FARMLAND PARTNERS INC., 10-K filed on 2/20/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 28, 2024
Document and Entity Information      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-36405    
Entity Registrant Name Farmland Partners Inc.    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 46-3769850    
Entity Address, Address Line One 4600 South Syracuse Street, Suite 1450    
Entity Address, City or Town Denver    
Entity Address, State or Province CO    
Entity Address, Postal Zip Code 80237    
City Area Code 720    
Local Phone Number 452-3100    
Title of 12(b) Security Common Stock, $0.01 par value per share    
Trading Symbol FPI    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
Document Financial Statement Error Correction [Flag] false    
ICFR Auditor Attestation Flag false    
Entity Shell Company false    
Entity Public Float     $ 516,055,359
Entity Common Stock, Shares Outstanding   45,894,404  
Auditor Name Plante & Moran, PLLC    
Auditor Firm ID 166    
Auditor Location Denver, Colorado    
Entity Central Index Key 0001591670    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Land, at cost $ 645,592 $ 869,848
Grain facilities 7,714 12,222
Groundwater 11,033 11,472
Irrigation improvements 28,890 41,988
Drainage improvements 8,243 10,315
Permanent plantings 42,461 39,620
Other 3,983 4,696
Construction in progress 1,484 4,453
Real estate, at cost 749,400 994,614
Less accumulated depreciation (31,557) (33,083)
Total real estate, net 717,843 961,531
Deposits   426
Cash and cash equivalents 78,441 5,489
Assets held for sale 61 28
Loans and financing receivables, net 55,305 31,020
Right of use asset 194 399
Accounts receivable, net 3,199 7,743
Derivative asset 498 1,707
Inventory 2,659 2,335
Equity method investments 4,101 4,136
Intangible assets, net 1,374 2,035
Goodwill 2,706 2,706
Prepaid and other assets 2,179 2,447
TOTAL ASSETS 868,560 1,022,002
LIABILITIES    
Mortgage notes and bonds payable, net 203,683 360,859
Lease liability 194 399
Dividends payable 57,253 13,286
Accrued interest 3,062 4,747
Accrued property taxes 1,650 1,898
Deferred revenue 65 2,149
Accrued expenses 6,096 7,854
Total liabilities 272,003 391,192
Commitments and contingencies (See Note 8)
Redeemable non-controlling interest in operating partnership, Series A preferred units 101,970 101,970
EQUITY    
Common stock, $0.01 par value, 500,000,000 shares authorized; 45,931,827 shares issued and outstanding at December 31, 2024, and 48,002,716 shares issued and outstanding at December 31, 2023 459 482
Additional paid in capital 551,994 577,237
Retained earnings 88,352 31,411
Cumulative dividends (160,406) (95,939)
Other comprehensive income 1,512 2,691
Non-controlling interests in operating partnership 12,676 12,958
Total equity 494,587 528,840
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY $ 868,560 $ 1,022,002
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Consolidated Balance Sheets    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 45,931,827 48,002,716
Common stock, shares outstanding 45,931,827 48,002,716
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
OPERATING REVENUES:    
Rental income $ 47,119 $ 49,185
Total operating revenues 58,226 57,466
OPERATING EXPENSES    
Depreciation, depletion and amortization 5,588 7,499
Property operating expenses 7,368 8,660
Cost of goods sold 3,937 4,754
Acquisition and due diligence costs 28 17
General and administrative expenses 14,071 11,274
Legal and accounting 1,654 1,279
Impairment of assets 790 5,840
Other operating expenses 103 144
Total operating expenses 33,539 39,467
OTHER (INCOME) EXPENSE:    
Other (income) (123) (39)
(Income) from equity method investment (125) (1)
(Gain) on disposition of assets, net (54,148) (36,133)
(Income) from forfeited deposits (1,205)  
Interest expense 18,854 22,657
Total other (income) (36,747) (13,516)
Net income before income tax benefit 61,434 31,515
Income tax benefit (16) (166)
NET INCOME 61,450 31,681
Net (income) attributable to non-controlling interests in operating partnership (1,539) (768)
Net income attributable to the Company 59,911 30,913
Distributions on Series A Preferred Units (2,970) (2,970)
Net income available to common stockholders of Farmland Partners Inc. $ 56,428 $ 27,786
Basic and diluted per common share data:    
Basic net income available to common stockholders $ 1.19 $ 0.55
Diluted net income available to common stockholders $ 1.06 $ 0.53
Basic weighted average common shares outstanding (in shares) 47,546 50,243
Diluted weighted average common shares outstanding (in shares) 55,987 58,292
Dividends declared per common share - regular and special $ 1.39 $ 0.45
Performance Based Unvested Restricted Shares    
OTHER (INCOME) EXPENSE:    
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares $ (53)  
Time Based Unvested Restricted Shares    
OTHER (INCOME) EXPENSE:    
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares (460) $ (157)
Crop sales    
OPERATING REVENUES:    
Revenue 5,027 2,257
Other revenue    
OPERATING REVENUES:    
Revenue $ 6,080 $ 6,024
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Consolidated Statements of Comprehensive Income    
Net income $ 61,450 $ 31,681
Amortization of other comprehensive income (114) 198
Net change associated with current period hedging activities (1,065) (813)
Comprehensive income 60,271 31,066
Comprehensive (income) attributable to non-controlling interests (1,539) (768)
Comprehensive income attributable to Farmland Partners Inc. $ 58,732 $ 30,298
v3.25.0.1
Consolidated Statements of Equity - USD ($)
shares in Thousands, $ in Thousands
Common Stock
Paid in Capital
Retained Earnings
Cumulative Dividends
Other Comprehensive Income
Non-controlling Interests in Operating Partnership
Total
Balance at Dec. 31, 2022 $ 547 $ 647,330 $ 3,567 $ (73,964) $ 3,306 $ 13,218 $ 594,004
Balance (in shares) at Dec. 31, 2022 54,318            
Increase (decrease) in shareholders' equity              
Net income     30,913     768 31,681
Issuance of stock   155         155
Issuance of stock (in shares) 14            
Grant of unvested restricted stock (in shares) 226            
Forfeiture of unvested restricted stock (in shares) (1)            
Shares withheld for income taxes on vesting of equity-based compensation   (43)         (43)
Shares withheld for income taxes on vesting of equity-based compensation (in shares) (4)            
Stock-based compensation   1,853         1,853
Dividends accrued and paid     (3,069) (21,975)   (546) (25,590)
Net change associated with current period hedging transactions         (615)   (615)
Repurchase and cancellation of shares $ (65) (72,107)       (433) (72,605)
Repurchase and cancellation of shares (in shares) (6,550)            
Adjustments to non-controlling interests resulting from changes in ownership of operating partnership   49       (49)  
Balance at Dec. 31, 2023 $ 482 577,237 31,411 (95,939) 2,691 12,958 528,840
Balance (in shares) at Dec. 31, 2023 48,003            
Increase (decrease) in shareholders' equity              
Net income     59,911     1,539 61,450
Issuance of stock   34         34
Issuance of stock (in shares) 3            
Grant of unvested restricted stock (in shares) 183            
Shares withheld for income taxes on vesting of equity-based compensation   (185)         (185)
Shares withheld for income taxes on vesting of equity-based compensation (in shares) (17)            
Stock-based compensation   2,346         2,346
Dividends accrued and paid     (2,970) (64,467)   (1,748) (69,185)
Net change associated with current period hedging transactions         (1,179)   (1,179)
Repurchase and cancellation of shares $ (23) (27,511)         (27,534)
Repurchase and cancellation of shares (in shares) (2,240)            
Adjustments to non-controlling interests resulting from changes in ownership of operating partnership   73       (73)  
Balance at Dec. 31, 2024 $ 459 $ 551,994 $ 88,352 $ (160,406) $ 1,512 $ 12,676 $ 494,587
Balance (in shares) at Dec. 31, 2024 45,932            
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 61,450 $ 31,681
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation, depletion and amortization 5,588 7,499
Amortization of deferred financing fees and discounts/premiums on debt 684 689
Amortization of net origination fees related to notes receivable (341) (19)
Stock-based compensation 2,346 1,853
(Gain) on disposition of assets, net (54,148) (36,133)
(Income) from forfeited deposits (1,205)  
(Income) from equity method investment (125) (1)
Bad debt expense   15
Current and expected credit losses 113 76
Impairment of assets 790 5,840
Amortization of dedesignated interest rate swap (114) 198
Losses on modification and extinguishment of debt 891  
Changes in operating assets and liabilities:    
(Increase) Decrease in accounts receivable 2,932 865
(Increase) Decrease in interest receivable (68) (63)
(Increase) Decrease in other assets 1,205 112
(Increase) Decrease in inventory (324) 473
Increase (Decrease) in accrued interest (1,982) 611
Increase (Decrease) in accrued expenses (561) (1,509)
Increase (Decrease) in deferred revenue (329) 564
Increase (Decrease) in accrued property taxes (660) 136
Net cash and cash equivalents provided by operating activities 16,142 12,887
CASH FLOWS FROM INVESTING ACTIVITIES    
Real estate acquisitions (17,890) (22,157)
Real estate and other improvements (1,501) (5,826)
Distributions from equity method investees 161 50
Collections of principal on loans 11,835 2,707
Issuance of loans and financing receivables (35,823) (11,800)
Proceeds from sale of property 311,972 195,487
Net cash and cash equivalents provided by investing activities 268,754 158,461
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from mortgage notes payable 81,001 79,501
Repayments on mortgage notes payable (239,522) (155,894)
Issuance of stock 34 155
Common stock repurchased (27,534) (72,173)
Payment of debt issuance costs (155) (312)
Payment of swap fees (366) (437)
Redemption of Series A preferred units   (8,100)
Redemption of common units   (432)
Dividends on common stock (21,630) (12,273)
Shares withheld for income taxes on vesting of equity-based compensation (185) (43)
Distributions on Series A preferred units (2,970) (3,210)
Distributions to non-controlling interests in operating partnership, common (617) (295)
Net cash and cash equivalents (used in) financing activities (211,944) (173,513)
Net increase (decrease) in cash and cash equivalents 72,952 (2,165)
Cash and cash equivalents, beginning of period 5,489 7,654
Cash and cash equivalents, end of period 78,441 5,489
Cash paid during period for interest 20,958 22,450
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Deferred net gain from seller-financed dispositions   2,107
Additions to real estate improvements included in accrued expenses 253 275
Origination fees included in notes receivable 2,595  
Swap fees payable included in accrued interest 75 146
Prepaid property tax liability acquired in acquisitions 34 10
Right-of-use assets obtained in exchange for new operating lease liabilities 13 396
Common stock    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common stock 55,797 12,961
Common Unit Holders    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common units 1,456 325
Series A Preferred Units    
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Dividend payable, common units 3,000  
Distributions payable, Series A preferred units $ 2,970 $ 2,970
v3.25.0.1
Organization and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Organization and Significant Accounting Policies  
Organization and Significant Accounting Policies

Note 1—Organization and Significant Accounting Policies

​

Organization

​

Farmland Partners Inc. (“FPI”), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2014.

​

FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. All of FPI’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of December 31, 2024, FPI owned a 97.5% interest in the Operating Partnership. See “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding Class A Common units of limited partnership interest in the Operating Partnership (“Common units”) and Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”). Unlike holders of FPI’s common stock, par value $0.01 per share (“common stock”), holders of the Operating Partnership’s Common units and Series A preferred units generally do not have voting rights or the power to direct the affairs of FPI. As of December 31, 2024, the Operating Partnership owned a 9.97% equity interest in an unconsolidated equity method investment that holds 11 properties (see “Note 1—Organization and Significant Accounting Policies—Equity Method Investments”).

 

References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership.

​

As of December 31, 2024, the Company owned a portfolio of approximately 93,500 acres of farmland, which is consolidated in these financial statements. In addition, as of December 31, 2024, we owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag-Pro Ohio, LLC (“Ag Pro”) under the John Deere brand and served as property manager for approximately 48,300 acres of farmland (see “Note 6—Loans and Financing Receivables”).

​

On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. We engage directly in farming, provide property management, auction, and brokerage services and volume purchasing services to our tenants through the TRS. As of December 31, 2024, the TRS performed direct farming operations on 2,103 acres of farmland owned by the Company located in California.

​

All references to numbers and percent of acres within this report are unaudited.

​

Principles of Consolidation

​

The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of FPI and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the presentation used in the current year. Such reclassifications had no effect on net income or total equity.

​

Use of Estimates

​

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates for a variety of reasons, including, without limitation, the impacts of public health crises, the war in Ukraine and the ongoing conflicts in the Middle East, substantially higher prices for oil and gas and substantially increased interest rates, and their effects on the domestic and global economies. We are unable to quantify the ultimate impact of these factors on our business.

​

​

Real Estate Acquisitions

​

When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or a group of similar identifiable assets, it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset, or a group of similar assets, and contains acquired inputs and processes which have the ability to contribute to the creation of outputs, these acquisitions are accounted for as business combinations.

​

The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics.

​

Whether the Company’s acquisitions are treated as asset acquisitions under Accounting Standards Codification (“ASC”) 360, Long-Lived Assets, or business combinations under ASC 805, Business Combinations, the fair value of the aggregate purchase price paid in each such acquisition is allocated among the assets acquired and any liabilities assumed by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of acquisition.

​

Upon acquisition of real estate, the Company allocates the purchase price of the real estate based upon the fair value of the assets and liabilities acquired, which historically have consisted of land, drainage improvements, irrigation improvements, groundwater, permanent plantings (trees, bushes, shrubs, vines and perennial crops) and grain facilities, and may also consist of intangible assets, including in-place leases, above market and below market leases, and tenant relationships. The Company allocates the purchase price to the fair value of the tangible assets by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, adjusted for depreciation.

​

Management’s estimates of land value are determined based upon various sources including third-party appraisals, our own analysis of recently acquired or developed properties and existing comparable properties in our portfolio, and other market data. Factors considered by management in its analysis of land value include soil types, water availability and the sale prices of comparable farms. Management’s estimates of groundwater value are made using historical information obtained regarding the applicable aquifer. Factors considered by management in its analysis of groundwater value are related to the location of the aquifer and whether or not the aquifer is a depletable resource or a replenishing resource. If the aquifer is a replenishing resource, no value is allocated to the groundwater. The Company includes an estimate of property taxes in the purchase price allocation of acquisitions to account for the expected liability that was assumed.

​

When above or below market leases are acquired, the Company values the intangible assets based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases, and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases. The fair value of acquired below market leases, included in deferred revenue on the accompanying consolidated balance sheets, is amortized as an increase to rental income on a straight-line basis over the remaining non-cancelable terms of the respective leases, plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases.

​

The purchase price is allocated to in-place lease values and tenant relationships, if they are acquired, based on the Company’s evaluation of the specific characteristics of each tenant’s lease, availability of replacement tenants, probability of lease renewal, estimated down time and the Company’s overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships are included as an intangible asset and have been amortized over the remaining lease term (including expected renewal periods of the respective leases for tenant relationships) as amortization expense. If a tenant terminates its lease prior to its stated expiration, any unamortized amounts relating to that lease, including above and below market leases, in-place lease values, and tenant relationships, would be recorded to revenue or expense as appropriate.

 

The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs are expensed to acquisition and due diligence costs in the period of abandonment. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. During

the years ended December 31, 2024 and 2023, the Company incurred an immaterial amount of costs related to acquisition and due diligence.

 

Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, the Company determines the fair value of the equity securities issued based on the number of shares or units issued multiplied by the price per share or unit.

 

Using information available at the time of a business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. Any residual amount remaining after such allocations is allocated to goodwill. During the measurement period, which may be up to one year from the acquisition date when incomplete information exists as of the respective reporting date, the Company may adjust the preliminary purchase price allocations after obtaining more information about assets acquired and liabilities assumed at the date of acquisition. 

​

Real Estate Sales

​

The Company recognizes gains (losses) from the sales of real estate assets generally at the time the title is transferred and consideration is received.

​

Liquidity Policy

​

The Company manages its liquidity position and expected liquidity needs taking into consideration current cash balances, undrawn availability under its lines of credit ($167.4 million as of December 31, 2024), and reasonably expected cash receipts. The business model of the Company, and of real estate investment companies in general, utilizes debt as a structural source of financing. When debt becomes due, it is generally refinanced rather than repaid using the Company’s cash flow from operations. The Company has a history of being able to refinance its debt obligations prior to maturity. Furthermore, the Company also has a substantial portfolio of real estate assets and demonstrated ability to readily sell assets if necessary to fund any immediate liquidity needs. As of December 31, 2024, the Company had $203.7 million of mortgage and other debt against a portfolio of real estate assets with a net book value of $717.8 million.

​

Real Estate

​

The Company’s real estate consists of land, groundwater and improvements made to the land consisting of permanent plantings, grain facilities, irrigation improvements, drainage improvements and other improvements. The Company records real estate at cost and capitalizes improvements and replacements when they extend the useful life or improve the efficiency of the asset. Construction in progress includes the costs to build new grain storage facilities and install new pivots, drainage and wells on newly acquired farms. The Company begins depreciating assets when the asset is ready for its intended use.

​

The Company expenses costs of repairs and maintenance at the time such costs are incurred. The Company computes depreciation and depletion for assets classified as improvements using the straight-line method over their estimated useful lives as follows:

​

​

​

​

​

​

​

​

    

Years

 

Grain facilities

 

10

-

40

​

Irrigation improvements

 

2

-

40

​

Drainage improvements

 

20

-

65

​

Groundwater

 

3

-

50

​

Permanent plantings

​

13

-

40

​

Other

 

5

-

40

​

​

The Company periodically evaluates the estimated useful lives for groundwater based on current state water regulations and depletion levels of the aquifers.

​

When a sale occurs, the Company recognizes the associated gain or loss when all consideration has been transferred, the sale has closed and there is no material continuing involvement. If a sale is expected to generate a loss, the Company first assesses it through the impairment evaluation process—see ‘‘Impairment of Real Estate Assets’’ below.

​

Impairment of Real Estate Assets

​

The Company evaluates its tangible and identifiable intangible real estate assets for impairment indicators whenever events such as declines in a property’s operating performance, deteriorating market conditions or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. If such events are present, the Company projects the total undiscounted cash flows of the asset, including proceeds from disposition, and compares them to the net book value of the asset. If this evaluation indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the estimated fair value of the asset. During the quarter ended September 30, 2023, the Company was under contract to sell an asset for less than its carrying amount, resulting in an impairment of $3.8 million. The estimated fair value of this asset was $3.6 million. The asset was sold during the fourth quarter of 2023. During the quarter ended December 31, 2023, the Company determined that one of its assets had an estimated fair value of $9.8 million, resulting in an impairment of $2.0 million. This is considered a Level 3 measurement under the fair value hierarchy. Level 3 is defined as inputs to the valuation methodology that are unobservable, supported by little or no market activity and are significant to the fair value measurement. The asset was valued based upon a market assessment of similar properties. There was $0.2 million and $5.8 million of impairment recognized on real estate assets in the accompanying financial statements during the years ended December 31, 2024 and 2023, respectively.

​

Cash and Cash Equivalents

​

The Company’s cash and cash equivalents at December 31, 2024 and 2023 was held in the custody of five financial institutions for both periods and the Company’s balance at any given financial institution may at times exceed federally insurable limits. We consider highly liquid investments purchased with an original maturity of three months or less, such as money market funds, to be cash equivalents. The Company monitors balances with individual financial institutions to mitigate risks relating to balances exceeding such limits.

​

Debt Issuance Costs

​

Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable, net except for those costs relating to the Company’s lines of credit which are recognized as an asset within deferred financing fees, net. Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the books upon maturity or repayment of the underlying debt. For more information on the Company’s debt, see “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable”.

​

Loans and Financing Receivables

​

Loans and financing receivables are stated at their unpaid principal balance and include unamortized direct origination costs, prepaid interest and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. As of December 31, 2024 and 2023, the Company has two types of loans and financing receivables: loans under the Company’s loan program (the “FPI Loan Program”) and sale-leaseback transactions accounted for as financing receivables.

​

Loans under the FPI Loan Program: The Company offers an agricultural lending product focused on farmers as a complement to the Company’s business of acquiring and owning farmland and leasing it to farmers. Under the FPI Loan Program, the Company makes loans to third-party farmers (both tenant and non-tenant) and landowners to provide financing for property acquisitions, working capital requirements, operational farming activities, farming infrastructure projects and for other farming, agricultural  and other real estate related projects. As of each of December 31, 2024 and 2023, the Company had six notes outstanding under the FPI Loan Program and has designated each of the notes receivable as loans. For loans under the FPI Loan Program, a loan is placed on non-accrual status when management determines, after considering economic and business conditions and collection efforts, that the loan is impaired or collection of interest is doubtful. The accrual of interest on the instrument ceases when there is concern that principal or interest due according to the note agreement will not be collected. Any payment received on such non-accrual loans are recorded as interest income when the payment is received. The loan is reclassified as accrual-basis once interest and principal payments become current. The Company periodically reviews the value of the underlying collateral of farm real estate for the loan receivable and evaluates whether the value of the collateral continues to provide adequate security for the loan. Any uncollectible interest previously accrued is also charged off. As of December 31, 2024 and 2023, we believed the value of the underlying collateral

for each of the loans to be sufficient and in excess of the respective outstanding principal and accrued interest and no loans are currently on non-accrual status.

​

Sale-leaseback Transactions Accounted for as Financing Arrangements: In accordance with ASC 842, for transactions in which the Company enters into a contract to acquire an asset and lease it back to the seller, the Company is required to separately assess the lease classification apart from the other assets. In November 2022, the Company purchased land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company determined that the land and building components of the lease agreement with Ag Pro meet the definition of a sales-type lease and therefore, control is not considered to have transferred to the Company under GAAP. In December 2024, the Company purchased a property in West Virginia in a sale-leaseback transaction. The agreement contained a repurchase option. The Company determined that the repurchase option is reasonably certain to be exercised and, therefore, the transaction meets the definition of a sales type-lease.  As a result, the Company does not recognize the underlying assets but instead recognizes financial assets in accordance with ASC 310 “Receivables.” Accordingly, these transactions are accounted for as financing receivables and are included in loans and financing receivables, net on the accompanying consolidated balance sheets, net of allowance for credit losses, in accordance with ASC 310.

​

Current expected credit losses (“CECL”): Under ASC 326, the Company is required to estimate an expected lifetime credit loss. The Company monitors its loans and financing receivables using a CECL methodology which is based upon historical collection experience, collateral values, current trends, long-term probability of default (“PD”) and estimated loss given default (“LGD”). This approach calculates impairment by multiplying the PD (probability the asset will default within a given timeframe) by the LGD (percentage of the asset not expected to be collected due to default). The PD and LGD are estimated using average historical default rates of a company with similar credit risk factors to the Company’s tenant where practical. Accrued interest write-offs are recognized as credit loss expense. The CECL allowance is recorded as a reduction to loans and financing receivables, net on the accompanying consolidated balance sheets. The CECL allowance is updated on a quarterly basis with the resulting change being recorded in the consolidated statements of operations for the relevant period. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received.

​

Deferred Offering Costs

​

Deferred offering costs include incremental direct costs related to regulatory, legal, accounting and professional service costs incurred by the Company in connection with proposed or actual offerings of securities. At the completion of a securities offering, the deferred offering costs are charged ratably as a reduction of the gross proceeds of equity as stock is issued. If an offering is abandoned, the previously deferred offering costs will be charged to operations in the period in which the offering is abandoned. The Company incurred $0.0 million and less than $0.1 million in offering costs during the years ended December 31, 2024 and 2023, respectively. As of each of December 31, 2024 and 2023, the Company had $0.0 million in deferred offering costs associated with proposed or completed offerings of securities, net of amortization, remaining on the balance sheet.

​

Assets Held for Sale

​

The Company determines whether certain assets meet the criteria of assets held for sale in accordance with ASC Topic 360, “Property, Plant, and Equipment.” These assets are measured at the lower of (i) the carrying value and (ii) the fair value of the assets, less costs to sell. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Effective with the designation of the assets as held for sale, the Company suspends recording depreciation of the assets, resulting in a decrease in depreciation during the period. As of each of December 31, 2024 and 2023, the Company had less than $0.1 million classified as held for sale within the accompanying consolidated balance sheets.

​

Accounts Receivable

​

Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The Company records an allowance for doubtful accounts, reducing the receivables balance to an amount that it estimates is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of the Company’s customers’ financial condition. The Company creates an allowance for accounts receivable when it becomes apparent, based upon age or customer circumstances, that an amount may not be collectible, such that all current expected losses are sufficiently reserved for at each reporting period. The Company considered its current expectations of future economic conditions when estimating its allowance for doubtful accounts. The allowance for doubtful accounts was less than

$0.1 million as of each of December 31, 2024 and 2023. An allowance for doubtful accounts is recorded on the Consolidated Statements of Operations as a reduction to rental revenue if in relation to revenues recognized in the year, or as property operating expenses if in relation to revenue recognized in the prior years.

​

Inventory

​

Inventory consists of costs related to crops grown on farms directly operated by the TRS and is separated into growing crop inventory, harvested crop inventory or general inventory, as appropriate. Inventory is stated in the consolidated balance sheets at the lower of cost or net realizable value.

​

Growing crop inventory consists of costs allocated to crops that have not yet been harvested, primarily costs related to land preparation, cultivation, irrigation and fertilization. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold.

 

Harvested crop inventory consists of costs accumulated both during the growing and harvesting phases and allocated to harvested crops. Harvested crop inventory is stated at the lower of accumulated costs or estimated net realizable value, which is the market price of the harvested crops, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. 

​

General inventory, such as fertilizer, seeds and pesticides, is valued at the lower of cost or net realizable value.

​

As of December 31, 2024 and 2023, inventory consisted of the following:

​

​

​

​

​

​

​

​

(in thousands)

    

December 31, 2024

    

December 31, 2023

Harvested crop

​

$

414

​

$

246

Growing crop

​

​

2,245

​

​

2,089

​

​

$

2,659

​

$

2,335

​

Equity Method Investments

​

On January 20, 2021, the Company entered into property sale and long-term management agreements with Promised Land Opportunity Zone Farms I, LLC (the “OZ Fund”), a private investment fund focused on acquiring and improving farmland in qualified opportunity zones in the United States, as designated under U.S. tax provisions enacted in 2017. As consideration for 10 farms sold to the OZ Fund in March 2021, the Company received approximately $2.4 million in convertible notes receivable, which, in addition to the accrued interest thereon, was converted into membership interests in the OZ Fund at the Company’s election in July 2021. The OZ Fund will exist until an event of dissolution occurs, as defined in the limited liability company agreement of the OZ Fund (the “Fund Agreement”). Under the Fund Agreement, the manager of the OZ Fund may call for additional capital contributions from its members to fund expenses, property acquisitions and capital improvements in accordance with each members’ funding ratio. The Company’s capital contributions are capped at $4.3 million.

​

Under the Fund Agreement, any available cash, after the allowance for the payment of all obligations, operating expenses and capital improvements, is distributed to the members at least annually. For each fiscal year, net income or loss is allocated to the members pro rata in accordance with their percentage interest.

​

Goodwill and Intangible Assets

​

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the carrying value of the reporting unit. The fair value is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future cash flows, discount rates and future capital requirements. If the fair value of the reporting unit is less than the carrying value, including goodwill, the excess of the book value over

the fair value of goodwill is charged to net income as an impairment expense. During the years ended December 31, 2024 and 2023, the Company did not incur any impairment charges related to goodwill.

​

Amortization of intangible assets with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Trade names and trademarks have an indefinite life and, therefore, are not subject to amortization, but rather are tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value is below its carrying value. During the years ended December 31, 2024 and 2023, the Company recorded impairment of $0.6 million and $0.0 million, respectively, on intangible assets. The fair value of trade names was determined to be $1.2 million at December 31, 2024. The Company utilized the relief from royalties method to determine the present value of cash flows through 2049 and the present value of residual cash flows, utilizing a discount rate of 8.7% and an average long-term revenue growth rate range of 0-3% per year. This is considered a Level 3 measurement under the fair value hierarchy. Level 3 is defined as inputs to the valuation methodology that are unobservable, supported by little or no market activity and are significant to the fair value measurement. Customer relationships are subject to amortization and are amortized over a period of 10 to 12 years. During the years ended December 31, 2024 and 2023, the Company recorded amortization of customer relationships of less than $0.1 million for each period.

​

Income Taxes

​

As a REIT, the Company is permitted to deduct dividends, for income tax purposes, paid to its stockholders, thereby eliminating the U.S. federal taxation of income represented by such distributions at the Company level, provided certain requirements are met. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including, for periods prior to 2022, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax benefit totaling less than $0.1 million and $0.2 million, respectively, for the years ended December 31, 2024 and 2023.

​

The Operating Partnership leases certain of its farms to the TRS, which is subject to federal and state income taxes. The TRS accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis of assets and liabilities and their respective income tax basis and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. There was $0.4 million and $(2.5) million in taxable income (loss) from the TRS for the years ended December 31, 2024 and 2023, respectively.

​

The Company performs an annual review for any uncertain tax positions and, if necessary, will record future tax consequences of uncertain tax positions in the financial statements. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which when examined by taxing authorities is more-likely-than-not to be sustained on review and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2024, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2023 open tax year.

​

When the Company acquires a property in a business combination, the Company evaluates such acquisition for any related deferred tax assets or liabilities and determines if a deferred tax asset or liability should be recorded in conjunction with the purchase price allocation. If a built-in gain is acquired, the Company evaluates the required holding period (generally 5 years) and determines if it has the ability and intent to hold the underlying assets for the necessary holding period. If the Company has the ability to hold the underlying assets for the required holding period, no deferred tax liability is recorded with respect to the built-in gain. The Company determined that no deferred tax asset or liability should be recorded as a result of any acquisitions that it undertook during the years ended December 31, 2024 and 2023.

​

Fair Value

​

The Company is required to disclose fair value as further explained in “Note 6—Notes Receivable”, “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable” and “Note 10—Hedge Accounting”. Financial Accounting Standards Board (“FASB”)’s ASC 820-10 establishes a three-level hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

​

●Level 1—Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
●Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable or can be substantially corroborated for the asset or liability, either directly or indirectly.
●Level 3—Inputs to the valuation methodology are unobservable, supported by little or no market activity and are significant to the fair value measurement.

Hedge Accounting

​

ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the consolidated balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the consolidated statements of operations during the reporting period.

​

The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its funding. The Company may also use interest rate derivative financial instruments, namely interest rate swaps.

​

The Company may enter into marketing contracts to sell commodities. Derivatives and hedge accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting if designated as normal purchase or normal sales. The Company evaluates all contracts at inception to determine if they are derivatives and if they meet the normal purchase and normal sale designation requirements.

​

The Company has in place one interest rate swap agreement with Rabobank to add stability to interest expense and to manage its exposure to interest rate movements. This agreement qualifies as a cash flow hedge and is actively evaluated for ongoing effectiveness (see “Note 10—Hedge Accounting”). The entire change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of stockholders’ equity in the Company’s consolidated balance sheets.

​

Additionally, the Company assesses whether the derivative used in its hedging transaction is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. The Company discontinues hedge accounting when it is determined that a derivative has ceased to be or is not expected to be highly effective as a hedge, and then reflects changes in fair value of the derivative as gain or loss, as applicable, in the consolidated statements of operations during reporting periods after such determination.

​

Segment Reporting

​

The majority of the Company’s revenue is derived from owning and managing properties leased to tenants. All assets and operations of the Company are located in the United States. The Company’s chief operating decision makers (“CODMs”) (Paul Pittman, Executive Chairman, and Luca Fabri, President and Chief Executive Officer) do not evaluate performance on a farm-specific or transactional basis and do not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has identified a single operating segment which is the entire entity for reporting purposes in accordance with GAAP and no aggregation of segments was required.

​

The CODMs assess performance and make decisions regarding the allocation of resources on a consolidated basis using Adjusted Funds from Operations (“AFFO”) and AFFO per share, which are Non-GAAP measures. The CODMs use AFFO and AFFO per share

to monitor budget versus actual results and evaluate performance of the segment in deciding whether to repay indebtedness, repurchase shares, fund and maintain our assets and operations, acquire new properties that we believe are accretive to long-term value creation, make distributions to our stockholders and unitholders, and fund other general business needs.

​

As the single operating segment is the Company in its entirety and the accounting policies for this segment are the same as the Company’s accounting policies described in Note 1—Organization and Significant Accounting Policies, there are no differences between the measurements of the Company’s single operating segment and the consolidated financial statements. Therefore, information about the profit or loss, assets, investments, expenditures and all other significant items of the Company’s single reportable segment can be found on the Company’s consolidated financial statements or in the reconciliation of net income (loss) to AFFO and AFFO per share below. In addition, there are no changes from prior period in the measurement methods used to determine segment information.

​

​

​

​

​

​

​

​

​

​

For the years ended December 31,

(in thousands except per share amounts)

    

2024

    

2023

Net income

​

$

61,450

​

$

31,681

(Gain) on disposition of assets, net

​

​

(54,148)

​

​

(36,133)

Depreciation, depletion and amortization

​

 

5,588

​

​

7,499

Impairment of assets

​

 

790

​

​

5,840

FFO (1)

​

$

13,680

​

$

8,887

​

​

​

​

​

​

​

Stock-based compensation and incentive

​

 

1,963

​

​

2,008

Deferred impact of interest rate swap terminations

​

​

—

 

 

198

Real estate related acquisition and due diligence costs

​

​

28

​

​

17

Distributions on Preferred units and stock

​

​

(2,970)

​

​

(2,970)

Severance expense

​

​

1,373

​

​

—

AFFO (1)

​

$

14,074

​

$

8,140

​

​

​

​

​

​

​

AFFO per diluted weighted average share data:

​

​

​

​

​

​

​

​

​

​

​

​

​

AFFO weighted average common shares

​

 

49,127

​

 

51,810

​

​

​

​

​

​

​

Net income available to common stockholders of Farmland Partners Inc.

​

$

1.19

​

$

0.55

Income available to redeemable non-controlling interest and non-controlling interest in operating partnership

​

​

0.07

 

 

0.08

Depreciation, depletion and amortization

​

 

0.11

​

 

0.14

Impairment of assets

​

 

0.02

​

 

0.11

Stock-based compensation and incentive

​

 

0.04

​

 

0.04

(Gain) on disposition of assets, net

​

​

(1.10)

​

​

(0.70)

Distributions on Preferred units and stock

​

 

(0.07)

​

​

(0.06)

Severance expense

​

​

0.03

​

​

0.00

AFFO per diluted weighted average share (1)

​

$

0.29

​

$

0.16

(1)The year ended December 31, 2024 includes approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement.

​

For more information about the Company’s revenue disaggregated by source and major customers, please refer to Note 2—Revenue Recognition and Note 3—Concentration Risk, respectively.

​

Earnings Per Share

​

Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the weighted average number of unvested restricted shares (“participating securities” as defined in “Note 9—Stockholders’ Equity and non-controlling Interests”). Diluted earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, plus other potentially dilutive securities such as stock grants or shares that would be issued in the event that Common units are redeemed for shares of common stock of the Company. No adjustment is made for shares that are anti-dilutive during a period.

​

​

Non-controlling Interests

​

The Company’s non-controlling interests are interests in the Operating Partnership not owned by FPI. The Company evaluates whether non-controlling interests are subject to redemption features outside of its control. The Company classifies non-controlling

interests that are contingently redeemable solely for cash (unless stockholder approval is obtained to redeem for shares of common stock) one year after issuance or deemed probable to eventually become redeemable and which have redemption features outside of its control, as redeemable non-controlling interests in the mezzanine section of the consolidated balance sheets. The amounts reported for non-controlling interests on the Company’s Consolidated Statements of Operations represent the portion of income or losses not attributable to the Company.

​

Stock Based Compensation

​

From time to time, the Company may award non-vested shares under the Company’s Third Amended and Restated 2014 Equity Incentive Plan (the “Plan”) as compensation to officers, employees, non-employee directors and non-employee consultants (see “Note 9—Stockholders’ Equity and Non-controlling Interests”). The shares issued to officers, employees, and non-employee directors vest over a period of time as determined by our Board of Directors at the date of grant. The Company recognizes compensation expense for non-vested shares granted to officers, employees and directors on a straight-line basis over the requisite service period based upon the fair value of the shares on the date of grant, as adjusted for forfeitures. The Company recognizes expense related to non-vested shares granted to non-employee consultants over the period that services are received.

​

Recently Issued Accounting Standards

​

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Among other things, these amendments require that public business entities on an annual basis (i) disclose specific categories in the rate reconciliation, and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis (i) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received), (iii) income (loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (iv) income tax expense (benefit) from continuing operations disaggregated by federal, state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures.

​

The FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40) in November 2024. The purpose of the ASU is to improve the disclosures about an entity’s expenses and to address requests from investors for more transparent information about certain types of expenses (including purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion) included within expense captions presented on the face of the income statement (such as cost of sales, SG&A, and research and development). The new standard requires these disclosures to be presented in tabular format within the notes to the financial statements and does not change the requirements for the presentation of expenses on the face of the income statement. The ASU is effective for public business entities for annual periods beginning after December 15, 2026. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures.
v3.25.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue Recognition.  
Revenue Recognition

Note 2—Revenue Recognition

​

Fixed Rent: The majority of the Company’s leases provide for rent payments on an entirely or partially fixed basis. For the majority of its fixed farm rent leases, the Company receives at least 50% of the annual lease payment from tenants before crops are planted, generally during the first quarter of the year, with the remaining 50% of the lease payment due in the second half of the year generally after the crops are harvested. Rental income is recorded on a straight-line basis over the lease term. Certain of the Company’s leases provide for tenants to reimburse the Company for property taxes and other expenses. These tenant reimbursements and rent payments are treated as a single lease component because the timing and pattern of revenue recognition is the same. This means that rental income is equal in all periods of the lease, calculated by adding all expected lease payments (including increases within the lease) and dividing by the number of periods, despite the cash rents being received in lump sums at the specific times as described above. The lease term generally considers periods when a tenant: (1) may not terminate its lease obligation early; (2) may terminate its lease obligation early in exchange for a fee or penalty that the Company considers material enough such that termination would not be probable; (3) possesses renewal rights and the tenant’s failure to exercise such rights imposes a penalty on the tenant material enough such that renewal appears

reasonably assured; or (4) possesses bargain renewal options for such periods. Payments received in advance are included in deferred revenue until they are earned.

​

Variable Rent: Certain of the Company’s leases provide for a rent payment determined as a percentage of the gross farm proceeds in their entirety or above a certain threshold. Revenue under leases providing for variable rent may be recorded at the guaranteed crop insurance minimums and recognized ratably over the lease term during the crop year. Upon notification from the grain or packing facility that a future contract for delivery of the harvest has been finalized or when the tenant has notified the Company of the total amount of gross farm proceeds, revenue is recognized for the excess of the actual gross farm proceeds and the previously recognized minimum guaranteed insurance.

​

Fixed Rent and Variable Rent: Certain of the Company’s leases provide for a minimum fixed rent plus variable rent based on gross farm revenue.

​

The following table presents rental income that is disaggregated by revenue source for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

For the years ended

​

​

December 31,

(in thousands)

    

2024

    

​

2023

Fixed Farm Rent

​

$

32,236

​

$

33,739

Solar, Wind and Recreation Rent

​

​

2,617

​

​

3,954

Tenant Reimbursements

​

 

2,714

​

 

3,428

Variable Rent

​

 

9,552

​

 

8,064

​

​

$

47,119

​

$

49,185

​

The Company’s leases generally have terms ranging from one to three years, with some extending up to 40 years (e.g., renewable energy leases). Payments received in advance are included in deferred revenue until they are earned. As of December 31, 2024 and 2023, the Company had $0.1 million and $2.1 million, respectively, in deferred revenue. Deferred revenue as of December 31, 2023 included a deferred gain of approximately $2.1 million in connection with the sale of two properties that occurred during the three months ended December 31, 2023, whereby the Company provided approximately $9.5 million of seller financing. During the year ended December 31, 2024, the Company collected the seller financing and recognized the gain on sale of approximately $2.1 million.

​

The majority of the Company’s revenue is derived from rental income. The Company elected an accounting policy to account for both its lease and non-lease components (specifically, tenant reimbursements) as a single lease component under ASC 842, Lease Accounting.

​

The following sets forth a summary of rental income recognized during the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

Rental income recognized

​

​

For the years ended

​

​

December 31,

(in thousands)

    

2024

    

​

2023

Leases in effect at the beginning of the year

​

$

40,978

​

$

45,863

Leases entered into during the year

​

 

6,141

​

 

3,322

​

​

$

47,119

​

$

49,185

​

Future minimum fixed rent payments from tenants under all non-cancelable leases in place as of December 31, 2024, including lease advances when contractually due, but excluding crop share and tenant reimbursement of expenses, for each of the next five years and thereafter as of December 31, 2024 are as follows:

​

​

​

​

​

​

​

​

(in thousands)

​

​

    

​

Future rental

Year Ending December 31,

​

​

​

​

payments

2025

​

​

​

​

$

42,900

2026

​

​

​

​

​

22,733

2027

​

​

​

​

 

17,376

2028

​

​

​

​

​

12,043

2029

​

​

​

​

​

3,761

Thereafter

​

​

​

​

​

48,002

​

​

​

​

​

$

146,815

​

Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only.

​

Crop Sales: For farms directly operated through the TRS, the Company records revenue from the sale of harvested crops when the harvested crop has been contracted to be delivered to a grain or packing facility and title has transferred. Revenues from the sale of harvested crops recognized for the years ended December 31, 2024 and 2023 were $5.0 million and $2.3 million, respectively. The cost of harvested crops sold was $3.9 million and $4.8 million for the years ended December 31, 2024 and 2023, respectively. Harvested crops are recorded using the market price at the date the harvested crop is delivered to the grain or packing facility and title has transferred.

​

Other Revenue: Other revenue includes crop insurance proceeds, auction fees, brokerage fees, interest income, and property management income. Crop insurance proceeds are recognized when the amount is determinable and collectible. Crop insurance proceeds are generally received in lieu of crop sales on farms directly operated through the TRS. The Company generates auction revenue by contracting with a real estate owner to market and auction farm property. Successful bidders sign a purchase agreement immediately following the auction. Auction fee revenue is recognized upon completion of the auction. The Company generates real estate brokerage commissions by acting as a broker for real estate investors or owners seeking to buy or sell farm property. Revenue from brokerage fees is recognized upon completion of the transaction. Property management revenue is recognized over the term of the contract as services are being provided. The Company collects property management fees in advance of the commencement of property management activities on behalf of third parties and includes them in deferred revenue until they are earned over the life of the contract. Interest income is recognized on loans and financing receivables on an accrual basis over the life of the loans. Direct origination costs are netted against loan origination fees and are amortized over the life of the note using the straight-line method, which approximates the effective interest method, as an adjustment to interest income which is included as a component of other revenue in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024 and 2023.

​

The following table presents other revenue that is disaggregated by revenue source for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

For the years ended

​

​

December 31,

(in thousands)

    

2024

    

​

2023

Auction and brokerage fees

​

$

1,382

​

$

1,138

Crop insurance proceeds

​

​

821

​

​

2,335

Property management income

​

 

1,009

​

 

890

Other (e.g., interest income)

​

 

2,868

​

 

1,661

​

​

$

6,080

​

$

6,024

​
v3.25.0.1
Concentration Risk
 12 Months Ended
Dec. 31, 2024
Concentration Risk  
Concentration Risk

Note 3—Concentration Risk

​

Credit Risk

​

For the years ended December 31, 2024 and 2023, the Company had certain tenant concentrations as presented in the table below. If a significant tenant, representing a tenant concentration, fails to make rental payments to the Company or elects to terminate its leases,

and the land cannot be re-leased on satisfactory terms, there may be a material adverse effect on the Company’s financial performance and the Company’s ability to continue operations. The following is a summary of our significant tenants:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rental income recognized

    

Approximate % of rental income

​

​

For the years ended December 31,

    

For the years ended December 31,

​

($ in thousands)

2024

​

2023

    

2024

​

2023

​

Tenant A (1)

$

10,309

​

$

6,702

​

​

21.9

%  

​

13.6

%  

(1)The Company has numerous permanent crop leases with major farming companies located in California.

Geographic Risk

​

The following table summarizes the percentage of approximate total acres owned as of December 31, 2024 and 2023, and the fixed and variable rent recorded by the Company for the years then ended by location of the farm:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Approximate %

​

​

Rental Income (1)

​

​

of total acres

​

​

For the years ended

​

​

​

As of December 31,

​

​

December 31,

​

Location of Farm (2)

    

2024

    

​

2023

    

​

2024

    

​

2023

 

Corn Belt

​

45.2

%

​

33.6

%

​

40.3

%

​

37.7

%

Delta and South

​

9.6

%

​

19.9

%

​

8.4

%

​

11.9

%

High Plains

​

22.3

%

​

16.4

%

​

6.0

%

​

9.1

%

Southeast

​

10.9

%

​

21.7

%

​

15.7

%

​

18.6

%

West Coast

​

12.0

%

​

8.4

%

​

29.6

%

​

22.7

%

​

​

100.0

%

​

100.0

%

​

100.0

%

​

100.0

%

(1)Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are more relevant for full years than quarters or partial years.
(2)Corn Belt includes farms located in Illinois, Indiana, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas and Louisiana. High Plains includes farms located in Colorado, Kansas and Texas. Southeast includes farms located in South Carolina and West Virginia. West Coast includes farms located in California.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions  
Related Party Transactions

Note 4—Related Party Transactions

​

On July 21, 2015, the Company entered into a lease agreement with American Agriculture Aviation LLC (“American Ag Aviation”) for the use of a private plane. American Ag Aviation is a Colorado limited liability company that is owned 100% by Paul A. Pittman, the Company’s Executive Chairman. The private plane was generally utilized when commercial air travel was not readily available or practical to and from a particular location. The Company incurred costs of $0.0 million and less than $0.1 million during the years ended December 31, 2024 and 2023, respectively, to American Ag Aviation for use of the aircraft in accordance with the lease agreement. Generally, costs were recognized based on the nature of the associated use of the aircraft consistently with other travel expenses, as follows: (i) general and administrative - expensed as general and administrative expenses within the Company’s consolidated statements of operations; (ii) land acquisition (accounted for as an asset acquisition) - allocated to the acquired real estate assets within the Company’s consolidated balance sheets; and (iii) land acquisition (accounted for as a business combination) - expensed as acquisition and due diligence costs within the Company’s consolidated statements of operations. In November 2023, the lease agreement was terminated due to American Ag Aviation’s disposition of its private plane.

​
v3.25.0.1
Real Estate
 12 Months Ended
Dec. 31, 2024
Real Estate  
Real Estate

Note 5—Real Estate

​

During the year ended December 31, 2024, the Company completed acquisitions consisting of four properties in the Corn Belt and Delta and South regions. Aggregate cash consideration for these acquisitions totaled $17.9 million. No intangible assets were acquired through these acquisitions.

​

During the year ended December 31, 2023, the Company completed acquisitions consisting of four properties in the Corn Belt and Delta and South regions. Aggregate cash consideration for these acquisitions totaled $22.2 million. No intangible assets were acquired through these acquisitions.

​

During the year ended December 31, 2024, the Company completed dispositions consisting of 54 properties in the Corn Belt, Delta and South, High Plains and Southeast regions. The Company received $312.0 million in aggregate consideration, and recognized an aggregate gain on sale of $54.1 million. This gain includes $2.1 million in connection with dispositions of certain properties with seller financing sold in 2023, for which the gain was deferred until the Company collected the seller financing in 2024. On October 16, 2024, 46 of the 54 properties disposed of during the year, comprising 41,554 acres, were sold to Farmland Reserve, Inc., a Utah nonprofit corporation and an unrelated party, for total consideration of $289.0 million. The carrying amounts of the major classes of assets included in the disposal group as of the disposal date were as follows:

​

​

​

​

​

​

​

October 16,

($ in thousands)

​

2024

Land, at cost

​

$

223,963

Grain facilities

​

 

4,654

Irrigation improvements

​

 

11,836

Drainage improvements

​

 

2,072

Other

​

​

693

Construction in progress

​

 

18

Real estate, at cost

​

 

243,236

Less accumulated depreciation

​

 

(5,016)

Total real estate, net

​

 

238,220

​

The Company recognized a gain of $49.0 million on the sale of the portfolio, which is presented in (Gain) on disposition of assets, net in the Company’s Consolidated Statement of Operations. It is included within continuing operations in accordance with ASC 360-10-45-5. The net income before income tax benefit attributable to the disposed portfolio for the years ended December 31, 2024 (through the date of sale) and 2023 was $8.5 million and $8.4 million, respectively. The net income attributable to the Company (after non-controlling interests) for the years ended December 31, 2024 (through the date of sale) and 2023 was $8.3 million and $8.2 million, respectively.

​

During the year ended December 31, 2023, the Company completed dispositions consisting of 74 properties in the Corn Belt, Delta and South, High Plains, Southeast and West Coast regions. The Company received $195.5 million in aggregate consideration, including $11.8 million in seller financing, and recognized an aggregate gain on sale of $36.1 million.

​

In addition, during the year ended December 31, 2023, the Company deferred an additional net gain on sale of $2.1 million in connection with dispositions of certain properties with seller financing. The gain was recognized during the year ended December 31, 2024, when the Company collected the seller financing.
v3.25.0.1
Loans and Financing Receivables
 12 Months Ended
Dec. 31, 2024
Loans and Financing Receivables  
Loans and Financing Receivables

Note 6—Loans and Financing Receivables

​

The Company offers an agricultural lending product focused on farmers as a complement to the Company’s business of acquiring and owning farmland and leasing it to farmers. Under the FPI Loan Program, the Company primarily makes loans to third-party farmers (both tenant and non-tenant) and landowners to provide financing for property acquisitions, working capital requirements, operational farming activities, farming infrastructure projects and for other farming, agricultural and other real estate related projects. The Company seeks to make loans that are collateralized by farm real estate or growing crops and in principal amounts of $1.0 million or more at fixed interest rates with maturities of up to six years. The Company expects the borrower to repay the loans in accordance with the loan agreements based on farming operations and access to other forms of capital, as permitted.

​

In addition to loans made under the FPI Loan Program, the Company, on certain occasions, makes short-term loans to tenants secured by collateral other than real estate, such as growing crops, equipment or inventory, when the Company believes such loans will ensure the orderly completion of farming operations on a property owned by the Company for a given crop year and other credit is not available to the borrower.

​

On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro (the seller), under the John Deere brand. In accordance with ASC 842, Lease Accounting, control is not considered to have transferred to the Company under GAAP and these transactions are accounted for as financing arrangements under ASC 310, Receivables, rather than as investments in real estate subject to operating leases. The leases mature in November 2037 and contain renewal options for periods up to 20 years from the original maturity date. The discount rate used for the transactions was 6.15%.

​

On December 18, 2024, the Company purchased a property in West Virginia in a sale leaseback transaction containing a repurchase option. The Company determined that the repurchase option is reasonably certain to be exercised and, therefore, the transaction meets the definition of a sales type-lease and is accounted for as a financing arrangement. The lease matures on December 31, 2029. The discount rate used for the transaction was 10.0%.

​

As of December 31, 2024 and 2023, the Company held the following loans and financing receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

($ in thousands)

​

​

​

​

​

​

​

Outstanding as of

​

Maturity

Loan

    

Terms

    

December 31, 2024

    

December 31, 2023

    

Date

Loans under FPI Loan Program:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage Note (1)

​

Principal & interest due at maturity

​

​

​

​

​

$

207

​

$

210

​

12/7/2028

Mortgage Note (2)

​

Principal due at maturity & interest due quarterly

​

​

​

​

​

​

1,842

​

​

1,900

​

3/3/2025

Mortgage Note (3)

​

Principal due at maturity & interest due quarterly

​

​

​

​

​

​

1,800

​

​

1,800

​

11/17/2028

Mortgage Note (4)

​

Principal due at maturity & interest due semi-annually

​

​

​

​

​

​

—

​

​

8,009

​

12/28/2024

Mortgage Note (5)

​

Principal due at maturity & interest due semi-annually

​

​

​

​

​

​

—

​

​

1,491

​

12/28/2024

Mortgage Note (6)

​

Principal due at maturity & interest due monthly

​

​

​

​

​

​

500

​

​

500

​

6/30/2025

Mortgage Note (7)

​

Principal & interest due at maturity

​

​

​

​

​

​

22,000

​

​

—

​

1/31/2026

Mortgage Note (7)

​

Principal & interest due at maturity

​

​

​

​

​

​

6,380

​

​

—

​

1/31/2026

Total outstanding principal

​

​

​

​

​

​

​

​

32,729

​

​

13,910

​

​

Sale-leaseback transactions accounted for as financing arrangements:

​

​

​

​

​

​

​

​

​

​

​

Financing Receivable, net (8)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

5,947

​

​

5,920

​

11/17/2037

Financing Receivable, net (8)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

4,497

​

​

4,498

​

11/17/2037

Financing Receivable, net (8)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

3,565

​

​

3,563

​

11/17/2037

Financing Receivable, net (8)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

3,231

​

​

3,237

​

11/17/2037

Financing Receivable, net (9)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

7,826

​

​

—

​

12/31/2029

Total financing receivable

​

​

​

​

​

​

​

​

25,066

​

​

17,218

​

​

Interest receivable (net prepaid interest and points)

​

​

​

​

​

​

​

​

(2,209)

​

​

60

​

​

Allowance for credit losses

​

​

​

​

​

​

​

​

(281)

​

​

(168)

​

​

Provision for interest receivable

​

​

​

​

​

​

​

​

—

​

​

—

​

​

Total Loans and financing receivables, net

​

​

​

​

​

​

​

$

55,305

​

$

31,020

​

​

1)The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The note is secured against farmland properties.
2)On March 3, 2022, the Company entered into two loans with the same party secured against farmland.
3)On November 17, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition.
4)On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. This loan was fully repaid in August 2024.
5)On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. This loan was fully repaid in August 2024.
6)On December 28, 2023, the Company entered into a loan agreement secured by farmland and a feedlot in connection with a property disposition.
7)On October 29, 2024 and December 20, 2024, the Company entered into loan agreements with the same party secured against properties.
8)On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio, accounted for as financing transactions. The leases may be extended beyond the stated maturity date, for up to an additional 20 years, at the option of the tenant.
9)On December 18, 2024, the Company entered into a sale leaseback transaction accounted for as a financing transaction, with a lease term of five years.

​

Loans and financing receivables are stated at their unpaid principal balance and include unamortized direct origination costs and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. The Company monitors its receivables based upon historical collection experience, collateral values, current trends, long-term probability of default (“PD”) and estimated loss given default (“LGD”). Accrued interest write-offs are recognized as credit loss expense. The Company has estimated its credit losses on its loan balances in accordance with ASC 326, Financial Instruments—Credit Losses, to be less than $0.1 million as of each of December 31, 2024 and 2023. Additionally, the Company has recorded an allowance for credit losses on its financing receivables of $0.2 million and $0.1 million as of December 31, 2024 and 2023, respectively. The Company recorded no credit loss expense related to receivables during the years ended December 31, 2024 and 2023, respectively. There were no charge-offs during the years ended December 31, 2024 and 2023 and less than $0.1 million and $0.0 million in recoveries for the years ended December 31, 2024 and 2023, respectively. In addition, as of December 31, 2024, all payments under loans and financing receivables have been received in accordance with the agreements.

​

The following tables detail the allowance for credit losses as of December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

($ in thousands)

​

Amortized Cost

​

Allowance

​

Loans and financing
receivables, net

​

Allowance as a %
of Amortized Cost

​

Loans under FPI Loan Program

​

$

30,520

​

$

(49)

​

$

30,471

​

​

0.16

%

Financing Receivables

​

​

25,066

​

​

(232)

​

​

24,834

​

​

0.93

%

Totals

​

$

55,586

​

$

(281)

​

$

55,305

​

​

0.51

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

($ in thousands)

​

Amortized Cost

​

Allowance

​

Loans and financing
receivables, net

​

Allowance as a %
of Amortized Cost

​

Loans under FPI Loan Program

​

$

13,970

​

$

(76)

​

$

13,894

​

​

0.54

%

Financing Receivables

​

​

17,218

​

​

(92)

​

​

17,126

​

​

0.53

%

Totals

​

$

31,188

​

$

(168)

​

$

31,020

​

​

0.54

%

​

The following chart reflects the roll-forward of the allowance for credit losses for our loans and financing receivables for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

($ in thousands)

​

​

​

​

​

​

​

2024

​

2023

Balance at beginning of period

​

​

​

​

​

​

​

$

(168)

​

$

(92)

Initial allowance for financing receivables

​

​

​

​

​

​

​

​

(140)

​

​

—

Initial allowance for loan receivables

​

​

​

​

​

​

​

​

—

​

​

(76)

Current period change in credit allowance

​

​

​

​

​

​

​

​

10

​

​

—

Charge-offs

​

​

​

​

​

​

​

​

—

​

​

—

Recoveries

​

​

​

​

​

​

​

​

17

​

​

—

Balance at end of period

​

​

​

​

​

​

​

$

(281)

​

$

(168)

​

A reconciliation of the carrying amount of loans receivable and financing receivables for the years ended December 31, 2024 and 2023 is set out below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

($ in thousands)

​

​

​

​

​

​

​

2024

​

2023

Balance at beginning of year

​

​

​

​

​

​

​

$

31,128

​

$

22,011

Additions during year:

​

​

​

​

​

​

​

​

​

​

​

—

Issuance of loans and financing receivables

​

​

​

​

​

​

​

​

35,823

​

​

11,801

Interest accrued on financing receivables

​

​

​

​

​

​

​

​

1,116

​

​

1,054

Origination fees included in notes receivable

​

​

​

​

​

​

​

​

2,595

​

​

—

​

​

​

​

​

​

​

​

​

70,662

​

​

34,866

Deductions during year:

​

​

​

​

​

​

​

​

​

​

​

​

Collections of principal on loans

​

​

​

​

​

​

​

​

11,835

​

​

2,707

Payments on financing receivables

​

​

​

​

​

​

​

​

1,032

​

​

1,031

Balance at end of year

​

​

​

​

​

​

​

$

57,795

​

$

31,128

​

The collateral for the mortgage notes receivable consists of real estate and personal property.

​

The Company estimates the fair value of loans and financing receivables using Level 3 inputs under the hierarchy established by GAAP. Fair value is estimated by discounting cash flows using interest rates based on management’s estimates of market interest rates on loans receivable with comparable terms and credit risk whenever the interest rates on the loans receivable are deemed not to be at market rates. The fair value for financing receivables does not take into consideration any residual value upon the end of the lease term. As of December 31, 2024 and 2023, the estimated fair value of the loans and financing receivables was $48.7 million and $24.5 million, respectively.
v3.25.0.1
Mortgage Notes, Lines of Credit and Bonds Payable
 12 Months Ended
Dec. 31, 2024
Mortgage Notes, Lines of Credit and Bonds Payable  
Mortgage Notes, Lines of Credit and Bonds Payable

Note 7—Mortgage Notes, Lines of Credit and Bonds Payable

​

As of December 31, 2024 and 2023, the Company had the following indebtedness outstanding:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Book

​

​

​

​

Annual

​

​

​

​

​

​

​

​

​

​

​

​

​

 Value of

($ in thousands)

​

Interest

​

​

​

​

​

Principal

​

​

​

Collateral

​

​

​

​

Rate as of

​

​

​

Next

​

Outstanding as of

​

​

​

as of

​

​

Interest

​

December 31,

​

Interest Rate

​

Adjustment

​

December 31,

​

December 31,

​

Maturity

​

December 31,

Loan

  

Payment Terms

  

2024

  

Terms

  

Date

  

2024

  

2023

  

Date

  

2024

Farmer Mac Bond #6

​

Semi-annual

​

3.69%

​

Fixed

​

N/A

​

$

13,827

​

$

13,827

​

April 2025

​

$

5,069

Farmer Mac Bond #7

​

Semi-annual

​

3.68%

​

Fixed

​

N/A

​

​

11,160

​

​

11,160

​

April 2025

​

​

—

Farmer Mac Facility

​

Monthly

​

6.05%

​

SOFR + 1.50%

​

N/A

​

​

—

​

​

30,000

​

December 2025

​

​

73,484

MetLife Term Loan #1

​

Semi-annual

​

5.55%

​

Fixed

​

N/A

​

​

67,086

​

​

72,585

​

March 2026

​

​

102,171

MetLife Term Loan #4

​

Semi-annual

​

5.55%

​

Fixed for 3 years

​

March 2026

​

​

1,550

​

​

5,756

​

June 2026

​

​

3,366

MetLife Term Loan #5

​

Semi-annual

​

5.63%

​

Fixed for 3 years

​

January 2026

​

​

1,827

​

​

5,179

​

January 2027

​

​

7,378

MetLife Term Loan #6

​

Semi-annual

​

5.55%

​

Fixed for 3 years

​

February 2026

​

​

16,226

​

​

21,726

​

February 2027

​

​

26,230

MetLife Term Loan #7

​

Semi-annual

​

5.87%

​

Fixed for 3 years

​

June 2026

​

​

6,934

​

​

15,434

​

June 2027

​

​

12,120

MetLife Term Loan #8

​

Semi-annual

​

4.12%

​

Fixed for 10 years

​

December 2027

​

​

44,000

​

​

44,000

​

December 2042

​

​

110,042

MetLife Term Loan #9

​

Semi-annual

​

6.37%

​

Fixed for 3 years

​

May 2027

​

​

8,400

​

​

16,800

​

May 2028

​

​

16,865

MetLife Term Loan #10

​

Semi-annual

​

6.36%

​

Fixed

​

N/A

​

​

21,806

​

​

48,986

​

October 2030

​

​

36,711

MetLife Term Loan #11

​

Semi-annual

​

5.35%

​

Fixed for 3 years

​

N/A

​

​

—

​

​

12,750

​

October 2031

​

​

—

MetLife Term Loan #12

​

Semi-annual

​

3.11%

​

Fixed for 3 years

​

N/A

​

​

—

​

​

14,359

​

December 2031

​

​

—

MetLife Facility

​

Quarterly

​

6.76%

​

SOFR + 2.10%

​

N/A

​

​

—

​

​

—

​

October 2027

​

​

79,929

Rabobank (1)

​

Semi-annual

​

6.37%

​

SOFR + 1.81%

​

March 2026 ⁽²⁾

​

​

11,758

​

​

45,533

​

March 2028

​

​

30,688

Rutledge Facility

​

Quarterly

​

6.06%

​

SOFR + 1.40%

​

N/A

​

​

—

​

​

5,000

​

February 2027

​

​

176,877

Total outstanding principal

​

​

​

​

​

​

​

​

​

​

204,574

​

​

363,095

​

​

​

$

680,930

Debt issuance costs

​

​

​

​

​

​

​

​

​

​

(891)

​

​

(2,236)

​

​

​

​

​

Unamortized premium

​

​

​

​

​

​

​

​

​

​

—

​

​

—

​

​

​

​

​

Total mortgage notes and bonds payable, net

​

​

​

​

​

​

​

$

203,683

​

$

360,859

​

​

​

​

​

(1)As of December 31, 2024, the Company has an interest rate swap agreement with Rabobank for $11.8 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 3.81% (see “Note 10—Hedge Accounting”). After adjusting the $11.8 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 5.7% to 0.0%.
(2)The adjustment date included in the table above is for the spread noted under “Interest Rate Terms.”

​

Farmer Mac Debt

 

As of December 31, 2024 and 2023, the Operating Partnership had approximately $25.0 million and $55.0 million, respectively, in aggregate principal amount outstanding under the bond purchase agreement entered into in October 2022 (the “Farmer Mac Facility”) with Federal Agricultural Mortgage Corporation and its wholly owned subsidiary, Farmer Mac Mortgage Securities Corporation (collectively, “Farmer Mac”), and $42.4 million and $43.1 million, respectively, in additional capacity available under the Farmer Mac Facility. The Farmer Mac debt is secured by loans which are, in turn, secured by first-lien mortgages on agricultural real estate owned by wholly owned subsidiaries of the Operating Partnership. While Farmer Mac Bond #6 and Farmer Mac Bond #7 bear fixed interest rates of 3.69% and 3.68%, respectively, the Farmer Mac Facility bears interest of one-month term SOFR + 1.50% on drawn amounts and an unused commitment fee of 0.20%. In connection with the agreements, the Company entered into a guaranty agreement whereby the Company agreed to guarantee the full performance of the Operating Partnership’s duties and obligations under the Farmer Mac debt. The Farmer Mac debt is subject to the Company’s ongoing compliance with a number of customary affirmative and negative covenants, as well as a maximum loan-to-value ratio of not more than 60%. The Company was in compliance with all applicable covenants at December 31, 2024. In addition, under the Farmer Mac Facility, the Operating Partnership may request that Farmer Mac purchase additional bonds up to an additional $200.0 million, which Farmer Mac may approve at its sole discretion.

​

MetLife Debt

​

As of December 31, 2024 and 2023, the Company had $167.8 million and $257.6 million in aggregate principal amount outstanding, respectively, under the credit agreements between Metropolitan Life Insurance Company (“MetLife”) and certain of the Company’s subsidiaries (collectively, the “MetLife credit agreements”). Each of the MetLife credit agreements contains a number of customary affirmative and negative covenants, including the requirement to maintain a loan to value ratio of no greater than 60%.

​

The Company also has a credit facility with MetLife that provides the Company with access to additional liquidity on a revolving credit basis at a floating rate of interest equal to three-month term SOFR plus 210 basis points. As of December 31, 2024, the facility size was $50.0 million, no amounts had been borrowed and all $50.0 million remained available under the senior secured revolving line

of credit entered into by the Operating Partnership with MetLife in October 2022 (the “MetLife Facility”). As of December 31, 2024, the Company was in compliance with all covenants under the MetLife credit agreements and MetLife guarantees.

​

On each adjustment date for MetLife Term Loans #1 and 4-9, MetLife may, at its option, adjust the rate of interest to any rate of interest determined by MetLife consistent with rates for substantially similar loans secured by real estate substantially similar to the collateral. At the time of rate adjustment, the Company may make a prepayment equal to the unpaid principal balance for each of the MetLife loans. Otherwise, the Company may make a prepayment equal to 20% to 50% of the unpaid principal balance (depending on the tranche of debt) during a calendar year without penalty.

​

Rabobank Mortgage Note

​

As of December 31, 2024 and 2023, the Company and the Operating Partnership had $11.8 million and $45.5 million in aggregate principal amount outstanding, respectively, under a mortgage note with Rabobank (the “Rabobank Mortgage Note”). The Company was in compliance with all covenants under the Rabobank Mortgage Note as of December 31, 2024. The Rabobank Mortgage Note was amended in March 2024 to eliminate $2.1 million of annual amortization and did not impact the Company’s consolidated financial statements.

​

Rutledge Facility

​

As of December 31, 2024 and 2023, the Company and the Operating Partnership had $0.0 million and $5.0 million in aggregate principal amount, respectively, outstanding under a credit agreement (the “Rutledge Facility”) with Rutledge Investment Company (“Rutledge”). The credit agreement was amended in June 2024 to reduce the interest rate to three-month SOFR plus 140 basis points, eliminate the 2.5% annual reduction in facility size, reduce the facility size to $75.0 million, and introduce an unused commitment fee of 0.20%. The Company accounted for this amendment as a debt modification, and as a result, recognized a non-cash loss of $0.06 million during the year ended December 31, 2024 within Other (income) expense in the Company’s Consolidated Statement of Operations.

​

The interest rate for the Rutledge Facility is based on three-month SOFR plus 140 basis points. Generally, the Rutledge Facility contains terms consistent with the Company’s prior loans with Rutledge, including, among others, the representations and warranties, affirmative, negative and financial covenants and events of default.

​

In connection with the Rutledge agreement, the Company and the Operating Partnership each entered into separate guarantees whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee the obligations under the Rutledge Facility (the “Rutledge guarantees”). The Rutledge guarantees contain a number of customary affirmative and negative covenants. As of December 31, 2024, $75.0 million remained available under this facility and the Company was in compliance with all covenants under the loan agreements relating to the Rutledge Facility.

​

LIBOR

​

On July 1, 2023, the Rabobank Mortgage Note, the Company’s only remaining indebtedness with a maturity date beyond 2023 that had exposure to LIBOR, was converted to a SOFR-based instrument. Accordingly, as of December 31, 2023, the Company did not have any indebtedness that had exposure to LIBOR.

​

Debt Issuance Costs

​

During the years ended December 31, 2024 and 2023, the Company incurred $0.1 million and $0.3 million, respectively, in debt issuance costs. The Company recorded amortization expense of $0.7 million for each of the years ended December 31, 2024 and 2023, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $2.6 million and $1.9 million as of December 31, 2024 and 2023, respectively. For more information on the Company’s accounting policies related to debt issuance costs, see “Note 1—Organization and Significant Accounting Policies—Debt Issuance Costs.”

​

Aggregate Maturities

​

As of December 31, 2024, aggregate maturities of long-term debt for the succeeding years are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

($ in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

Year Ending December 31,

    

Future Maturities

 

2025

​

​

​

​

​

​

​

​

​

$

24,987

​

2026

​

​

​

​

​

​

​

​

​

​

68,636

​

2027

​

​

​

​

​

​

​

​

​

 

24,987

​

2028

​

​

​

​

​

​

​

​

​

​

20,158

​

2029

​

​

​

​

​

​

​

​

​

​

—

​

Thereafter

​

​

​

​

​

​

​

​

​

​

65,806

​

​

​

​

​

​

​

​

​

​

​

$

204,574

​

​

Fair Value

​

The fair value of the mortgage notes payable is valued using Level 3 inputs under the hierarchy established by GAAP and is calculated based on a discounted cash flow analysis, using interest rates based on management’s estimates of market interest rates on long-term debt with comparable terms whenever the interest rates on the mortgage notes payable are deemed not to be at market rates. As of December 31, 2024 and 2023, the estimated fair value of the mortgage notes payable was $193.5 million and $349.1 million, respectively.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies.  
Commitments and Contingencies

Note 8—Commitments and Contingencies

​

The Company is not currently subject to any known material contingencies arising from its business operations, nor to any material known or threatened litigation other than as discussed below.

​

Office Leases

​

As of December 31 2024, the Company had seven leases in place for office space and office equipment with payments ranging between $206 and $13,711 per month and lease terms expiring between January 2025 and December 2025. The Company recognizes right of use assets and related lease liabilities in the consolidated balance sheets. The Company estimated the value of the lease liabilities using discount rates ranging from 3.35% to 6.47%, equivalent to the rates we would pay on a secured borrowing with similar terms to the lease at the inception of the lease. Options to extend the lease are excluded in our minimum lease terms unless the option is reasonably certain to be exercised. The Company’s total lease cost during the years ended December 31, 2024 and 2023 was $0.3 million and $0.2 million, respectively. Minimum annual rental payments under these operating leases, reconciled to the lease liability included in our consolidated balance sheets, are as follows (in thousands):

​

​

​

​

​

​

($ in thousands)

    

Future rental

 

Year Ending December 31,

​

payments

 

2025

​

$

221

​

2026

​

​

—

​

2027

​

​

—

​

2028

​

 

—

​

2029

​

​

—

​

Thereafter

​

​

—

​

Total lease payments

​

​

221

​

Less: imputed interest

​

​

(27)

​

Lease liability

​

$

194

​

​

Litigation

​

On July 2, 2021, the Company filed a complaint against First Sabrepoint Capital Management, LP, Sabrepoint Capital Partners, LP, Sabrepoint Capital Participation, LP, George Baxter, and Donald Marchiony (collectively, “Sabrepoint”) in the Civil District Courts of Dallas County, Texas seeking relief for their role, as alleged in the complaint, in the previously disclosed 2018 “short and distort” scheme to profit from an artificial decline in our stock price. Certain Sabrepoint defendants had prevailed previously on a motion to dismiss the case against them in the Rota Fortunae action in the United State District Court for the District of Colorado (where the state

case had been removed) solely on personal jurisdiction grounds. On December 17, 2021, the Company's claims against Sabrepoint in Texas were dismissed by the trial court, which granted (i) Sabrepoint's motion for summary judgment on collateral estoppel grounds, and (ii) motion to dismiss pursuant to the Texas Citizens Participation Act (“TCPA”). On March 21, 2022, after the Company filed a notice signaling an intent to appeal both orders, the Court of Appeals for the Fifth District of Texas (the “Court of Appeals”) entered an order declaring the trial court's TCPA order “VOID because the motion was denied by operation of law….” Accordingly, the Company narrowed its appeal to the trial court's grant of summary judgment. On January 26, 2022, Sabrepoint filed a motion for attorney's fees relating to the defense of that action. The trial court granted the motion for certain fees claimed by Sabrepoint as relating to its pursuit of its TCPA motion, but as noted above, the Court of Appeals subsequently overturned the TCPA order that formed the basis of Sabrepoint’s fee request, mooting the motion and the Court’s order on the same. On June 30, 2023, the Court of Appeals granted the Company’s appeal, determining that the Company’s claims against Sabrepoint are not barred, reversing the trial court and remanding the case for further proceedings on the merits. On October 13, 2023, Sabrepoint filed a Petition for Review with the Texas Supreme Court, requesting the court to review the Court of Appeals’ decision. The Company filed a response to the Sabrepoint Petition for Review with the Texas Supreme Court on December 27, 2023. Sabrepoint filed a reply in support of its petition on January 25, 2024, and on February 16, 2024, the court requested a briefing on the merits.  On January 16, 2025, the Texas Supreme Court held oral arguments, and Sabrepoint's appeal is now fully briefed and pending a decision by the court. The Company remains confident that it will ultimately be permitted to proceed with its claims against Sabrepoint.

​

Repurchase Options

​

For certain of the Company’s acquisitions, the seller retains the option to repurchase the property at a future date for a price, which is calculated based on an appreciation factor over the original purchase price plus the value of improvements on the property, that, at the time of the acquisition, the Company expected would be at or above the property’s fair market value at the exercise date. As of December 31, 2024, the Company had an approximate aggregate net book value of $0.7 million related to assets with unexercised repurchase options. As of December 31, 2023, the Company had received payments totaling $3.5 million related to an exercised repurchase option on a property. Effective March 1, 2024, the repurchase option and the lease agreement were terminated by mutual agreement, whereby the Company received a lease termination fee of $0.8 million which was recorded within rental income and retained approximately $1.2 million which was recorded in income from forfeited deposits during the year ended December 31, 2024.

​

Employee Retirement Plan

​

Effective February 1, 2022, the Company amended the Murray Wise Associates 401(k) Profit Sharing Plan and Trust to make it available to all eligible employees of the Company under revised Farmland Partners Operating Partnership, LP 401(k) Plan (the “FPI 401(k) Plan”). The FPI 401(k) Plan is a defined contribution plan for substantially all employees. The Company has elected a “safe harbor” plan in which the Company plans to make contributions which are determined and authorized by the Company’s Board of Directors each plan year. As is customary, the Company retains the right to amend the FPI 401(k) Plan at its discretion. The Company had an accrued liability for safe harbor contributions of less than $0.1 million as of each of December 31, 2024 and 2023.
v3.25.0.1
Stockholders' Equity and Non-controlling Interests
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity and Non-controlling Interests  
Stockholders' Equity and Non-controlling Interests

Note 9—Stockholders’ Equity and Non-controlling Interests

​

Non-controlling Interest in Operating Partnership

​

FPI consolidates the Operating Partnership. As of December 31, 2024 and 2023, FPI owned 97.5% and 97.6% of the outstanding interests, respectively, in the Operating Partnership, and the remaining 2.5% and 2.4% of the outstanding interests, respectively, were held in the form of Common units and comprised non-controlling interests in the Operating Partnership on the consolidated balance sheets. The non-controlling interests in the Operating Partnership consist of both the Common units and the Series A preferred units held by third parties.

​

Common Units in Operating Partnership, OP Units

​

On or after the 12 month anniversary of becoming a holder of Common units, unless the terms of an agreement with such Common unitholder dictate otherwise, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the “Partnership Agreement”), to tender for redemption all or a portion of such Common units in exchange for cash, or in the Company’s sole discretion, for shares of the Company’s common stock on a one-for-one basis. If cash is paid in satisfaction of a redemption request, the amount

will be equal to the number of tendered units multiplied by the fair market value per share of the Company’s common stock on the date of the redemption notice (determined in accordance with, and subject to adjustment under, the terms of the Partnership Agreement). Any redemption request must be satisfied by the Company on or before the close of business on the tenth business day after the Company receives a notice of redemption. During the year ended December 31, 2024, there were no redemptions of Common units. During the year ended December 31, 2023, the Company redeemed 34,000 Common units in exchange for cash of approximately $0.4 million. There were approximately 1.2 million outstanding Common units eligible to be tendered for redemption as of each of December 31, 2024 and 2023.

​

If the Company gives the limited partners notice of its intention to make an extraordinary distribution of cash or property to its stockholders or effect a merger, a sale of all or substantially all of its assets or any other similar extraordinary transaction, each limited partner may exercise its right to tender its Common units for redemption, regardless of the length of time such limited partner has held its Common units.

​

Regardless of the rights described above, the Operating Partnership will not have an obligation to issue cash to a unitholder upon a redemption request if the Company elects to redeem Common units for shares of common stock. When a Common unit is redeemed, non-controlling interest in the Operating Partnership is reduced, and stockholders’ equity is increased.

​

The Operating Partnership intends to continue to make distributions on each Common unit in the same amount as those paid on each share of FPI’s common stock, with the distributions on the Common units held by FPI being utilized to pay dividends to FPI’s common stockholders.

 

Pursuant to the consolidation accounting standard with respect to the accounting and reporting for non-controlling interest changes and changes in ownership interest of a subsidiary, changes in the parent’s ownership interest when the parent retains controlling interest in the subsidiary should be accounted for as equity transactions. The carrying amount of the non-controlling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Changes in the ownership percentages between the Company’s stockholders’ equity and non-controlling interest in the Operating Partnership resulted in a decrease to the non-controlling interest in the Operating Partnership by less than $0.1 million during the each of the years ended December 31, 2024 and 2023, with the corresponding offsets to additional paid-in capital.

​

Redeemable Non-Controlling Interests in Operating Partnership, Series A Preferred Units

​

On March 2, 2016, the sole general partner of the Operating Partnership entered into Amendment No. 1 (the “Amendment”) to the Partnership Agreement in order to provide for the issuance, and the designation of the terms and conditions, of the Series A preferred units. Pursuant to the Amendment, among other things, each Series A preferred unit has a $1,000 liquidation preference and is entitled to receive cumulative preferential cash distributions at a rate of 3.00% per annum of the $1,000 liquidation preference, which is payable annually in arrears on January 15 of each year or the next succeeding business day. The cash distributions are accrued ratably over the year and credited to redeemable non-controlling interest in the Operating Partnership, preferred units on the balance sheet with the offset recorded to retained earnings. On March 2, 2016, 117,000 Series A preferred units were issued as partial consideration in the acquisition of a portfolio of Illinois farms. Upon any voluntary or involuntary liquidation or dissolution, the Series A preferred units are entitled to a priority distribution ahead of Common units in an amount equal to the liquidation preference plus an amount equal to all distributions accumulated and unpaid to the date of such cash distribution. On May 19, 2022, the Company redeemed 5,000 Series A preferred units for $5.0 million plus accrued distributions for an aggregate of $5.1 million in cash. On September 1, 2022, the Company redeemed an additional 5,000 Series A preferred units for $5.0 million plus accrued distributions for an aggregate of $5.1 million in cash. On May 31, 2023, the Company redeemed 8,000 Series A preferred units for $8.0 million plus accrued distributions for an aggregate of $8.1 million in cash. As of December 31, 2024, 99,000 Series A preferred units were outstanding. The total liquidation value of such preferred units as of each of December 31, 2024 and 2023 was $102.0 million including accrued distributions.

 

On or after February 10, 2026 (the “Conversion Right Date”), holders of the Series A preferred units have the right to convert each Series A preferred unit into a number of Common units equal to (i) the $1,000 liquidation preference plus all accrued and unpaid distributions, divided by (ii) the volume-weighted average price per share of the Company’s common stock for the 20 trading days immediately preceding the applicable conversion date. All Common units received upon conversion may be immediately tendered for redemption for cash or, at the Company’s option, for shares of common stock on a one-for-one basis, subject to the terms and conditions set forth in the Partnership Agreement. Prior to the Conversion Right Date, the Series A preferred units may not be tendered for redemption by the Holder.

 

On or after February 10, 2021, but prior to the Conversion Right Date, the Operating Partnership has the right to redeem some or all of the Series A preferred units, at any time and from time to time, for cash in an amount per unit equal to the $1,000 liquidation preference plus all accrued and unpaid distributions.

​

In the event of a Termination Transaction (as defined in the Partnership Agreement) prior to conversion, holders of the Series A preferred units generally have the right to receive the same consideration as holders of Common units and common stock, on an as-converted basis.

 

Holders of the Series A preferred units have no voting rights except with respect to (i) the issuance of partnership units of the Operating Partnership senior to the Series A preferred units as to the right to receive distributions and upon liquidation, dissolution or winding up of the Operating Partnership, (ii) the issuance of additional Series A preferred units and (iii) amendments to the Partnership Agreement that materially and adversely affect the rights or benefits of the holders of the Series A preferred units.

​

The Series A preferred units are accounted for as mezzanine equity on the consolidated balance sheet as the units are convertible and redeemable for shares at a determinable price and date at the option of the holder upon the occurrence of an event not solely within the control of the Company.

​

The following table summarizes the changes in our redeemable non-controlling interest in the Operating Partnership for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

Series A Preferred Units

​

​

​

Redeemable

​

Redeemable

​

​

​

Preferred

​

non-controlling

(in thousands)

​

    

units

    

interests

Balance at December 31, 2022

​

​

107

​

$

110,210

Distribution paid to non-controlling interest

​

​

—

​

​

(3,210)

Accrued distributions to non-controlling interest

​

​

—

​

​

2,970

Redemption of Series A preferred units

​

​

(8)

​

​

(8,000)

Balance at December 31, 2023

​

​

99

​

$

101,970

​

​

​

​

​

​

​

Balance at December 31, 2023

​

​

99

​

$

101,970

Distribution paid to non-controlling interest

​

​

—

​

​

(2,970)

Accrued distributions to non-controlling interest

​

​

—

​

​

2,970

Redemption of Series A preferred units

​

​

—

​

​

—

Balance at December 31, 2024

​

​

99

​

$

101,970

​

Distributions

​

The Company’s Board of Directors declared and paid the following distributions to common stockholders and holders of Common units for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

Fiscal Year

    

Declaration Date

    

Record Date

    

Payment Date

    

Distributions
per Common
Share/OP unit

2024

​

December 12, 2023

​

December 29, 2023

​

January 12, 2024

​

$

0.2100

​

​

October 24, 2023

​

January 2, 2024

​

January 16, 2024

​

$

0.0600

​

​

February 27, 2024

​

April 1, 2024

​

April 15, 2024

​

$

0.0600

​

​

April 29, 2024

​

July 1, 2024

​

July 15, 2024

​

$

0.0600

​

​

July 23, 2024

​

October 1, 2024

​

October 15, 2024

​

$

0.0600

​

​

​

​

​

​

​

​

$

0.4500

​

​

​

​

​

​

​

​

​

​

2023

​

October 24, 2022

​

January 2, 2023

​

January 17, 2023

​

$

0.0600

​

​

February 21, 2023

​

April 3, 2023

​

April 17, 2023

​

$

0.0600

​

​

May 3, 2023

​

July 3, 2023

​

July 17, 2023

​

$

0.0600

​

​

July 25, 2023

​

October 2, 2023

​

October 16, 2023

​

$

0.0600

​

​

​

​

​

​

​

​

$

0.2400

​

Additionally, as of December 31, 2024, the Company accrued $57.3 million in dividends payable to common stockholders and

holders of Common units (paid in January 2025), including $54.4 million as a one-time special dividend of $1.15 per share related to asset appreciation. In general, common stock cash dividends declared by the Company will be considered ordinary income to stockholders for income tax purposes. In addition, from time to time, a portion of the Company’s dividends may be characterized as qualified dividends, capital gains or return of capital. For income tax purposes, 2024 common stock dividends were $1.40 per share (which includes the $1.15 per share one-time special dividend mentioned above), of which 87.34% are considered capital gains per I.R.C. Section 857(b)(3) and 12.66% are considered ordinary income.

​

In connection with the 3.00% cumulative preferential distribution on the Series A preferred units, the Company had accrued $3.0 million in distributions payable as of December 31, 2024. The distributions are payable annually in arrears on January 15 of each year.

​

Share Repurchase Program

​

On March 15, 2017, the Company’s Board of Directors approved a program to repurchase up to $25.0 million in shares of the Company’s common stock. On August 1, 2018, the Company’s Board of Directors increased the authority under the share repurchase program by an aggregate of $30.0 million. On November 7, 2019, the Company’s Board of Directors increased the authority under the program by an additional $50.0 million. On May 3, 2023, the Company’s Board of Directors approved a $75.0 million increase. On November 1, 2023, the Company’s Board of Directors approved a $40.0 million increase in the total authorization available under the program, increasing the total availability under the share repurchase program to approximately $85.0 million as of such date. Repurchases under this program may be made from time to time, in amounts and prices as the Company deems appropriate. Repurchases may be made in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors. This share repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company’s discretion. The Company funds repurchases under the program using cash on its balance sheet.

​

During the year ended December 31, 2024, the Company repurchased 2,240,295 shares of its common stock at a weighted average price of $12.25 per share. As of December 31, 2024, the Company had approximately $55.8 million of capacity remaining under the stock repurchase plan.

​

Equity Incentive Plan

​

On May 7, 2021, the Company’s stockholders approved the Third Amended and Restated 2014 Equity Incentive Plan (as amended and restated, the “Plan”), which increased the aggregate number of shares of the Company’s common stock reserved for issuance under the Plan to approximately 1.9 million shares. As of December 31, 2024, there were 0.2 million shares available for future grants under the Plan.

​

The Company may issue equity-based awards to officers, non-employee directors, employees, independent contractors and other eligible persons under the Plan. The Plan provides for the grant of stock options, share awards (including restricted stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity-based awards, including LTIP units, which are convertible on a one-for-one basis into Common units. The terms of each grant are determined by the compensation committee of the Company’s Board of Directors.

​

From time to time, the Company may award time-based and performance-based restricted shares of its common stock under the Plan, as compensation to officers, employees, non-employee directors and non-employee consultants. The shares of restricted stock vest generally over a period of time and/or upon the achievement of certain performance conditions, as applicable, as determined by the compensation committee of the Company’s Board of Directors at the date of grant. Performance-based restricted shares are based upon the Company’s total shareholder return measured on an absolute basis, and relative to an index, and are subject to continued employment. The number of shares of common stock that may be ultimately earned following the end of the cumulative performance period ranges from 0% to 150% of the target number of performance-based restricted shares granted. The Company recognizes compensation expense for awards issued to officers, employees and non-employee directors for restricted shares of common stock on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. The Company recognizes compensation expense for awards issued to non-employee consultants in the same period and in the same manner as if the Company paid cash for the underlying services.

​

A summary of the non-vested restricted shares as of December 31, 2024 and 2023 is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Time-based

​

Performance-based

​

​

​

​

​

Weighted

​

​

​

Weighted

​

​

​

Number of

​

average grant

​

Number of

​

average grant

(shares in thousands)

​

    

shares

    

date fair value

    

shares

    

date fair value

Unvested at December 31, 2022

​

 

260

​

$

10.88

 

​

​

​

​

Granted

​

 

226

​

​

10.92

 

​

​

​

​

Vested

​

 

(138)

​

​

10.28

 

​

​

​

​

Forfeited

​

 

(1)

​

​

12.26

 

​

​

​

​

Unvested at December 31, 2023

​

 

347

​

$

11.15

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unvested at December 31, 2023

​

 

347

​

$

11.15

 

—

​

$

—

Granted

​

 

183

​

​

11.26

 

39

​

​

7.36

Vested

​

 

(202)

​

​

11.25

 

—

​

​

—

Forfeited

​

 

—

​

​

—

 

—

​

​

—

Unvested at December 31, 2024

​

 

328

​

$

11.15

 

39

​

$

7.36

​

The grant-date fair values of performance-based restricted shares were based on specified absolute and relative total stockholder return goals measured over a three-year performance period. The Company used Monte Carlo simulations, which use a probabilistic approach for estimating the fair values of the awards. Expected volatilities were derived from the volatility of the historical prices of the Company and the comparative index. The risk-free interest rate was determined using the yield available for zero-coupon U.S. government securities, with remaining terms corresponding to the service periods of the performance-based restricted shares. The dividend yield was based on historical dividend yields for the Company and the comparative index.

​

The Company recognized stock-based compensation and incentive expense related to restricted stock awards of $1.9 million during each of the years ended December 31, 2024 and 2023. As part of the November 2021 acquisition of Murray Wise Associates, LLC (“MWA”), the Company entered into an incentive compensation agreement providing for the issuance of up to $3.0 million in shares of common stock for the benefit of certain MWA employees, the issuance of which is tied to achieving certain profitability and asset-under-management objectives within three years following the closing of the transaction. The Company recognized $0.0 million of stock incentive expense during the each of the years ended December 31, 2024 and 2023. The incentive compensation agreement expired in November 2024. As of each of December 31, 2024 and 2023, there were $2.3 million of total unrecognized compensation costs related to nonvested stock awards, which are expected to be recognized over a weighted-average period of 1.6 years.

​

At-the-Market Offering Program

​

On May 6, 2022, the Company entered into equity distribution agreements under which the Company issued and sold from time to time, through sales agents, shares of its common stock having an aggregate gross sales price of up to $100.0 million (the “ATM Program”). The ATM Program expired on April 9, 2024 in connection with the expiration of the Company’s shelf registration statement on Form S-3 (File No. 333-254834) (the “2021 Shelf Registration Statement”) as described elsewhere in this Annual Report on Form 10-K. On May 8, 2024, the Company filed a new shelf registration statement on Form S-3 (File No. 333-279210), which was declared effective by the SEC on May 17, 2024 (the “2024 Shelf Registration Statement”), pursuant to which the Company may issue and sell additional equity or debt securities. The Company does not currently have an at-the-market offering program, but may enter into a new equity distribution agreement in the future pursuant to which sales may be made under the 2024 Shelf Registration Statement.

​

Earnings (Loss) per Share

​

The computation of basic and diluted earnings (loss) per share is shown below. Diluted earnings (loss) per share includes the impact of unvested restricted shares and Series A preferred units, if dilutive.

​

​

​

​

​

​

​

​

​

​

For the years ended

​

​

December 31,

(in thousands, except per share amounts)

    

2024

    

2023

Numerator for net income per share - basic:

​

​

​

​

​

​

Net income available to common stockholders of Farmland Partners Inc.

​

$

56,428

​

$

27,786

​

​

​

​

​

​

​

Numerator for net income per share - diluted:

​

​

​

​

​

​

Net income available to common stockholders of Farmland Partners Inc.

​

$

56,428

​

$

27,786

Dividend equivalent rights allocated to performance-based unvested restricted shares

​

​

—

​

​

—

Nonforfeitable distributions allocated to time-based unvested restricted shares

​

​

—

​

​

—

Distributions on Series A preferred units

​

​

2,970

​

​

2,970

Numerator for net income per share - diluted:

​

$

59,398

​

$

30,756

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

Weighted-average number of common shares - basic

​

​

47,546

​

​

50,243

Unvested time-based restricted shares

​

​

—

​

 

—

Unvested performance-based restricted shares

​

​

—

​

 

—

Redeemable non-controlling interest

​

 

8,441

​

 

8,049

Weighted-average number of common shares - diluted (1)

​

 

55,987

​

 

58,292

​

​

​

​

​

​

​

Income per share attributable to common stockholders - basic

​

$

1.19

​

$

0.55

Income per share attributable to common stockholders - diluted

​

$

1.06

​

$

0.53

(1)The limited partners’ outstanding Common units, or the non-controlling interests, (which may be redeemed for shares of common stock) have not been included in the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income would also be added back to net income, therefore increasing both net income and shares. The weighted average number of Common units held by the non-controlling interest was 1.2 million for each of the years ended December 31, 2024 and 2023.

Numerator:

​

Unvested shares of the Company’s restricted common stock are considered participating securities, which requires the use of the two-class method for the computation of basic and diluted earnings per share. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested restricted shares (participating securities) may be subtracted, as applicable, from net income or loss attributable to common stockholders utilized in the basic and diluted earnings per share calculations.

​

Denominator:

​

The outstanding Series A preferred units are non-participating securities and thus are included in the computation of diluted earnings per share on an as-if-converted basis if they are dilutive. For the years ended December 31, 2024 and 2023, these shares were included in the diluted earnings per share calculation.

​

For the years ended December 31, 2024 and 2023, diluted weighted average common shares do not include the impact of unvested compensation-related shares, as they would have been anti-dilutive.

​

Outstanding Equity Awards and Units

​

The following equity awards and units were outstanding as of December 31, 2024 and 2023, respectively.

​

​

​

​

​

​

​

​

​

​

    

December 31, 2024

​

 

December 31, 2023

Shares

​

​

45,604

​

​

47,656

Common Units

​

​

1,203

​

​

1,203

Unvested Restricted Stock Awards

​

​

328

​

​

347

​

​

​

47,135

​

​

49,206

​
v3.25.0.1
Hedge Accounting
 12 Months Ended
Dec. 31, 2024
Hedge Accounting  
Hedge Accounting

Note 10—Hedge Accounting

​

Cash Flow Hedging Strategy

​

The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its financing sources. The Company may also use interest rate derivative financial instruments, primarily interest rate swaps. As of December 31, 2024 and 2023, the Company was a party to one interest rate swap, designated as a hedging instrument, to add stability to interest expense and to manage its exposure to adverse interest rate movements.

​

For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the entire change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of stockholders’ equity in the Company’s consolidated balance sheets.

​

On March 26, 2020, the Company terminated its existing swap agreement and entered into a new interest rate swap agreement to obtain a more favorable interest rate and to manage interest rate risk exposure, which was effective April 1, 2020. An interest rate swap agreement utilized by the Company effectively modified the Company’s exposure to interest rate risk by converting the Company’s floating-rate debt to a fixed rate basis for the next six years on 50% of the outstanding amount to Rabobank at the time of the agreement, thus reducing the impact of interest rate changes on future interest expense. This agreement involves the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount. The fair value of the de-designated swap was $2.6 million on the termination date. The Company amortized the de-designated swap over the original term utilizing a forward curve analysis of determining monthly amortization out of Other Comprehensive Income through the original termination date (March 1, 2023). The Company’s $2.6 million termination fee was rolled into the new swap and will be paid through March 1, 2026. Termination fees paid during the years ended December 31, 2024 and 2023 were $0.4 million, for each year. On October 17, 2024, as a result of the reduction in debt on our Rabobank Mortgage Note, the Company amended its existing swap agreement to adjust the total notional amount from $33.2 million to $11.8 million, effectively reducing our floating rate exposure to $0.0 million. No other terms of the existing swap agreement were amended. The amendment resulted in proportional partial de-designation of the existing swap. The fair value for the portion de-designated was $0.5 million on the amendment date. The Company will amortize this amount through Other Comprehensive Income utilizing a forward curve analysis over the remaining term of the swap. Amortization for the years ended December 31, 2024 and 2023 was $(0.1) million and $0.2 million, respectively.

​

The Company determines the hedge effectiveness of its interest rate swaps at inception by applying a quantitative evaluation of effectiveness using regression analysis. On an ongoing basis the Company applies an initial qualitative assessment of on-going effectiveness and reviews hedge effectiveness through assessing the hedge relationship by comparing the current terms of the swap and the associated debt to ensure they continue to coincide through the continued ability of the Counterparty to the swap to honor its obligations under the swap contract. If the qualitative assessment indicates that the hedge relationship is not highly effective, the Company would then perform a quantitative evaluation using regression analysis. The Company concluded the hedge was highly effective at inception and remained highly effective as of December 31, 2024.

​

As of December 31, 2024, the total notional amount of the Company’s receive-variable/pay-fixed interest rate swap was $11.8 million.

​

The fair value of the Company’s derivative instrument on a recurring basis as of December 31, 2024, is set out below:

​

​

​

​

​

​

​

($ in thousands)

​

​

​

​

​

Instrument

    

Balance sheet location

    

Level 2 Fair Value

Interest rate swap

​

Derivative asset

​

$

498

​

The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2024 and 2023 is set out below:

​

​

​

​

Cash flow hedging relationships

    

Location of Gain (Loss) reclassified from Accumulated OCI into income

Interest rate contracts

​

Interest expense

​

The net change associated with current period hedging transactions was $(1.1) million and $(0.8) million for the years ended December 31, 2024 and 2023, respectively. The amortization of frozen Accumulated Other Comprehensive Income was $(0.1) million and $0.2 million for the years ended December 31, 2024 and 2023, respectively.

​

The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. Level 2 is defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2024. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

​

The following table outlines the movements in the other comprehensive income account as of December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

($ in thousands)

​

​

    

December 31, 2024

    

December 31, 2023

Beginning accumulated derivative instrument gain or loss

​

​

​

$

2,691

​

$

3,306

Net change associated with current period hedging transactions

​

​

​

​

(1,065)

​

​

(813)

Amortization of frozen AOCI on de-designated hedge

​

​

​

​

(114)

​

​

198

Difference between a change in fair value of excluded components

​

​

​

​

—

​

​

—

Closing accumulated derivative instrument gain or loss

​

​

​

$

1,512

​

$

2,691

​
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Income Taxes

Note 11—Income Taxes

​

The TRS income/(loss) before provision for income taxes consisted of the following:

​

​

​

​

​

​

​

​

​

​

For the years ended

($ in thousands)

​

December 31, 2024

​

December 31, 2023

United States

​

$

(338)

​

$

(2,722)

International

​

​

—

​

​

—

Total

​

$

(338)

​

$

(2,722)

​

The federal and state income tax provision (benefit) is summarized as follows:

​

​

​

​

​

​

​

​

​

​

For the years ended

($ in thousands)

​

December 31, 2024

​

December 31, 2023

Current:

​

​

​

​

​

​

Federal

​

$

2

​

$

(144)

State

​

​

—

​

​

(41)

Total Current Tax (Benefit) Expense

​

$

2

​

$

(185)

Deferred:

​

​

​

​

​

​

Federal

​

​

(18)

​

​

19

Total Tax (Benefit) Expense

​

$

(16)

​

$

(166)

​

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant items comprising the TRS’s deferred taxes as of December 31, 2024 are as follows:

​

​

​

​

​

​

​

​

($ in thousands)

​

December 31, 2024

​

December 31, 2023

Deferred tax assets:

​

​

​

​

​

​

Net operating loss

​

$

1,986

​

$

1,996

Stock Compensation

​

​

12

​

​

5

Deferred Revenue

​

​

—

​

​

3

Charitable Contributions

​

​

5

​

​

4

Total deferred tax assets

​

$

2,003

​

​

2,008

Deferred tax liabilities:

​

​

​

​

​

​

Fixed assets

​

$

(13)

​

$

(15)

Intangible Assets

​

​

(86)

​

​

(181)

Total deferred tax liabilities

​

$

(99)

​

$

(196)

Valuation Allowance

​

​

(1,925)

​

​

(1,851)

Net deferred taxes

​

$

(21)

​

$

(39)

​

ASC 740, Income Taxes, requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the TRS’s ability to generate sufficient taxable income within the carryforward period. Because of the TRS’s recent history of operating losses, and management’s inability to accurately project future taxable income, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The valuation allowance increased by $0.1 million during the year ended December 31, 2024. The amount of the valuation allowance for deferred tax assets associated with excess tax deduction from stock-based incentive arrangements that is allocated to contributed capital if the future tax benefits are subsequently recognized is $0.0 million.

​

Net operating losses and tax credit carryforwards as of December 31, 2024 are as follows:

​

​

​

​

​

​

​

​

($ in thousands)

​

December 31, 2024

​

Expiration Year

Net operating losses, federal (Post-December 31, 2017)

​

$

7,683

​

​

Does not expire

Net operating losses, state

​

$

5,386

​

​

Various

​

The effective tax rate of the TRS’s provision (benefit) for income taxes differs from the federal statutory rate as follows:

​

​

​

​

​

​

​

​

​

​

​

Tax (Benefit) Expense

​

​

​

For the years ended December 31,

​

($ in thousands

​

2024

    

2023

​

Statutory Rate

​

$

(71)

​

$

(571)

​

State Tax

​

​

(19)

​

​

(191)

​

Valuation Allowance

​

​

74

​

​

596

​

​

​

$

(16)

​

$

(166)

​

​

​

​

​

​

​

​

​

​

​

​

Tax Rate

​

​

​

For the years ended December 31,

​

​

​

2024

    

2023

​

Statutory Rate

​

​

21.00

%

​

21.00

%

State Tax

​

​

5.62

%

​

7.02

%

Valuation Allowance

​

​

(21.89)

%

​

(21.92)

%

​

​

​

4.73

%

​

6.10

%

​
v3.25.0.1
Quarterly Financial Information (unaudited)
 12 Months Ended
Dec. 31, 2024
Quarterly Financial Information (unaudited)  
Quarterly Financial Information (unaudited)

Note 12—Quarterly Financial Information (unaudited)

​

The following table reflects the quarterly results of operations for the years ended December 31, 2024 and 2023.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Ended

($ in thousands except per share data)

​

March 31, 2024

​

June 30, 2024

​

September 30, 2024

​

December 31, 2024

Operating revenues

    

$

11,990

​

$

11,445

​

$

13,317

​

$

21,474

Operating expenses

​

​

6,843

​

​

8,205

​

​

8,094

​

​

10,397

Other expenses (1)

​

​

3,720

​

​

5,293

​

​

3,374

​

​

(49,134)

Net income (loss) before income tax expense

​

​

1,427

​

​

(2,053)

​

​

1,849

​

​

60,211

Income tax expense

​

​

(19)

​

​

1

​

​

(11)

​

​

45

Net income (loss)

​

$

1,408

​

$

(2,052)

​

$

1,838

​

$

60,256

Net income (loss) available to common stockholders of Farmland Partners Inc.

​

$

606

​

$

(2,769)

​

$

1,028

​

$

57,563

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic net income (loss) per share available to common stockholders (2)

​

$

0.01

​

$

(0.06)

​

$

0.02

​

$

1.22

Diluted net income (loss) per share available to common stockholders (2)

​

$

0.01

​

$

(0.06)

​

$

0.02

​

$

1.04

Basic weighted average common shares outstanding

​

​

47,704

​

​

47,798

​

​

47,839

​

​

46,836

Diluted weighted average common shares outstanding

​

​

47,704

​

​

47,798

​

​

47,839

​

​

55,093

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Ended

​

    

March 31, 2023

​

June 30, 2023

​

September 30, 2023

​

December 31, 2023

Operating revenues

​

$

12,672

​

$

11,584

​

$

11,618

​

$

21,592

Operating expenses

​

​

7,835

​

​

8,828

​

​

11,603

​

​

11,201

Other expenses (1)

​

​

3,114

​

​

(5,146)

​

​

(4,109)

​

​

(7,375)

Net income before income tax expense

​

​

1,723

​

​

7,902

​

​

4,124

​

​

17,766

Income tax expense

​

​

(9)

​

​

(4)

​

​

191

​

​

(12)

Net income

​

$

1,714

​

$

7,898

​

$

4,315

​

$

17,754

Net income available to common stockholders of Farmland Partners Inc.

​

$

857

​

$

7,001

​

$

3,446

​

$

16,482

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic net income (loss) per share available to common stockholders (2)

​

$

0.02

​

$

0.14

​

$

0.07

​

$

0.35

Diluted net income (loss) per share available to common stockholders (2)

​

$

0.02

​

$

0.12

​

$

0.07

​

$

0.30

Basic weighted average common shares outstanding

​

​

54,007

​

​

50,860

​

​

48,432

​

​

47,762

Diluted weighted average common shares outstanding

​

​

54,007

​

​

59,112

​

​

48,432

​

​

55,635

(1)Other expenses for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024 included $0.1 million, $0.0 million, $(2.0) million, ($52.2) million, respectively, related to gain on disposition of assets. Other expenses for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023 included $1.8 million, $11.1 million, $10.3 million, $12.9 million, respectively, related to gain (loss) on disposition of assets.
(2)The basic and diluted net (loss) income for the quarters do not equal full year results due to issuance of common stock throughout the year and rounding.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events  
Subsequent Events

Note 13—Subsequent Events

​

We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the day the financial statements were issued.

​

Dividends

​

On February 18, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.06 per share of common stock and Common unit payable on April 15, 2025 to stockholders and unitholders of record as of April 1, 2025.

​

Additionally, subsequent to December 31, 2024, the Company paid dividends totaling $57.2 million including $54.4 million as a one-time special dividend of $1.15 per share related to asset appreciation. These dividends were accrued as of December 31, 2024.

​

Share Repurchase Program

​

Subsequent to December 31, 2024, the Company repurchased 63,023 shares of common stock at a weighted average price of $11.74 per share.

​

Real Estate Dispositions

​

Subsequent to December 31, 2024, the Company completed one farm disposition in the West Coast region for $4.1 million in aggregate consideration, including $2.1 million in seller financing.

​

Repayments on Mortgage Notes Payable

​

In connection with the disposition mentioned above, the Company made principal repayments on MetLife Term Loan #9 of $2.0 million subsequent to December 31, 2024.

​

Issuances and Repayments of Loans under the FPI Loan Program

​

Subsequent to December 31, 2024, in addition to the $2.1 million in seller financing noted above, the Company issued two additional loans under the FPI Loan Program for an aggregate principal amount of approximately $3.1 million to third-party farmers (both tenant and non-tenant) and landowners. Total principal repayments on the FPI Loan Program subsequent to December 31, 2024 were $2.0 million.

​
v3.25.0.1
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
Schedule III-Real Estate and Accumulated Depreciation  
Schedule III-Real Estate and Accumulated Depreciation

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Initial Cost to Company

​

Cost Capitalized Subsequent to
Acquisition

​

Gross Amount at Which
Carried at Close of Period

​

​

​

Life on Which Depreciation in
Latest Income

Description

Encumbrances

Land

Improvements

Total

​

Land

Improvements

Total

​

Land

Improvements

Total

Accumulated
Depreciation

Date of
Construction

Date Acquired

Statements is
Computed

California

(j)

44,994

—

44,994

​

—

—

—

​

44,994

—

44,994

—

​

2017

​

—

​

California

(j)

33,482

—

33,482

​

—

—

—

​

33,482

—

33,482

—

​

2017

​

—

​

California

(q)

19,925

11,521

31,446

​

—

1,782

1,782

​

19,925

13,303

33,228

6,221

2017, 2019, 2022, 2023

2017

​

17

​

Illinois

(k), (l)

29,677

431

30,108

​

—

2,593

2,593

​

29,677

3,024

32,701

727

2017, 2018, 2023

2017

​

25

​

California

(j)

31,567

—

31,567

​

—

—

—

​

31,567

—

31,567

—

​

2017

​

—

​

Illinois

(h)

22,887

1,484

24,371

​

39

1,820

1,859

​

22,926

3,304

26,230

664

2017, 2018, 2019, 2023

2017

​

26

​

Louisiana

​

24,882

128

25,010

​

131

195

326

​

25,013

323

25,336

73

2021, 2022

2021

​

6

​

California

(q)

7,647

11,518

19,165

​

—

991

991

​

7,647

12,509

20,156

3,453

2017, 2018, 2020, 2021, 2022, 2024

2017

​

24

​

California

(q)

10,935

6,878

17,813

​

—

409

409

​

10,935

7,287

18,222

2,792

2017, 2021, 2023, 2024

2017

​

28

​

California

(q)

9,998

8,116

18,114

​

—

(488)

(488)

​

9,998

7,628

17,626

3,131

2017, 2021

2017

​

19

​

California

(q)

8,326

6,075

14,401

​

—

2,649

2,649

​

8,326

8,724

17,050

1,783

2017, 2018, 2019, 2021, 2022, 2024

2017

​

27

​

California

(q)

11,888

3,398

15,286

​

—

789

789

​

11,888

4,187

16,075

1,739

2017, 2021, 2022, 2023, 2024

2017

​

20

​

Illinois

​

14,188

110

14,298

​

—

—

—

​

14,188

110

14,298

19

2024

2024

​

6

​

Texas

(d)

5,773

6,338

12,111

​

—

312

312

​

5,773

6,650

12,423

980

2022, 2023, 2024

2022

​

11

​

Colorado

(p)

10,716

70

10,786

​

—

—

—

​

10,716

70

10,786

19

2014

2014

​

39

​

California

(q)

8,340

4,546

12,886

​

—

(2,345)

(2,345)

​

8,340

2,201

10,541

807

2017, 2020, 2021, 2023

2017

​

23

​

California

(q)

9,534

263

9,797

​

—

(31)

(31)

​

9,534

232

9,766

154

2017

2017

​

17

​

California

(q)

6,191

2,772

8,963

​

—

(70)

(70)

​

6,191

2,702

8,893

1,181

2017

2017

​

15

​

South Carolina

(l)

7,904

133

8,037

​

—

72

72

​

7,904

205

8,109

40

2015, 2017, 2020, 2024

2015

​

23

​

Illinois

(e)

7,359

420

7,779

​

1

(350)

(349)

​

7,360

70

7,430

43

2016

2016

​

15

​

Illinois

(o)

6,097

—

6,097

​

—

450

450

​

6,097

450

6,547

78

2018

2016

​

40

​

Missouri

(d)

6,493

15

6,508

​

—

—

—

​

6,493

15

6,508

6

2021

2021

​

15

​

Illinois

(o)

6,429

—

6,429

​

—

—

—

​

6,429

—

6,429

—

​

2016

​

—

​

Illinois

(e)

5,502

—

5,502

​

—

338

338

​

5,502

338

5,840

279

2016

2016

​

10

​

California

(d)

5,446

390

5,836

​

—

—

—

​

5,446

390

5,836

148

2021, 2023

2021

​

11

​

California

(q)

3,559

3,317

6,876

​

—

(1,122)

(1,122)

​

3,559

2,195

5,754

641

2017

2017

​

27

​

Colorado

(d)

3,388

147

3,535

​

—

2,179

2,179

​

3,388

2,326

5,714

499

2021

2021

​

21

​

Colorado

(g)

793

4,731

5,524

​

—

173

173

​

793

4,904

5,697

643

2016, 2017, 2019, 2021, 2022, 2024

2016

​

22

​

Illinois

(e)

5,463

105

5,568

​

—

7

7

​

5,463

112

5,575

37

2016

2016

​

23

​

Colorado

(i)

4,156

1,280

5,436

​

—

(6)

(6)

​

4,156

1,274

5,430

408

2017

2017

​

28

​

Arkansas

(d)

5,169

185

5,354

​

—

—

—

​

5,169

185

5,354

114

2017

2017

​

15

​

Illinois

(e)

4,928

4

4,932

​

—

148

148

​

4,928

152

5,080

23

2017

2016

​

50

​

Illinois

(d)

4,819

20

4,839

​

—

—

—

​

4,819

20

4,839

10

2022

2022

​

5

​

Illinois

(q)

4,575

—

4,575

​

—

—

—

​

4,575

—

4,575

—

​

2017

​

—

​

Illinois

(o)

4,530

4

4,534

​

—

—

—

​

4,530

4

4,534

3

2016

2016

​

10

​

California

(k)

2,461

1,974

4,435

​

—

(2)

(2)

​

2,461

1,972

4,433

436

2017, 2018, 2022, 2023

2017

​

20

​

Illinois

(o)

4,358

—

4,358

​

—

—

—

​

4,358

—

4,358

—

​

2016

​

—

​

Colorado

(p)

3,566

359

3,925

​

—

130

130

​

3,566

489

4,055

167

2014, 2016, 2017, 2018, 2021

2014

​

20

​

Illinois

(o)

3,818

—

3,818

​

1

—

1

​

3,819

—

3,819

—

​

2016

​

—

​

Illinois

(d)

2,981

—

2,981

​

—

634

634

​

2,981

634

3,615

315

2015

2014

​

38

​

Illinois

(o)

3,547

—

3,547

​

—

—

—

​

3,547

—

3,547

—

​

2016

​

—

​

Illinois

(d)

1,290

—

1,290

​

—

2,199

2,199

​

1,290

2,199

3,489

806

2015, 2017

2014

​

38

​

Illinois

(o)

3,476

—

3,476

​

—

4

4

​

3,476

4

3,480

3

2016

2016

​

12

​

Illinois

(d)

3,401

16

3,417

​

—

—

—

​

3,401

16

3,417

4

2022

2022

​

10

​

Illinois

(o)

3,002

68

3,070

​

—

253

253

​

3,002

321

3,323

258

2016, 2018

2016

​

16

​

Illinois

(e)

3,218

—

3,218

​

—

95

95

​

3,218

95

3,313

17

2018

2016

​

40

​

Illinois

(o)

3,282

—

3,282

​

—

—

—

​

3,282

—

3,282

—

​

2016

​

—

​

Illinois

(q)

3,163

—

3,163

​

—

—

—

​

3,163

—

3,163

—

​

2017

​

—

​

Illinois

(o)

3,063

—

3,063

​

—

—

—

​

3,063

—

3,063

—

​

2016

​

—

​

Illinois

(o)

3,036

—

3,036

​

—

—

—

​

3,036

—

3,036

—

​

2016

​

—

​

Illinois

(d)

2,912

89

3,001

​

—

—

—

​

2,912

89

3,001

31

2022

2022

​

7

​

Illinois

(o)

2,687

—

2,687

​

3

204

207

​

2,690

204

2,894

31

2017

2016

​

50

​

Illinois

(e)

2,875

42

2,917

​

—

(42)

(42)

​

2,875

—

2,875

—

2016

2016

​

—

​

Illinois

(d)

2,572

—

2,572

​

—

236

236

​

2,572

236

2,808

38

2017

2014

​

50

​

Illinois

(o)

2,723

—

2,723

​

—

—

—

​

2,723

—

2,723

—

​

2016

​

—

​

Illinois

(d)

2,661

—

2,661

​

—

—

—

​

2,661

—

2,661

—

​

2021

​

—

​

California

(q)

967

1,357

2,324

​

—

333

333

​

967

1,690

2,657

510

2017, 2018, 2024

2017

​

27

​

South Carolina

(i)

1,321

91

1,412

​

246

997

1,243

​

1,567

1,088

2,655

156

2017, 2018, 2020, 2023, 2024

2017

​

32

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Initial Cost to Company

​

Cost Capitalized Subsequent to
Acquisition

​

Gross Amount at Which
Carried at Close of Period

​

​

​

Life on Which Depreciation in
Latest Income

Description

Encumbrances

Land

Improvements

Total

​

Land

Improvements

Total

​

Land

Improvements

Total

Accumulated
Depreciation

Date of
Construction

Date Acquired

Statements is
Computed

Colorado

(b)

1,995

84

2,079

​

—

504

504

​

1,995

588

2,583

246

2015, 2016, 2017, 2018

2015

​

17

​

Illinois

(o)

2,547

—

2,547

​

—

—

—

​

2,547

—

2,547

—

​

2016

​

—

​

Illinois

(i)

2,525

—

2,525

​

—

—

—

​

2,525

—

2,525

—

​

2017

​

—

​

Illinois

(d)

2,416

22

2,438

​

—

—

—

​

2,416

22

2,438

3

2022

2022

​

20

​

Illinois

(o)

2,428

—

2,428

​

—

—

—

​

2,428

—

2,428

—

​

2016

​

—

​

Illinois

(e)

2,406

—

2,406

​

—

—

—

​

2,406

—

2,406

—

​

2016

​

—

​

Colorado

(p)

2,328

—

2,328

​

—

—

—

​

2,328

—

2,328

—

​

2014

​

—

​

Illinois

(e)

2,028

28

2,056

​

—

225

225

​

2,028

253

2,281

44

2018

2016

​

40

​

Illinois

(o)

2,019

—

2,019

​

—

216

216

​

2,019

216

2,235

38

2016, 2019

2016

​

34

​

Illinois

(e)

2,104

—

2,104

​

—

98

98

​

2,104

98

2,202

20

2018

2016

​

40

​

South Carolina

(k)

1,090

—

1,090

​

230

847

1,077

​

1,320

847

2,167

145

2018, 2019, 2021

2018

​

39

​

Illinois

​

2,128

34

2,162

​

—

—

—

​

2,128

34

2,162

10

2022

2022

​

7

​

Illinois

​

2,146

—

2,146

​

—

—

—

​

2,146

—

2,146

—

​

2023

​

—

​

Indiana

​

2,125

—

2,125

​

—

—

—

​

2,125

—

2,125

—

​

2022

​

—

​

Illinois

(d)

1,700

—

1,700

​

—

346

346

​

1,700

346

2,046

97

2017

2014

​

35

​

Illinois

​

2,041

—

2,041

​

—

—

—

​

2,041

—

2,041

—

​

2022

​

—

​

Colorado

(g)

1,760

—

1,760

​

—

248

248

​

1,760

248

2,008

67

2017, 2023

2016

​

23

​

Illinois

(e)

1,999

—

1,999

​

—

—

—

​

1,999

—

1,999

—

​

2016

​

—

​

Illinois

(e)

1,877

105

1,982

​

—

—

—

​

1,877

105

1,982

37

2016

2016

​

25

​

Illinois

(e)

1,975

—

1,975

​

—

—

—

​

1,975

—

1,975

—

​

2016

​

—

​

Illinois

(e)

1,960

—

1,960

​

—

—

—

​

1,960

—

1,960

—

​

2016

​

—

​

Illinois

(e)

1,949

—

1,949

​

—

—

—

​

1,949

—

1,949

—

​

2016

​

—

​

Illinois

(g)

1,905

—

1,905

​

—

—

—

​

1,905

—

1,905

—

​

2016

​

—

​

Colorado

(p)

1,810

210

2,020

​

—

(129)

(129)

​

1,810

81

1,891

30

2014, 2016, 2021

2014

​

18

​

Illinois

(e)

1,863

—

1,863

​

—

—

—

​

1,863

—

1,863

—

​

2016

​

—

​

Illinois

(e)

1,856

—

1,856

​

—

—

—

​

1,856

—

1,856

—

​

2016

​

—

​

Illinois

(q)

1,825

—

1,825

​

—

—

—

​

1,825

—

1,825

—

​

2018

​

—

​

Illinois

(d)

1,815

—

1,815

​

—

—

—

​

1,815

—

1,815

—

​

2022

​

—

​

Illinois

(o)

1,696

—

1,696

​

—

109

109

​

1,696

109

1,805

17

2017

2016

​

50

​

South Carolina

(l)

1,303

225

1,528

​

—

265

265

​

1,303

490

1,793

93

2016, 2017, 2020, 2023, 2024

2016

​

34

​

Illinois

(o)

1,772

—

1,772

​

—

—

—

​

1,772

—

1,772

—

​

2016

​

—

​

Illinois

(d)

1,750

—

1,750

​

—

—

—

​

1,750

—

1,750

—

​

2014

​

—

​

Nebraska

(p)

1,608

32

1,640

​

—

98

98

​

1,608

130

1,738

40

2014, 2015, 2024

2014

​

23

​

Illinois

(q)

1,735

—

1,735

​

—

—

—

​

1,735

—

1,735

—

​

2017

​

—

​

Illinois

(e)

1,734

—

1,734

​

—

—

—

​

1,734

—

1,734

—

​

2016

​

—

​

Illinois

(o)

1,646

88

1,734

​

—

—

—

​

1,646

88

1,734

34

2016

2016

​

23

​

Illinois

(o)

1,721

—

1,721

​

—

—

—

​

1,721

—

1,721

—

​

2016

​

—

​

Illinois

(o)

1,617

94

1,711

​

—

—

—

​

1,617

94

1,711

36

2016

2016

​

23

​

Illinois

(e)

1,678

4

1,682

​

—

(4)

(4)

​

1,678

—

1,678

—

​

2016

​

—

​

Illinois

(d)

1,496

—

1,496

​

—

159

159

​

1,496

159

1,655

6

2023

2021

​

30

​

Illinois

(o)

1,526

—

1,526

​

—

126

126

​

1,526

126

1,652

19

2017

2016

​

50

​

Arkansas

​

1,575

60

1,635

​

—

—

—

​

1,575

60

1,635

—

2024

2024

​

10

​

Illinois

(o)

1,623

—

1,623

​

—

—

—

​

1,623

—

1,623

—

​

2016

​

—

​

Illinois

(o)

1,606

—

1,606

​

—

—

—

​

1,606

—

1,606

—

​

2016

​

—

​

Illinois

(e)

1,591

—

1,591

​

—

—

—

​

1,591

—

1,591

—

​

2016

​

—

​

Illinois

(p)

1,500

—

1,500

​

—

26

26

​

1,500

26

1,526

5

2015

2014

​

50

​

Illinois

(d)

1,423

60

1,483

​

—

38

38

​

1,423

98

1,521

71

​

2014

​

35

​

Illinois

(o)

1,484

—

1,484

​

—

—

—

​

1,484

—

1,484

—

​

2016

​

—

​

Illinois

​

1,475

—

1,475

​

—

—

—

​

1,475

—

1,475

—

​

2022

​

—

​

Illinois

(q)

1,471

—

1,471

​

—

—

—

​

1,471

—

1,471

—

​

2018

​

—

​

Illinois

(o)

1,438

—

1,438

​

—

—

—

​

1,438

—

1,438

—

​

2016

​

—

​

Illinois

(d)

1,437

—

1,437

​

—

—

—

​

1,437

—

1,437

—

​

2021

​

—

​

Illinois

(l)

1,403

—

1,403

​

—

—

—

​

1,403

—

1,403

—

​

2019

​

—

​

Illinois

(e)

1,231

—

1,231

​

—

116

116

​

1,231

116

1,347

20

2018

2016

​

40

​

Illinois

(e)

1,322

—

1,322

​

—

—

—

​

1,322

—

1,322

—

​

2016

​

—

​

Illinois

​

1,321

—

1,321

​

—

—

—

​

1,321

—

1,321

—

​

2022

​

—

​

Illinois

(e)

1,132

35

1,167

​

—

103

103

​

1,132

138

1,270

14

2016, 2022

2016

​

30

​

Illinois

(p)

801

97

898

​

—

364

364

​

801

461

1,262

69

2016, 2023

2014

​

40

​

Illinois

(e)

1,261

—

1,261

​

—

—

—

​

1,261

—

1,261

—

​

2016

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Initial Cost to Company

​

Cost Capitalized Subsequent to
Acquisition

​

Gross Amount at Which
Carried at Close of Period

​

​

​

Life on Which Depreciation in
Latest Income

Description

Encumbrances

Land

Improvements

Total

​

Land

Improvements

Total

​

Land

Improvements

Total

Accumulated
Depreciation

Date of
Construction

Date Acquired

Statements is
Computed

Illinois

(b)

1,120

—

1,120

​

—

138

138

​

1,120

138

1,258

25

2016

2014

​

50

​

Illinois

(e)

1,256

—

1,256

​

—

—

—

​

1,256

—

1,256

—

​

2016

​

—

​

Illinois

(o)

1,221

—

1,221

​

—

—

—

​

1,221

—

1,221

—

​

2016

​

—

​

Illinois

(p)

1,147

—

1,147

​

—

60

60

​

1,147

60

1,207

11

2016

2014

​

50

​

Illinois

(e)

1,173

—

1,173

​

—

—

—

​

1,173

—

1,173

—

​

2016

​

—

​

Illinois

(e)

1,160

—

1,160

​

—

—

—

​

1,160

—

1,160

—

​

2016

​

—

​

Illinois

(e)

1,117

28

1,145

​

—

9

9

​

1,117

37

1,154

18

2016, 2018

2016

​

20

​

Illinois

(e)

1,077

—

1,077

​

—

70

70

​

1,077

70

1,147

12

2018

2016

​

40

​

Illinois

(e)

1,128

44

1,172

​

—

(37)

(37)

​

1,128

7

1,135

2

2016

2016

​

30

​

Illinois

​

1,128

—

1,128

​

—

—

—

​

1,128

—

1,128

—

​

2024

​

—

​

Illinois

(e)

1,121

—

1,121

​

—

—

—

​

1,121

—

1,121

—

​

2016

​

—

​

Colorado

(p)

1,030

170

1,200

​

—

(87)

(87)

​

1,030

83

1,113

19

2014, 2016, 2017, 2021

2014

​

24

​

Colorado

(p)

1,105

—

1,105

​

—

—

—

​

1,105

—

1,105

—

​

2014

​

—

​

Illinois

(e)

1,082

—

1,082

​

—

—

—

​

1,082

—

1,082

—

​

2016

​

—

​

Illinois

(o)

991

—

991

​

—

77

77

​

991

77

1,068

13

2018

2016

​

40

​

Illinois

(e)

1,060

—

1,060

​

—

—

—

​

1,060

—

1,060

—

​

2016

​

—

​

Illinois

(e)

997

—

997

​

—

58

58

​

997

58

1,055

9

2017

2016

​

50

​

Illinois

(e)

1,065

27

1,092

​

—

(44)

(44)

​

1,065

(17)

1,048

—

​

2016

​

—

​

Colorado

(l)

809

141

950

​

10

62

72

​

819

203

1,022

65

2015

2015

​

31

​

Illinois

(e)

1,007

—

1,007

​

—

—

—

​

1,007

—

1,007

—

​

2016

​

—

​

Illinois

(e)

952

40

992

​

—

—

—

​

952

40

992

11

2016

2016

​

32

​

Illinois

(e)

982

—

982

​

—

—

—

​

982

—

982

—

​

2016

​

—

​

Illinois

(e)

977

—

977

​

—

—

—

​

977

—

977

—

​

2016

​

—

​

Illinois

(e)

974

—

974

​

—

—

—

​

974

—

974

—

​

2016

​

—

​

Illinois

(e)

970

—

970

​

—

—

—

​

970

—

970

—

​

2016

​

—

​

Illinois

(e)

846

—

846

​

—

112

112

​

846

112

958

14

2019

2016

​

40

​

Illinois

(d)

923

53

976

​

—

(29)

(29)

​

923

24

947

6

​

2014

​

50

​

Illinois

(e)

940

—

940

​

—

—

—

​

940

—

940

—

​

2016

​

—

​

Illinois

​

878

33

911

​

—

—

—

​

878

33

911

7

2022

2022

​

13

​

Illinois

(e)

847

63

910

​

—

—

—

​

847

63

910

28

2016

2016

​

22

​

Illinois

(e)

881

—

881

​

—

4

4

​

881

4

885

2

2016

2016

​

20

​

Illinois

(l)

866

18

884

​

—

—

—

​

866

18

884

2

2020

2020

​

48

​

Illinois

(f)

815

—

815

​

—

60

60

​

815

60

875

10

2017

2015

​

50

​

Illinois

(e)

865

—

865

​

—

—

—

​

865

—

865

—

​

2016

​

—

​

Illinois

(e)

856

55

911

​

—

(47)

(47)

​

856

8

864

2

2016

2016

​

30

​

Illinois

(e)

858

—

858

​

—

—

—

​

858

—

858

—

​

2016

​

—

​

Illinois

(e)

855

—

855

​

—

—

—

​

855

—

855

—

​

2016

​

—

​

Illinois

(d)

644

93

737

​

—

115

115

​

644

208

852

56

2015, 2022, 2023

2014

​

42

​

Illinois

(b)

700

110

810

​

—

20

20

​

700

130

830

46

2015

2014

​

50

​

Illinois

​

829

—

829

​

—

—

—

​

829

—

829

—

​

2024

​

—

​

Illinois

(i)

825

—

825

​

—

—

—

​

825

—

825

—

​

2017

​

—

​

Illinois

(e)

776

47

823

​

—

—

—

​

776

47

823

17

2016

2016

​

25

​

Other

(r)

43,651

1,642

45,293

​

(6,507)

495

(6,012)

​

37,142

1,888

39,030

478

​

​

​

​

​

Totals

​

$ 651,440

$ 82,137

$ 733,577

​

($ 5,846)

$ 20,327

$ 14,481

​

$ 645,592

$ 102,215

$ 747,807

$ 31,501

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(b)

Properties denoted with (b) are part of a collateral pool for the $13.8 million Farmer Mac Bond #6 .

​

​

​

​

​

​

​

​

​

Farmer Mac Bond #6

​

$ 13,827

(c)

Properties denoted with (c) are part of a collateral pool for the $11.2 million Farmer Mac Bond #7.

​

​

​

​

​

​

​

​

​

Farmer Mac Bond #7

​

11,160

(d)

Properties denoted with (d) are part of a collateral pool for the $0.0 million Farmer Mac Facility.

​

​

​

​

​

​

​

​

​

Farmer Mac Facility

​

—

(e)

Properties denoted with (e) are part of a collateral pool for the $67.1 million MetLife Term Loan #1.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #1

​

67,086

(f)

Properties denoted with (f) are part of a collateral pool for the $1.6 million MetLife Term Loan #4.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #4

​

1,550

(g)

Properties denoted with (g) are part of a collateral pool for the $1.8 million MetLife Term Loan #5.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #5

​

1,827

(h)

Properties denoted with (h) are part of a collateral pool for the $16.2 million MetLife Term Loan #6.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #6

​

16,226

(i)

Properties denoted with (i) are part of a collateral pool for the $6.9 million MetLife Term Loan #7.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #7

​

6,934

(j)

Properties denoted with (j) are part of a collateral pool for the $44.0 million MetLife Term Loan #8.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #8

​

44,000

(k)

Properties denoted with (k) are part of a collateral pool for the $8.4 million MetLife Term Loan #9.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #9

​

8,400

(l)

Properties denoted with (l) are part of a collateral pool for the $21.8 million MetLife Term Loan #10.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #10

​

21,806

(m)

Properties denoted with (m) are part of a collateral pool for the $0.0 million MetLife Term Loan #11.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #11

​

—

(n)

Properties denoted with (n) are part of a collateral pool for the $0.0 million MetLife Term Loan #12.

​

​

​

​

​

​

​

​

​

MetLife Term Loan #12

​

—

(o)

Properties denoted with (o) are part of a collateral pool for the $0.0 million MetLife Facility.

​

​

​

​

​

​

​

​

​

MetLife Facility

​

—

(p)

Properties denoted with (p) are part of a collateral pool for the $11.8 million Rabobank.

​

​

​

​

​

​

​

​

​

Rabobank

​

11,758

(q)

Properties denoted with (q) are part of a collateral pool for the $0.0 million Rutledge Facility.

​

​

​

​

​

​

​

​

​

Rutledge Facility

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

$ 204,574

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(r)

Other category is comprised of 83 farms in 6 states that on an aggregate basis make up less than 5% of gross total land plus improvements as of December 31, 2024.

​

Approximately $0.4 million is part of a collateral pool for Farmer Mac Bond #6

​

​

​

​

​

​

​

​

​

​

​

​

​

Approximately $6.8 million is part of a collateral pool for the Farmer Mac Facility

​

​

​

​

​

​

​

​

​

​

​

​

​

Approximately $15.1 million is part of a collateral pool for MetLife Term Loan #1

​

​

​

​

​

​

​

​

​

​

​

​

​

Approximately $2.5 million is part of a collateral pool for MetLife Term Loan #4

​

​

​

​

​

​

​

​

​

​

​

​

​

Approximately $1.3 million is part of a collateral pool for MetLife Term Loan #5

​

​

​

​

​

​

​

​

​

​

​

​

​

Approximately $3.7 million is part of a collateral pool for the Rabo Agrifinance Note

​

​

​

​

​

​

​

​

​

​

​

​

​

Approximately $4.1 million is part of a collateral pool for the Rutledge Facility

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(s)

all of the above properties listed in Schedule III are farms.

​

​

​

​

​

​

​

​

​

​

​

​

(t)

The aggregate cost of land and depreciable property for federal income tax purposes was approximately $648.9 million as of December 31, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

​

​

2024

​

2023

​

Real Estate:

​

​

​

​

​

​

​

Balance at beginning of year

​

$

990,052

​

$

1,129,485

​

Additions during period

​

​

​

​

​

​

​

Additions through construction of improvements

​

​

4,305

​

​

10,424

​

Disposition of property and improvements

​

​

(264,291)

​

​

(165,335)

​

Acquisitions through business combinations and/or asset acquisitions

​

​

17,891

​

​

22,171

​

Impairment of assets

​

​

(150)

​

​

(6,693)

​

Balance at end of year

​

$

747,807

​

$

990,052

​

​

​

​

​

​

​

​

​

Accumulated Depreciation:

​

​

​

​

​

​

​

Balance at beginning of year

​

$

33,048

​

$

38,433

​

Disposition of improvements

​

​

(7,114)

​

​

(12,010)

​

Additions charged to costs and expenses

​

​

5,567

​

​

7,478

​

Impairment of assets

​

​

—

​

​

(853)

​

Balance at end of year

​

$

31,501

​

$

33,048

​

​

​

​

​

​

​

​

​

Real Estate balance per schedule

​

$

747,807

​

$

990,052

​

Construction in progress

​

​

1,484

​

​

4,453

​

Other non-real estate

​

​

109

​

​

109

​

Balance per consolidated balance sheet

​

$

749,400

​

$

994,614

​

​

​

​

​

​

​

​

​

Accumulated depreciation per schedule

​

$

31,501

​

$

33,048

​

Other non-real estate

​

​

56

​

​

35

​

Balance per consolidated balance sheet

​

$

31,557

​

$

33,083

​

​
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 59,911 $ 30,913
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Risk Management and Strategy

Consistent with overall risk management policies and practices, the Company’s cybersecurity program focuses on the following areas:

●Vigilance: The Company employs tools to identify, prevent and mitigate cybersecurity threats and respond to cybersecurity incidents in accordance with our internal cybersecurity policies and controls.
●Systems Safeguards: The Company and its third party vendors deploy systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved on an ongoing basis.
●Third-Party Risk Management: The Company ensures that all third party vendors that process or have access to sensitive information have appropriate cybersecurity risk controls in place.
●Training: The Company communicates regularly with employees to increase awareness around phishing and spoofing attempts and other cybersecurity schemes. Employees are encouraged to report suspicious emails or incidents to the General Counsel or the President and Chief Executive Officer.
●Incident Response Policies: The Company has established and maintains incident response policies that address the Company’s response to a cybersecurity incident.
●Communication, Coordination and Disclosure: The Company promotes awareness and surveillance over cybersecurity risk at all levels of the organization, including staff, senior management and our Board of Directors.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] While the nature of the Company’s business and the data it processes inherently limit the Company’s exposure to cybersecurity risk, the Company has implemented and maintains controls, policies, procedures and safeguards to maintain and protect confidential information as well as the integrity, continuous operation, redundancy and security of all information technology systems and data used in connection with the Company’s business. The Company generally approaches cybersecurity threats through a comprehensive approach, with the specific goals of: (i) identifying, preventing and mitigating cybersecurity threats to the Company; (ii) preserving the confidentiality, security and availability of the information that we collect and store to use in our business; (iii) protecting the Company’s intellectual property; (iv) maintaining the confidence of our customers, clients and business partners; and (v) providing appropriate public disclosure of cybersecurity risks and incidents when required.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

Our Board of Directors oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats. Our Board of Directors receives presentations on cybersecurity issues and developments as needed. Our Board of Directors also will receive prompt and timely information regarding any cybersecurity incident that meets established reporting materiality thresholds, as well as ongoing updates regarding such incident until it has been addressed. The Company evaluates the materiality of a cybersecurity incident based on the overall impact of the event, which depends on a number of factors including, but not limited to, the financial impact of the incident and the type of information involved. At least once each year, our Board of Directors discusses the Company’s approach to cybersecurity risk management with the Company’s President and Chief Executive Officer and General Counsel.

The Company’s President and Chief Executive Officer, Luca Fabbri, is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program and incident reporting, in partnership with other business leaders across the Company. In the event there is a material cybersecurity breach or incident, Mr. Fabbri works in coordination with the Company’s General Counsel, Christine Garrison, to assess and respond, including by reporting the breach or incident to our Board of Directors and/or applicable regulatory authorities, as necessary or required. Mr. Fabbri has a high level of exposure to cybersecurity oversight through his current and previous work in the technology sector. Mr. Fabbri has served in various roles in information technology and information security for over 30 years, including serving as a consultant with Elk Creek Ventures Inc. from 2003 to 2012, through which he provided consulting services in technology, and serving as co-founder and vice president of engineering of Co3 Systems Inc., an enterprise software company in the cybersecurity space that is now part of IBM, from 2010 to 2011. Mr. Fabbri also co-founded a software company called HomeSphere, for which he served as senior vice president and chief financial officer from 2000 to 2002, and currently serves on the board of directors of Basil Systems Inc., a healthcare software company. Mr. Fabbri, Ms. Garrison and the Company’s Chief Financial Officer each hold degrees in their respective fields, and each have over 15 years of experience with managing risks at the Company and in environments similar to the Company’s, including risks arising from cybersecurity threats.

Mr. Fabbri, in coordination with our Board of Directors, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. Mr. Fabbri and Ms. Garrison monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to our Board of Directors and applicable regulatory authorities when appropriate.

The Company has in the past experienced cyberattacks on its computer networks and, although none to date have been material, the Company expects that additional cyberattacks will occur in the future. Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and are not reasonably likely to affect the Company, including its business strategy, results of operations, or financial condition.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

Our Board of Directors oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats. Our Board of Directors receives presentations on cybersecurity issues and developments as needed. Our Board of Directors also will receive prompt and timely information regarding any cybersecurity incident that meets established reporting materiality thresholds, as well as ongoing updates regarding such incident until it has been addressed. The Company evaluates the materiality of a cybersecurity incident based on the overall impact of the event, which depends on a number of factors including, but not limited to, the financial impact of the incident and the type of information involved. At least once each year, our Board of Directors discusses the Company’s approach to cybersecurity risk management with the Company’s President and Chief Executive Officer and General Counsel.
Cybersecurity Risk Role of Management [Text Block] The Company’s President and Chief Executive Officer, Luca Fabbri, is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program and incident reporting, in partnership with other business leaders across the Company. In the event there is a material cybersecurity breach or incident, Mr. Fabbri works in coordination with the Company’s General Counsel, Christine Garrison, to assess and respond, including by reporting the breach or incident to our Board of Directors and/or applicable regulatory authorities, as necessary or required.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Company’s President and Chief Executive Officer, Luca Fabbri
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Mr. Fabbri has a high level of exposure to cybersecurity oversight through his current and previous work in the technology sector. Mr. Fabbri has served in various roles in information technology and information security for over 30 years, including serving as a consultant with Elk Creek Ventures Inc. from 2003 to 2012, through which he provided consulting services in technology, and serving as co-founder and vice president of engineering of Co3 Systems Inc., an enterprise software company in the cybersecurity space that is now part of IBM, from 2010 to 2011. Mr. Fabbri also co-founded a software company called HomeSphere, for which he served as senior vice president and chief financial officer from 2000 to 2002, and currently serves on the board of directors of Basil Systems Inc., a healthcare software company. Mr. Fabbri, Ms. Garrison and the Company’s Chief Financial Officer each hold degrees in their respective fields, and each have over 15 years of experience with managing risks at the Company and in environments similar to the Company’s, including risks arising from cybersecurity threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Mr. Fabbri, in coordination with our Board of Directors, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. Mr. Fabbri and Ms. Garrison monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to our Board of Directors and applicable regulatory authorities when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Organization and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Organization and Significant Accounting Policies  
Organization

Organization

​

Farmland Partners Inc. (“FPI”), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2014.

​

FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. All of FPI’s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of December 31, 2024, FPI owned a 97.5% interest in the Operating Partnership. See “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding Class A Common units of limited partnership interest in the Operating Partnership (“Common units”) and Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”). Unlike holders of FPI’s common stock, par value $0.01 per share (“common stock”), holders of the Operating Partnership’s Common units and Series A preferred units generally do not have voting rights or the power to direct the affairs of FPI. As of December 31, 2024, the Operating Partnership owned a 9.97% equity interest in an unconsolidated equity method investment that holds 11 properties (see “Note 1—Organization and Significant Accounting Policies—Equity Method Investments”).

 

References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership.

​

As of December 31, 2024, the Company owned a portfolio of approximately 93,500 acres of farmland, which is consolidated in these financial statements. In addition, as of December 31, 2024, we owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag-Pro Ohio, LLC (“Ag Pro”) under the John Deere brand and served as property manager for approximately 48,300 acres of farmland (see “Note 6—Loans and Financing Receivables”).

​

On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. We engage directly in farming, provide property management, auction, and brokerage services and volume purchasing services to our tenants through the TRS. As of December 31, 2024, the TRS performed direct farming operations on 2,103 acres of farmland owned by the Company located in California.

​

All references to numbers and percent of acres within this report are unaudited.
Principles of Consolidation

Principles of Consolidation

​

The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of FPI and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the presentation used in the current year. Such reclassifications had no effect on net income or total equity.
Use of Estimates

Use of Estimates

​

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates for a variety of reasons, including, without limitation, the impacts of public health crises, the war in Ukraine and the ongoing conflicts in the Middle East, substantially higher prices for oil and gas and substantially increased interest rates, and their effects on the domestic and global economies. We are unable to quantify the ultimate impact of these factors on our business.
Real Estate Acquisitions

Real Estate Acquisitions

​

When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or a group of similar identifiable assets, it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset, or a group of similar assets, and contains acquired inputs and processes which have the ability to contribute to the creation of outputs, these acquisitions are accounted for as business combinations.

​

The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics.

​

Whether the Company’s acquisitions are treated as asset acquisitions under Accounting Standards Codification (“ASC”) 360, Long-Lived Assets, or business combinations under ASC 805, Business Combinations, the fair value of the aggregate purchase price paid in each such acquisition is allocated among the assets acquired and any liabilities assumed by valuing the property as if it were vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of acquisition.

​

Upon acquisition of real estate, the Company allocates the purchase price of the real estate based upon the fair value of the assets and liabilities acquired, which historically have consisted of land, drainage improvements, irrigation improvements, groundwater, permanent plantings (trees, bushes, shrubs, vines and perennial crops) and grain facilities, and may also consist of intangible assets, including in-place leases, above market and below market leases, and tenant relationships. The Company allocates the purchase price to the fair value of the tangible assets by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, adjusted for depreciation.

​

Management’s estimates of land value are determined based upon various sources including third-party appraisals, our own analysis of recently acquired or developed properties and existing comparable properties in our portfolio, and other market data. Factors considered by management in its analysis of land value include soil types, water availability and the sale prices of comparable farms. Management’s estimates of groundwater value are made using historical information obtained regarding the applicable aquifer. Factors considered by management in its analysis of groundwater value are related to the location of the aquifer and whether or not the aquifer is a depletable resource or a replenishing resource. If the aquifer is a replenishing resource, no value is allocated to the groundwater. The Company includes an estimate of property taxes in the purchase price allocation of acquisitions to account for the expected liability that was assumed.

​

When above or below market leases are acquired, the Company values the intangible assets based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases, and the initial term plus the term of any below market fixed rate renewal options for below market leases that are considered bargain renewal options. The above market lease values are amortized as a reduction of rental income over the remaining term of the respective leases. The fair value of acquired below market leases, included in deferred revenue on the accompanying consolidated balance sheets, is amortized as an increase to rental income on a straight-line basis over the remaining non-cancelable terms of the respective leases, plus the terms of any below market fixed rate renewal options that are considered bargain renewal options of the respective leases.

​

The purchase price is allocated to in-place lease values and tenant relationships, if they are acquired, based on the Company’s evaluation of the specific characteristics of each tenant’s lease, availability of replacement tenants, probability of lease renewal, estimated down time and the Company’s overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships are included as an intangible asset and have been amortized over the remaining lease term (including expected renewal periods of the respective leases for tenant relationships) as amortization expense. If a tenant terminates its lease prior to its stated expiration, any unamortized amounts relating to that lease, including above and below market leases, in-place lease values, and tenant relationships, would be recorded to revenue or expense as appropriate.

 

The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs are expensed to acquisition and due diligence costs in the period of abandonment. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. During

the years ended December 31, 2024 and 2023, the Company incurred an immaterial amount of costs related to acquisition and due diligence.

 

Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, the Company determines the fair value of the equity securities issued based on the number of shares or units issued multiplied by the price per share or unit.

 

Using information available at the time of a business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. Any residual amount remaining after such allocations is allocated to goodwill. During the measurement period, which may be up to one year from the acquisition date when incomplete information exists as of the respective reporting date, the Company may adjust the preliminary purchase price allocations after obtaining more information about assets acquired and liabilities assumed at the date of acquisition. 
Real Estate Sales

Real Estate Sales

​

The Company recognizes gains (losses) from the sales of real estate assets generally at the time the title is transferred and consideration is received.
Liquidity Policy

Liquidity Policy

​

The Company manages its liquidity position and expected liquidity needs taking into consideration current cash balances, undrawn availability under its lines of credit ($167.4 million as of December 31, 2024), and reasonably expected cash receipts. The business model of the Company, and of real estate investment companies in general, utilizes debt as a structural source of financing. When debt becomes due, it is generally refinanced rather than repaid using the Company’s cash flow from operations. The Company has a history of being able to refinance its debt obligations prior to maturity. Furthermore, the Company also has a substantial portfolio of real estate assets and demonstrated ability to readily sell assets if necessary to fund any immediate liquidity needs. As of December 31, 2024, the Company had $203.7 million of mortgage and other debt against a portfolio of real estate assets with a net book value of $717.8 million.

Real Estate

Real Estate

​

The Company’s real estate consists of land, groundwater and improvements made to the land consisting of permanent plantings, grain facilities, irrigation improvements, drainage improvements and other improvements. The Company records real estate at cost and capitalizes improvements and replacements when they extend the useful life or improve the efficiency of the asset. Construction in progress includes the costs to build new grain storage facilities and install new pivots, drainage and wells on newly acquired farms. The Company begins depreciating assets when the asset is ready for its intended use.

​

The Company expenses costs of repairs and maintenance at the time such costs are incurred. The Company computes depreciation and depletion for assets classified as improvements using the straight-line method over their estimated useful lives as follows:

​

​

​

​

​

​

​

​

    

Years

 

Grain facilities

 

10

-

40

​

Irrigation improvements

 

2

-

40

​

Drainage improvements

 

20

-

65

​

Groundwater

 

3

-

50

​

Permanent plantings

​

13

-

40

​

Other

 

5

-

40

​

​

The Company periodically evaluates the estimated useful lives for groundwater based on current state water regulations and depletion levels of the aquifers.

​

When a sale occurs, the Company recognizes the associated gain or loss when all consideration has been transferred, the sale has closed and there is no material continuing involvement. If a sale is expected to generate a loss, the Company first assesses it through the impairment evaluation process—see ‘‘Impairment of Real Estate Assets’’ below.
Impairment of Real Estate Assets

Impairment of Real Estate Assets

​

The Company evaluates its tangible and identifiable intangible real estate assets for impairment indicators whenever events such as declines in a property’s operating performance, deteriorating market conditions or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. If such events are present, the Company projects the total undiscounted cash flows of the asset, including proceeds from disposition, and compares them to the net book value of the asset. If this evaluation indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the estimated fair value of the asset. During the quarter ended September 30, 2023, the Company was under contract to sell an asset for less than its carrying amount, resulting in an impairment of $3.8 million. The estimated fair value of this asset was $3.6 million. The asset was sold during the fourth quarter of 2023. During the quarter ended December 31, 2023, the Company determined that one of its assets had an estimated fair value of $9.8 million, resulting in an impairment of $2.0 million. This is considered a Level 3 measurement under the fair value hierarchy. Level 3 is defined as inputs to the valuation methodology that are unobservable, supported by little or no market activity and are significant to the fair value measurement. The asset was valued based upon a market assessment of similar properties. There was $0.2 million and $5.8 million of impairment recognized on real estate assets in the accompanying financial statements during the years ended December 31, 2024 and 2023, respectively.
Cash and Cash Equivalents

Cash and Cash Equivalents

​

The Company’s cash and cash equivalents at December 31, 2024 and 2023 was held in the custody of five financial institutions for both periods and the Company’s balance at any given financial institution may at times exceed federally insurable limits. We consider highly liquid investments purchased with an original maturity of three months or less, such as money market funds, to be cash equivalents. The Company monitors balances with individual financial institutions to mitigate risks relating to balances exceeding such limits.
Debt Issuance Costs

Debt Issuance Costs

​

Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable, net except for those costs relating to the Company’s lines of credit which are recognized as an asset within deferred financing fees, net. Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the books upon maturity or repayment of the underlying debt. For more information on the Company’s debt, see “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable”.
Loans and Financing Receivables

Loans and Financing Receivables

​

Loans and financing receivables are stated at their unpaid principal balance and include unamortized direct origination costs, prepaid interest and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. As of December 31, 2024 and 2023, the Company has two types of loans and financing receivables: loans under the Company’s loan program (the “FPI Loan Program”) and sale-leaseback transactions accounted for as financing receivables.

​

Loans under the FPI Loan Program: The Company offers an agricultural lending product focused on farmers as a complement to the Company’s business of acquiring and owning farmland and leasing it to farmers. Under the FPI Loan Program, the Company makes loans to third-party farmers (both tenant and non-tenant) and landowners to provide financing for property acquisitions, working capital requirements, operational farming activities, farming infrastructure projects and for other farming, agricultural  and other real estate related projects. As of each of December 31, 2024 and 2023, the Company had six notes outstanding under the FPI Loan Program and has designated each of the notes receivable as loans. For loans under the FPI Loan Program, a loan is placed on non-accrual status when management determines, after considering economic and business conditions and collection efforts, that the loan is impaired or collection of interest is doubtful. The accrual of interest on the instrument ceases when there is concern that principal or interest due according to the note agreement will not be collected. Any payment received on such non-accrual loans are recorded as interest income when the payment is received. The loan is reclassified as accrual-basis once interest and principal payments become current. The Company periodically reviews the value of the underlying collateral of farm real estate for the loan receivable and evaluates whether the value of the collateral continues to provide adequate security for the loan. Any uncollectible interest previously accrued is also charged off. As of December 31, 2024 and 2023, we believed the value of the underlying collateral

for each of the loans to be sufficient and in excess of the respective outstanding principal and accrued interest and no loans are currently on non-accrual status.

​

Sale-leaseback Transactions Accounted for as Financing Arrangements: In accordance with ASC 842, for transactions in which the Company enters into a contract to acquire an asset and lease it back to the seller, the Company is required to separately assess the lease classification apart from the other assets. In November 2022, the Company purchased land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company determined that the land and building components of the lease agreement with Ag Pro meet the definition of a sales-type lease and therefore, control is not considered to have transferred to the Company under GAAP. In December 2024, the Company purchased a property in West Virginia in a sale-leaseback transaction. The agreement contained a repurchase option. The Company determined that the repurchase option is reasonably certain to be exercised and, therefore, the transaction meets the definition of a sales type-lease.  As a result, the Company does not recognize the underlying assets but instead recognizes financial assets in accordance with ASC 310 “Receivables.” Accordingly, these transactions are accounted for as financing receivables and are included in loans and financing receivables, net on the accompanying consolidated balance sheets, net of allowance for credit losses, in accordance with ASC 310.

​

Current expected credit losses (“CECL”): Under ASC 326, the Company is required to estimate an expected lifetime credit loss. The Company monitors its loans and financing receivables using a CECL methodology which is based upon historical collection experience, collateral values, current trends, long-term probability of default (“PD”) and estimated loss given default (“LGD”). This approach calculates impairment by multiplying the PD (probability the asset will default within a given timeframe) by the LGD (percentage of the asset not expected to be collected due to default). The PD and LGD are estimated using average historical default rates of a company with similar credit risk factors to the Company’s tenant where practical. Accrued interest write-offs are recognized as credit loss expense. The CECL allowance is recorded as a reduction to loans and financing receivables, net on the accompanying consolidated balance sheets. The CECL allowance is updated on a quarterly basis with the resulting change being recorded in the consolidated statements of operations for the relevant period. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received.

Deferred Offering Costs

Deferred Offering Costs

​

Deferred offering costs include incremental direct costs related to regulatory, legal, accounting and professional service costs incurred by the Company in connection with proposed or actual offerings of securities. At the completion of a securities offering, the deferred offering costs are charged ratably as a reduction of the gross proceeds of equity as stock is issued. If an offering is abandoned, the previously deferred offering costs will be charged to operations in the period in which the offering is abandoned. The Company incurred $0.0 million and less than $0.1 million in offering costs during the years ended December 31, 2024 and 2023, respectively. As of each of December 31, 2024 and 2023, the Company had $0.0 million in deferred offering costs associated with proposed or completed offerings of securities, net of amortization, remaining on the balance sheet.

​
Assets Held For Sale

Assets Held for Sale

​

The Company determines whether certain assets meet the criteria of assets held for sale in accordance with ASC Topic 360, “Property, Plant, and Equipment.” These assets are measured at the lower of (i) the carrying value and (ii) the fair value of the assets, less costs to sell. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Effective with the designation of the assets as held for sale, the Company suspends recording depreciation of the assets, resulting in a decrease in depreciation during the period. As of each of December 31, 2024 and 2023, the Company had less than $0.1 million classified as held for sale within the accompanying consolidated balance sheets.

Accounts Receivable

Accounts Receivable

​

Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The Company records an allowance for doubtful accounts, reducing the receivables balance to an amount that it estimates is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of the Company’s customers’ financial condition. The Company creates an allowance for accounts receivable when it becomes apparent, based upon age or customer circumstances, that an amount may not be collectible, such that all current expected losses are sufficiently reserved for at each reporting period. The Company considered its current expectations of future economic conditions when estimating its allowance for doubtful accounts. The allowance for doubtful accounts was less than

$0.1 million as of each of December 31, 2024 and 2023. An allowance for doubtful accounts is recorded on the Consolidated Statements of Operations as a reduction to rental revenue if in relation to revenues recognized in the year, or as property operating expenses if in relation to revenue recognized in the prior years.

​
Inventory

Inventory

​

Inventory consists of costs related to crops grown on farms directly operated by the TRS and is separated into growing crop inventory, harvested crop inventory or general inventory, as appropriate. Inventory is stated in the consolidated balance sheets at the lower of cost or net realizable value.

​

Growing crop inventory consists of costs allocated to crops that have not yet been harvested, primarily costs related to land preparation, cultivation, irrigation and fertilization. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold.

 

Harvested crop inventory consists of costs accumulated both during the growing and harvesting phases and allocated to harvested crops. Harvested crop inventory is stated at the lower of accumulated costs or estimated net realizable value, which is the market price of the harvested crops, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. 

​

General inventory, such as fertilizer, seeds and pesticides, is valued at the lower of cost or net realizable value.

​

As of December 31, 2024 and 2023, inventory consisted of the following:

​

​

​

​

​

​

​

​

(in thousands)

    

December 31, 2024

    

December 31, 2023

Harvested crop

​

$

414

​

$

246

Growing crop

​

​

2,245

​

​

2,089

​

​

$

2,659

​

$

2,335
Equity Method Investments

Equity Method Investments

​

On January 20, 2021, the Company entered into property sale and long-term management agreements with Promised Land Opportunity Zone Farms I, LLC (the “OZ Fund”), a private investment fund focused on acquiring and improving farmland in qualified opportunity zones in the United States, as designated under U.S. tax provisions enacted in 2017. As consideration for 10 farms sold to the OZ Fund in March 2021, the Company received approximately $2.4 million in convertible notes receivable, which, in addition to the accrued interest thereon, was converted into membership interests in the OZ Fund at the Company’s election in July 2021. The OZ Fund will exist until an event of dissolution occurs, as defined in the limited liability company agreement of the OZ Fund (the “Fund Agreement”). Under the Fund Agreement, the manager of the OZ Fund may call for additional capital contributions from its members to fund expenses, property acquisitions and capital improvements in accordance with each members’ funding ratio. The Company’s capital contributions are capped at $4.3 million.

​

Under the Fund Agreement, any available cash, after the allowance for the payment of all obligations, operating expenses and capital improvements, is distributed to the members at least annually. For each fiscal year, net income or loss is allocated to the members pro rata in accordance with their percentage interest.

Goodwill and Intangible Assets

Goodwill and Intangible Assets

​

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the carrying value of the reporting unit. The fair value is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future cash flows, discount rates and future capital requirements. If the fair value of the reporting unit is less than the carrying value, including goodwill, the excess of the book value over

the fair value of goodwill is charged to net income as an impairment expense. During the years ended December 31, 2024 and 2023, the Company did not incur any impairment charges related to goodwill.

​

Amortization of intangible assets with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Trade names and trademarks have an indefinite life and, therefore, are not subject to amortization, but rather are tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value is below its carrying value. During the years ended December 31, 2024 and 2023, the Company recorded impairment of $0.6 million and $0.0 million, respectively, on intangible assets. The fair value of trade names was determined to be $1.2 million at December 31, 2024. The Company utilized the relief from royalties method to determine the present value of cash flows through 2049 and the present value of residual cash flows, utilizing a discount rate of 8.7% and an average long-term revenue growth rate range of 0-3% per year. This is considered a Level 3 measurement under the fair value hierarchy. Level 3 is defined as inputs to the valuation methodology that are unobservable, supported by little or no market activity and are significant to the fair value measurement. Customer relationships are subject to amortization and are amortized over a period of 10 to 12 years. During the years ended December 31, 2024 and 2023, the Company recorded amortization of customer relationships of less than $0.1 million for each period.

Income Taxes

Income Taxes

​

As a REIT, the Company is permitted to deduct dividends, for income tax purposes, paid to its stockholders, thereby eliminating the U.S. federal taxation of income represented by such distributions at the Company level, provided certain requirements are met. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including, for periods prior to 2022, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax benefit totaling less than $0.1 million and $0.2 million, respectively, for the years ended December 31, 2024 and 2023.

​

The Operating Partnership leases certain of its farms to the TRS, which is subject to federal and state income taxes. The TRS accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis of assets and liabilities and their respective income tax basis and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. There was $0.4 million and $(2.5) million in taxable income (loss) from the TRS for the years ended December 31, 2024 and 2023, respectively.

​

The Company performs an annual review for any uncertain tax positions and, if necessary, will record future tax consequences of uncertain tax positions in the financial statements. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which when examined by taxing authorities is more-likely-than-not to be sustained on review and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2024, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2023 open tax year.

​

When the Company acquires a property in a business combination, the Company evaluates such acquisition for any related deferred tax assets or liabilities and determines if a deferred tax asset or liability should be recorded in conjunction with the purchase price allocation. If a built-in gain is acquired, the Company evaluates the required holding period (generally 5 years) and determines if it has the ability and intent to hold the underlying assets for the necessary holding period. If the Company has the ability to hold the underlying assets for the required holding period, no deferred tax liability is recorded with respect to the built-in gain. The Company determined that no deferred tax asset or liability should be recorded as a result of any acquisitions that it undertook during the years ended December 31, 2024 and 2023.
Fair Value

Fair Value

​

The Company is required to disclose fair value as further explained in “Note 6—Notes Receivable”, “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable” and “Note 10—Hedge Accounting”. Financial Accounting Standards Board (“FASB”)’s ASC 820-10 establishes a three-level hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

​

●Level 1—Inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
●Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable or can be substantially corroborated for the asset or liability, either directly or indirectly.
●Level 3—Inputs to the valuation methodology are unobservable, supported by little or no market activity and are significant to the fair value measurement.
Hedge Accounting

Hedge Accounting

​

ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the consolidated balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the consolidated statements of operations during the reporting period.

​

The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its funding. The Company may also use interest rate derivative financial instruments, namely interest rate swaps.

​

The Company may enter into marketing contracts to sell commodities. Derivatives and hedge accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting if designated as normal purchase or normal sales. The Company evaluates all contracts at inception to determine if they are derivatives and if they meet the normal purchase and normal sale designation requirements.

​

The Company has in place one interest rate swap agreement with Rabobank to add stability to interest expense and to manage its exposure to interest rate movements. This agreement qualifies as a cash flow hedge and is actively evaluated for ongoing effectiveness (see “Note 10—Hedge Accounting”). The entire change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of stockholders’ equity in the Company’s consolidated balance sheets.

​

Additionally, the Company assesses whether the derivative used in its hedging transaction is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. The Company discontinues hedge accounting when it is determined that a derivative has ceased to be or is not expected to be highly effective as a hedge, and then reflects changes in fair value of the derivative as gain or loss, as applicable, in the consolidated statements of operations during reporting periods after such determination.
Segment Reporting

Segment Reporting

​

The majority of the Company’s revenue is derived from owning and managing properties leased to tenants. All assets and operations of the Company are located in the United States. The Company’s chief operating decision makers (“CODMs”) (Paul Pittman, Executive Chairman, and Luca Fabri, President and Chief Executive Officer) do not evaluate performance on a farm-specific or transactional basis and do not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has identified a single operating segment which is the entire entity for reporting purposes in accordance with GAAP and no aggregation of segments was required.

​

The CODMs assess performance and make decisions regarding the allocation of resources on a consolidated basis using Adjusted Funds from Operations (“AFFO”) and AFFO per share, which are Non-GAAP measures. The CODMs use AFFO and AFFO per share

to monitor budget versus actual results and evaluate performance of the segment in deciding whether to repay indebtedness, repurchase shares, fund and maintain our assets and operations, acquire new properties that we believe are accretive to long-term value creation, make distributions to our stockholders and unitholders, and fund other general business needs.

​

As the single operating segment is the Company in its entirety and the accounting policies for this segment are the same as the Company’s accounting policies described in Note 1—Organization and Significant Accounting Policies, there are no differences between the measurements of the Company’s single operating segment and the consolidated financial statements. Therefore, information about the profit or loss, assets, investments, expenditures and all other significant items of the Company’s single reportable segment can be found on the Company’s consolidated financial statements or in the reconciliation of net income (loss) to AFFO and AFFO per share below. In addition, there are no changes from prior period in the measurement methods used to determine segment information.

​

​

​

​

​

​

​

​

​

​

For the years ended December 31,

(in thousands except per share amounts)

    

2024

    

2023

Net income

​

$

61,450

​

$

31,681

(Gain) on disposition of assets, net

​

​

(54,148)

​

​

(36,133)

Depreciation, depletion and amortization

​

 

5,588

​

​

7,499

Impairment of assets

​

 

790

​

​

5,840

FFO (1)

​

$

13,680

​

$

8,887

​

​

​

​

​

​

​

Stock-based compensation and incentive

​

 

1,963

​

​

2,008

Deferred impact of interest rate swap terminations

​

​

—

 

 

198

Real estate related acquisition and due diligence costs

​

​

28

​

​

17

Distributions on Preferred units and stock

​

​

(2,970)

​

​

(2,970)

Severance expense

​

​

1,373

​

​

—

AFFO (1)

​

$

14,074

​

$

8,140

​

​

​

​

​

​

​

AFFO per diluted weighted average share data:

​

​

​

​

​

​

​

​

​

​

​

​

​

AFFO weighted average common shares

​

 

49,127

​

 

51,810

​

​

​

​

​

​

​

Net income available to common stockholders of Farmland Partners Inc.

​

$

1.19

​

$

0.55

Income available to redeemable non-controlling interest and non-controlling interest in operating partnership

​

​

0.07

 

 

0.08

Depreciation, depletion and amortization

​

 

0.11

​

 

0.14

Impairment of assets

​

 

0.02

​

 

0.11

Stock-based compensation and incentive

​

 

0.04

​

 

0.04

(Gain) on disposition of assets, net

​

​

(1.10)

​

​

(0.70)

Distributions on Preferred units and stock

​

 

(0.07)

​

​

(0.06)

Severance expense

​

​

0.03

​

​

0.00

AFFO per diluted weighted average share (1)

​

$

0.29

​

$

0.16

(1)The year ended December 31, 2024 includes approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement.

​

For more information about the Company’s revenue disaggregated by source and major customers, please refer to Note 2—Revenue Recognition and Note 3—Concentration Risk, respectively.
Earnings Per Share

Earnings Per Share

​

Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the weighted average number of unvested restricted shares (“participating securities” as defined in “Note 9—Stockholders’ Equity and non-controlling Interests”). Diluted earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, plus other potentially dilutive securities such as stock grants or shares that would be issued in the event that Common units are redeemed for shares of common stock of the Company. No adjustment is made for shares that are anti-dilutive during a period.
Non-controlling Interests

Non-controlling Interests

​

The Company’s non-controlling interests are interests in the Operating Partnership not owned by FPI. The Company evaluates whether non-controlling interests are subject to redemption features outside of its control. The Company classifies non-controlling

interests that are contingently redeemable solely for cash (unless stockholder approval is obtained to redeem for shares of common stock) one year after issuance or deemed probable to eventually become redeemable and which have redemption features outside of its control, as redeemable non-controlling interests in the mezzanine section of the consolidated balance sheets. The amounts reported for non-controlling interests on the Company’s Consolidated Statements of Operations represent the portion of income or losses not attributable to the Company.

​
Stock Based Compensation

Stock Based Compensation

​

From time to time, the Company may award non-vested shares under the Company’s Third Amended and Restated 2014 Equity Incentive Plan (the “Plan”) as compensation to officers, employees, non-employee directors and non-employee consultants (see “Note 9—Stockholders’ Equity and Non-controlling Interests”). The shares issued to officers, employees, and non-employee directors vest over a period of time as determined by our Board of Directors at the date of grant. The Company recognizes compensation expense for non-vested shares granted to officers, employees and directors on a straight-line basis over the requisite service period based upon the fair value of the shares on the date of grant, as adjusted for forfeitures. The Company recognizes expense related to non-vested shares granted to non-employee consultants over the period that services are received.
Recently Issued Accounting Standards

Recently Issued Accounting Standards

​

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Among other things, these amendments require that public business entities on an annual basis (i) disclose specific categories in the rate reconciliation, and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis (i) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received), (iii) income (loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (iv) income tax expense (benefit) from continuing operations disaggregated by federal, state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures.

​

The FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40) in November 2024. The purpose of the ASU is to improve the disclosures about an entity’s expenses and to address requests from investors for more transparent information about certain types of expenses (including purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion) included within expense captions presented on the face of the income statement (such as cost of sales, SG&A, and research and development). The new standard requires these disclosures to be presented in tabular format within the notes to the financial statements and does not change the requirements for the presentation of expenses on the face of the income statement. The ASU is effective for public business entities for annual periods beginning after December 15, 2026. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures.
v3.25.0.1
Organization and Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Organization and Significant Accounting Policies  
Schedule of estimated useful lives of assets classified as improvements

​

​

​

​

​

​

​

​

    

Years

 

Grain facilities

 

10

-

40

​

Irrigation improvements

 

2

-

40

​

Drainage improvements

 

20

-

65

​

Groundwater

 

3

-

50

​

Permanent plantings

​

13

-

40

​

Other

 

5

-

40

​
Schedule of Inventory

​

​

​

​

​

​

​

​

(in thousands)

    

December 31, 2024

    

December 31, 2023

Harvested crop

​

$

414

​

$

246

Growing crop

​

​

2,245

​

​

2,089

​

​

$

2,659

​

$

2,335
Schedule of reconciliation of net income (loss) to AFFO and AFFO per share

​

​

​

​

​

​

​

​

​

​

For the years ended December 31,

(in thousands except per share amounts)

    

2024

    

2023

Net income

​

$

61,450

​

$

31,681

(Gain) on disposition of assets, net

​

​

(54,148)

​

​

(36,133)

Depreciation, depletion and amortization

​

 

5,588

​

​

7,499

Impairment of assets

​

 

790

​

​

5,840

FFO (1)

​

$

13,680

​

$

8,887

​

​

​

​

​

​

​

Stock-based compensation and incentive

​

 

1,963

​

​

2,008

Deferred impact of interest rate swap terminations

​

​

—

 

 

198

Real estate related acquisition and due diligence costs

​

​

28

​

​

17

Distributions on Preferred units and stock

​

​

(2,970)

​

​

(2,970)

Severance expense

​

​

1,373

​

​

—

AFFO (1)

​

$

14,074

​

$

8,140

​

​

​

​

​

​

​

AFFO per diluted weighted average share data:

​

​

​

​

​

​

​

​

​

​

​

​

​

AFFO weighted average common shares

​

 

49,127

​

 

51,810

​

​

​

​

​

​

​

Net income available to common stockholders of Farmland Partners Inc.

​

$

1.19

​

$

0.55

Income available to redeemable non-controlling interest and non-controlling interest in operating partnership

​

​

0.07

 

 

0.08

Depreciation, depletion and amortization

​

 

0.11

​

 

0.14

Impairment of assets

​

 

0.02

​

 

0.11

Stock-based compensation and incentive

​

 

0.04

​

 

0.04

(Gain) on disposition of assets, net

​

​

(1.10)

​

​

(0.70)

Distributions on Preferred units and stock

​

 

(0.07)

​

​

(0.06)

Severance expense

​

​

0.03

​

​

0.00

AFFO per diluted weighted average share (1)

​

$

0.29

​

$

0.16

(1)The year ended December 31, 2024 includes approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement.
v3.25.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue Recognition.  
Schedule of other revenue disaggregated by revenue

​

​

​

​

​

​

​

​

​

​

For the years ended

​

​

December 31,

(in thousands)

    

2024

    

​

2023

Fixed Farm Rent

​

$

32,236

​

$

33,739

Solar, Wind and Recreation Rent

​

​

2,617

​

​

3,954

Tenant Reimbursements

​

 

2,714

​

 

3,428

Variable Rent

​

 

9,552

​

 

8,064

​

​

$

47,119

​

$

49,185

​

​

​

​

​

​

​

​

​

​

For the years ended

​

​

December 31,

(in thousands)

    

2024

    

​

2023

Auction and brokerage fees

​

$

1,382

​

$

1,138

Crop insurance proceeds

​

​

821

​

​

2,335

Property management income

​

 

1,009

​

 

890

Other (e.g., interest income)

​

 

2,868

​

 

1,661

​

​

$

6,080

​

$

6,024

​
Summary of rental income recognized

​

​

​

​

​

​

​

​

​

Rental income recognized

​

​

For the years ended

​

​

December 31,

(in thousands)

    

2024

    

​

2023

Leases in effect at the beginning of the year

​

$

40,978

​

$

45,863

Leases entered into during the year

​

 

6,141

​

 

3,322

​

​

$

47,119

​

$

49,185
Schedule of future minimum fixed rent payments from tenants under all non-cancelable leases in place

​

​

​

​

​

​

​

​

(in thousands)

​

​

    

​

Future rental

Year Ending December 31,

​

​

​

​

payments

2025

​

​

​

​

$

42,900

2026

​

​

​

​

​

22,733

2027

​

​

​

​

 

17,376

2028

​

​

​

​

​

12,043

2029

​

​

​

​

​

3,761

Thereafter

​

​

​

​

​

48,002

​

​

​

​

​

$

146,815
v3.25.0.1
Concentration Risk (Tables)
 12 Months Ended
Dec. 31, 2024
Tenant concentration  
Concentration Risk  
Summary of concentrations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rental income recognized

    

Approximate % of rental income

​

​

For the years ended December 31,

    

For the years ended December 31,

​

($ in thousands)

2024

​

2023

    

2024

​

2023

​

Tenant A (1)

$

10,309

​

$

6,702

​

​

21.9

%  

​

13.6

%  

(1)The Company has numerous permanent crop leases with major farming companies located in California.
Geographic concentration  
Concentration Risk  
Summary of concentrations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Approximate %

​

​

Rental Income (1)

​

​

of total acres

​

​

For the years ended

​

​

​

As of December 31,

​

​

December 31,

​

Location of Farm (2)

    

2024

    

​

2023

    

​

2024

    

​

2023

 

Corn Belt

​

45.2

%

​

33.6

%

​

40.3

%

​

37.7

%

Delta and South

​

9.6

%

​

19.9

%

​

8.4

%

​

11.9

%

High Plains

​

22.3

%

​

16.4

%

​

6.0

%

​

9.1

%

Southeast

​

10.9

%

​

21.7

%

​

15.7

%

​

18.6

%

West Coast

​

12.0

%

​

8.4

%

​

29.6

%

​

22.7

%

​

​

100.0

%

​

100.0

%

​

100.0

%

​

100.0

%

(1)Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are more relevant for full years than quarters or partial years.
(2)Corn Belt includes farms located in Illinois, Indiana, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas and Louisiana. High Plains includes farms located in Colorado, Kansas and Texas. Southeast includes farms located in South Carolina and West Virginia. West Coast includes farms located in California.
v3.25.0.1
Real Estate (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate  
Schedule of major classes of assets included in the disposal group

​

​

​

​

​

​

​

October 16,

($ in thousands)

​

2024

Land, at cost

​

$

223,963

Grain facilities

​

 

4,654

Irrigation improvements

​

 

11,836

Drainage improvements

​

 

2,072

Other

​

​

693

Construction in progress

​

 

18

Real estate, at cost

​

 

243,236

Less accumulated depreciation

​

 

(5,016)

Total real estate, net

​

 

238,220
v3.25.0.1
Loans and Financing Receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Loans and Financing Receivables  
Schedule of loans and financing receivables

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

($ in thousands)

​

​

​

​

​

​

​

Outstanding as of

​

Maturity

Loan

    

Terms

    

December 31, 2024

    

December 31, 2023

    

Date

Loans under FPI Loan Program:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage Note (1)

​

Principal & interest due at maturity

​

​

​

​

​

$

207

​

$

210

​

12/7/2028

Mortgage Note (2)

​

Principal due at maturity & interest due quarterly

​

​

​

​

​

​

1,842

​

​

1,900

​

3/3/2025

Mortgage Note (3)

​

Principal due at maturity & interest due quarterly

​

​

​

​

​

​

1,800

​

​

1,800

​

11/17/2028

Mortgage Note (4)

​

Principal due at maturity & interest due semi-annually

​

​

​

​

​

​

—

​

​

8,009

​

12/28/2024

Mortgage Note (5)

​

Principal due at maturity & interest due semi-annually

​

​

​

​

​

​

—

​

​

1,491

​

12/28/2024

Mortgage Note (6)

​

Principal due at maturity & interest due monthly

​

​

​

​

​

​

500

​

​

500

​

6/30/2025

Mortgage Note (7)

​

Principal & interest due at maturity

​

​

​

​

​

​

22,000

​

​

—

​

1/31/2026

Mortgage Note (7)

​

Principal & interest due at maturity

​

​

​

​

​

​

6,380

​

​

—

​

1/31/2026

Total outstanding principal

​

​

​

​

​

​

​

​

32,729

​

​

13,910

​

​

Sale-leaseback transactions accounted for as financing arrangements:

​

​

​

​

​

​

​

​

​

​

​

Financing Receivable, net (8)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

5,947

​

​

5,920

​

11/17/2037

Financing Receivable, net (8)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

4,497

​

​

4,498

​

11/17/2037

Financing Receivable, net (8)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

3,565

​

​

3,563

​

11/17/2037

Financing Receivable, net (8)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

3,231

​

​

3,237

​

11/17/2037

Financing Receivable, net (9)

​

Monthly payments in accordance with lease agreement

​

​

​

​

​

​

7,826

​

​

—

​

12/31/2029

Total financing receivable

​

​

​

​

​

​

​

​

25,066

​

​

17,218

​

​

Interest receivable (net prepaid interest and points)

​

​

​

​

​

​

​

​

(2,209)

​

​

60

​

​

Allowance for credit losses

​

​

​

​

​

​

​

​

(281)

​

​

(168)

​

​

Provision for interest receivable

​

​

​

​

​

​

​

​

—

​

​

—

​

​

Total Loans and financing receivables, net

​

​

​

​

​

​

​

$

55,305

​

$

31,020

​

​

1)The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The note is secured against farmland properties.
2)On March 3, 2022, the Company entered into two loans with the same party secured against farmland.
3)On November 17, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition.
4)On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. This loan was fully repaid in August 2024.
5)On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. This loan was fully repaid in August 2024.
6)On December 28, 2023, the Company entered into a loan agreement secured by farmland and a feedlot in connection with a property disposition.
7)On October 29, 2024 and December 20, 2024, the Company entered into loan agreements with the same party secured against properties.
8)On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio, accounted for as financing transactions. The leases may be extended beyond the stated maturity date, for up to an additional 20 years, at the option of the tenant.
Schedule of allowance for credit losses details

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

($ in thousands)

​

Amortized Cost

​

Allowance

​

Loans and financing
receivables, net

​

Allowance as a %
of Amortized Cost

​

Loans under FPI Loan Program

​

$

30,520

​

$

(49)

​

$

30,471

​

​

0.16

%

Financing Receivables

​

​

25,066

​

​

(232)

​

​

24,834

​

​

0.93

%

Totals

​

$

55,586

​

$

(281)

​

$

55,305

​

​

0.51

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

($ in thousands)

​

Amortized Cost

​

Allowance

​

Loans and financing
receivables, net

​

Allowance as a %
of Amortized Cost

​

Loans under FPI Loan Program

​

$

13,970

​

$

(76)

​

$

13,894

​

​

0.54

%

Financing Receivables

​

​

17,218

​

​

(92)

​

​

17,126

​

​

0.53

%

Totals

​

$

31,188

​

$

(168)

​

$

31,020

​

​

0.54

%
Schedule of roll-forward of allowance for credit losses for loans and financing receivables

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

($ in thousands)

​

​

​

​

​

​

​

2024

​

2023

Balance at beginning of period

​

​

​

​

​

​

​

$

(168)

​

$

(92)

Initial allowance for financing receivables

​

​

​

​

​

​

​

​

(140)

​

​

—

Initial allowance for loan receivables

​

​

​

​

​

​

​

​

—

​

​

(76)

Current period change in credit allowance

​

​

​

​

​

​

​

​

10

​

​

—

Charge-offs

​

​

​

​

​

​

​

​

—

​

​

—

Recoveries

​

​

​

​

​

​

​

​

17

​

​

—

Balance at end of period

​

​

​

​

​

​

​

$

(281)

​

$

(168)
Reconciliation of carrying amount of mortgage loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

($ in thousands)

​

​

​

​

​

​

​

2024

​

2023

Balance at beginning of year

​

​

​

​

​

​

​

$

31,128

​

$

22,011

Additions during year:

​

​

​

​

​

​

​

​

​

​

​

—

Issuance of loans and financing receivables

​

​

​

​

​

​

​

​

35,823

​

​

11,801

Interest accrued on financing receivables

​

​

​

​

​

​

​

​

1,116

​

​

1,054

Origination fees included in notes receivable

​

​

​

​

​

​

​

​

2,595

​

​

—

​

​

​

​

​

​

​

​

​

70,662

​

​

34,866

Deductions during year:

​

​

​

​

​

​

​

​

​

​

​

​

Collections of principal on loans

​

​

​

​

​

​

​

​

11,835

​

​

2,707

Payments on financing receivables

​

​

​

​

​

​

​

​

1,032

​

​

1,031

Balance at end of year

​

​

​

​

​

​

​

$

57,795

​

$

31,128
v3.25.0.1
Mortgage Notes, Lines of Credit and Bonds Payable (Tables)
 12 Months Ended
Dec. 31, 2024
Mortgage Notes, Lines of Credit and Bonds Payable  
Schedule of indebtedness outstanding

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Book

​

​

​

​

Annual

​

​

​

​

​

​

​

​

​

​

​

​

​

 Value of

($ in thousands)

​

Interest

​

​

​

​

​

Principal

​

​

​

Collateral

​

​

​

​

Rate as of

​

​

​

Next

​

Outstanding as of

​

​

​

as of

​

​

Interest

​

December 31,

​

Interest Rate

​

Adjustment

​

December 31,

​

December 31,

​

Maturity

​

December 31,

Loan

  

Payment Terms

  

2024

  

Terms

  

Date

  

2024

  

2023

  

Date

  

2024

Farmer Mac Bond #6

​

Semi-annual

​

3.69%

​

Fixed

​

N/A

​

$

13,827

​

$

13,827

​

April 2025

​

$

5,069

Farmer Mac Bond #7

​

Semi-annual

​

3.68%

​

Fixed

​

N/A

​

​

11,160

​

​

11,160

​

April 2025

​

​

—

Farmer Mac Facility

​

Monthly

​

6.05%

​

SOFR + 1.50%

​

N/A

​

​

—

​

​

30,000

​

December 2025

​

​

73,484

MetLife Term Loan #1

​

Semi-annual

​

5.55%

​

Fixed

​

N/A

​

​

67,086

​

​

72,585

​

March 2026

​

​

102,171

MetLife Term Loan #4

​

Semi-annual

​

5.55%

​

Fixed for 3 years

​

March 2026

​

​

1,550

​

​

5,756

​

June 2026

​

​

3,366

MetLife Term Loan #5

​

Semi-annual

​

5.63%

​

Fixed for 3 years

​

January 2026

​

​

1,827

​

​

5,179

​

January 2027

​

​

7,378

MetLife Term Loan #6

​

Semi-annual

​

5.55%

​

Fixed for 3 years

​

February 2026

​

​

16,226

​

​

21,726

​

February 2027

​

​

26,230

MetLife Term Loan #7

​

Semi-annual

​

5.87%

​

Fixed for 3 years

​

June 2026

​

​

6,934

​

​

15,434

​

June 2027

​

​

12,120

MetLife Term Loan #8

​

Semi-annual

​

4.12%

​

Fixed for 10 years

​

December 2027

​

​

44,000

​

​

44,000

​

December 2042

​

​

110,042

MetLife Term Loan #9

​

Semi-annual

​

6.37%

​

Fixed for 3 years

​

May 2027

​

​

8,400

​

​

16,800

​

May 2028

​

​

16,865

MetLife Term Loan #10

​

Semi-annual

​

6.36%

​

Fixed

​

N/A

​

​

21,806

​

​

48,986

​

October 2030

​

​

36,711

MetLife Term Loan #11

​

Semi-annual

​

5.35%

​

Fixed for 3 years

​

N/A

​

​

—

​

​

12,750

​

October 2031

​

​

—

MetLife Term Loan #12

​

Semi-annual

​

3.11%

​

Fixed for 3 years

​

N/A

​

​

—

​

​

14,359

​

December 2031

​

​

—

MetLife Facility

​

Quarterly

​

6.76%

​

SOFR + 2.10%

​

N/A

​

​

—

​

​

—

​

October 2027

​

​

79,929

Rabobank (1)

​

Semi-annual

​

6.37%

​

SOFR + 1.81%

​

March 2026 ⁽²⁾

​

​

11,758

​

​

45,533

​

March 2028

​

​

30,688

Rutledge Facility

​

Quarterly

​

6.06%

​

SOFR + 1.40%

​

N/A

​

​

—

​

​

5,000

​

February 2027

​

​

176,877

Total outstanding principal

​

​

​

​

​

​

​

​

​

​

204,574

​

​

363,095

​

​

​

$

680,930

Debt issuance costs

​

​

​

​

​

​

​

​

​

​

(891)

​

​

(2,236)

​

​

​

​

​

Unamortized premium

​

​

​

​

​

​

​

​

​

​

—

​

​

—

​

​

​

​

​

Total mortgage notes and bonds payable, net

​

​

​

​

​

​

​

$

203,683

​

$

360,859

​

​

​

​

​

(1)As of December 31, 2024, the Company has an interest rate swap agreement with Rabobank for $11.8 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 3.81% (see “Note 10—Hedge Accounting”). After adjusting the $11.8 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 5.7% to 0.0%.
(2)The adjustment date included in the table above is for the spread noted under “Interest Rate Terms.”
Schedule of aggregate maturities of long-term debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

($ in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

Year Ending December 31,

    

Future Maturities

 

2025

​

​

​

​

​

​

​

​

​

$

24,987

​

2026

​

​

​

​

​

​

​

​

​

​

68,636

​

2027

​

​

​

​

​

​

​

​

​

 

24,987

​

2028

​

​

​

​

​

​

​

​

​

​

20,158

​

2029

​

​

​

​

​

​

​

​

​

​

—

​

Thereafter

​

​

​

​

​

​

​

​

​

​

65,806

​

​

​

​

​

​

​

​

​

​

​

$

204,574

​
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies.  
Schedule of future rental payments

​

​

​

​

​

​

($ in thousands)

    

Future rental

 

Year Ending December 31,

​

payments

 

2025

​

$

221

​

2026

​

​

—

​

2027

​

​

—

​

2028

​

 

—

​

2029

​

​

—

​

Thereafter

​

​

—

​

Total lease payments

​

​

221

​

Less: imputed interest

​

​

(27)

​

Lease liability

​

$

194

​
v3.25.0.1
Stockholders' Equity and Non-controlling Interests (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity and Non-controlling Interests  
Schedule of changes in redeemable non-controlling interest in operating partnership

​

​

​

​

​

​

​

​

​

​

​

Series A Preferred Units

​

​

​

Redeemable

​

Redeemable

​

​

​

Preferred

​

non-controlling

(in thousands)

​

    

units

    

interests

Balance at December 31, 2022

​

​

107

​

$

110,210

Distribution paid to non-controlling interest

​

​

—

​

​

(3,210)

Accrued distributions to non-controlling interest

​

​

—

​

​

2,970

Redemption of Series A preferred units

​

​

(8)

​

​

(8,000)

Balance at December 31, 2023

​

​

99

​

$

101,970

​

​

​

​

​

​

​

Balance at December 31, 2023

​

​

99

​

$

101,970

Distribution paid to non-controlling interest

​

​

—

​

​

(2,970)

Accrued distributions to non-controlling interest

​

​

—

​

​

2,970

Redemption of Series A preferred units

​

​

—

​

​

—

Balance at December 31, 2024

​

​

99

​

$

101,970
Schedule of declaration and payment of distribution

​

​

​

​

​

​

​

​

​

​

​

Fiscal Year

    

Declaration Date

    

Record Date

    

Payment Date

    

Distributions
per Common
Share/OP unit

2024

​

December 12, 2023

​

December 29, 2023

​

January 12, 2024

​

$

0.2100

​

​

October 24, 2023

​

January 2, 2024

​

January 16, 2024

​

$

0.0600

​

​

February 27, 2024

​

April 1, 2024

​

April 15, 2024

​

$

0.0600

​

​

April 29, 2024

​

July 1, 2024

​

July 15, 2024

​

$

0.0600

​

​

July 23, 2024

​

October 1, 2024

​

October 15, 2024

​

$

0.0600

​

​

​

​

​

​

​

​

$

0.4500

​

​

​

​

​

​

​

​

​

​

2023

​

October 24, 2022

​

January 2, 2023

​

January 17, 2023

​

$

0.0600

​

​

February 21, 2023

​

April 3, 2023

​

April 17, 2023

​

$

0.0600

​

​

May 3, 2023

​

July 3, 2023

​

July 17, 2023

​

$

0.0600

​

​

July 25, 2023

​

October 2, 2023

​

October 16, 2023

​

$

0.0600

​

​

​

​

​

​

​

​

$

0.2400
Summary of non-vested shares

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Time-based

​

Performance-based

​

​

​

​

​

Weighted

​

​

​

Weighted

​

​

​

Number of

​

average grant

​

Number of

​

average grant

(shares in thousands)

​

    

shares

    

date fair value

    

shares

    

date fair value

Unvested at December 31, 2022

​

 

260

​

$

10.88

 

​

​

​

​

Granted

​

 

226

​

​

10.92

 

​

​

​

​

Vested

​

 

(138)

​

​

10.28

 

​

​

​

​

Forfeited

​

 

(1)

​

​

12.26

 

​

​

​

​

Unvested at December 31, 2023

​

 

347

​

$

11.15

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unvested at December 31, 2023

​

 

347

​

$

11.15

 

—

​

$

—

Granted

​

 

183

​

​

11.26

 

39

​

​

7.36

Vested

​

 

(202)

​

​

11.25

 

—

​

​

—

Forfeited

​

 

—

​

​

—

 

—

​

​

—

Unvested at December 31, 2024

​

 

328

​

$

11.15

 

39

​

$

7.36
Schedule of computation of basic and diluted earnings (loss) per share

​

​

​

​

​

​

​

​

​

​

For the years ended

​

​

December 31,

(in thousands, except per share amounts)

    

2024

    

2023

Numerator for net income per share - basic:

​

​

​

​

​

​

Net income available to common stockholders of Farmland Partners Inc.

​

$

56,428

​

$

27,786

​

​

​

​

​

​

​

Numerator for net income per share - diluted:

​

​

​

​

​

​

Net income available to common stockholders of Farmland Partners Inc.

​

$

56,428

​

$

27,786

Dividend equivalent rights allocated to performance-based unvested restricted shares

​

​

—

​

​

—

Nonforfeitable distributions allocated to time-based unvested restricted shares

​

​

—

​

​

—

Distributions on Series A preferred units

​

​

2,970

​

​

2,970

Numerator for net income per share - diluted:

​

$

59,398

​

$

30,756

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

Weighted-average number of common shares - basic

​

​

47,546

​

​

50,243

Unvested time-based restricted shares

​

​

—

​

 

—

Unvested performance-based restricted shares

​

​

—

​

 

—

Redeemable non-controlling interest

​

 

8,441

​

 

8,049

Weighted-average number of common shares - diluted (1)

​

 

55,987

​

 

58,292

​

​

​

​

​

​

​

Income per share attributable to common stockholders - basic

​

$

1.19

​

$

0.55

Income per share attributable to common stockholders - diluted

​

$

1.06

​

$

0.53

(1)The limited partners’ outstanding Common units, or the non-controlling interests, (which may be redeemed for shares of common stock) have not been included in the diluted earnings per share calculation as there would be no effect on the amounts since the limited partners’ share of income would also be added back to net income, therefore increasing both net income and shares. The weighted average number of Common units held by the non-controlling interest was 1.2 million for each of the years ended December 31, 2024 and 2023.
Schedule of equity awards and units outstanding

​

​

​

​

​

​

​

​

​

​

    

December 31, 2024

​

 

December 31, 2023

Shares

​

​

45,604

​

​

47,656

Common Units

​

​

1,203

​

​

1,203

Unvested Restricted Stock Awards

​

​

328

​

​

347

​

​

​

47,135

​

​

49,206

​
v3.25.0.1
Hedge Accounting (Tables) - Designated as Hedging Instrument - Cash Flow Hedging
 12 Months Ended
Dec. 31, 2024
Derivative Contracts  
Schedule of fair value of derivative instruments

​

​

​

​

​

​

​

($ in thousands)

​

​

​

​

​

Instrument

    

Balance sheet location

    

Level 2 Fair Value

Interest rate swap

​

Derivative asset

​

$

498
Schedule of effect of derivative instruments on the consolidated statement of operations

​

​

​

​

Cash flow hedging relationships

    

Location of Gain (Loss) reclassified from Accumulated OCI into income

Interest rate contracts

​

Interest expense
Schedule of movement in other comprehensive income

​

​

​

​

​

​

​

​

​

​

($ in thousands)

​

​

    

December 31, 2024

    

December 31, 2023

Beginning accumulated derivative instrument gain or loss

​

​

​

$

2,691

​

$

3,306

Net change associated with current period hedging transactions

​

​

​

​

(1,065)

​

​

(813)

Amortization of frozen AOCI on de-designated hedge

​

​

​

​

(114)

​

​

198

Difference between a change in fair value of excluded components

​

​

​

​

—

​

​

—

Closing accumulated derivative instrument gain or loss

​

​

​

$

1,512

​

$

2,691

​
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of TRS income (loss) before provision for income taxes

​

​

​

​

​

​

​

​

​

​

For the years ended

($ in thousands)

​

December 31, 2024

​

December 31, 2023

United States

​

$

(338)

​

$

(2,722)

International

​

​

—

​

​

—

Total

​

$

(338)

​

$

(2,722)
Schedule of federal and state income tax provision (benefit)

​

​

​

​

​

​

​

​

​

​

For the years ended

($ in thousands)

​

December 31, 2024

​

December 31, 2023

Current:

​

​

​

​

​

​

Federal

​

$

2

​

$

(144)

State

​

​

—

​

​

(41)

Total Current Tax (Benefit) Expense

​

$

2

​

$

(185)

Deferred:

​

​

​

​

​

​

Federal

​

​

(18)

​

​

19

Total Tax (Benefit) Expense

​

$

(16)

​

$

(166)
Schedule of TRS deferred tax assets

​

​

​

​

​

​

​

​

($ in thousands)

​

December 31, 2024

​

December 31, 2023

Deferred tax assets:

​

​

​

​

​

​

Net operating loss

​

$

1,986

​

$

1,996

Stock Compensation

​

​

12

​

​

5

Deferred Revenue

​

​

—

​

​

3

Charitable Contributions

​

​

5

​

​

4

Total deferred tax assets

​

$

2,003

​

​

2,008

Deferred tax liabilities:

​

​

​

​

​

​

Fixed assets

​

$

(13)

​

$

(15)

Intangible Assets

​

​

(86)

​

​

(181)

Total deferred tax liabilities

​

$

(99)

​

$

(196)

Valuation Allowance

​

​

(1,925)

​

​

(1,851)

Net deferred taxes

​

$

(21)

​

$

(39)
Summary of net operating losses and tax credit carryforwards

​

​

​

​

​

​

​

​

($ in thousands)

​

December 31, 2024

​

Expiration Year

Net operating losses, federal (Post-December 31, 2017)

​

$

7,683

​

​

Does not expire

Net operating losses, state

​

$

5,386

​

​

Various
Schedule of components of income tax rate

​

​

​

​

​

​

​

​

​

​

​

Tax (Benefit) Expense

​

​

​

For the years ended December 31,

​

($ in thousands

​

2024

    

2023

​

Statutory Rate

​

$

(71)

​

$

(571)

​

State Tax

​

​

(19)

​

​

(191)

​

Valuation Allowance

​

​

74

​

​

596

​

​

​

$

(16)

​

$

(166)

​

​

​

​

​

​

​

​

​

​

​

​

Tax Rate

​

​

​

For the years ended December 31,

​

​

​

2024

    

2023

​

Statutory Rate

​

​

21.00

%

​

21.00

%

State Tax

​

​

5.62

%

​

7.02

%

Valuation Allowance

​

​

(21.89)

%

​

(21.92)

%

​

​

​

4.73

%

​

6.10

%

​
v3.25.0.1
Quarterly Financial Information (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2024
Quarterly Financial Information (unaudited)  
Quarterly results of operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Ended

($ in thousands except per share data)

​

March 31, 2024

​

June 30, 2024

​

September 30, 2024

​

December 31, 2024

Operating revenues

    

$

11,990

​

$

11,445

​

$

13,317

​

$

21,474

Operating expenses

​

​

6,843

​

​

8,205

​

​

8,094

​

​

10,397

Other expenses (1)

​

​

3,720

​

​

5,293

​

​

3,374

​

​

(49,134)

Net income (loss) before income tax expense

​

​

1,427

​

​

(2,053)

​

​

1,849

​

​

60,211

Income tax expense

​

​

(19)

​

​

1

​

​

(11)

​

​

45

Net income (loss)

​

$

1,408

​

$

(2,052)

​

$

1,838

​

$

60,256

Net income (loss) available to common stockholders of Farmland Partners Inc.

​

$

606

​

$

(2,769)

​

$

1,028

​

$

57,563

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic net income (loss) per share available to common stockholders (2)

​

$

0.01

​

$

(0.06)

​

$

0.02

​

$

1.22

Diluted net income (loss) per share available to common stockholders (2)

​

$

0.01

​

$

(0.06)

​

$

0.02

​

$

1.04

Basic weighted average common shares outstanding

​

​

47,704

​

​

47,798

​

​

47,839

​

​

46,836

Diluted weighted average common shares outstanding

​

​

47,704

​

​

47,798

​

​

47,839

​

​

55,093

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Quarter Ended

​

    

March 31, 2023

​

June 30, 2023

​

September 30, 2023

​

December 31, 2023

Operating revenues

​

$

12,672

​

$

11,584

​

$

11,618

​

$

21,592

Operating expenses

​

​

7,835

​

​

8,828

​

​

11,603

​

​

11,201

Other expenses (1)

​

​

3,114

​

​

(5,146)

​

​

(4,109)

​

​

(7,375)

Net income before income tax expense

​

​

1,723

​

​

7,902

​

​

4,124

​

​

17,766

Income tax expense

​

​

(9)

​

​

(4)

​

​

191

​

​

(12)

Net income

​

$

1,714

​

$

7,898

​

$

4,315

​

$

17,754

Net income available to common stockholders of Farmland Partners Inc.

​

$

857

​

$

7,001

​

$

3,446

​

$

16,482

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic net income (loss) per share available to common stockholders (2)

​

$

0.02

​

$

0.14

​

$

0.07

​

$

0.35

Diluted net income (loss) per share available to common stockholders (2)

​

$

0.02

​

$

0.12

​

$

0.07

​

$

0.30

Basic weighted average common shares outstanding

​

​

54,007

​

​

50,860

​

​

48,432

​

​

47,762

Diluted weighted average common shares outstanding

​

​

54,007

​

​

59,112

​

​

48,432

​

​

55,635

(1)Other expenses for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024 included $0.1 million, $0.0 million, $(2.0) million, ($52.2) million, respectively, related to gain on disposition of assets. Other expenses for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023 included $1.8 million, $11.1 million, $10.3 million, $12.9 million, respectively, related to gain (loss) on disposition of assets.
(2)The basic and diluted net (loss) income for the quarters do not equal full year results due to issuance of common stock throughout the year and rounding.
v3.25.0.1
Organization and Significant Accounting Policies (Details)
 1 Months Ended 12 Months Ended
Nov. 18, 2022
item
Nov. 30, 2022
item
Dec. 31, 2024
a
item
property
$ / shares
Dec. 31, 2023
$ / shares
Organization and Significant Accounting Policies        
Area of real estate property     93,500  
Area of real estate property company serves as property manager     48,300  
Number of agriculture equipment dealerships | item 4 4 4  
Common stock, par value (in dollars per share) | $ / shares     $ 0.01 $ 0.01
Operating Partnership        
Organization and Significant Accounting Policies        
Ownership interest (as a percent)     97.50% 97.60%
Limited partner | Operating Partnership        
Organization and Significant Accounting Policies        
Ownership interest (as a percent)     97.50%  
TRS        
Organization and Significant Accounting Policies        
Area of real estate property     2,103  
OZ Fund, Private Investment Fund        
Organization and Significant Accounting Policies        
Equity interest     9.97%  
Number of properties | property     11  
v3.25.0.1
Organization and Significant Accounting Policies - Additional disclosures (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 18, 2022
item
Nov. 30, 2022
item
Mar. 31, 2021
USD ($)
item
Dec. 31, 2023
USD ($)
Institution
Sep. 30, 2023
USD ($)
Dec. 31, 2024
USD ($)
item
Institution
Dec. 31, 2023
USD ($)
item
Institution
Liquidity Policy              
Mortgage and other debt           $ 203,700,000  
Net book value       $ 961,531,000   717,843,000 $ 961,531,000
Impairment              
Impairment of real estate assets       2,000,000 $ 3,800,000 $ 200,000 5,800,000
Estimated fair value       $ 9,800,000 $ 3,600,000   $ 9,800,000
Cash              
Number of financial institutions in which custody of cash was held | Institution       5   5 5
Loans and Financing Receivables              
Number of agriculture equipment dealerships | item 4 4       4  
Deferred Financing Fees              
Deferred offering costs incurred           $ 0  
Deferred offering costs       $ 0   0 $ 0
Assets Held for Sale              
Assets classified as held for sale       28,000   61,000 28,000
Goodwill impairment              
Goodwill impairment           0 0
Intangible assets              
Intangible assets impairment           $ 600,000 $ 0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]           Asset Impairment Charges Asset Impairment Charges
Discount rate for cash flow projections           8.70%  
Non-controlling Interests              
Non controlling interest holding period           1 year  
Trade names              
Intangible assets              
Fair value of intangible assets           $ 1,200,000  
Promised Land Opportunity Zone Farms I, LLC              
Equity Method Investments (Convertible Notes Receivable)              
Number of farms sold | item     10        
Convertible notes receivable     $ 2,400,000        
Minimum              
Intangible assets              
Long term revenue growth rate           0.00%  
Minimum | Customer relationships              
Intangible assets              
Amortization period           10 years  
Maximum              
Deferred Financing Fees              
Deferred offering costs incurred             $ 100,000
Assets Held for Sale              
Assets classified as held for sale       100,000   $ 100,000 100,000
Accounts Receivable              
Allowance for doubtful accounts       100,000   $ 100,000 100,000
Intangible assets              
Long term revenue growth rate           3.00%  
Maximum | Customer relationships              
Intangible assets              
Intangible assets amortization           $ 100,000 $ 100,000
Amortization period           12 years  
FPI Loan Program              
Loans and Financing Receivables              
Number of notes outstanding | item           6 6
Farmer Mac Facility              
Liquidity Policy              
Remaining borrowing capacity       $ 43,100,000   $ 42,400,000 $ 43,100,000
Farmer Mac MetLife And Rutledge | Term Loan              
Liquidity Policy              
Remaining borrowing capacity           167,400,000  
OZ Fund, Private Investment Fund              
Equity Method Investments (Convertible Notes Receivable)              
Additional capital contributions           $ 4,300,000  
v3.25.0.1
Organization and Significant Accounting Policies - Estimated useful lives (Details)
Dec. 31, 2024
Grain facilities | Minimum  
Real Estate  
Estimated useful lives 10 years
Grain facilities | Maximum  
Real Estate  
Estimated useful lives 40 years
Irrigation improvements | Minimum  
Real Estate  
Estimated useful lives 2 years
Irrigation improvements | Maximum  
Real Estate  
Estimated useful lives 40 years
Drainage improvements | Minimum  
Real Estate  
Estimated useful lives 20 years
Drainage improvements | Maximum  
Real Estate  
Estimated useful lives 65 years
Groundwater | Minimum  
Real Estate  
Estimated useful lives 3 years
Groundwater | Maximum  
Real Estate  
Estimated useful lives 50 years
Permanent plantings | Minimum  
Real Estate  
Estimated useful lives 13 years
Permanent plantings | Maximum  
Real Estate  
Estimated useful lives 40 years
Other | Minimum  
Real Estate  
Estimated useful lives 5 years
Other | Maximum  
Real Estate  
Estimated useful lives 40 years
v3.25.0.1
Organization and Significant Accounting Policies - Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Organization and Significant Accounting Policies    
Harvested crop $ 414 $ 246
Growing crop 2,245 2,089
Total inventory $ 2,659 $ 2,335
v3.25.0.1
Organization and Significant Accounting Policies - Income taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Organization and Significant Accounting Policies                    
Income tax benefit $ 45 $ (11) $ 1 $ (19) $ (12) $ 191 $ (4) $ (9) $ 16 $ 166
Required holding period                 5 years  
Deferred tax liability, built in gain                 $ 0  
Deferred tax asset or liability $ 0       $ 0       0 0
TRS                    
Organization and Significant Accounting Policies                    
Taxable income (loss) attributable to TRS                 400 (2,500)
Maximum                    
Organization and Significant Accounting Policies                    
Income tax benefit                 $ 100 $ 200
v3.25.0.1
Organization and Significant Accounting Policies - Segment reporting (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]                    
Net income $ 60,256 $ 1,838 $ (2,052) $ 1,408 $ 17,754 $ 4,315 $ 7,898 $ 1,714 $ 61,450 $ 31,681
(Gain) on disposition of assets, net                 (54,148) (36,133)
Impairment of assets                 790 5,840
Real estate related acquisition and due diligence costs                 $ 28 $ 17
AFFO per diluted weighted average share data:                    
Income per share attributable to common stockholders - basic $ 1.22 $ 0.02 $ (0.06) $ 0.01 $ 0.35 $ 0.07 $ 0.14 $ 0.02 $ 1.19 $ 0.55
(Income) from forfeited deposits                 $ (1,205)  
Single reportable segment                    
Segment Reporting Information [Line Items]                    
Net income                 61,450 $ 31,681
(Gain) on disposition of assets, net                 (54,148) (36,133)
Depreciation, depletion and amortization                 5,588 7,499
Impairment of assets                 790 5,840
FFO                 13,680 8,887
Stock-based compensation and incentive                 1,963 2,008
Deferred impact of interest rate swap terminations                   (198)
Real estate related acquisition and due diligence costs                 28 17
Distributions on Preferred units and stock                 (2,970) (2,970)
Severance expense                 1,373  
AFFO                 $ 14,074 $ 8,140
AFFO per diluted weighted average share data:                    
AFFO weighted average common shares                 49,127 51,810
Income per share attributable to common stockholders - basic                 $ 1.19 $ 0.55
Income available to redeemable non-controlling interest and non-controlling interest in operating partnership                 0.07 0.08
Depreciation, depletion and amortization                 0.11 0.14
Impairment of assets                 0.02 0.11
Stock-based compensation and incentive                 0.04 0.04
(Gain) on disposition of assets, net                 (1.1) (0.7)
Distributions on Preferred units and stock                 (0.07) (0.06)
Severance expense                 0.03 0
AFFO per diluted weighted average share                 $ 0.29 $ 0.16
v3.25.0.1
Revenue Recognition - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 16, 2024
property
Dec. 31, 2023
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Revenue Recognition        
Deferred revenue   $ 2,149 $ 65 $ 2,149
Deferred gain on sale   $ 2,100   2,100
Number of properties sold | property 54 2    
Seller financing in real estate   $ 9,500    
Gain on sale of seller financing     2,100  
Revenues from the sale of harvested crops     5,000 2,300
Cost of harvested crops sold     $ 3,900 $ 4,800
Minimum        
Revenue Recognition        
Percent annual rent received during first quarter of the year     50.00%  
Percentage of annual lease due in the second half of the year     50.00%  
Lease in place        
Revenue Recognition        
Terms of farm leases     40 years  
Lease in place | Minimum        
Revenue Recognition        
Terms of farm leases     1 year  
Lease in place | Maximum        
Revenue Recognition        
Terms of farm leases     3 years  
v3.25.0.1
Revenue Recognition - Rental income disaggregated by revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue Recognition    
Rental income $ 47,119 $ 49,185
Fixed Farm Rent    
Revenue Recognition    
Rental income 32,236 33,739
Solar, Wind and Recreation Rent    
Revenue Recognition    
Rental income 2,617 3,954
Tenant Reimbursements    
Revenue Recognition    
Rental income 2,714 3,428
Variable Rent    
Revenue Recognition    
Rental income $ 9,552 $ 8,064
v3.25.0.1
Revenue Recognition - Rental income recognized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue Recognition.    
Leases in effect at the beginning of the year $ 40,978 $ 45,863
Leases entered into during the year 6,141 3,322
Rental income recognized $ 47,119 $ 49,185
v3.25.0.1
Revenue Recognition - Future minimum fixed rent payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Future minimum fixed rent payments  
2025 $ 42,900
2026 22,733
2027 17,376
2028 12,043
2029 3,761
Thereafter 48,002
Total future minimum lease payments $ 146,815
v3.25.0.1
Revenue Recognition - Other Revenues disaggregated by revenue source (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Other revenue    
Revenue Recognition    
Total other revenue $ 6,080 $ 6,024
Auction and brokerage fees    
Revenue Recognition    
Total other revenue 1,382 1,138
Crop insurance proceeds    
Revenue Recognition    
Total other revenue 821 2,335
Property management income    
Revenue Recognition    
Total other revenue 1,009 890
Other (e.g., interest income)    
Revenue Recognition    
Total other revenue $ 2,868 $ 1,661
v3.25.0.1
Concentration Risk - Credit Risk (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Concentration Risk    
Rental income recognized $ 47,119 $ 49,185
Tenant A    
Concentration Risk    
Rental income recognized [1] $ 10,309 $ 6,702
Approximate Percentage (%) of rental income [1] 21.90% 13.60%
[1] The Company has numerous permanent crop leases with major farming companies located in California.
v3.25.0.1
Concentration Risk - Geographic Risk (Details) - Geographic concentration
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Approximate total acres    
Concentration Risk    
Concentration risk (as a percent) 100.00% 100.00%
Approximate total acres | Corn belt    
Concentration Risk    
Concentration risk (as a percent) 45.20% 33.60%
Approximate total acres | Delta and South    
Concentration Risk    
Concentration risk (as a percent) 9.60% 19.90%
Approximate total acres | High Plains    
Concentration Risk    
Concentration risk (as a percent) 22.30% 16.40%
Approximate total acres | Southeast    
Concentration Risk    
Concentration risk (as a percent) 10.90% 21.70%
Approximate total acres | West Coast    
Concentration Risk    
Concentration risk (as a percent) 12.00% 8.40%
Rental income    
Concentration Risk    
Concentration risk (as a percent) [1] 100.00% 100.00%
Rental income | Corn belt    
Concentration Risk    
Concentration risk (as a percent) [1] 40.30% 37.70%
Rental income | Delta and South    
Concentration Risk    
Concentration risk (as a percent) [1] 8.40% 11.90%
Rental income | High Plains    
Concentration Risk    
Concentration risk (as a percent) [1] 6.00% 9.10%
Rental income | Southeast    
Concentration Risk    
Concentration risk (as a percent) [1] 15.70% 18.60%
Rental income | West Coast    
Concentration Risk    
Concentration risk (as a percent) [1] 29.60% 22.70%
[1] Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are more relevant for full years than quarters or partial years.
v3.25.0.1
Related Party Transactions (Details) - American Agriculture Aviation, LLC - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Jul. 21, 2015
Lease agreements      
Related Party Transactions      
Related party, transaction amount $ 0.0    
Lease agreements | Maximum      
Related Party Transactions      
Related party, transaction amount   $ 0.1  
American Agriculture Corporation | Mr.Pittman      
Related Party Transactions      
Related party transaction, percentage of ownership interest held by related party     100.00%
v3.25.0.1
Real Estate (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Oct. 16, 2024
USD ($)
a
property
Dec. 31, 2023
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Repurchase Options        
Number of properties sold | property 54 2    
Seller financing in real estate   $ 9.5    
Deferred gain on sale   2.1   $ 2.1
Disposal group        
Repurchase Options        
Gain on sale     $ 49.0  
Net income before income tax benefit attributable to disposed portfolio     $ 8.5 $ 8.4
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]     Gain (Loss) on Disposition of Assets Gain (Loss) on Disposition of Assets
Net income     $ 8.3 $ 8.2
Corn Belt and Delta and South regions        
Repurchase Options        
Number of properties acquired | property     4 4
Aggregate purchase price     $ 17.9 $ 22.2
Intangible assets   0.0 $ 0.0 $ 0.0
Corn Belt And Delta And South And Southeast regions        
Repurchase Options        
Number of properties sold | property     54  
Disposition of real estate     $ 312.0  
Aggregate gain on sale     54.1  
Deferred gain on sale     $ 2.1  
Corn Belt, Delta and South, High Plains, Southeast and West Coast regions        
Repurchase Options        
Number of properties sold | property       74
Disposition of real estate       $ 195.5
Seller financing in real estate       11.8
Aggregate gain on sale       36.1
Deferred gain on sale   $ 2.1   $ 2.1
Farmland Reserve        
Repurchase Options        
Number of properties sold | property 46      
Proceeds from sale of real estate $ 289.0      
Area of real estate property sold | a 41,554      
v3.25.0.1
Real Estate - Schedule of disposal group (Details) - Disposal group
$ in Thousands
Oct. 16, 2024
USD ($)
Land, at cost $ 223,963
Grain facilities 4,654
Irrigation improvements 11,836
Drainage improvements 2,072
Other 693
Construction in progress 18
Real estate, at cost 243,236
Less accumulated depreciation (5,016)
Total real estate, net $ 238,220
v3.25.0.1
Loans and Financing Receivables (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 18, 2022
item
Mar. 03, 2022
loan
Nov. 30, 2022
item
Aug. 31, 2015
USD ($)
Dec. 31, 2024
USD ($)
item
Dec. 18, 2024
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Interest receivable (net prepaid interest and points)         $ (2,209)   $ 60  
Allowance for credit losses         (281)   (168) $ (92)
Total Loans and financing receivables, net         $ 55,305   31,020  
Number of agriculture equipment dealerships | item 4   4   4      
Renewal term 20 years              
Discount percentage 6.15%              
Discount rate           10.00%    
Provision for loan receivable         $ 0   0  
Notes receivable         48,700   24,500  
Ohio                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Renewal term 20 years              
FPI Loan Program | Minimum                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable       $ 1,000        
FPI Loan Program | Maximum                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Debt instrument, term       6 years        
FPI Loan Program                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total outstanding principal         32,729   13,910  
Allowance for credit losses         (49)   (76)  
FPI Loan Program | Maximum                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Allowance for credit losses         (100)   (100)  
FPI Loan Program | Mortgage Note Maturing on 12/7/2028                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total outstanding principal         207   210  
FPI Loan Program | Mortgage Note Maturing on 3/3/2025                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable         1,842   1,900  
Number of loans | loan   2            
FPI Loan Program | Mortgage Note Maturing on 11/17/2028                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable         1,800   1,800  
FPI Loan Program | Mortgage Note Maturing on 12/28/2024                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable             8,009  
FPI Loan Program | Mortgage Note Maturing on 12/28/2024 -2                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable             1,491  
FPI Loan Program | Mortgage Note Maturing on 6/30/2025                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable         500   500  
FPI Loan Program | Mortgage Note Maturing on 1/31/2026                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total outstanding principal         22,000      
FPI Loan Program | Mortgage Note Maturing on 1/31/2026 - 2                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total outstanding principal         6,380      
Financing Receivables                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable         25,066   17,218  
Allowance for credit losses         (232)   (92)  
Financing Receivables | Ohio                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Number of agriculture equipment dealerships | item 4              
Financing Receivables | Financing Receivable, net                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable         5,947   5,920  
Financing Receivables | Financing Receivable, net - 1                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable         4,497   4,498  
Financing Receivables | Financing Receivable, net - 2                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable         3,565   3,563  
Financing Receivables | Financing Receivable, net - 3                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable         3,231   $ 3,237  
Financing Receivables | Financing Receivable, net maturing on 12/31/2029                
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Total financing receivable         $ 7,826      
Renewal term           5 years    
v3.25.0.1
Loans and Financing Receivables - Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for credit losses      
Amortized Cost $ 55,586 $ 31,188  
Allowance for credit losses (281) (168) $ (92)
Loans and financing receivables, net $ 55,305 $ 31,020  
Allowance as a % of Amortized Cost 0.51% 0.54%  
Loans under FPI Loan Program      
Allowance for credit losses      
Amortized Cost $ 30,520 $ 13,970  
Allowance for credit losses (49) (76)  
Loans and financing receivables, net $ 30,471 $ 13,894  
Allowance as a % of Amortized Cost 0.16% 0.54%  
Financing Receivables      
Allowance for credit losses      
Amortized Cost $ 25,066 $ 17,218  
Allowance for credit losses (232) (92)  
Loans and financing receivables, net $ 24,834 $ 17,126  
Allowance as a % of Amortized Cost 0.93% 0.53%  
v3.25.0.1
Loans and Financing Receivables - Allowance for Credit Loss Roll-Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Roll-forward of the allowance for credit losses    
Balance at beginning of period $ (168) $ (92)
Initial allowance for financing / loan receivables (140) (76)
Current period change in credit allowance 10  
Charge-offs 0 0
Recoveries 17  
Balance at end of period (281) (168)
Maximum    
Roll-forward of the allowance for credit losses    
Recoveries $ 100 $ 0
v3.25.0.1
Loans and Financing Receivables - Mortgage Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Mortgage loan    
Balance at beginning of year $ 31,128 $ 22,011
Additions during year:    
Issuance of loans and financing receivables 35,823 11,801
Interest accrued on financing receivables 1,116 1,054
Origination fees included in notes receivable 2,595  
Additions during year (including opening balance) 70,662 34,866
Deductions during year:    
Collections of principal on loans 11,835 2,707
Payments on financing receivables 1,032 1,031
Balance at end of year $ 57,795 $ 31,128
v3.25.0.1
Mortgage Notes, Lines of Credit and Bonds Payable (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Oct. 17, 2024
Oct. 16, 2024
Mortgage notes payable            
Principal outstanding     $ 204,574,000 $ 363,095,000    
Book Value of Collateral     680,930,000      
Debt issuance costs     (891,000) (2,236,000)    
Mortgage notes and bonds payable, net     203,683,000 360,859,000    
Recognized non-cash loss     891,000      
Debt issuance costs incurred     100,000 300,000    
Accumulated amortization of deferred financing fees     2,600,000 1,900,000    
Interest expense            
Mortgage notes payable            
Amortization expense     700,000 700,000    
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument            
Mortgage notes payable            
Notional amount     $ 11,800,000      
Farmer Mac Facility            
Mortgage notes payable            
Interest Rate (as a percent)     6.05%      
Principal outstanding       30,000,000    
Book Value of Collateral     $ 73,484,000      
Remaining borrowing capacity     $ 42,400,000 43,100,000    
Margin added to reference rate (as a percent)     1.50%      
Additional bond purchase amount     $ 200      
Farmer Mac Facility | Secured notes            
Mortgage notes payable            
Outstanding debt     $ 25,000,000 55,000,000    
Margin added to reference rate (as a percent)     1.50%      
Commitment fee percentage     0.20%      
Farmer Mac Facility | Secured notes | Maximum            
Mortgage notes payable            
Loan-to-value ratio (as a percent)     60.00%      
MetLife Facility            
Mortgage notes payable            
Interest Rate (as a percent)     6.76%      
Book Value of Collateral     $ 79,929,000      
Margin added to reference rate (as a percent)     2.10%      
MetLife Facility | Term Loan            
Mortgage notes payable            
Outstanding debt     $ 167,800,000 257,600,000    
Remaining borrowing capacity     $ 50,000,000      
Maximum loan to value ratio     60.00%      
MetLife Facility | Term Loan | Minimum            
Mortgage notes payable            
Percentage of prepayment equal to unpaid principal balance     20.00%      
MetLife Facility | Term Loan | Maximum            
Mortgage notes payable            
Percentage of prepayment equal to unpaid principal balance     50.00%      
MetLife Facility | Term Loan            
Mortgage notes payable            
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember      
Margin added to reference rate (as a percent)     210.00%      
Amount borrowed     $ 50,000,000      
Rutledge Credit Facilities            
Mortgage notes payable            
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember      
Outstanding debt     $ 0 5,000,000    
Remaining borrowing capacity     $ 75,000,000      
Margin added to reference rate (as a percent) 140.00%   140.00%      
Commitment fee percentage 0.20%          
Elimination of annual reduction (in percent) 2.50%          
Maximum borrowing capacity $ 75,000,000          
Recognized non-cash loss     $ 60,000.00      
Farmer Mac Bond #6            
Mortgage notes payable            
Interest Rate (as a percent)     3.69%      
Principal outstanding     $ 13,827,000 13,827,000    
Book Value of Collateral     $ 5,069,000      
Farmer Mac Bond #7            
Mortgage notes payable            
Interest Rate (as a percent)     3.68%      
Principal outstanding     $ 11,160,000 11,160,000    
MetLife Term Loan #1            
Mortgage notes payable            
Interest Rate (as a percent)     5.55%      
Principal outstanding     $ 67,086,000 72,585,000    
Book Value of Collateral     $ 102,171,000      
MetLife Term Loan #4            
Mortgage notes payable            
Interest Rate (as a percent)     5.55%      
Interest Rate Terms     3 years      
Principal outstanding     $ 1,550,000 5,756,000    
Book Value of Collateral     $ 3,366,000      
MetLife Term Loan #5            
Mortgage notes payable            
Interest Rate (as a percent)     5.63%      
Interest Rate Terms     3 years      
Principal outstanding     $ 1,827,000 5,179,000    
Book Value of Collateral     $ 7,378,000      
MetLife Term Loan #6            
Mortgage notes payable            
Interest Rate (as a percent)     5.55%      
Interest Rate Terms     3 years      
Principal outstanding     $ 16,226,000 21,726,000    
Book Value of Collateral     $ 26,230,000      
MetLife Term Loan #7            
Mortgage notes payable            
Interest Rate (as a percent)     5.87%      
Interest Rate Terms     3 years      
Principal outstanding     $ 6,934,000 15,434,000    
Book Value of Collateral     $ 12,120,000      
MetLife Term Loan #8            
Mortgage notes payable            
Interest Rate (as a percent)     4.12%      
Interest Rate Terms     10 years      
Principal outstanding     $ 44,000,000 44,000,000    
Book Value of Collateral     $ 110,042,000      
Metlife Term Loan #9            
Mortgage notes payable            
Interest Rate (as a percent)     6.37%      
Interest Rate Terms     3 years      
Principal outstanding     $ 8,400,000 16,800,000    
Book Value of Collateral     $ 16,865,000      
Metlife Term Loan #10            
Mortgage notes payable            
Interest Rate (as a percent)     6.36%      
Principal outstanding     $ 21,806,000 48,986,000    
Book Value of Collateral     $ 36,711,000      
Metlife Term Loan #11            
Mortgage notes payable            
Interest Rate (as a percent)     5.35%      
Interest Rate Terms     3 years      
Principal outstanding       12,750,000    
Metlife Term Loan #12            
Mortgage notes payable            
Interest Rate (as a percent)     3.11%      
Interest Rate Terms     3 years      
Principal outstanding       14,359,000    
Rabobank            
Mortgage notes payable            
Interest Rate (as a percent)     6.37%      
Principal outstanding     $ 11,758,000 $ 45,533,000    
Book Value of Collateral     $ 30,688,000      
Margin added to reference rate (as a percent)     1.81%      
Rabobank | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument            
Mortgage notes payable            
Notional amount     $ 11,800,000   $ 11,800,000 $ 33,200,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember      
Derivative basis spread on variable rate     2.114%      
Weighted average rate percentage     3.81%      
Adjustment amount of notional amount     $ 11,800,000      
Ratio of floating rate debt to total debt (as percent)     0.00% 5.70%    
Rabobank | Secured notes            
Mortgage notes payable            
Outstanding debt     $ 11,800,000 $ 45,500,000    
Amortization expense   $ 2,100,000        
Rutledge Facility            
Mortgage notes payable            
Interest Rate (as a percent)     6.06%      
Principal outstanding       $ 5,000,000    
Book Value of Collateral     $ 176,877,000      
Margin added to reference rate (as a percent)     1.40%      
v3.25.0.1
Mortgage Notes, Lines of Credit and Bonds Payable - Aggregate Maturities and Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Aggregate maturities of long-term debt    
2025 $ 24,987  
2026 68,636  
2027 24,987  
2028 20,158  
Thereafter 65,806  
Total 204,574  
Level 3 | Mortgage notes payable | Fair value    
Aggregate maturities of long-term debt    
Fair value of debt $ 193,500 $ 349,100
v3.25.0.1
Commitments and Contingencies (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
lease
Dec. 31, 2023
USD ($)
Office Leases    
Total lease cost $ 300,000 $ 200,000
2025 221,000  
Total lease payments 221,000  
Less: imputed interest (27,000)  
Lease liability 194,000 399,000
Repurchase Options    
Net book value of assets with unexercised options 700,000  
Amount received from repurchase option on a property   3,500,000
Lease termination fee 800,000  
Income from forfeited deposits 1,205,000  
Safe Harbor plan    
Employee Retirement Plan (401(k) Plan)    
Accrued liability for safe harbor contributions $ 100,000 $ 100,000
Minimum    
Office Leases    
Operating lease discount rate 3.35%  
Maximum    
Office Leases    
Operating lease discount rate 6.47%  
Office space and office equipment    
Office Leases    
Number of leases in place | lease 7  
Office space and office equipment | Minimum    
Office Leases    
Amount of monthly payments $ 206  
Office space and office equipment | Maximum    
Office Leases    
Amount of monthly payments $ 13,711  
v3.25.0.1
Stockholders' Equity and Non-controlling Interests - Ownership Interests (Details) - Operating Partnership
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Line Items]    
Parent ownership interest (as a percent) 97.50% 97.60%
Pittman Hough Farms    
Noncontrolling Interest [Line Items]    
Noncontrolling ownership interest (as a percent) 2.50% 2.40%
v3.25.0.1
Stockholders' Equity and Non-controlling Interests - Common Units in Operating Partnership (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Common stock | Share repurchase    
Shareholders' Equity    
Common stock upon redemption (in shares) | shares 0 34,000
Value of common stock upon redemption | $   $ 0.4
Noncontrolling interest | Maximum | Operating Partnership    
Shareholders' Equity    
Increase (decrease) to non-controlling interest | $ $ (0.1) $ (0.1)
Pittman Hough Farms | Common stock | Operating Partnership    
Shareholders' Equity    
Ratio for conversion into common shares 1  
Redeemable Common Units | Limited partner    
Shareholders' Equity    
OP units outstanding for redemption | shares 1,200,000 1,200,000
v3.25.0.1
Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
May 31, 2023
USD ($)
shares
Sep. 01, 2022
USD ($)
shares
May 19, 2022
USD ($)
shares
Mar. 02, 2016
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Change in redeemable non-controlling interest            
Opening balance         $ 101,970  
Ending balance         $ 101,970 $ 101,970
Dividend paid (in dollars per share) | $ / shares         $ 0.45 $ 0.24
Redeemable Preferred OP Units | Preferred Share            
Change in redeemable non-controlling interest            
Opening balance         $ 101,970 $ 110,210
Opening balance (in shares) | shares         99,000 107,000
Distributions paid to non-controlling interest         $ (2,970) $ (3,210)
Accrued distributions to non-controlling interest         2,970 $ 2,970
Redemption of preferred units (in shares) | shares           (8,000)
Redemption of preferred units           $ (8,000)
Ending balance         $ 101,970 $ 101,970
Ending balance (in shares) | shares         99,000 99,000
Series A Preferred Units            
Stockholders' Equity and Non-controlling Interests            
Liquidation preference | $ / shares       $ 1,000    
Percentage of preferential cash distribution       3.00%    
Redeemed preferred units | shares 8,000 5,000        
Redeemed preferred units, value $ 8,000 $ 5,000        
Payments for repurchase of Preferred stock $ 8,100 $ 5,100        
Preferred stock, shares outstanding | shares         99,000  
Number of trading days         20 days  
Ratio of OP units redeemable into common stock         1  
Change in redeemable non-controlling interest            
Redemption of preferred units (in shares) | shares     5,000      
Redemption of preferred units     $ (5,000)      
Repurchase of redeemable noncontrolling interest     $ 5,100      
Series A Preferred Units | Farm acquisitions            
Stockholders' Equity and Non-controlling Interests            
Liquidation value         $ 102,000 $ 102,000
Series A Preferred Units | Farm acquisitions | Illinois            
Stockholders' Equity and Non-controlling Interests            
Issuance of Common units as partial consideration for asset acquisition (in shares) | shares       117,000    
v3.25.0.1
Stockholders' Equity and Non-controlling Interests - Distributions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity and Non-controlling Interests                    
Dividends declared per common share                 $ 1.39 $ 0.45
Dividend paid (in dollars per share)                 $ 0.45 $ 0.24
Dividends Payable       $ 13,286         $ 57,253 $ 13,286
One-time special dividend 2023                    
Stockholders' Equity and Non-controlling Interests                    
Declaration Date       Dec. 12, 2023            
Record Date       Dec. 29, 2023            
Payment Date       Jan. 12, 2024            
Dividend paid (in dollars per share)       $ 0.21            
Q4 2023 ordinary dividends                    
Stockholders' Equity and Non-controlling Interests                    
Declaration Date       Oct. 24, 2023            
Record Date       Jan. 02, 2024            
Payment Date       Jan. 16, 2024            
Dividend paid (in dollars per share)       $ 0.06            
Q1 2024 ordinary dividends                    
Stockholders' Equity and Non-controlling Interests                    
Declaration Date     Feb. 27, 2024              
Record Date     Apr. 01, 2024              
Payment Date     Apr. 15, 2024              
Dividend paid (in dollars per share)     $ 0.06              
Q2 2024 ordinary dividends                    
Stockholders' Equity and Non-controlling Interests                    
Declaration Date   Apr. 29, 2024                
Record Date   Jul. 01, 2024                
Payment Date   Jul. 15, 2024                
Dividend paid (in dollars per share)   $ 0.06                
Q3 2024 ordinary dividends                    
Stockholders' Equity and Non-controlling Interests                    
Declaration Date Jul. 23, 2024                  
Record Date Oct. 01, 2024                  
Payment Date Oct. 15, 2024                  
Dividend paid (in dollars per share) $ 0.06                  
Q4 2022 ordinary dividends                    
Stockholders' Equity and Non-controlling Interests                    
Declaration Date               Oct. 24, 2022    
Record Date               Jan. 02, 2023    
Payment Date               Jan. 17, 2023    
Dividend paid (in dollars per share)               $ 0.06    
Q1 2023 ordinary dividends                    
Stockholders' Equity and Non-controlling Interests                    
Declaration Date             Feb. 21, 2023      
Record Date             Apr. 03, 2023      
Payment Date             Apr. 17, 2023      
Dividend paid (in dollars per share)             $ 0.06      
Q2 2023 ordinary dividends                    
Stockholders' Equity and Non-controlling Interests                    
Declaration Date           May 03, 2023        
Record Date           Jul. 03, 2023        
Payment Date           Jul. 17, 2023        
Dividend paid (in dollars per share)           $ 0.06        
Q3 2023 ordinary dividends                    
Stockholders' Equity and Non-controlling Interests                    
Declaration Date         Jul. 25, 2023          
Record Date         Oct. 02, 2023          
Payment Date         Oct. 16, 2023          
Dividend paid (in dollars per share)         $ 0.06          
Series A Preferred Units                    
Stockholders' Equity and Non-controlling Interests                    
Percentage of cumulative preferential dividends                 3.00%  
Distributions payable                 $ 3,000  
Common Units                    
Stockholders' Equity and Non-controlling Interests                    
Dividends declared per common share                 $ 1.4  
Dividends Payable                 $ 57,300  
Capital gain                 87.34%  
Ordinary income                 12.66%  
Common Units | One-time special dividend 2024                    
Stockholders' Equity and Non-controlling Interests                    
Dividends declared per common share                 $ 1.15  
Dividends Payable                 $ 54,400  
v3.25.0.1
Stockholders' Equity and Non-controlling Interests - Share Repurchase Program (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Nov. 01, 2023
May 03, 2023
Nov. 07, 2019
Aug. 01, 2018
Dec. 31, 2024
Mar. 15, 2017
Stockholders' Equity and Non-controlling Interests            
Increase in stock repurchase plan     $ 50.0      
Share repurchase            
Stockholders' Equity and Non-controlling Interests            
Amount approved for share repurchase program $ 85.0          
Increase in stock repurchase plan 40.0 $ 75.0   $ 30.0    
Stock Repurchase Program, Authorized Amount $ 85.0          
Share repurchase | Common stock            
Stockholders' Equity and Non-controlling Interests            
Shares repurchased (in shares)         2,240,295  
Shares repurchased, weighted average price (in dollars per share)         $ 12.25  
Amount of capacity under stock repurchase plan         $ 55.8  
Maximum | Share repurchase            
Stockholders' Equity and Non-controlling Interests            
Amount approved for share repurchase program           $ 25.0
Stock Repurchase Program, Authorized Amount           $ 25.0
v3.25.0.1
Stockholders' Equity and Non-controlling Interests - Equity Incentive Plan (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
May 06, 2022
USD ($)
May 07, 2021
shares
Weighted Average Grant Date Fair Value        
Stock offering, maximum sales value | $     $ 100.0  
Murray Wise Associates, LLC ("MWA")        
Shareholders' Equity        
Share-based compensation expense | $ $ 0.0 $ 0.0    
MVA employees | Murray Wise Associates, LLC ("MWA")        
Shareholders' Equity        
Aggregate grant date fair value of shares issued | $ $ 3.0      
Asset-under-management objectives 3 years      
Restricted shares        
Shareholders' Equity        
Share-based compensation expense | $ $ 1.9 1.9    
Weighted Average Grant Date Fair Value        
Total unrecognized compensation costs related to non-vested stock awards | $ $ 2.3 $ 2.3    
Weighted average period over which unrecognized compensation costs is expected to be recognized 1 year 7 months 6 days 1 year 7 months 6 days    
Performance Based Unvested Restricted Shares        
Number of Shares        
Granted (in shares) 39      
Unvested at the end of the period (in shares) 39      
Weighted Average Grant Date Fair Value        
Granted (in dollars per share) | $ / shares $ 7.36      
Unvested at the end of the period (in dollars per share) | $ / shares $ 7.36      
Performance period 3 years      
Performance Based Unvested Restricted Shares | Maximum        
Shareholders' Equity        
Cumulative performance period ranges 150.00%      
Performance Based Unvested Restricted Shares | Minimum        
Shareholders' Equity        
Cumulative performance period ranges 0.00%      
Time Based Unvested Restricted Shares        
Shareholders' Equity        
Forfeited (in shares)   1    
Number of Shares        
Unvested at the beginning of the period (in shares) 347 260    
Granted (in shares) 183 226    
Vested (in shares) (202) (138)    
Forfeited (in shares)   (1)    
Unvested at the end of the period (in shares) 328 347    
Weighted Average Grant Date Fair Value        
Unvested at the beginning of the period (in dollars per share) | $ / shares $ 11.15 $ 10.88    
Granted (in dollars per share) | $ / shares 11.26 10.92    
Vested (in dollars per share) | $ / shares 11.25 10.28    
Forfeited (in dollars per share) | $ / shares   12.26    
Unvested at the end of the period (in dollars per share) | $ / shares $ 11.15 $ 11.15    
Third Amended Plan        
Shareholders' Equity        
Conversion ratio 1      
Third Amended Plan | Restricted shares        
Shareholders' Equity        
Maximum shares of common stock to be issued       1,900
Number of shares available for future grant 200      
v3.25.0.1
Stockholders' Equity and Non-controlling Interests - Earnings (Loss) per share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Numerator:                    
Net income available to common stockholders of Farmland Partners Inc. - basic $ 57,563 $ 1,028 $ (2,769) $ 606 $ 16,482 $ 3,446 $ 7,001 $ 857 $ 56,428 $ 27,786
Net income available to common stockholders of Farmland Partners Inc. - diluted                 56,428 27,786
Distributions on Series A Preferred Units                 2,970 2,970
Numerator for net income per share - diluted:                 $ 59,398 $ 30,756
Denominator:                    
Weighted-average number of common shares - basic (in shares) 46,836 47,839 47,798 47,704 47,762 48,432 50,860 54,007 47,546 50,243
Redeemable non-controlling interest                 8,441 8,049
Weighted-average number of common shares - diluted (in shares) 55,093 47,839 47,798 47,704 55,635 48,432 59,112 54,007 55,987 58,292
Income per share attributable to common stockholders - basic $ 1.22 $ 0.02 $ (0.06) $ 0.01 $ 0.35 $ 0.07 $ 0.14 $ 0.02 $ 1.19 $ 0.55
Income per share attributable to common stockholders - diluted $ 1.04 $ 0.02 $ (0.06) $ 0.01 $ 0.3 $ 0.07 $ 0.12 $ 0.02 $ 1.06 $ 0.53
Performance Based Unvested Restricted Shares                    
Numerator:                    
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares                 $ 53  
Time Based Unvested Restricted Shares                    
Numerator:                    
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares                 $ 460 $ 157
v3.25.0.1
Stockholders' Equity and Non-controlling Interests - Units held by the non-controlling interest (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Partnership    
Excluded from diluted earnings per share calculation    
Weighted average number of units 1.2 1.2
v3.25.0.1
Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]    
Equity awards and units outstanding 47,135 49,206
Unvested Restricted Stock Awards    
Class of Stock [Line Items]    
Equity awards and units outstanding 328 347
Common stock    
Class of Stock [Line Items]    
Equity awards and units outstanding 45,604 47,656
Common stock | Limited partner    
Class of Stock [Line Items]    
Equity awards and units outstanding 1,203 1,203
v3.25.0.1
Hedge Accounting (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
item
Oct. 17, 2024
USD ($)
Oct. 16, 2024
USD ($)
Derivative Contracts        
Fair value of derivative instruments $ 498,000 $ 1,707,000    
Amortization of OCI 114,000 (198,000)    
Transfers Level 1 to Level 2 0      
Transfers Level 2 to Level 1 0      
Fair value transfers, net 0      
Designated as Hedging Instrument | Interest rate contract        
Derivative Contracts        
Hedging transactions, net change (1,100,000) (800,000)    
Amortization of frozen AOCI $ (100,000) $ 200,000    
Designated as Hedging Instrument | Interest Rate Swap        
Derivative Contracts        
Number of interest rate derivatives held | item 1 1    
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap        
Derivative Contracts        
Derivative term of contract 6 years      
Percentage of debt outstanding amount covered by hedging 50.00%      
Terminated hedge fair value $ 2,600,000      
Hedge termination fees 400,000 $ 400,000    
Notional amount 11,800,000      
Fair value of derivative instruments 498,000      
Amortization of OCI (100,000) $ 200,000    
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | Rabobank        
Derivative Contracts        
Terminated hedge fair value     $ 500,000  
Notional amount $ 11,800,000   11,800,000 $ 33,200,000
Floating rate exposure     $ 0  
v3.25.0.1
Hedge Accounting - Movements in Other Comprehensive Income Account (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Movements in other comprehensive income    
Beginning accumulated derivative instrument gain or loss $ 2,691 $ 3,306
Net change associated with current period hedging transactions (1,065) (813)
Amortization of frozen AOCI on de-designated hedge (114) 198
Closing accumulated derivative instrument gain or loss $ 1,512 $ 2,691
v3.25.0.1
Income Taxes - TRS income (loss) before provision for income taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income Taxes                    
Net income before income tax benefit $ 60,211 $ 1,849 $ (2,053) $ 1,427 $ 17,766 $ 4,124 $ 7,902 $ 1,723 $ 61,434 $ 31,515
TRS                    
Income Taxes                    
United States                 (338) (2,722)
Net income before income tax benefit                 $ (338) $ (2,722)
v3.25.0.1
Income Taxes - Schedule of federal and state income tax provision (benefit) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Deferred:                    
Total Tax (Benefit) Expense $ (45) $ 11 $ (1) $ 19 $ 12 $ (191) $ 4 $ 9 $ (16) $ (166)
TRS                    
Current:                    
Federal                 2 (144)
State                   (41)
Total Current Tax (Benefit) Expense                 2 (185)
Deferred:                    
Federal                 (18) 19
Total Tax (Benefit) Expense                 $ (16) $ (166)
v3.25.0.1
Income Taxes - Schedule of TRS net deferred tax assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss $ 1,986 $ 1,996
Stock Compensation 12 5
Deferred Revenue   3
Charitable Contributions 5 4
Total deferred tax assets 2,003 2,008
Deferred tax liabilities:    
Fixed assets (13) (15)
Intangible Assets (86) (181)
Total deferred tax liabilities (99) (196)
Valuation Allowance (1,925) (1,851)
Net deferred taxes $ (21) $ (39)
v3.25.0.1
Income Taxes - Additional information (Details) - TRS
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Income Taxes  
Increase in valuation allowance $ 0.1
Unrecognized tax due pertaining to uncertain tax positions $ 0.0
v3.25.0.1
Income Taxes - Net operating losses and tax credit carryforwards (Details) - TRS
$ in Thousands
Dec. 31, 2024
USD ($)
Federal | Tax Year 2017  
Income Taxes  
Net operating losses $ 7,683
State  
Income Taxes  
Net operating losses $ 5,386
v3.25.0.1
Income Taxes - Components of income tax rate (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income Taxes                    
Total Tax (Benefit) Expense $ (45) $ 11 $ (1) $ 19 $ 12 $ (191) $ 4 $ 9 $ (16) $ (166)
TRS                    
Income Taxes                    
Statutory Rate                 (71) (571)
State Tax                 (19) (191)
Valuation Allowance                 74 596
Total Tax (Benefit) Expense                 $ (16) $ (166)
Statutory Rate                 21.00% 21.00%
State Tax                 5.62% 7.02%
Valuation Allowance                 (21.89%) (21.92%)
Total                 4.73% 6.10%
v3.25.0.1
Quarterly Financial Information (unaudited) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Operating revenues $ 21,474 $ 13,317 $ 11,445 $ 11,990 $ 21,592 $ 11,618 $ 11,584 $ 12,672 $ 58,226 $ 57,466
Operating expenses 10,397 8,094 8,205 6,843 11,201 11,603 8,828 7,835 33,539 39,467
Other expenses (49,134) 3,374 5,293 3,720 (7,375) (4,109) (5,146) 3,114 (36,747) (13,516)
Net income (loss) before income tax expense 60,211 1,849 (2,053) 1,427 17,766 4,124 7,902 1,723 61,434 31,515
Income tax expense 45 (11) 1 (19) (12) 191 (4) (9) 16 166
NET INCOME 60,256 1,838 (2,052) 1,408 17,754 4,315 7,898 1,714 61,450 31,681
Net income available to common stockholders of Farmland Partners Inc. - basic $ 57,563 $ 1,028 $ (2,769) $ 606 $ 16,482 $ 3,446 $ 7,001 $ 857 $ 56,428 $ 27,786
Basic net income (loss) per share available to common stockholders $ 1.22 $ 0.02 $ (0.06) $ 0.01 $ 0.35 $ 0.07 $ 0.14 $ 0.02 $ 1.19 $ 0.55
Diluted net income (loss) per share available to common stockholders $ 1.04 $ 0.02 $ (0.06) $ 0.01 $ 0.3 $ 0.07 $ 0.12 $ 0.02 $ 1.06 $ 0.53
Basic weighted average common shares outstanding (in shares) 46,836 47,839 47,798 47,704 47,762 48,432 50,860 54,007 47,546 50,243
Diluted weighted average common shares outstanding (in shares) 55,093 47,839 47,798 47,704 55,635 48,432 59,112 54,007 55,987 58,292
Gain (loss) on disposition of assets                 $ 54,148 $ 36,133
Other Expense                    
Gain (loss) on disposition of assets $ (52,200) $ (2,000) $ 0 $ 100 $ 12,900 $ 10,300 $ 11,100 $ 1,800    
v3.25.0.1
Subsequent Events (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Feb. 18, 2025
$ / shares
Jan. 01, 2025
USD ($)
loan
item
$ / shares
shares
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Subsequent Events          
Paid dividends       $ 21,630 $ 12,273
Dividend paid (in dollars per share) | $ / shares       $ 0.45 $ 0.24
Seller financing in real estate     $ 9,500    
Total principal repayments   $ 2,000      
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | Rabobank          
Subsequent Events          
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]       us-gaap:SecuredOvernightFinancingRateSofrMember  
Share repurchase | Common stock          
Subsequent Events          
Shares repurchased | shares       2,240,295  
Shares repurchased, weighted average price (in dollars per share) | $ / shares       $ 12.25  
Subsequent event          
Subsequent Events          
Paid dividends   57,200      
Seller financing in real estate   2,100      
Proceeds from sale of real estate   $ 4,100      
Number of dispositions | item   1      
Number of loans | loan   2      
Total outstanding principal   $ 3,100      
Subsequent event | Metlife Term Loan #9          
Subsequent Events          
Repayments of long-term debt   $ 2,000      
Subsequent event | Share repurchase | Common stock          
Subsequent Events          
Shares repurchased | shares   63,023      
Shares repurchased, weighted average price (in dollars per share) | $ / shares   $ 11.74      
Loans under FPI Loan Program          
Subsequent Events          
Total outstanding principal     $ 13,910 $ 32,729 $ 13,910
One-time special dividend 2024 | Subsequent event          
Subsequent Events          
Paid dividends   $ 54,400      
Dividend paid (in dollars per share) | $ / shares   $ 1.15      
Limited partner | Subsequent event          
Subsequent Events          
Dividend declared (per share) | $ / shares $ 0.06        
v3.25.0.1
Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
a
item
Real estate and accumulated depreciation  
Encumbrances $ 204,574
Initial Cost to Company  
Land 651,440
Improvements 82,137
Total 733,577
Cost Capitalized Subsequent to Acquisition  
Land (5,846)
Improvements 20,327
Total 14,481
Gross Amount at Which Carried at Close of Period  
Land 645,592
Improvements 102,215
Total 747,807
Accumulated depreciation $ 31,501
Area of real estate property | a 93,500
Other.  
Initial Cost to Company  
Land $ 43,651
Improvements 1,642
Total 45,293
Cost Capitalized Subsequent to Acquisition  
Land (6,507)
Improvements 495
Total (6,012)
Gross Amount at Which Carried at Close of Period  
Land 37,142
Improvements 1,888
Total 39,030
Accumulated depreciation $ 478
SEC Schedule III Real Estate Number of Farms | item 83
SEC Schedule III Real Estate Number of States | item 6
SEC Schedule III Real Estate Maximum Percentage of Gross Total Land Plus Improvements 5.00%
Farmer Mac Bond #6.  
Real estate and accumulated depreciation  
Encumbrances $ 13,827
Farmer Mac Bond #6. | Other.  
Real estate and accumulated depreciation  
Encumbrances 400
Farmer Mac Bond #7.  
Real estate and accumulated depreciation  
Encumbrances 11,160
Farmer Mac Facility  
Real estate and accumulated depreciation  
Encumbrances 0
Farmer Mac Facility | Other.  
Real estate and accumulated depreciation  
Encumbrances 6,800
MetLife Term Loan #1  
Real estate and accumulated depreciation  
Encumbrances 67,086
MetLife Term Loan #1 | Other.  
Real estate and accumulated depreciation  
Encumbrances 15,100
MetLife Term Loan #4  
Real estate and accumulated depreciation  
Encumbrances 1,550
MetLife Term Loan #4 | Other.  
Real estate and accumulated depreciation  
Encumbrances 2,500
MetLife Term Loan #5  
Real estate and accumulated depreciation  
Encumbrances 1,827
MetLife Term Loan #5 | Other.  
Real estate and accumulated depreciation  
Encumbrances 1,300
MetLife Term Loan #6  
Real estate and accumulated depreciation  
Encumbrances 16,226
MetLife Term Loan #7  
Real estate and accumulated depreciation  
Encumbrances 6,934
MetLife Term Loan #8  
Real estate and accumulated depreciation  
Encumbrances 44,000
Metlife Term Loan #9  
Real estate and accumulated depreciation  
Encumbrances 8,400
Metlife Term Loan #10  
Real estate and accumulated depreciation  
Encumbrances 21,806
Metlife Term Loan #11  
Real estate and accumulated depreciation  
Encumbrances 0
Metlife Term Loan #12  
Real estate and accumulated depreciation  
Encumbrances 0
Met Life Facility  
Real estate and accumulated depreciation  
Encumbrances 0
Rabobank  
Real estate and accumulated depreciation  
Encumbrances 11,758
Rutledge Facility  
Real estate and accumulated depreciation  
Encumbrances 0
Rutledge Facility | Other.  
Real estate and accumulated depreciation  
Encumbrances 4,100
Rabo Agrifinance Note | Other.  
Real estate and accumulated depreciation  
Encumbrances 3,700
Missouri | Farm one  
Initial Cost to Company  
Land 6,493
Improvements 15
Total 6,508
Gross Amount at Which Carried at Close of Period  
Land 6,493
Improvements 15
Total 6,508
Accumulated depreciation $ 6
Life on Which Depreciation in Latest Income Statements is Computed 15 years
Texas | Farm one  
Initial Cost to Company  
Land $ 5,773
Improvements 6,338
Total 12,111
Cost Capitalized Subsequent to Acquisition  
Improvements 312
Total 312
Gross Amount at Which Carried at Close of Period  
Land 5,773
Improvements 6,650
Total 12,423
Accumulated depreciation $ 980
Life on Which Depreciation in Latest Income Statements is Computed 11 years
Illinois | Farm one  
Initial Cost to Company  
Land $ 29,677
Improvements 431
Total 30,108
Cost Capitalized Subsequent to Acquisition  
Improvements 2,593
Total 2,593
Gross Amount at Which Carried at Close of Period  
Land 29,677
Improvements 3,024
Total 32,701
Accumulated depreciation $ 727
Life on Which Depreciation in Latest Income Statements is Computed 25 years
Illinois | Farm two  
Initial Cost to Company  
Land $ 22,887
Improvements 1,484
Total 24,371
Cost Capitalized Subsequent to Acquisition  
Land 39
Improvements 1,820
Total 1,859
Gross Amount at Which Carried at Close of Period  
Land 22,926
Improvements 3,304
Total 26,230
Accumulated depreciation $ 664
Life on Which Depreciation in Latest Income Statements is Computed 26 years
Illinois | Farm three  
Initial Cost to Company  
Land $ 14,188
Improvements 110
Total 14,298
Gross Amount at Which Carried at Close of Period  
Land 14,188
Improvements 110
Total 14,298
Accumulated depreciation $ 19
Life on Which Depreciation in Latest Income Statements is Computed 6 years
Illinois | Farm four  
Initial Cost to Company  
Land $ 7,359
Improvements 420
Total 7,779
Cost Capitalized Subsequent to Acquisition  
Land 1
Improvements (350)
Total (349)
Gross Amount at Which Carried at Close of Period  
Land 7,360
Improvements 70
Total 7,430
Accumulated depreciation $ 43
Life on Which Depreciation in Latest Income Statements is Computed 15 years
Illinois | Farm five  
Initial Cost to Company  
Land $ 6,097
Total 6,097
Cost Capitalized Subsequent to Acquisition  
Improvements 450
Total 450
Gross Amount at Which Carried at Close of Period  
Land 6,097
Improvements 450
Total 6,547
Accumulated depreciation $ 78
Life on Which Depreciation in Latest Income Statements is Computed 40 years
Illinois | Farm six  
Initial Cost to Company  
Land $ 6,429
Total 6,429
Gross Amount at Which Carried at Close of Period  
Land 6,429
Total 6,429
Illinois | Farm seven  
Initial Cost to Company  
Land 5,502
Total 5,502
Cost Capitalized Subsequent to Acquisition  
Improvements 338
Total 338
Gross Amount at Which Carried at Close of Period  
Land 5,502
Improvements 338
Total 5,840
Accumulated depreciation $ 279
Life on Which Depreciation in Latest Income Statements is Computed 10 years
Illinois | Farm eight  
Initial Cost to Company  
Land $ 5,463
Improvements 105
Total 5,568
Cost Capitalized Subsequent to Acquisition  
Improvements 7
Total 7
Gross Amount at Which Carried at Close of Period  
Land 5,463
Improvements 112
Total 5,575
Accumulated depreciation $ 37
Life on Which Depreciation in Latest Income Statements is Computed 23 years
Illinois | Farm nine  
Initial Cost to Company  
Land $ 4,928
Improvements 4
Total 4,932
Cost Capitalized Subsequent to Acquisition  
Improvements 148
Total 148
Gross Amount at Which Carried at Close of Period  
Land 4,928
Improvements 152
Total 5,080
Accumulated depreciation $ 23
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm ten  
Initial Cost to Company  
Land $ 4,819
Improvements 20
Total 4,839
Gross Amount at Which Carried at Close of Period  
Land 4,819
Improvements 20
Total 4,839
Accumulated depreciation $ 10
Life on Which Depreciation in Latest Income Statements is Computed 5 years
Illinois | Farm eleven  
Initial Cost to Company  
Land $ 4,575
Total 4,575
Gross Amount at Which Carried at Close of Period  
Land 4,575
Total 4,575
Illinois | Farm twelve  
Initial Cost to Company  
Land 4,530
Improvements 4
Total 4,534
Gross Amount at Which Carried at Close of Period  
Land 4,530
Improvements 4
Total 4,534
Accumulated depreciation $ 3
Life on Which Depreciation in Latest Income Statements is Computed 10 years
Illinois | Farm thirteen  
Initial Cost to Company  
Land $ 4,358
Total 4,358
Gross Amount at Which Carried at Close of Period  
Land 4,358
Total 4,358
Illinois | Farm fourteen  
Initial Cost to Company  
Land 3,818
Total 3,818
Cost Capitalized Subsequent to Acquisition  
Land 1
Total 1
Gross Amount at Which Carried at Close of Period  
Land 3,819
Total 3,819
Illinois | Farm fifteen  
Initial Cost to Company  
Land 2,981
Total 2,981
Cost Capitalized Subsequent to Acquisition  
Improvements 634
Total 634
Gross Amount at Which Carried at Close of Period  
Land 2,981
Improvements 634
Total 3,615
Accumulated depreciation $ 315
Life on Which Depreciation in Latest Income Statements is Computed 38 years
Illinois | Farm sixteen  
Initial Cost to Company  
Land $ 3,547
Total 3,547
Gross Amount at Which Carried at Close of Period  
Land 3,547
Total 3,547
Illinois | Farm seventeen  
Initial Cost to Company  
Land 1,290
Total 1,290
Cost Capitalized Subsequent to Acquisition  
Improvements 2,199
Total 2,199
Gross Amount at Which Carried at Close of Period  
Land 1,290
Improvements 2,199
Total 3,489
Accumulated depreciation $ 806
Life on Which Depreciation in Latest Income Statements is Computed 38 years
Illinois | Farm eighteen  
Initial Cost to Company  
Land $ 3,476
Total 3,476
Cost Capitalized Subsequent to Acquisition  
Improvements 4
Total 4
Gross Amount at Which Carried at Close of Period  
Land 3,476
Improvements 4
Total 3,480
Accumulated depreciation $ 3
Life on Which Depreciation in Latest Income Statements is Computed 12 years
Illinois | Farm nineteen  
Initial Cost to Company  
Land $ 3,401
Improvements 16
Total 3,417
Gross Amount at Which Carried at Close of Period  
Land 3,401
Improvements 16
Total 3,417
Accumulated depreciation $ 4
Life on Which Depreciation in Latest Income Statements is Computed 10 years
Illinois | Farm twenty  
Initial Cost to Company  
Land $ 3,002
Improvements 68
Total 3,070
Cost Capitalized Subsequent to Acquisition  
Improvements 253
Total 253
Gross Amount at Which Carried at Close of Period  
Land 3,002
Improvements 321
Total 3,323
Accumulated depreciation $ 258
Life on Which Depreciation in Latest Income Statements is Computed 16 years
Illinois | Farm twenty one  
Initial Cost to Company  
Land $ 3,218
Total 3,218
Cost Capitalized Subsequent to Acquisition  
Improvements 95
Total 95
Gross Amount at Which Carried at Close of Period  
Land 3,218
Improvements 95
Total 3,313
Accumulated depreciation $ 17
Life on Which Depreciation in Latest Income Statements is Computed 40 years
Illinois | Farm twenty two  
Initial Cost to Company  
Land $ 3,282
Total 3,282
Gross Amount at Which Carried at Close of Period  
Land 3,282
Total 3,282
Illinois | Farm twenty three  
Initial Cost to Company  
Land 3,163
Total 3,163
Gross Amount at Which Carried at Close of Period  
Land 3,163
Total 3,163
Illinois | Farm twenty four  
Initial Cost to Company  
Land 3,063
Total 3,063
Gross Amount at Which Carried at Close of Period  
Land 3,063
Total 3,063
Illinois | Farm twenty five  
Initial Cost to Company  
Land 3,036
Total 3,036
Gross Amount at Which Carried at Close of Period  
Land 3,036
Total 3,036
Illinois | Farm twenty six  
Initial Cost to Company  
Land 2,912
Improvements 89
Total 3,001
Gross Amount at Which Carried at Close of Period  
Land 2,912
Improvements 89
Total 3,001
Accumulated depreciation $ 31
Life on Which Depreciation in Latest Income Statements is Computed 7 years
Illinois | Farm twenty seven  
Initial Cost to Company  
Land $ 2,687
Total 2,687
Cost Capitalized Subsequent to Acquisition  
Land 3
Improvements 204
Total 207
Gross Amount at Which Carried at Close of Period  
Land 2,690
Improvements 204
Total 2,894
Accumulated depreciation $ 31
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm twenty eight  
Initial Cost to Company  
Land $ 2,875
Improvements 42
Total 2,917
Cost Capitalized Subsequent to Acquisition  
Improvements (42)
Total (42)
Gross Amount at Which Carried at Close of Period  
Land 2,875
Total 2,875
Illinois | Farm twenty nine  
Initial Cost to Company  
Land 2,572
Total 2,572
Cost Capitalized Subsequent to Acquisition  
Improvements 236
Total 236
Gross Amount at Which Carried at Close of Period  
Land 2,572
Improvements 236
Total 2,808
Accumulated depreciation $ 38
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm thirty  
Initial Cost to Company  
Land $ 2,723
Total 2,723
Gross Amount at Which Carried at Close of Period  
Land 2,723
Total 2,723
Illinois | Farm thirty one  
Initial Cost to Company  
Land 2,661
Total 2,661
Gross Amount at Which Carried at Close of Period  
Land 2,661
Total 2,661
Illinois | Farm thirty two  
Initial Cost to Company  
Land 2,547
Total 2,547
Gross Amount at Which Carried at Close of Period  
Land 2,547
Total 2,547
Illinois | Farm thirty three  
Initial Cost to Company  
Land 2,525
Total 2,525
Gross Amount at Which Carried at Close of Period  
Land 2,525
Total 2,525
Illinois | Farm thirty four  
Initial Cost to Company  
Land 2,416
Improvements 22
Total 2,438
Gross Amount at Which Carried at Close of Period  
Land 2,416
Improvements 22
Total 2,438
Accumulated depreciation $ 3
Life on Which Depreciation in Latest Income Statements is Computed 20 years
Illinois | Farm thirty five  
Initial Cost to Company  
Land $ 2,428
Total 2,428
Gross Amount at Which Carried at Close of Period  
Land 2,428
Total 2,428
Illinois | Farm thirty six  
Initial Cost to Company  
Land 2,406
Total 2,406
Gross Amount at Which Carried at Close of Period  
Land 2,406
Total 2,406
Illinois | Farm thirty seven  
Initial Cost to Company  
Land 2,028
Improvements 28
Total 2,056
Cost Capitalized Subsequent to Acquisition  
Improvements 225
Total 225
Gross Amount at Which Carried at Close of Period  
Land 2,028
Improvements 253
Total 2,281
Accumulated depreciation $ 44
Life on Which Depreciation in Latest Income Statements is Computed 40 years
Illinois | Farm thirty eight  
Initial Cost to Company  
Land $ 2,019
Total 2,019
Cost Capitalized Subsequent to Acquisition  
Improvements 216
Total 216
Gross Amount at Which Carried at Close of Period  
Land 2,019
Improvements 216
Total 2,235
Accumulated depreciation $ 38
Life on Which Depreciation in Latest Income Statements is Computed 34 years
Illinois | Farm thirty nine  
Initial Cost to Company  
Land $ 2,104
Total 2,104
Cost Capitalized Subsequent to Acquisition  
Improvements 98
Total 98
Gross Amount at Which Carried at Close of Period  
Land 2,104
Improvements 98
Total 2,202
Accumulated depreciation $ 20
Life on Which Depreciation in Latest Income Statements is Computed 40 years
Illinois | Farm forty  
Initial Cost to Company  
Land $ 2,128
Improvements 34
Total 2,162
Gross Amount at Which Carried at Close of Period  
Land 2,128
Improvements 34
Total 2,162
Accumulated depreciation $ 10
Life on Which Depreciation in Latest Income Statements is Computed 7 years
Illinois | Farm forty one  
Initial Cost to Company  
Land $ 2,146
Total 2,146
Gross Amount at Which Carried at Close of Period  
Land 2,146
Total 2,146
Illinois | Farm forty two  
Initial Cost to Company  
Land 1,700
Total 1,700
Cost Capitalized Subsequent to Acquisition  
Improvements 346
Total 346
Gross Amount at Which Carried at Close of Period  
Land 1,700
Improvements 346
Total 2,046
Accumulated depreciation $ 97
Life on Which Depreciation in Latest Income Statements is Computed 35 years
Illinois | Farm forty three  
Initial Cost to Company  
Land $ 2,041
Total 2,041
Gross Amount at Which Carried at Close of Period  
Land 2,041
Total 2,041
Illinois | Farm forty four  
Initial Cost to Company  
Land 1,999
Total 1,999
Gross Amount at Which Carried at Close of Period  
Land 1,999
Total 1,999
Illinois | Farm forty five  
Initial Cost to Company  
Land 1,877
Improvements 105
Total 1,982
Gross Amount at Which Carried at Close of Period  
Land 1,877
Improvements 105
Total 1,982
Accumulated depreciation $ 37
Life on Which Depreciation in Latest Income Statements is Computed 25 years
Illinois | Farm forty six  
Initial Cost to Company  
Land $ 1,975
Total 1,975
Gross Amount at Which Carried at Close of Period  
Land 1,975
Total 1,975
Illinois | Farm forty seven  
Initial Cost to Company  
Land 1,960
Total 1,960
Gross Amount at Which Carried at Close of Period  
Land 1,960
Total 1,960
Illinois | Farm forty eight  
Initial Cost to Company  
Land 1,949
Total 1,949
Gross Amount at Which Carried at Close of Period  
Land 1,949
Total 1,949
Illinois | Farm forty nine  
Initial Cost to Company  
Land 1,905
Total 1,905
Gross Amount at Which Carried at Close of Period  
Land 1,905
Total 1,905
Illinois | Farm fifty  
Initial Cost to Company  
Land 1,863
Total 1,863
Gross Amount at Which Carried at Close of Period  
Land 1,863
Total 1,863
Illinois | Farm fifty one  
Initial Cost to Company  
Land 1,856
Total 1,856
Gross Amount at Which Carried at Close of Period  
Land 1,856
Total 1,856
Illinois | Farm fifty two  
Initial Cost to Company  
Land 1,825
Total 1,825
Gross Amount at Which Carried at Close of Period  
Land 1,825
Total 1,825
Illinois | Farm fifty three  
Initial Cost to Company  
Land 1,815
Total 1,815
Gross Amount at Which Carried at Close of Period  
Land 1,815
Total 1,815
Illinois | Farm fifty four  
Initial Cost to Company  
Land 1,696
Total 1,696
Cost Capitalized Subsequent to Acquisition  
Improvements 109
Total 109
Gross Amount at Which Carried at Close of Period  
Land 1,696
Improvements 109
Total 1,805
Accumulated depreciation $ 17
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm fifty five  
Initial Cost to Company  
Land $ 1,772
Total 1,772
Gross Amount at Which Carried at Close of Period  
Land 1,772
Total 1,772
Illinois | Farm fifty six  
Initial Cost to Company  
Land 1,750
Total 1,750
Gross Amount at Which Carried at Close of Period  
Land 1,750
Total 1,750
Illinois | Farm fifty seven  
Initial Cost to Company  
Land 1,735
Total 1,735
Gross Amount at Which Carried at Close of Period  
Land 1,735
Total 1,735
Illinois | Farm fifty eight  
Initial Cost to Company  
Land 1,734
Total 1,734
Gross Amount at Which Carried at Close of Period  
Land 1,734
Total 1,734
Illinois | Farm fifty nine  
Initial Cost to Company  
Land 1,646
Improvements 88
Total 1,734
Gross Amount at Which Carried at Close of Period  
Land 1,646
Improvements 88
Total 1,734
Accumulated depreciation $ 34
Life on Which Depreciation in Latest Income Statements is Computed 23 years
Illinois | Farm sixty  
Initial Cost to Company  
Land $ 1,721
Total 1,721
Gross Amount at Which Carried at Close of Period  
Land 1,721
Total 1,721
Illinois | Farm sixty one  
Initial Cost to Company  
Land 1,617
Improvements 94
Total 1,711
Gross Amount at Which Carried at Close of Period  
Land 1,617
Improvements 94
Total 1,711
Accumulated depreciation $ 36
Life on Which Depreciation in Latest Income Statements is Computed 23 years
Illinois | Farm sixty two  
Initial Cost to Company  
Land $ 1,678
Improvements 4
Total 1,682
Cost Capitalized Subsequent to Acquisition  
Improvements (4)
Total (4)
Gross Amount at Which Carried at Close of Period  
Land 1,678
Total 1,678
Illinois | Farm sixty three  
Initial Cost to Company  
Land 1,496
Total 1,496
Cost Capitalized Subsequent to Acquisition  
Improvements 159
Total 159
Gross Amount at Which Carried at Close of Period  
Land 1,496
Improvements 159
Total 1,655
Accumulated depreciation $ 6
Life on Which Depreciation in Latest Income Statements is Computed 30 years
Illinois | Farm sixty four  
Initial Cost to Company  
Land $ 1,526
Total 1,526
Cost Capitalized Subsequent to Acquisition  
Improvements 126
Total 126
Gross Amount at Which Carried at Close of Period  
Land 1,526
Improvements 126
Total 1,652
Accumulated depreciation $ 19
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm sixty five  
Initial Cost to Company  
Land $ 1,623
Total 1,623
Gross Amount at Which Carried at Close of Period  
Land 1,623
Total 1,623
Illinois | Farm sixty six  
Initial Cost to Company  
Land 1,606
Total 1,606
Gross Amount at Which Carried at Close of Period  
Land 1,606
Total 1,606
Illinois | Farm sixty seven  
Initial Cost to Company  
Land 1,591
Total 1,591
Gross Amount at Which Carried at Close of Period  
Land 1,591
Total 1,591
Illinois | Farm sixty eight  
Initial Cost to Company  
Land 1,500
Total 1,500
Cost Capitalized Subsequent to Acquisition  
Improvements 26
Total 26
Gross Amount at Which Carried at Close of Period  
Land 1,500
Improvements 26
Total 1,526
Accumulated depreciation $ 5
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm sixty nine  
Initial Cost to Company  
Land $ 1,423
Improvements 60
Total 1,483
Cost Capitalized Subsequent to Acquisition  
Improvements 38
Total 38
Gross Amount at Which Carried at Close of Period  
Land 1,423
Improvements 98
Total 1,521
Accumulated depreciation $ 71
Life on Which Depreciation in Latest Income Statements is Computed 35 years
Illinois | Farm seventy  
Initial Cost to Company  
Land $ 1,484
Total 1,484
Gross Amount at Which Carried at Close of Period  
Land 1,484
Total 1,484
Illinois | Farm seventy one  
Initial Cost to Company  
Land 1,475
Total 1,475
Gross Amount at Which Carried at Close of Period  
Land 1,475
Total 1,475
Illinois | Farm seventy two  
Initial Cost to Company  
Land 1,471
Total 1,471
Gross Amount at Which Carried at Close of Period  
Land 1,471
Total 1,471
Illinois | Farm seventy three  
Initial Cost to Company  
Land 1,438
Total 1,438
Gross Amount at Which Carried at Close of Period  
Land 1,438
Total 1,438
Illinois | Farm seventy four  
Initial Cost to Company  
Land 1,437
Total 1,437
Gross Amount at Which Carried at Close of Period  
Land 1,437
Total 1,437
Illinois | Farm seventy five  
Initial Cost to Company  
Land 1,403
Total 1,403
Gross Amount at Which Carried at Close of Period  
Land 1,403
Total 1,403
Illinois | Farm seventy six  
Initial Cost to Company  
Land 1,231
Total 1,231
Cost Capitalized Subsequent to Acquisition  
Improvements 116
Total 116
Gross Amount at Which Carried at Close of Period  
Land 1,231
Improvements 116
Total 1,347
Accumulated depreciation $ 20
Life on Which Depreciation in Latest Income Statements is Computed 40 years
Illinois | Farm seventy seven  
Initial Cost to Company  
Land $ 1,322
Total 1,322
Gross Amount at Which Carried at Close of Period  
Land 1,322
Total 1,322
Illinois | Farm seventy eight  
Initial Cost to Company  
Land 1,321
Total 1,321
Gross Amount at Which Carried at Close of Period  
Land 1,321
Total 1,321
Illinois | Farm seventy nine  
Initial Cost to Company  
Land 1,132
Improvements 35
Total 1,167
Cost Capitalized Subsequent to Acquisition  
Improvements 103
Total 103
Gross Amount at Which Carried at Close of Period  
Land 1,132
Improvements 138
Total 1,270
Accumulated depreciation $ 14
Life on Which Depreciation in Latest Income Statements is Computed 30 years
Illinois | Farm eighty  
Initial Cost to Company  
Land $ 801
Improvements 97
Total 898
Cost Capitalized Subsequent to Acquisition  
Improvements 364
Total 364
Gross Amount at Which Carried at Close of Period  
Land 801
Improvements 461
Total 1,262
Accumulated depreciation $ 69
Life on Which Depreciation in Latest Income Statements is Computed 40 years
Illinois | Farm eighty one  
Initial Cost to Company  
Land $ 1,261
Total 1,261
Gross Amount at Which Carried at Close of Period  
Land 1,261
Total 1,261
Illinois | Farm eighty two  
Initial Cost to Company  
Land 1,120
Total 1,120
Cost Capitalized Subsequent to Acquisition  
Improvements 138
Total 138
Gross Amount at Which Carried at Close of Period  
Land 1,120
Improvements 138
Total 1,258
Accumulated depreciation $ 25
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm eighty three  
Initial Cost to Company  
Land $ 1,256
Total 1,256
Gross Amount at Which Carried at Close of Period  
Land 1,256
Total 1,256
Illinois | Farm eighty four  
Initial Cost to Company  
Land 1,221
Total 1,221
Gross Amount at Which Carried at Close of Period  
Land 1,221
Total 1,221
Illinois | Farm eighty five  
Initial Cost to Company  
Land 1,147
Total 1,147
Cost Capitalized Subsequent to Acquisition  
Improvements 60
Total 60
Gross Amount at Which Carried at Close of Period  
Land 1,147
Improvements 60
Total 1,207
Accumulated depreciation $ 11
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm eighty six  
Initial Cost to Company  
Land $ 1,173
Total 1,173
Gross Amount at Which Carried at Close of Period  
Land 1,173
Total 1,173
Illinois | Farm eighty seven  
Initial Cost to Company  
Land 1,160
Total 1,160
Gross Amount at Which Carried at Close of Period  
Land 1,160
Total 1,160
Illinois | Farm eighty eight  
Initial Cost to Company  
Land 1,117
Improvements 28
Total 1,145
Cost Capitalized Subsequent to Acquisition  
Improvements 9
Total 9
Gross Amount at Which Carried at Close of Period  
Land 1,117
Improvements 37
Total 1,154
Accumulated depreciation $ 18
Life on Which Depreciation in Latest Income Statements is Computed 20 years
Illinois | Farm eighty nine  
Initial Cost to Company  
Land $ 1,077
Total 1,077
Cost Capitalized Subsequent to Acquisition  
Improvements 70
Total 70
Gross Amount at Which Carried at Close of Period  
Land 1,077
Improvements 70
Total 1,147
Accumulated depreciation $ 12
Life on Which Depreciation in Latest Income Statements is Computed 40 years
Illinois | Farm ninety  
Initial Cost to Company  
Land $ 1,128
Improvements 44
Total 1,172
Cost Capitalized Subsequent to Acquisition  
Improvements (37)
Total (37)
Gross Amount at Which Carried at Close of Period  
Land 1,128
Improvements 7
Total 1,135
Accumulated depreciation $ 2
Life on Which Depreciation in Latest Income Statements is Computed 30 years
Illinois | Farm ninety one  
Initial Cost to Company  
Land $ 1,128
Total 1,128
Gross Amount at Which Carried at Close of Period  
Land 1,128
Total 1,128
Illinois | Farm ninety two  
Initial Cost to Company  
Land 1,121
Total 1,121
Gross Amount at Which Carried at Close of Period  
Land 1,121
Total 1,121
Illinois | Farm ninety three  
Initial Cost to Company  
Land 1,082
Total 1,082
Gross Amount at Which Carried at Close of Period  
Land 1,082
Total 1,082
Illinois | Farm ninety four  
Initial Cost to Company  
Land 991
Total 991
Cost Capitalized Subsequent to Acquisition  
Improvements 77
Total 77
Gross Amount at Which Carried at Close of Period  
Land 991
Improvements 77
Total 1,068
Accumulated depreciation $ 13
Life on Which Depreciation in Latest Income Statements is Computed 40 years
Illinois | Farm ninety five  
Initial Cost to Company  
Land $ 1,060
Total 1,060
Gross Amount at Which Carried at Close of Period  
Land 1,060
Total 1,060
Illinois | Farm ninety six  
Initial Cost to Company  
Land 997
Total 997
Cost Capitalized Subsequent to Acquisition  
Improvements 58
Total 58
Gross Amount at Which Carried at Close of Period  
Land 997
Improvements 58
Total 1,055
Accumulated depreciation $ 9
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm ninety seven  
Initial Cost to Company  
Land $ 1,065
Improvements 27
Total 1,092
Cost Capitalized Subsequent to Acquisition  
Improvements (44)
Total (44)
Gross Amount at Which Carried at Close of Period  
Land 1,065
Improvements (17)
Total 1,048
Illinois | Farm ninety eight  
Initial Cost to Company  
Land 1,007
Total 1,007
Gross Amount at Which Carried at Close of Period  
Land 1,007
Total 1,007
Illinois | Farm ninety nine  
Initial Cost to Company  
Land 952
Improvements 40
Total 992
Gross Amount at Which Carried at Close of Period  
Land 952
Improvements 40
Total 992
Accumulated depreciation $ 11
Life on Which Depreciation in Latest Income Statements is Computed 32 years
Illinois | Farm one hundred  
Initial Cost to Company  
Land $ 982
Total 982
Gross Amount at Which Carried at Close of Period  
Land 982
Total 982
Illinois | Farm one hundred and one  
Initial Cost to Company  
Land 977
Total 977
Gross Amount at Which Carried at Close of Period  
Land 977
Total 977
Illinois | Farm one hundred and two  
Initial Cost to Company  
Land 974
Total 974
Gross Amount at Which Carried at Close of Period  
Land 974
Total 974
Illinois | Farm one hundred and three  
Initial Cost to Company  
Land 970
Total 970
Gross Amount at Which Carried at Close of Period  
Land 970
Total 970
Illinois | Farm one hundred and four  
Initial Cost to Company  
Land 846
Total 846
Cost Capitalized Subsequent to Acquisition  
Improvements 112
Total 112
Gross Amount at Which Carried at Close of Period  
Land 846
Improvements 112
Total 958
Accumulated depreciation $ 14
Life on Which Depreciation in Latest Income Statements is Computed 40 years
Illinois | Farm one hundred and five  
Initial Cost to Company  
Land $ 923
Improvements 53
Total 976
Cost Capitalized Subsequent to Acquisition  
Improvements (29)
Total (29)
Gross Amount at Which Carried at Close of Period  
Land 923
Improvements 24
Total 947
Accumulated depreciation $ 6
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm one hundred and six  
Initial Cost to Company  
Land $ 940
Total 940
Gross Amount at Which Carried at Close of Period  
Land 940
Total 940
Illinois | Farm one hundred and seven  
Initial Cost to Company  
Land 878
Improvements 33
Total 911
Gross Amount at Which Carried at Close of Period  
Land 878
Improvements 33
Total 911
Accumulated depreciation $ 7
Life on Which Depreciation in Latest Income Statements is Computed 13 years
Illinois | Farm one hundred and eight  
Initial Cost to Company  
Land $ 847
Improvements 63
Total 910
Gross Amount at Which Carried at Close of Period  
Land 847
Improvements 63
Total 910
Accumulated depreciation $ 28
Life on Which Depreciation in Latest Income Statements is Computed 22 years
Illinois | Farm one hundred and nine  
Initial Cost to Company  
Land $ 881
Total 881
Cost Capitalized Subsequent to Acquisition  
Improvements 4
Total 4
Gross Amount at Which Carried at Close of Period  
Land 881
Improvements 4
Total 885
Accumulated depreciation $ 2
Life on Which Depreciation in Latest Income Statements is Computed 20 years
Illinois | Farm one hundred and ten  
Initial Cost to Company  
Land $ 866
Improvements 18
Total 884
Gross Amount at Which Carried at Close of Period  
Land 866
Improvements 18
Total 884
Accumulated depreciation $ 2
Life on Which Depreciation in Latest Income Statements is Computed 48 years
Illinois | Farm one hundred and eleven  
Initial Cost to Company  
Land $ 815
Total 815
Cost Capitalized Subsequent to Acquisition  
Improvements 60
Total 60
Gross Amount at Which Carried at Close of Period  
Land 815
Improvements 60
Total 875
Accumulated depreciation $ 10
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm one hundred and twelve  
Initial Cost to Company  
Land $ 865
Total 865
Gross Amount at Which Carried at Close of Period  
Land 865
Total 865
Illinois | Farm one hundred and thirteen  
Initial Cost to Company  
Land 856
Improvements 55
Total 911
Cost Capitalized Subsequent to Acquisition  
Improvements (47)
Total (47)
Gross Amount at Which Carried at Close of Period  
Land 856
Improvements 8
Total 864
Accumulated depreciation $ 2
Life on Which Depreciation in Latest Income Statements is Computed 30 years
Illinois | Farm one hundred and fourteen  
Initial Cost to Company  
Land $ 858
Total 858
Gross Amount at Which Carried at Close of Period  
Land 858
Total 858
Illinois | Farm one hundred and fifteen  
Initial Cost to Company  
Land 855
Total 855
Gross Amount at Which Carried at Close of Period  
Land 855
Total 855
Illinois | Farm one hundred and sixteen  
Initial Cost to Company  
Land 644
Improvements 93
Total 737
Cost Capitalized Subsequent to Acquisition  
Improvements 115
Total 115
Gross Amount at Which Carried at Close of Period  
Land 644
Improvements 208
Total 852
Accumulated depreciation $ 56
Life on Which Depreciation in Latest Income Statements is Computed 42 years
Illinois | Farm one hundred and seventeen  
Initial Cost to Company  
Land $ 700
Improvements 110
Total 810
Cost Capitalized Subsequent to Acquisition  
Improvements 20
Total 20
Gross Amount at Which Carried at Close of Period  
Land 700
Improvements 130
Total 830
Accumulated depreciation $ 46
Life on Which Depreciation in Latest Income Statements is Computed 50 years
Illinois | Farm one hundred and eighteen  
Initial Cost to Company  
Land $ 829
Total 829
Gross Amount at Which Carried at Close of Period  
Land 829
Total 829
Illinois | Farm one hundred and nineteen  
Initial Cost to Company  
Land 825
Total 825
Gross Amount at Which Carried at Close of Period  
Land 825
Total 825
Illinois | Farm one hundred and twenty  
Initial Cost to Company  
Land 776
Improvements 47
Total 823
Gross Amount at Which Carried at Close of Period  
Land 776
Improvements 47
Total 823
Accumulated depreciation $ 17
Life on Which Depreciation in Latest Income Statements is Computed 25 years
Louisiana | Farm one  
Initial Cost to Company  
Land $ 24,882
Improvements 128
Total 25,010
Cost Capitalized Subsequent to Acquisition  
Land 131
Improvements 195
Total 326
Gross Amount at Which Carried at Close of Period  
Land 25,013
Improvements 323
Total 25,336
Accumulated depreciation $ 73
Life on Which Depreciation in Latest Income Statements is Computed 6 years
South Carolina | Farm one  
Initial Cost to Company  
Land $ 7,904
Improvements 133
Total 8,037
Cost Capitalized Subsequent to Acquisition  
Improvements 72
Total 72
Gross Amount at Which Carried at Close of Period  
Land 7,904
Improvements 205
Total 8,109
Accumulated depreciation $ 40
Life on Which Depreciation in Latest Income Statements is Computed 23 years
South Carolina | Farm two  
Initial Cost to Company  
Land $ 1,321
Improvements 91
Total 1,412
Cost Capitalized Subsequent to Acquisition  
Land 246
Improvements 997
Total 1,243
Gross Amount at Which Carried at Close of Period  
Land 1,567
Improvements 1,088
Total 2,655
Accumulated depreciation $ 156
Life on Which Depreciation in Latest Income Statements is Computed 32 years
South Carolina | Farm three  
Initial Cost to Company  
Land $ 1,090
Total 1,090
Cost Capitalized Subsequent to Acquisition  
Land 230
Improvements 847
Total 1,077
Gross Amount at Which Carried at Close of Period  
Land 1,320
Improvements 847
Total 2,167
Accumulated depreciation $ 145
Life on Which Depreciation in Latest Income Statements is Computed 39 years
South Carolina | Farm four  
Initial Cost to Company  
Land $ 1,303
Improvements 225
Total 1,528
Cost Capitalized Subsequent to Acquisition  
Improvements 265
Total 265
Gross Amount at Which Carried at Close of Period  
Land 1,303
Improvements 490
Total 1,793
Accumulated depreciation $ 93
Life on Which Depreciation in Latest Income Statements is Computed 34 years
Colorado | Farm one  
Initial Cost to Company  
Land $ 10,716
Improvements 70
Total 10,786
Gross Amount at Which Carried at Close of Period  
Land 10,716
Improvements 70
Total 10,786
Accumulated depreciation $ 19
Life on Which Depreciation in Latest Income Statements is Computed 39 years
Colorado | Farm two  
Initial Cost to Company  
Land $ 3,388
Improvements 147
Total 3,535
Cost Capitalized Subsequent to Acquisition  
Improvements 2,179
Total 2,179
Gross Amount at Which Carried at Close of Period  
Land 3,388
Improvements 2,326
Total 5,714
Accumulated depreciation $ 499
Life on Which Depreciation in Latest Income Statements is Computed 21 years
Colorado | Farm three  
Initial Cost to Company  
Land $ 793
Improvements 4,731
Total 5,524
Cost Capitalized Subsequent to Acquisition  
Improvements 173
Total 173
Gross Amount at Which Carried at Close of Period  
Land 793
Improvements 4,904
Total 5,697
Accumulated depreciation $ 643
Life on Which Depreciation in Latest Income Statements is Computed 22 years
Colorado | Farm four  
Initial Cost to Company  
Land $ 4,156
Improvements 1,280
Total 5,436
Cost Capitalized Subsequent to Acquisition  
Improvements (6)
Total (6)
Gross Amount at Which Carried at Close of Period  
Land 4,156
Improvements 1,274
Total 5,430
Accumulated depreciation $ 408
Life on Which Depreciation in Latest Income Statements is Computed 28 years
Colorado | Farm five  
Initial Cost to Company  
Land $ 3,566
Improvements 359
Total 3,925
Cost Capitalized Subsequent to Acquisition  
Improvements 130
Total 130
Gross Amount at Which Carried at Close of Period  
Land 3,566
Improvements 489
Total 4,055
Accumulated depreciation $ 167
Life on Which Depreciation in Latest Income Statements is Computed 20 years
Colorado | Farm six  
Initial Cost to Company  
Land $ 1,995
Improvements 84
Total 2,079
Cost Capitalized Subsequent to Acquisition  
Improvements 504
Total 504
Gross Amount at Which Carried at Close of Period  
Land 1,995
Improvements 588
Total 2,583
Accumulated depreciation $ 246
Life on Which Depreciation in Latest Income Statements is Computed 17 years
Colorado | Farm seven  
Initial Cost to Company  
Land $ 2,328
Total 2,328
Gross Amount at Which Carried at Close of Period  
Land 2,328
Total 2,328
Colorado | Farm eight  
Initial Cost to Company  
Land 1,760
Total 1,760
Cost Capitalized Subsequent to Acquisition  
Improvements 248
Total 248
Gross Amount at Which Carried at Close of Period  
Land 1,760
Improvements 248
Total 2,008
Accumulated depreciation $ 67
Life on Which Depreciation in Latest Income Statements is Computed 23 years
Colorado | Farm nine  
Initial Cost to Company  
Land $ 1,810
Improvements 210
Total 2,020
Cost Capitalized Subsequent to Acquisition  
Improvements (129)
Total (129)
Gross Amount at Which Carried at Close of Period  
Land 1,810
Improvements 81
Total 1,891
Accumulated depreciation $ 30
Life on Which Depreciation in Latest Income Statements is Computed 18 years
Colorado | Farm ten  
Initial Cost to Company  
Land $ 1,030
Improvements 170
Total 1,200
Cost Capitalized Subsequent to Acquisition  
Improvements (87)
Total (87)
Gross Amount at Which Carried at Close of Period  
Land 1,030
Improvements 83
Total 1,113
Accumulated depreciation $ 19
Life on Which Depreciation in Latest Income Statements is Computed 24 years
Colorado | Farm eleven  
Initial Cost to Company  
Land $ 1,105
Total 1,105
Gross Amount at Which Carried at Close of Period  
Land 1,105
Total 1,105
Colorado | Farm twelve  
Initial Cost to Company  
Land 809
Improvements 141
Total 950
Cost Capitalized Subsequent to Acquisition  
Land 10
Improvements 62
Total 72
Gross Amount at Which Carried at Close of Period  
Land 819
Improvements 203
Total 1,022
Accumulated depreciation $ 65
Life on Which Depreciation in Latest Income Statements is Computed 31 years
Indiana | Farm twenty five  
Initial Cost to Company  
Land $ 2,125
Total 2,125
Gross Amount at Which Carried at Close of Period  
Land 2,125
Total 2,125
Arkansas | Farm one  
Initial Cost to Company  
Land 5,169
Improvements 185
Total 5,354
Gross Amount at Which Carried at Close of Period  
Land 5,169
Improvements 185
Total 5,354
Accumulated depreciation $ 114
Life on Which Depreciation in Latest Income Statements is Computed 15 years
Arkansas | Farm two  
Initial Cost to Company  
Land $ 1,575
Improvements 60
Total 1,635
Gross Amount at Which Carried at Close of Period  
Land 1,575
Improvements 60
Total $ 1,635
Life on Which Depreciation in Latest Income Statements is Computed 10 years
California | Farm one  
Initial Cost to Company  
Land $ 44,994
Total 44,994
Gross Amount at Which Carried at Close of Period  
Land 44,994
Total 44,994
California | Farm two  
Initial Cost to Company  
Land 33,482
Total 33,482
Gross Amount at Which Carried at Close of Period  
Land 33,482
Total 33,482
California | Farm three  
Initial Cost to Company  
Land 19,925
Improvements 11,521
Total 31,446
Cost Capitalized Subsequent to Acquisition  
Improvements 1,782
Total 1,782
Gross Amount at Which Carried at Close of Period  
Land 19,925
Improvements 13,303
Total 33,228
Accumulated depreciation $ 6,221
Life on Which Depreciation in Latest Income Statements is Computed 17 years
California | Farm four  
Initial Cost to Company  
Land $ 31,567
Total 31,567
Gross Amount at Which Carried at Close of Period  
Land 31,567
Total 31,567
California | Farm five  
Initial Cost to Company  
Land 7,647
Improvements 11,518
Total 19,165
Cost Capitalized Subsequent to Acquisition  
Improvements 991
Total 991
Gross Amount at Which Carried at Close of Period  
Land 7,647
Improvements 12,509
Total 20,156
Accumulated depreciation $ 3,453
Life on Which Depreciation in Latest Income Statements is Computed 24 years
California | Farm six  
Initial Cost to Company  
Land $ 10,935
Improvements 6,878
Total 17,813
Cost Capitalized Subsequent to Acquisition  
Improvements 409
Total 409
Gross Amount at Which Carried at Close of Period  
Land 10,935
Improvements 7,287
Total 18,222
Accumulated depreciation $ 2,792
Life on Which Depreciation in Latest Income Statements is Computed 28 years
California | Farm seven  
Initial Cost to Company  
Land $ 9,998
Improvements 8,116
Total 18,114
Cost Capitalized Subsequent to Acquisition  
Improvements (488)
Total (488)
Gross Amount at Which Carried at Close of Period  
Land 9,998
Improvements 7,628
Total 17,626
Accumulated depreciation $ 3,131
Life on Which Depreciation in Latest Income Statements is Computed 19 years
California | Farm eight  
Initial Cost to Company  
Land $ 8,326
Improvements 6,075
Total 14,401
Cost Capitalized Subsequent to Acquisition  
Improvements 2,649
Total 2,649
Gross Amount at Which Carried at Close of Period  
Land 8,326
Improvements 8,724
Total 17,050
Accumulated depreciation $ 1,783
Life on Which Depreciation in Latest Income Statements is Computed 27 years
California | Farm nine  
Initial Cost to Company  
Land $ 11,888
Improvements 3,398
Total 15,286
Cost Capitalized Subsequent to Acquisition  
Improvements 789
Total 789
Gross Amount at Which Carried at Close of Period  
Land 11,888
Improvements 4,187
Total 16,075
Accumulated depreciation $ 1,739
Life on Which Depreciation in Latest Income Statements is Computed 20 years
California | Farm ten  
Initial Cost to Company  
Land $ 8,340
Improvements 4,546
Total 12,886
Cost Capitalized Subsequent to Acquisition  
Improvements (2,345)
Total (2,345)
Gross Amount at Which Carried at Close of Period  
Land 8,340
Improvements 2,201
Total 10,541
Accumulated depreciation $ 807
Life on Which Depreciation in Latest Income Statements is Computed 23 years
California | Farm eleven  
Initial Cost to Company  
Land $ 9,534
Improvements 263
Total 9,797
Cost Capitalized Subsequent to Acquisition  
Improvements (31)
Total (31)
Gross Amount at Which Carried at Close of Period  
Land 9,534
Improvements 232
Total 9,766
Accumulated depreciation $ 154
Life on Which Depreciation in Latest Income Statements is Computed 17 years
California | Farm twelve  
Initial Cost to Company  
Land $ 6,191
Improvements 2,772
Total 8,963
Cost Capitalized Subsequent to Acquisition  
Improvements (70)
Total (70)
Gross Amount at Which Carried at Close of Period  
Land 6,191
Improvements 2,702
Total 8,893
Accumulated depreciation $ 1,181
Life on Which Depreciation in Latest Income Statements is Computed 15 years
California | Farm thirteen  
Initial Cost to Company  
Land $ 5,446
Improvements 390
Total 5,836
Gross Amount at Which Carried at Close of Period  
Land 5,446
Improvements 390
Total 5,836
Accumulated depreciation $ 148
Life on Which Depreciation in Latest Income Statements is Computed 11 years
California | Farm fourteen  
Initial Cost to Company  
Land $ 3,559
Improvements 3,317
Total 6,876
Cost Capitalized Subsequent to Acquisition  
Improvements (1,122)
Total (1,122)
Gross Amount at Which Carried at Close of Period  
Land 3,559
Improvements 2,195
Total 5,754
Accumulated depreciation $ 641
Life on Which Depreciation in Latest Income Statements is Computed 27 years
California | Farm fifteen  
Initial Cost to Company  
Land $ 2,461
Improvements 1,974
Total 4,435
Cost Capitalized Subsequent to Acquisition  
Improvements (2)
Total (2)
Gross Amount at Which Carried at Close of Period  
Land 2,461
Improvements 1,972
Total 4,433
Accumulated depreciation $ 436
Life on Which Depreciation in Latest Income Statements is Computed 20 years
California | Farm sixteen  
Initial Cost to Company  
Land $ 967
Improvements 1,357
Total 2,324
Cost Capitalized Subsequent to Acquisition  
Improvements 333
Total 333
Gross Amount at Which Carried at Close of Period  
Land 967
Improvements 1,690
Total 2,657
Accumulated depreciation $ 510
Life on Which Depreciation in Latest Income Statements is Computed 27 years
Nebraska | Farm one  
Initial Cost to Company  
Land $ 1,608
Improvements 32
Total 1,640
Cost Capitalized Subsequent to Acquisition  
Improvements 98
Total 98
Gross Amount at Which Carried at Close of Period  
Land 1,608
Improvements 130
Total 1,738
Accumulated depreciation $ 40
Life on Which Depreciation in Latest Income Statements is Computed 23 years
v3.25.0.1
Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC - Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Real estate:    
Balance at beginning of year $ 990,052 $ 1,129,485
Additions during period    
Additions through construction of improvements 4,305 10,424
Disposition of property and improvements (264,291) (165,335)
Acquisitions through business combinations and/or asset acquisitions 17,891 22,171
Impairment of assets (150) (6,693)
Balance at end of year 747,807 990,052
Accumulated depreciation:    
Balance at beginning of year 33,048 38,433
Disposition of improvements (7,114) (12,010)
Additions charged to costs and expenses 5,567 7,478
Impairment of assets   (853)
Balance at end of year 31,501 33,048
Real Estate and Accumulated Depreciation balance per consolidated balance sheet    
Real Estate balance per schedule 747,807 990,052
Construction in progress 1,484 4,453
Other non-real estate 109 109
Balance per consolidated balance sheet 749,400 994,614
Accumulated depreciation per schedule 31,501 33,048
Other non-real estate 56 35
Balance per consolidated balance sheet $ 31,557 $ 33,083