NYSE : FPI
Farmland Partners Inc. — Financial statements
Real Estate · REIT - Specialty · United States
Last price 8.43 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 354.16M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 34.59M | 35.93M | 47.12M | 49.19M | 48.88M | 45.25M |
| Tenant Reimbursements | 3.45M | |||||
| Other Revenue | 7.98M | 9.92M | 8.10M | 8.28M | 12.38M | 3.06M |
| Total Revenue | 49.53M | 51.79M | 57.53M | 57.47M | 61.26M | 51.76M |
| Property Expenses | 8.82M | 10.26M | 11.30M | 13.41M | 14.16M | 8.86M |
| Selling, General & Administrative | 13.58M | 14.65M | 14.35M | 12.55M | 14.88M | 18.36M |
| Depreciation & Amortization | 3.64M | 4.17M | 5.59M | 7.50M | 6.96M | 7.63M |
| Other Operating Expenses | 20.00K | 39.00K | 103.00K | 144.00K | 130.00K | 31.00K |
| Total Operating Expenses | 30.98M | 29.12M | 31.35M | 33.61M | 36.12M | 34.87M |
| Operating Income | 18.55M | 22.67M | 26.18M | 23.86M | 25.14M | 16.89M |
| Interest Expense | -11.26M | -9.63M | -18.85M | -22.66M | -16.14M | -15.93M |
| Other Non-Operating Income | 369.00K | 493.00K | 123.00K | 39.00K | 663.00K | 66.00K |
| EBT Excluding Unusual Items | 7.66M | 13.53M | 7.45M | 1.24M | 9.66M | 1.02M |
| Merger & Restructuring Charges | -2.00K | -28.00K | -17.00K | -111.00K | -55.00K | |
| Gain (Loss) on Sale of Assets | 14.66M | 35.86M | 54.15M | 36.13M | 2.64M | 9.29M |
| Total Insurance Settlements | 532.00K | 583.00K | 821.00K | |||
| Asset Writedown | -12.79M | -17.82M | -790.00K | -5.84M | ||
| Other Unusual Items | -168.00K | |||||
| Pretax Income | 10.06M | 32.16M | 61.43M | 31.52M | 12.19M | 10.26M |
| Income Tax Expense | 4.00K | -15.00K | -16.00K | -166.00K | 227.00K | |
| Earnings From Continuing Operations | 10.06M | 32.17M | 61.45M | 31.68M | 11.96M | 10.26M |
| Minority Interest in Earnings | -297.00K | -627.00K | -1.54M | -768.00K | -286.00K | -268.00K |
| Net Income | 9.76M | 31.55M | 59.91M | 30.91M | 11.67M | 9.99M |
| Preferred Dividends & Other Adjustments | 900.00K | 2.75M | 3.48M | 3.13M | 3.27M | 15.82M |
| Net Income to Common | 8.86M | 28.80M | 56.43M | 27.79M | 8.40M | -5.83M |
| Basic Shares Outstanding | 43.05M | 44.20M | 47.55M | 50.24M | 50.95M | 34.64M |
| Diluted Shares Outstanding | 50.11M | 51.26M | 55.99M | 58.29M | 50.95M | 34.64M |
| EPS (Basic) | 0.21 | 0.65 | 1.19 | 0.55 | 0.16 | -0.17 |
| EPS (Diluted) | 0.21 | 0.61 | 1.06 | 0.53 | 0.16 | -0.17 |
| Dividend Per Share | 0.33 | 0.24 | 0.24 | 0.24 | 0.23 | 0.20 |
| Operating Margin | 37.46% | 43.77% | 45.51% | 41.51% | 41.03% | 32.63% |
| Profit Margin | 17.90% | 55.60% | 98.08% | 48.35% | 13.71% | -11.27% |
| EBITDA | 22.19M | 26.84M | 31.77M | 31.36M | 32.10M | 24.52M |
| EBITDA Margin | 44.81% | 51.82% | 55.22% | 54.56% | 52.39% | 47.37% |
| D&A For Ebitda | 3.64M | 4.17M | 5.59M | 7.50M | 6.96M | 7.63M |
| EBIT | 18.55M | 22.67M | 26.18M | 23.86M | 25.14M | 16.89M |
| EBIT Margin | 37.46% | 43.77% | 45.51% | 41.51% | 41.03% | 32.63% |
| Funds From Operations (FFO) | 11.83M | 18.30M | 13.68M | 8.89M | 16.28M | 8.60M |
| FFO Per Share | 0.27 | 0.40 | 0.28 | 0.17 | 0.31 | 0.24 |
| Adjusted Funds From Operations (AFFO) | 13.08M | 17.87M | 14.07M | 8.14M | 15.76M | 410.00K |
| AFFO Per Share | 0.31 | 0.39 | 0.29 | 0.16 | 0.30 | 0.01 |
| FFO Payout Ratio | 182.90% | 348.38% | 158.11% | 138.10% | 68.35% | 73.97% |
| Effective Tax Rate | 0.04% | 1.86% | ||||
| Revenue as Reported | 49.99M | 52.18M | 58.23M | 57.47M | 61.21M | 51.74M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 584.42M | 616.44M | 718.04M | 961.93M | 1.11B | 1.07B |
| Cash & Equivalents | 7.88M | 9.29M | 78.44M | 5.49M | 7.65M | 30.17M |
| Accounts Receivable | 7.62M | 4.41M | 4.29M | 7.74M | 7.05M | 4.90M |
| Other Receivables | -51.00K | -2.42M | -2.21M | 60.00K | 2.00K | 83.00K |
| Goodwill | 2.71M | 2.71M | 2.71M | 2.71M | ||
| Other Intangible Assets | 1.37M | 2.04M | 2.06M | 1.92M | ||
| Loans Receivable Current | 18.13M | 38.07M | 24.79M | 17.05M | 17.10M | |
| Other Current Assets | 5.92M | 4.31M | 4.90M | 5.24M | 6.18M | 7.04M |
| Trading Asset Securities | 141.00K | 498.00K | 1.71M | 2.08M | ||
| Deferred Long-Term Charges | 63.00K | 40.00K | ||||
| Other Long-Term Assets | 3.88M | 4.25M | 4.10M | 4.14M | 4.18M | 3.43M |
| Total Assets | 680.68M | 719.07M | 869.65M | 1.02B | 1.16B | 1.12B |
| Current Portion of Long-Term Debt | 41.19M | 68.29M | 785.00K | |||
| Current Portion of Leases | 46.00K | 169.00K | ||||
| Long-Term Debt | 197.79M | 92.56M | 203.68M | 360.86M | 436.88M | 511.32M |
| Long-Term Leases | 338.00K | 194.00K | 399.00K | 325.00K | 107.00K | |
| Accrued Expenses | 9.44M | 7.36M | 10.81M | 14.50M | 15.36M | 14.34M |
| Other Current Liabilities | 3.91M | 11.48M | 57.25M | 13.29M | 3.33M | 2.34M |
| Long-Term Unearned Revenue | 792.00K | 1.24M | 1.15M | 2.15M | 44.00K | 45.00K |
| Total Liabilities | 253.51M | 181.09M | 273.09M | 391.19M | 455.94M | 528.94M |
| Common Stock | 420.00K | 431.00K | 459.00K | 482.00K | 531.00K | 444.00K |
| Additional Paid-In Capital | 509.62M | 520.90M | 551.99M | 577.24M | 647.35M | 524.18M |
| Distributions in Excess of Earnings | -191.29M | -179.64M | -160.41M | -95.94M | -73.96M | -66.59M |
| Retained Earnings | 105.45M | 117.31M | 88.35M | 31.41M | 3.57M | |
| Comprehensive Income & Other | 350.00K | 1.51M | 2.69M | 3.31M | 279.00K | |
| Total Common Equity | 424.20M | 459.35M | 481.91M | 515.88M | 580.79M | 458.31M |
| Minority Interest | 2.98M | 78.62M | 114.65M | 114.93M | 123.43M | 134.27M |
| Shareholders' Equity | 427.18M | 537.97M | 596.56M | 630.81M | 704.21M | 592.59M |
| Total Liabilities & Equity | 680.68M | 719.07M | 869.65M | 1.02B | 1.16B | 1.12B |
| Total Debt | 239.37M | 161.01M | 203.88M | 361.26M | 437.20M | 512.22M |
| Net Cash (Debt) | -231.48M | -151.58M | -124.94M | -354.06M | -427.46M | -482.04M |
| Net Cash Per Share | -4.62 | -2.96 | -2.23 | -6.07 | -8.39 | -13.92 |
| Filing Date Shares Outstanding | 41.72M | 43.24M | 45.57M | 47.68M | 54.08M | 45.37M |
| Total Common Shares Outstanding | 41.72M | 42.79M | 45.60M | 47.66M | 54.06M | 45.18M |
| Book Value Per Share | 10.17 | 10.73 | 10.57 | 10.83 | 10.74 | 10.14 |
| Tangible Book Value | 424.20M | 459.35M | 477.83M | 511.14M | 576.02M | 453.69M |
| Tangible Book Value Per Share | 10.17 | 10.73 | 10.48 | 10.73 | 10.66 | 10.04 |
| Land | 546.66M | 565.00M | 645.59M | 869.85M | 980.52M | 945.95M |
| Construction In Progress | 540.00K | 1.19M | 1.48M | 4.45M | 14.81M | 10.65M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 9.76M | 31.55M | 59.91M | 30.91M | 11.67M | 9.99M |
| Depreciation & Amortization | 3.64M | 4.17M | 5.59M | 7.50M | 6.96M | 7.63M |
| Other Amortization | 370.00K | 409.00K | 684.00K | 689.00K | 378.00K | 384.00K |
| Gain (Loss) on Sale of Assets | -14.66M | -35.86M | -54.15M | -36.13M | -2.64M | -9.29M |
| Gain (Loss) on Sale of Investments | -388.00K | -814.00K | -114.00K | 198.00K | 449.00K | 874.00K |
| Asset Writedown | 12.79M | 17.82M | 790.00K | 5.84M | ||
| Stock-Based Compensation | 1.96M | 2.16M | 2.35M | 1.85M | 1.94M | 1.26M |
| Income (Loss) on Equity Investments | -68.00K | -194.00K | -125.00K | -1.00K | -52.00K | -19.00K |
| Change in Accounts Receivable | -2.65M | -69.00K | 1.78M | 802.00K | -2.45M | -1.07M |
| Change in Other Net Operating Assets | 3.31M | -2.43M | -2.00M | -650.00K | -37.00K | -960.00K |
| Other Operating Activities | -2.39M | -1.82M | 884.00K | 749.00K | 411.00K | 815.00K |
| Operating Cash Flow | 18.09M | 17.43M | 16.14M | 12.89M | 17.05M | 7.86M |
| Acquisition of Real Estate Assets | -624.00K | -7.84M | -19.39M | -27.98M | -58.76M | -83.89M |
| Sale of Real Estate Assets | 27.34M | 95.53M | 311.97M | 195.49M | 17.00M | 70.64M |
| Net Sale / Acq. of Real Estate Assets | 26.72M | 87.68M | 292.58M | 167.50M | -41.76M | -13.26M |
| Cash Acquisition | -857.00K | |||||
| Investment in Marketable & Equity Securities | 403.00K | 50.00K | 161.00K | 50.00K | -705.00K | -991.00K |
| Other Investing Activities | 25.00K | -20.72M | -3.67M | |||
| Investing Cash Flow | 18.09M | 63.40M | 268.75M | 158.46M | -60.40M | -18.77M |
| Long-Term Debt Issued | 31.50M | 81.00M | 79.50M | 223.00M | 41.11M | |
| Long-Term Debt Repaid | -74.48M | -239.52M | -155.89M | -296.94M | -35.91M | |
| Net Debt Issued (Repaid) | 69.40M | -42.98M | -158.52M | -76.39M | -73.94M | 5.20M |
| Issuance of Common Stock | 34.00K | 155.00K | 121.37M | 27.16M | ||
| Repurchase of Common Stock | -17.60M | -38.14M | -27.72M | -72.65M | -186.00K | |
| Preferred Share Repurchases | -68.20M | -8.10M | -10.16M | -650.00K | ||
| Common Dividends Paid | -21.64M | -63.74M | -21.63M | -12.27M | -11.13M | -6.36M |
| Preferred Dividends Paid | -6.54M | |||||
| Total Dividends Paid | -21.64M | -63.74M | -21.63M | -12.27M | -11.13M | -12.90M |
| Other Financing Activities | -3.73M | -5.11M | -4.11M | -4.25M | -5.13M | -4.94M |
| Net Cash Flow | -5.59M | -69.15M | 72.95M | -2.17M | -22.52M | 2.95M |
| Levered Free Cash Flow | 15.59M | -46.94M | 51.42M | 20.30M | -1.43M | 7.79M |
| Unlevered Free Cash Flow | 22.26M | -41.34M | 62.52M | 33.77M | 8.28M | 17.36M |
| Cash Interest Paid | 10.46M | 10.86M | 20.96M | 22.45M | 14.70M | |
| Change in Working Capital | 281.00K | -1.85M | 213.00K | 1.19M | -2.18M | -3.81M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 357.52M | 414.55M | 562.21M | 596.96M | 676.82M | 537.93M |
| Enterprise Value | 589.01M | 680.17M | 1.06B | 1.12B | 1.20B | 1.29B |
| Last Close Price | 8.43 | 9.39 | 10.93 | 10.35 | 9.95 | 9.38 |
| Price/FFO Ratio | 41.72 | 23.37 | 39.26 | 60.31 | 32.10 | 39.71 |
| Price/AFFO Ratio | 36.51 | 24.07 | 37.69 | 64.66 | 33.16 | 937.77 |
| PE Ratio | 41.33 | 14.40 | 9.96 | 21.48 | 80.56 | |
| PS Ratio | 7.11 | 8.01 | 9.77 | 10.39 | 11.05 | 10.39 |
| PB Ratio | 0.83 | 0.77 | 0.94 | 0.95 | 0.96 | 0.91 |
| P/OCF Ratio | 19.46 | 23.79 | 34.83 | 46.32 | 39.69 | 68.47 |
| EV/Sales Ratio | 11.78 | 13.13 | 18.42 | 19.55 | 19.54 | 24.90 |
| EV/EBITDA Ratio | 26.29 | 25.35 | 33.36 | 35.84 | 37.30 | 52.57 |
| EV/EBIT Ratio | 31.45 | 30.01 | 40.48 | 47.10 | 47.63 | 76.32 |
| Debt / Equity Ratio | 0.56 | 0.30 | 0.34 | 0.57 | 0.62 | 0.86 |
| Debt / EBITDA Ratio | 10.64 | 5.93 | 6.36 | 11.45 | 13.52 | 20.77 |
| Net Debt / Equity Ratio | 0.54 | 0.28 | 0.21 | 0.56 | 0.61 | 0.81 |
| Net Debt / EBITDA Ratio | 10.43 | 5.65 | 3.93 | 11.29 | 13.32 | 19.66 |
| Asset Turnover | 0.07 | 0.07 | 0.06 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | 3.96 | 4.13 | 4.53 | 5.22 | 4.83 | 4.24 |
| Quick Ratio | 0.28 | 0.13 | 1.19 | 0.54 | 0.90 | 2.01 |
| Current Ratio | 0.72 | 0.62 | 1.63 | 1.34 | 2.14 | 2.42 |
| Return on Equity (ROE) | 2.04% | 5.67% | 10.01% | 4.75% | 1.85% | 1.77% |
| Return on Assets (ROA) | 1.63% | 1.78% | 1.73% | 1.37% | 1.38% | 0.95% |
| Return on Invested Capital (ROIC) | 2.74% | 3.02% | 2.92% | 2.24% | 2.20% | 1.55% |
| Earnings Yield | 2.42% | 7.61% | 10.66% | 5.18% | 1.73% | 1.86% |
| Dividend Yield | 4.23% | 2.48% | 1.95% | 1.92% | 1.84% | 1.68% |
| Payout Ratio | 174.84% | 202.07% | 36.10% | 39.70% | 95.31% | 129.14% |
| Buyback Yield / Dilution | 6.60% | 8.45% | 3.95% | -14.40% | -47.09% | -17.92% |
| Total Shareholder Return | 10.88% | 10.93% | 5.90% | -12.49% | -45.25% | -16.24% |