Share count
51Mpeak FY2023
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FPI, Farmland Partners Inc.
Farmland located in agricultural markets throughout North America.
FPI Agribusiness Inc., a wholly owned subsidiary (the "TRS" or "FPI Agribusiness"), is a taxable REIT subsidiary that was formed to provide volume purchasing services to the Company's tenants and to directly operate farms under certain circumstances.
We have long-term lease arrangements on certain farm properties pursuant to which operators engage in solar and wind energy production.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$52M
−10.4% YoY · 1% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $10M −1.5% vs yr-ago qtr
Net income $646K yr-ago $2M
Net margin 6.4% yr-ago 20.4%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share do not form a clean trend in the record. Debt is 65% of assets, heavy for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $31M | $46M | $56M | $54M | $51M | $52M | $61M | $57M | $58M | $52M | $52M | RevenueRevenue |
| $4M | $8M | $12M | $14M | $7M | $10M | $12M | $31M | $60M | $32M | $30M | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $6M | $16M | $18M | $14M | $12M | $8M | $16M | $2M | $11M | ($151K) | ($795K) | Funds from operationsFFO |
| Balance sheet | |||||||||||
| 113% | 92% | 81% | 43% | 49% | 76% | 70% | 539% | 191% | — | — | Dividend payout (FFO)Payout |
| $597M | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $995M | $749M | $643M | $633M | Real estate (gross)RE gross |
| $656M | $1.2B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.0B | $870M | $719M | $712M | Total assetsAssets |
| 47% | 44% | 46% | 47% | 47% | 46% | 38% | 36% | 24% | 22% | 65% | Debt / assetsDebt/assets |
| $310M | $516M | $525M | $513M | $508M | $513M | $439M | $363M | $205M | $162M | $466M | Total debtDebt |
| $310M | $516M | $508M | $500M | $481M | $483M | $432M | $358M | $126M | $152M | $448M | Net debt / (cash)Net debt |
| 1.6× | 1.7× | 1.6× | 1.3× | 1.3× | 1.1× | 1.5× | 2.4× | 4.2× | 4.3× | 2.1× | Interest coverageInt. cov. |
| $216M | $371M | $339M | $314M | $306M | $472M | $594M | $529M | $495M | $467M | $464M | Shareholders’ equityEquity |
| Per share | |||||||||||
| 13.2M | 31.2M | 32.2M | 30.2M | 29.4M | 34.6M | 51.0M | 58.3M | 56.0M | 51.3M | 43.2M | Shares out (diluted)Shares |
| $0.44 | $0.51 | $0.56 | $0.47 | $0.41 | $0.24 | $0.31 | $0.04 | $0.20 | $-0.00 | $-0.02 | FFO / shareFFO/sh |
| $0.50 | $0.47 | $0.45 | $0.20 | $0.20 | $0.18 | $0.22 | $0.21 | $0.39 | $1.24 | $0.44 | Dividends / shareDiv/sh |
| $16.33 | $11.89 | $10.55 | $10.39 | $10.41 | $13.63 | $11.66 | $9.07 | $8.83 | $9.12 | $10.73 | Book value / shareBVPS |
The diluted share count moved ×2.36 into 2017 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.47 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −8.9%/yr | −10.0%/yr |
| EPS | +7.3%/yr | +20.5%/yr |
| Dividends / share | +10.7%/yr | +43.8%/yr |
| Book value / share | −6.3%/yr | −2.6%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$52Mlow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Material weakness in financial controls
“We have identified material weaknesses in the past.”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- Funds from operations (FFO) ($151K)about $-0.00 per shareNet income $32M + depreciation $4M − gains on sale $36M
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Not enough data
What this means
FFO or dividends missing.
Is it sound?
- Debt / assets 22%ConservativeTotal debt $162M ÷ assets $719MIndustry peers: median 39%
What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
- Comfortable(operating income + depreciation) ÷ interest $10MIndustry peers: median 2.3×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|---|
| 2023 | Mr. Fabbri. | $1.2M | $1.2M | $31M |
| 2024 | Mr. Fabbri. | $2.1M | $2.1M | $60M |
| 2025 | Mr. Fabbri. | $1.4M | $1.2M | $32M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.
- Stock-based compensation$2M
The slice of the business handed to employees in shares this year, 4% of revenue, equal to 9% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Specialty REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| EPREPR Properties | $718M | 53% | 5.7% | 80% | 49% |
| RYNRayonier Inc. REIT | $484M | 28% | 8.1% | 56% | 37% |
| HASIHA Sustainable Infrastructure Capital, Inc. | $401M | 31% | 1.5% | 174% | 39% |
| SAFESafehold Inc. New Common Stock | $386M | 20% | 1.7% | 30% | 63% |
| FPHFive Point Holdings LLC Class A | $110M | 15% | 1.0% | — | 21% |
| LANDGladstone Land Corporation | $88M | 43% | 2.3% | 50% | 54% |
| FPIFarmland Partners Inc. | $52M | 22% | 1.2% | 81% | 45% |
| TRCTejon Ranch Co | $50M | 18% | 1.3% | — | 12% |
| Group median | — | 25% | 1.6% | 68% | 42% |
The price
What a price has to assume.
What the price implies
reverse-DCFA reit / real estate isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Cite: Owner Scorecard, "Farmland Partners Inc. (FPI), the owner's record," https://ownerscorecard.com/c/FPI, data as of 2026-07-09.
Manual order: ← FPH its page in the Manual FR →
Industry order: ← FCPT the REITs — Specialty & Diversified chapter FR →