Farmland Partners (FPI)
Owns U.S. farmland leased to farmers, with farm-secured lending alongside.
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Owns U.S. farmland, leases most of it to farm operators, and supplements rent with farm-secured loans, direct crop operations, renewable-energy leases, and selected agricultural real estate. The portfolio mixes primary and specialty crop ground, while results depend on tenant rents, farm-credit performance, and land-use options.
Owns farmland across a multi-state U.S. portfolio and leases it to farm operators, primarily under short farm leases. Rent is the principal revenue source, supported by the FPI Loan Program, direct crop operations through its taxable REIT subsidiary, renewable-energy leases and options, and selected agricultural equipment-dealership real estate.
The portfolio combines primary crop acreage such as corn, soybeans, wheat, rice, and cotton with specialty crop ground including almonds, pistachios, citrus, avocados, strawberries, and edible beans. Management has recently pruned the asset base and sold the auction, brokerage, and third-party management business.
Execution depends on tenant relationships, farmland underwriting, farm-credit performance, crop operations, and the ability to use agricultural land for renewable-energy projects while tenants comply with labor and environmental rules.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Mar 12, 2026 | Raymond James | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $11.4M · Total debt $224.3M · Total assets $699.8M · Shareholders' equity $460.0M
- Revenue
- $9.4M
- Operating income
- $4.3M
- Net income
- $3.1M
HistoryDividendAnnual yieldUpcoming
| Institutions | 54.84% | 23.93M shares | |
|---|---|---|---|
| 189 holders · as of Jun 30, 2026 | |||
| Insiders | 7.89% | 3.44M shares | |
| 8 holders · as of Jun 26, 2026 | |||
| Other | 37.27% | 16.26M shares | |
| remainder | |||
43.63M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.54% | 4.16M | as of Jun 30, 2026 |
Paul A. Pittman1Insiderdirector, officer: Executive Chairman | 6.70% | 2.91M | filed Mar 5, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.87% | 2.12M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.98% | 1.74M | as of Jun 30, 2026 |
Accordant Advisory Group IncInstitution | 3.36% | 1.46M | as of Jun 30, 2026 |
- Paul A. Pittman's transaction reports restate only vehicles that traded; the 2025 ownership statement (2.91M) plus the 15.7K net shares acquired since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 25, 2026 | Bruce J. Sherrick | director | +2,000 | $9.65 |
| Feb 24, 2026 | Jennifer S. Grafton | director | −1,600 | $12.36 |
| Feb 24, 2026 | Jennifer S. Grafton | director | +1,600 | $12.36 |
| Dec 15, 2025 | John A. Good | director | +3,000 | $10.20 |
| Nov 10, 2025 | John A. Good | director | +4,100 | $9.69 |
- Gladstone Land
Public farmland REIT owning and leasing U.S. farms
- Manulife Financial
Listed parent of a major institutional farmland manager
- UBS (ADR)
Listed parent of UBS Farmland Investors' U.S. platform
- Farmer Mac
Farm-credit platform overlapping with farm-secured lending
- Alico
Florida land company with farm leasing and land sales
- Limoneira
Specialty-crop grower with land and water monetization
- Tejon Ranch
California landholder with farming, leases, and water assets
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Farmland Partners | $10.75 | −1.56% | $476.4M | 20.3 | 59.7 | 8.9 | −5.3% |
| Gladstone Land | $9.65 | −0.77% | $419.5M | — | — | 4.7 | +3.2% |
| Manulife Financial | $44.24 | +0.16% | $73.71B | 16.9 | 13.9 | 1.8 | +22.6% |
| UBS (ADR) | $48.33 | −1.75% | $161.24B | 17.4 | 12.0 | 2.1 | +15.6% |
| Farmer Mac | $218.34 | −0.22% | $2.38B | 12.0 | 10.1 | 1.7 | +21.9% |
| Alico | $39.48 | −0.63% | $294.7M | 189.2 | — | 17.3 | +7.8% |
| Limoneira | $12.49 | −1.62% | $230.1M | — | 70.7 | 1.8 | −7.7% |
| Tejon Ranch | $16.25 | −1.57% | $445.8M | 73.0 | — | 7.8 | +71.7% |
| Median | 17.4 | 13.0 | 2.1 | +15.6% |