Farmland Partners
Owns U.S. farmland leased to farmers, with farm-secured lending alongside.
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Profile
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
Categories
Key statistics
Year to date +6.0% · Average volume (30d) 445.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| Mar 12, 2026 | Raymond James | Downgrade | Outperform | Market Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.02 | $0.07 | +366.7% | $5.6M | $5.7M | +1.1% | −1.05% |
| Apr 29, 2026Q1 FY26 | $0.04 | $0.05 | +25.0% | $5.7M | $6.3M | +11.1% | −6.36% |
| Feb 18, 2026Q4 FY25 | $0.21 | $0.25 | +19.0% | $14.5M | $16.9M | +17.0% | +1.97% |
| Oct 29, 2025Q3 FY25 | $0.06 | $0.07 | +16.7% | $17.1M | $11.3M | −34.4% | +2.08% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $10.3M | $10.0M | $11.3M | $22.5M | $10.1M | $9.4M | |
| Gross profit | $8.1M | $6.9M | $8.0M | $18.9M | $8.6M | $8.5M | |
| Operating income | $3.9M | $2.7M | $4.0M | $14.3M | $3.6M | $4.3M | |
| Net income | $2.0M | $7.6M | $483.0K | $21.4M | $640.0K | $3.1M | |
| Diluted EPS | $0.03 | $0.14 | −$0.00 | $0.46 | $0.01 | $0.07 | |
| Gross margin | 79.1% | 69.2% | 71.1% | 83.8% | 85.5% | 90.7% | |
| Operating margin | 37.6% | 27.0% | 35.6% | 63.5% | 35.4% | 46.1% |
Fiscal years (4-quarter sums)FY21 $51.7M · FY22 $61.2M · FY23 $57.5M · FY24 $58.2M · FY25 $54.0M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $11.4M · Total debt $224.3M · Total assets $699.8M · Shareholders' equity $460.0M
Dividends
Raised for 6 straight years — most recently to $0.09 from $0.06 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 1, 2026 | Jul 1 | Jul 15 | $0.09 | |
| Apr 1, 2026 | Apr 1 | Apr 15 | $0.09 | raised from $0.06 |
| Jan 2, 2026 | Jan 2 | Jan 15 | $0.06 | |
| Dec 23, 2025 | Dec 23 | Jan 7 | $0.20 | special dividend |
| Oct 1, 2025 | Oct 1 | Oct 15 | $0.06 | |
| Jul 1, 2025 | Jul 1 | Jul 15 | $0.06 | |
| Apr 1, 2025 | Apr 1 | Apr 15 | $0.06 | |
| Jan 2, 2025 | Jan 2 | Jan 15 | $0.06 |
Ownership
Shares outstanding 43.63M · Float 39.85M · 91.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.16M | 9.54% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.12M | 4.87% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 1.74M | 3.98% | 13F | Aug 13, 2026 |
| Paul A. Pittman · director, officer: Executive Chairman | 1.65M | 3.78% | Form 4 | Mar 5, 2026 |
| Accordant Advisory Group Inc | 1.46M | 3.36% | 13F | Jul 27, 2026 |
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 |
Peers
- 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
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Farmland Partners | $10.25 | −0.05% | $447.2M | 19.1 | 47.7 | 8.4 | −42.7% |
| Gladstone Land | $8.99 | +0.13% | $386.9M | — | — | 4.4 | +3.2% |
| Manulife Financial | $42.70 | −0.20% | $71.36B | 16.2 | 13.1 | 1.7 | +22.6% |
| UBS (ADR) | $54.90 | −0.02% | $179.95B | 25.2 | 13.7 | 2.9 | −27.1% |
| Farmer Mac | $221.43 | −0.04% | $2.41B | 12.1 | 10.2 | 1.7 | +21.9% |
| Alico | $40.42 | −0.15% | $299.8M | 192.5 | — | 17.6 | +7.8% |
| Limoneira | $13.78 | −0.18% | $249.9M | — | 71.4 | 1.9 | −31.9% |
| Tejon Ranch | $16.20 | −0.06% | $437.5M | 71.6 | — | 7.7 | +71.7% |
| Median | 25.2 | 13.4 | 2.9 | +7.8% |