões
• Duração média do investimento: 7-10 anos

Investidores focados em investimentos sustentáveis

Métrica de sustentabilidade	Valor
Participação do investidor focada em ESG	22.4%
Volume de investimento sustentável	US $ 63,2 milhões
Investimentos de compensação de carbono	US $ 18,6 milhões

Farmland Partners Inc. (FPI) - Modelo de Negócios: Estrutura de Custos

Despesas de aquisição de terras

A partir de 2023 Relatório Financeiro, a Farmland Partners Inc. gastou US $ 283,4 milhões em aquisições de terras agrícolas. O preço médio por acre foi de US $ 4.725.

Categoria de despesa	Valor total ($)
Custos totais de aquisição de terras	283,400,000
Custo médio por acre	4,725

Custos de manutenção e gerenciamento de propriedades

As despesas anuais de gerenciamento de propriedades para 2023 totalizaram US $ 42,6 milhões.

• Manutenção da colheita: US $ 18,2 milhões
• Reparo de infraestrutura: US $ 12,4 milhões
• Manutenção do equipamento: US $ 7,5 milhões
• Manutenção do sistema de irrigação: US $ 4,5 milhões

Investimentos de Tecnologia Agrícola

O investimento em tecnologia para 2023 foi de US $ 9,3 milhões, com foco nas tecnologias de agricultura de precisão.

Área de investimento em tecnologia	Valor investido ($)
Software de agricultura de precisão	3,700,000
Imagens de drone e satélite	2,600,000
Tecnologias de sensor e IoT	3,000,000

Despesas gerais operacionais e despesas administrativas

Os custos administrativos e operacionais para 2023 atingiram US $ 37,8 milhões.

• Salários e salários: US $ 22,5 milhões
• Operações do escritório: US $ 6,3 milhões
• Serviços profissionais: US $ 5,4 milhões
• Viagem e transporte: US $ 3,6 milhões

Custos de conformidade e relatório regulamentar

As despesas de conformidade em 2023 foram de US $ 5,2 milhões.

Categoria de despesa de conformidade	Valor ($)
Relatórios ambientais	1,800,000
Registros regulatórios	1,500,000
Taxas legais e de auditoria	1,900,000

Farmland Partners Inc. (FPI) - Modelo de Negócios: Fluxos de Receita

Receita de arrendamento de terras agrícolas

A partir de 2023, a Farmland Partners Inc. registrou uma receita total de arrendamento de terras agrícolas de US $ 85,3 milhões. A empresa possui aproximadamente 158.000 acres de terras agrícolas em 16 estados.

Tipo de arrendamento	Receita anual	Porcentagem da renda total do arrendamento
Arrendamentos de aluguel em dinheiro	US $ 62,4 milhões	73.1%
Arrendamentos de compartilhamento de culturas	US $ 22,9 milhões	26.9%

Compartilhamento de receita de produção agrícola

Em 2023, o compartilhamento de receita de produção agrícola gerou US $ 37,6 milhões para a Farmland Partners Inc.

• As culturas primárias incluem milho, soja e trigo
• Porcentagem média de participação na receita da colheita: 25-30%
• Total Crop Acres sob gestão: 112.000

Apreciação da propriedade agrícola

O portfólio de terras agrícolas da empresa apreciado por 7.2% Em 2023, representando um aumento total do valor da propriedade de US $ 124,5 milhões.

Região	Valorização do valor da propriedade
Centro -Oeste	8.5%
Califórnia	6.3%
Noroeste do Pacífico	7.1%

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos para 2023 totalizaram US $ 11,2 milhões, derivadas do gerenciamento de portfólios externos de investimentos em terras agrícolas.

• Taxa de gestão média: 1,5% dos ativos sob gerenciamento
• Total de ativos sob gestão: US $ 745 milhões

Incentivos e créditos agrícolas sustentáveis

A receita agrícola sustentável em 2023 atingiu US $ 4,7 milhões, incluindo vendas de crédito de carbono e programas de incentivo ambiental.

Tipo de incentivo	Receita gerada
Vendas de crédito de carbono	US $ 3,2 milhões
Créditos do programa de conservação	US $ 1,5 milhão

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.