Farmland Partners (FPI)


Market Price (7/28/2026): $9.62 | Market Cap: $415.6 MilSector: Real Estate | Industry: Other Specialized REITs

Farmland Partners (FPI)


Market Price (7/28/2026): $9.62
Market Cap: $415.6 Mil
Sector: Real Estate
Industry: Other Specialized REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%

Low stock price volatility
Vol 12M is 23%

Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, Vegan & Alternative Foods, and Sustainable Resource Management. Themes include Organic & Natural Products, Show more.

Weak multi-year price returns
2Y Excs Rtn is -35%, 3Y Excs Rtn is -73%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.6%, Rev Chg QQuarterly Revenue Change % is -1.5%

Key risks
FPI key risks include [1] its variable rents' high sensitivity to agricultural commodity volatility, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%
2 Low stock price volatility
Vol 12M is 23%
3 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, Vegan & Alternative Foods, and Sustainable Resource Management. Themes include Organic & Natural Products, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -35%, 3Y Excs Rtn is -73%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.6%, Rev Chg QQuarterly Revenue Change % is -1.5%
7 Key risks
FPI key risks include [1] its variable rents' high sensitivity to agricultural commodity volatility, Show more.

FPI in ETFs

Weight = FPI's share of each fund

VTI0.00%
ITOT0.00%
IWM0.01%
USRT0.03%
SCHH0.03%
IWN0.02%
VNQ0.02%
VTWO0.01%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 7/1/2026

Farmland Partners (FPI) stock has lost about 15% since 3/31/2026 because of the following key factors:

1. Farmland Partners reported disappointing financial results for fiscal Q1 2026 (ended March 31, 2026) which were released on April 29, 2026. The company posted net income of $0.6 million, or $0.01 per share, a decrease from $2.1 million, or $0.03 per share, in fiscal Q1 2025. Additionally, Adjusted Funds From Operations (AFFO) was $2.1 million, or $0.05 per share, slightly down from $2.3 million, or $0.05 per share, in the prior year's comparable quarter. The reported EPS of $0.01 also missed analysts' consensus estimates of $0.04 by $0.03.

2. The company lowered its fiscal year 2026 Adjusted Funds From Operations (AFFO) guidance. This revision was partly attributed to increased allowances for potential credit losses within its farm loan program, signaling underlying operational concerns and a potentially weaker future cash flow outlook.

Show more
Updated on 7/1/2026

Farmland Partners (FPI) stock has lost about 15% since 3/31/2026 because of the following key factors:

1. Farmland Partners reported disappointing financial results for fiscal Q1 2026 (ended March 31, 2026) which were released on April 29, 2026. The company posted net income of $0.6 million, or $0.01 per share, a decrease from $2.1 million, or $0.03 per share, in fiscal Q1 2025. Additionally, Adjusted Funds From Operations (AFFO) was $2.1 million, or $0.05 per share, slightly down from $2.3 million, or $0.05 per share, in the prior year's comparable quarter. The reported EPS of $0.01 also missed analysts' consensus estimates of $0.04 by $0.03.

2. The company lowered its fiscal year 2026 Adjusted Funds From Operations (AFFO) guidance. This revision was partly attributed to increased allowances for potential credit losses within its farm loan program, signaling underlying operational concerns and a potentially weaker future cash flow outlook.

3. Analyst sentiment for Farmland Partners deteriorated, leading to reduced price targets. While the consensus rating remained "Hold" by multiple analysts, at least one analyst lowered their price target to $7.50 per share by June 29, 2026, citing "deepening sector headwinds and operational challenges" and concerns over persistent AFFO declines. Another firm, Lucid Capital, also reduced its price target to $11.50 from $12.50 following the Q1 2026 earnings report.

4. Broader macroeconomic pressures and specific agricultural sector headwinds are impacting FPI's performance. The U.S. agricultural sector is experiencing a margin squeeze, weak commodity prices, and rising input costs, which are undermining rental growth and threatening the coverage of Farmland Partners' dividend. For instance, cash prices for corn are forecast to average $4.30 per bushel in fiscal Q2 2026, and stronger soybean prices are contingent on significant purchases from China.

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Stock Movement Drivers

Fundamental Drivers

The -12.8% change in FPI stock from 3/31/2026 to 7/27/2026 was primarily driven by a -7.9% change in the company's P/E Multiple.
(LTM values as of)33120267272026Change
Stock Price ($)11.049.62-12.8%
Change Contribution By: 
Total Revenues ($ Mil)5252-0.3%
Net Income Margin (%)60.5%57.9%-4.2%
P/E Multiple15.013.8-7.9%
Shares Outstanding (Mil)4343-1.0%
Cumulative Contribution-12.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/27/2026
ReturnCorrelation
FPI-12.8% 
Market (SPY)13.6%3.6%
Sector (XLRE)12.1%40.6%

Fundamental Drivers

The 1.6% change in FPI stock from 12/31/2025 to 7/27/2026 was primarily driven by a 132.3% change in the company's P/E Multiple.
(LTM values as of)123120257272026Change
Stock Price ($)9.469.621.6%
Change Contribution By: 
Total Revenues ($ Mil)5352-1.7%
Net Income Margin (%)130.1%57.9%-55.5%
P/E Multiple5.913.8132.3%
Shares Outstanding (Mil)43430.0%
Cumulative Contribution1.6%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/27/2026
ReturnCorrelation
FPI1.6% 
Market (SPY)8.7%23.1%
Sector (XLRE)14.2%46.3%

Fundamental Drivers

The -11.7% change in FPI stock from 6/30/2025 to 7/27/2026 was primarily driven by a -46.0% change in the company's Net Income Margin (%).
(LTM values as of)63020257272026Change
Stock Price ($)10.909.62-11.7%
Change Contribution By: 
Total Revenues ($ Mil)5652-7.9%
Net Income Margin (%)107.2%57.9%-46.0%
P/E Multiple8.213.868.1%
Shares Outstanding (Mil)46435.5%
Cumulative Contribution-11.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/27/2026
ReturnCorrelation
FPI-11.7% 
Market (SPY)20.6%20.8%
Sector (XLRE)13.3%44.3%

Fundamental Drivers

The -3.2% change in FPI stock from 6/30/2023 to 7/27/2026 was primarily driven by a -68.5% change in the company's P/E Multiple.
(LTM values as of)63020237272026Change
Stock Price ($)9.939.62-3.2%
Change Contribution By: 
Total Revenues ($ Mil)6052-13.3%
Net Income Margin (%)20.4%57.9%183.9%
P/E Multiple43.813.8-68.5%
Shares Outstanding (Mil)544325.0%
Cumulative Contribution-3.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/27/2026
ReturnCorrelation
FPI-3.2% 
Market (SPY)72.6%30.6%
Sector (XLRE)33.3%45.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FPI Return40%6%4%6%-14%1%42%
Peers Return136%-44%-18%-22%-11%-4%-28%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
FPI Win Rate50%50%58%58%42%43% 
Peers Win Rate75%42%42%42%58%43% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
FPI Max Drawdown-28%-27%-28%-20%-24%-26% 
Peers Max Drawdown-13%-57%-31%-30%-25%-31% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LAND.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/27/2026 (YTD)

How Low Can It Go

EventFPIS&P 500
2025 US Tariff Shock
  % Loss-15.4%-18.8%
  % Gain to Breakeven18.1%23.1%
  Time to Breakeven60 days79 days
2024 Yen Carry Trade Unwind
  % Loss-11.6%-7.8%
  % Gain to Breakeven13.2%8.5%
  Time to Breakeven78 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.1%-9.5%
  % Gain to Breakeven30.1%10.5%
  Time to Breakeven86 days24 days
2023 SVB Regional Banking Crisis
  % Loss-23.9%-6.7%
  % Gain to Breakeven31.4%7.1%
  Time to Breakeven122 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-11.5%-24.5%
  % Gain to Breakeven13.0%32.4%
  Time to Breakeven36 days427 days
2020 COVID-19 Crash
  % Loss-21.2%-33.7%
  % Gain to Breakeven26.9%50.9%
  Time to Breakeven40 days140 days

Compare to LAND

In The Past

Farmland Partners's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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EventFPIS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.1%-9.5%
  % Gain to Breakeven30.1%10.5%
  Time to Breakeven86 days24 days
2023 SVB Regional Banking Crisis
  % Loss-23.9%-6.7%
  % Gain to Breakeven31.4%7.1%
  Time to Breakeven122 days31 days
2020 COVID-19 Crash
  % Loss-21.2%-33.7%
  % Gain to Breakeven26.9%50.9%
  Time to Breakeven40 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-33.7%-19.2%
  % Gain to Breakeven50.8%23.8%
  Time to Breakeven172 days105 days

Compare to LAND

In The Past

Farmland Partners's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Farmland Partners (FPI)

Farmland Partners Inc. (FPI) is an internally managed real estate investment trust (REIT) that focuses on acquiring and owning high-quality farmland across North America. The company has amassed a significant portfolio, owning approximately 155,000 acres in 16 U.S. states, including key agricultural regions like California, Illinois, and Nebraska. This extensive land bank supports a diverse range of farming operations, hosting over 100 different tenants who cultivate around 26 distinct crop types.

FPI's core business model is to generate revenue from its agricultural real estate holdings. This is primarily accomplished by leasing its owned farmland to a variety of farmers, providing them with the necessary land for their crop production. In addition to land leasing, Farmland Partners also provides loans to farmers, with these loans secured by farm real estate. As a REIT, the company offers investors a means to participate in the agricultural sector through real estate ownership and lending, deriving income from rental payments and loan interest.

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Farmland Partners (FPI) can be described with the following analogies:

  • It's like Public Storage (PSA), but for farmland.
  • Think of it as Prologis (PLD), but for agricultural land.

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  • Farmland Leasing: Farmland Partners owns and leases high-quality North American farmland to tenants for agricultural production.
  • Agricultural Real Estate Loans: The company provides loans to farmers that are secured by farm real estate.

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Farmland Partners Inc. (FPI) primarily serves commercial farming operations and individual farmers. As a real estate investment trust (REIT) focused on farmland, its major customers are its tenants who lease its agricultural land and the farmers to whom it provides loans secured by farm real estate.

FPI does not publicly disclose the names of its individual tenants or loan recipients, as these are typically private farming businesses or individuals. Therefore, it is not possible to list specific customer company names or symbols. Instead, its customer base can be described by the following categories:

  1. Farmland Lessees (Crop Farmers): These are commercial farming operations or individual farmers who lease Farmland Partners' diverse acreage across 16 states. They utilize the land to cultivate a wide variety of 26 crop types, ranging from row crops to specialty crops.

  2. Farmers Utilizing Real Estate-Secured Loans: These are commercial farmers or individual farming entities who obtain financing from Farmland Partners. They use their existing farm real estate as collateral for these loans, which support their operational needs or expansion projects.

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Paul Pittman, Executive Chairman

Paul Pittman, a co-founder of Farmland Partners Inc., grew up in a farm family and has been involved in buying and operating farms since the mid-1990s. Many of his personal farmland assets were contributed to Farmland Partners at its initial public offering in 2014. He served as the company's CEO until February 2023. Prior to Farmland Partners, Mr. Pittman was the CFO of Jazz Technologies, a publicly traded semiconductor foundry. He also founded TheJobsite.com, an enterprise software company that later merged into HomeSphere, where he served as President, CEO, and COO. His career also includes experience as an investment banker specializing in mergers and acquisitions with firms such as Merrill Lynch, Wasserstein Perella & Co, and ThinkEquity. He began his professional journey as an attorney with Sullivan & Cromwell.

Luca Fabbri, President and Chief Executive Officer

Luca Fabbri is a co-founder of Farmland Partners Inc., having helped establish the public company with Paul Pittman in 2014. He initially served as the company's Chief Financial Officer and Treasurer from its inception until October 2021, and then as President from October 2021 before becoming Chief Executive Officer in February 2023. Mr. Fabbri's extensive background encompasses finance, corporate development, and operational roles across the agriculture and technology sectors. Notably, he co-founded Co3 Systems, an enterprise software company that was subsequently acquired by IBM. He also held the position of Head of Corporate Development for Jazz Technologies, a semiconductor manufacturer, and was a co-founder and CFO of HomeSphere, a software company. Earlier in his career, he worked in investment banking at Merrill Lynch in London and as a consultant in technology, finance, and corporate development with Elk Creek Ventures.

Susan Landi, Chief Financial Officer and Treasurer

Susan Landi was appointed Chief Financial Officer and Treasurer of Farmland Partners Inc. on May 28, 2024. She has been a vital part of the company's team for over four years, serving as the senior accounting professional prior to her promotion. Ms. Landi brings significant experience in accounting and audit, having worked in the field since 2002 with previous tenures at Moss Adams and Hein & Associates. She is a Certified Public Accountant.

Christine Garrison, General Counsel & Corporate Secretary

Christine Garrison is the General Counsel and Corporate Secretary for Farmland Partners Inc., where she is responsible for overseeing the company's legal and governance matters.

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Here are the key risks to Farmland Partners (FPI):

  1. Volatility in Agricultural Commodity Prices and Market Conditions: Farmland Partners' business is significantly dependent on the profitability of its tenants' farming operations, which are directly influenced by fluctuating agricultural commodity prices. Lower commodity prices can lead to reduced variable rent income for FPI and can slow the appreciation of farmland values. Factors such as international trade policies, including tariffs and trade wars, oversupply, and global crop shifts, can also impact farmer profitability and commodity prices.
  2. Adverse Weather Events, Crop Failures, and Climate Change: The productivity and value of FPI's farmland assets are susceptible to poor weather conditions, crop failures, and the broader impacts of climate change. Changes in weather patterns, an increased frequency of extreme weather events, and shifting growing seasons can adversely affect crop yields and livestock productivity, potentially reducing rental income and the long-term profitability of farmland investments.
  3. Reliance on Asset Sales and Potential for Declining Recurring Rental Revenues: Farmland Partners has engaged in a strategy of selling off assets, which, while used for debt reduction and returning capital to shareholders, can lead to a decline in recurring company revenues. This focus on asset dispositions, rather than expansion, may contribute to negative revenue growth projections by reducing recurring rental streams. The intermittent nature of these sales can also make the company's profitability "bouncy" and less predictable.

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For Farmland Partners (FPI), the addressable markets for their main products and services in North America are substantial:

  • North American Farmland Market: The total value of agricultural real estate in the United States was a forecasted $3.67 trillion in 2025. In Canada, the agricultural real estate value was reported at $991 billion. Therefore, the estimated addressable market for owning and acquiring North American farmland is approximately $4.66 trillion.
  • North American Farm Real Estate Lending Market: The volume of farm loans secured by real estate in the U.S. was expected to reach nearly $360 billion in 2024. In Canada, the long-term debt in the agricultural sector was reported as $166 billion. Thus, the estimated addressable market for loans to farmers secured by farm real estate in North America is approximately $526 billion.

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Farmland Partners (FPI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and income streams:

  • Growth in Variable Rents: The company anticipates an increase in variable rents, which has partially offset declines in total operating revenues from asset dispositions. This indicates an ongoing ability to capture additional rental income based on crop performance or market conditions.
  • Expansion of the FPI Loan Program: Farmland Partners has seen increased interest income due to higher average balances on loans made under its loan program. This program, which provides loans to farmers secured by farm real estate, is a recurring source of revenue that is expected to continue contributing positively.
  • Strategic Reinvestment in High-Quality Farmland Assets: While the company has engaged in strategic asset dispositions, it maintains a focus on acquiring and managing high-quality North American farmland. The strategic emphasis on assets in regions like Illinois, which have shown significant appreciation, positions the company for long-term rental income growth through disciplined capital management and leveraging favorable agricultural trends.

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Share Repurchases

  • In 2025, Farmland Partners repurchased 3,411,581 shares of common stock at a weighted average price of $11.07 per share.
  • In 2024, the company repurchased 2,240,295 shares of common stock at a weighted average price of $12.25 per share, with $55.8 million remaining under the stock repurchase plan.
  • In 2023, the company repurchased 6,551,087 shares of common stock at a weighted average price of $11.00 per share.

Share Issuance

  • In 2022, Farmland Partners sold 8.6 million shares of common stock at a weighted average price of $14.13, generating aggregate net proceeds of $121.3 million through its "at-the-market" offering program.

Outbound Investments

  • In 2025, Farmland Partners acquired six properties for $7.3 million and completed 60 property dispositions for approximately $90.2 million.
  • In 2024, the company acquired four properties for $17.9 million and disposed of 54 properties for approximately $312.0 million.
  • The company sold Murray Wise Associates, LLC (MWA), its auction, brokerage, and third-party management business, in 2025 for an aggregate gain of $1.0 million, representing a 23.3% capital appreciation on its original investment made in late 2021.

Capital Expenditures

  • Specific dollar values for capital expenditures on existing assets (distinct from property acquisitions) are not consistently detailed in the available information for the last 3-5 years. The company states that when capital expenditures are necessary, it typically seeks to offset the costs by increasing rental rates.

Better Bets vs. Farmland Partners (FPI)

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Peer Comparisons

Peers to compare with:

Financials

FPILANDMedian
NameFarmland.Gladston. 
Mkt Price9.628.509.06
Mkt Cap0.40.30.4
Rev LTM528870
Op Inc LTM232222
FCF LTM19613
FCF 3Y Avg132016
CFO LTM191216
CFO 3Y Avg132720

Growth & Margins

FPILANDMedian
NameFarmland.Gladston. 
Rev Chg LTM-7.9%7.7%-0.1%
Rev Chg 3Y Avg-4.6%-0.7%-2.6%
Rev Chg Q-1.5%-1.5%-1.5%
QoQ Delta Rev Chg LTM-0.3%-0.3%-0.3%
Op Inc Chg LTM-5.8%-21.9%-13.9%
Op Inc Chg 3Y Avg-3.7%-15.0%-9.4%
Op Mgn LTM43.8%24.6%34.2%
Op Mgn 3Y Avg43.1%32.0%37.5%
QoQ Delta Op Mgn LTM-0.4%-3.1%-1.8%
CFO/Rev LTM37.1%13.4%25.3%
CFO/Rev 3Y Avg23.9%31.4%27.6%
FCF/Rev LTM37.1%7.1%22.1%
FCF/Rev 3Y Avg23.9%22.8%23.3%

Valuation

FPILANDMedian
NameFarmland.Gladston. 
Mkt Cap0.40.30.4
P/S8.03.96.0
P/Op Inc18.216.017.1
P/EBIT10.325.417.8
P/E13.8-59.0-22.6
P/CFO21.529.425.5
Total Yield11.9%4.4%8.1%
Dividend Yield4.6%6.1%5.4%
FCF Yield 3Y Avg2.8%4.7%3.7%
D/E0.61.41.0
Net D/E0.51.40.9

Returns

FPILANDMedian
NameFarmland.Gladston. 
1M Rtn-2.0%-0.7%-1.4%
3M Rtn-16.8%-12.9%-14.8%
6M Rtn-10.7%-8.8%-9.8%
12M Rtn-4.6%-7.3%-5.9%
3Y Rtn3.4%-39.8%-18.2%
1M Excs Rtn0.4%-0.2%0.1%
3M Excs Rtn-20.5%-16.5%-18.5%
6M Excs Rtn-16.6%-16.2%-16.4%
12M Excs Rtn-27.1%-32.7%-29.9%
3Y Excs Rtn-72.9%-105.9%-89.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment525857  
Crop sales   51
Other revenue   72
Rental income   4945
Tenant reimbursements    3
Total5258576152


Price Behavior

Price Behavior
Market Price$9.62 
Market Cap ($ Bil)0.4 
First Trading Date04/11/2014 
Distance from 52W High-24.9% 
   50 Days200 Days
DMA Price$9.87$10.40
DMA Trendindeterminatedown
Distance from DMA-2.5%-7.5%
 3M1YR
Volatility23.2%22.4%
Downside Capture30.0430.61
Upside Capture-61.6319.22
Correlation (SPY)-5.3%20.2%
FPI Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.290.040.140.440.390.51
Up Beta-0.81-0.170.100.200.410.44
Down Beta0.240.330.321.200.740.66
Up Capture-73%-37%-19%21%9%15%
Bmk +ve Days11244067140429
Stock +ve Days9162867128373
Down Capture4%39%53%31%45%78%
Bmk -ve Days10172358112321
Stock -ve Days12233355114358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FPI
FPI-10.7%23.2%-0.55-
Sector ETF (XLRE)9.7%14.3%0.4244.8%
Equity (SPY)17.6%12.7%1.0020.3%
Gold (GLD)20.8%28.1%0.6622.2%
Commodities (DBC)29.6%19.5%1.21-10.0%
Real Estate (VNQ)13.9%14.1%0.6946.9%
Bitcoin (BTCUSD)-46.0%43.0%-1.3112.8%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FPI
FPI0.3%28.1%0.02-
Sector ETF (XLRE)3.3%19.1%0.0843.7%
Equity (SPY)13.2%17.1%0.5934.4%
Gold (GLD)17.2%18.4%0.7514.7%
Commodities (DBC)9.7%19.5%0.3814.2%
Real Estate (VNQ)3.3%18.9%0.0745.8%
Bitcoin (BTCUSD)15.8%53.5%0.4713.5%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FPI
FPI2.6%35.6%0.18-
Sector ETF (XLRE)6.4%20.4%0.2736.8%
Equity (SPY)14.9%17.9%0.7133.6%
Gold (GLD)11.4%16.1%0.589.1%
Commodities (DBC)6.9%18.0%0.3017.6%
Real Estate (VNQ)5.2%20.7%0.2139.3%
Bitcoin (BTCUSD)58.0%66.2%0.989.3%

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Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity3.1 Mil
Short Interest: % Change Since 63020263.2%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest7.5 days
Basic Shares Quantity43.2 Mil
Short % of Basic Shares7.1%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/2026-6.4%-7.0%-10.5%
2/18/20262.0%11.0%-3.5%
10/29/20252.1%-1.9%-3.8%
7/23/2025-0.4%-7.0%-4.3%
5/7/2025-0.3%2.6%15.3%
2/19/20257.5%-1.1%-5.1%
10/30/20246.1%12.1%15.1%
7/24/2024-6.9%-6.4%-12.1%
...
SUMMARY STATS   
# Positive131111
# Negative111313
Median Positive3.4%3.2%11.0%
Median Negative-2.3%-5.0%-4.7%
Max Positive7.8%16.5%29.2%
Max Negative-14.4%-17.9%-20.0%
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/2026-6.4%-7.0%-10.5%
2/18/20262.0%11.0%-3.5%
10/29/20252.1%-1.9%-3.8%
7/23/2025-0.4%-7.0%-4.3%
5/7/2025-0.3%2.6%15.3%
2/19/20257.5%-1.1%-5.1%
10/30/20246.1%12.1%15.1%
7/24/2024-6.9%-6.4%-12.1%
4/30/20243.4%3.9%-0.7%
2/28/20247.8%0.8%1.9%
10/25/20230.6%1.8%21.6%
7/26/2023-11.5%-15.2%-16.6%
5/3/20233.5%4.8%15.3%
2/22/2023-14.1%-13.4%-20.0%
10/25/2022-0.2%-0.5%-4.7%
7/27/20220.8%3.1%3.3%
5/3/20225.8%-2.4%0.6%
2/23/2022-1.3%1.3%11.0%
10/28/2021-1.7%3.2%3.1%
8/5/20211.7%-5.0%2.1%
5/13/20212.2%-1.3%-1.4%
3/17/2021-14.4%-17.9%-2.0%
11/9/20205.1%16.5%29.2%
8/10/2020-2.3%-2.2%-5.9%
SUMMARY STATS   
# Positive131111
# Negative111313
Median Positive3.4%3.2%11.0%
Median Negative-2.3%-5.0%-4.7%
Max Positive7.8%16.5%29.2%
Max Negative-14.4%-17.9%-20.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/19/202610-K
09/30/202510/30/202510-Q
06/30/202507/24/202510-Q
03/31/202505/08/202510-Q
12/31/202402/20/202510-K
09/30/202410/31/202410-Q
06/30/202407/25/202410-Q
03/31/202405/01/202410-Q
12/31/202302/29/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202210/26/202210-Q
06/30/202207/28/202210-Q
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Report DateFiling DateFiling
03/31/202604/30/202610-Q
12/31/202502/19/202610-K
09/30/202510/30/202510-Q
06/30/202507/24/202510-Q
03/31/202505/08/202510-Q
12/31/202402/20/202510-K
09/30/202410/31/202410-Q
06/30/202407/25/202410-Q
03/31/202405/01/202410-Q
12/31/202302/29/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202210/26/202210-Q
06/30/202207/28/202210-Q
03/31/202205/05/202210-Q
12/31/202103/01/202210-K
09/30/202110/28/202110-Q
06/30/202108/06/202110-Q
03/31/202105/14/202110-Q
12/31/202003/19/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201903/13/202010-K
09/30/201911/12/201910-Q
06/30/201908/08/201910-Q

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Grafton, Jennifer SDirectBuy224202612.361,60019,776168,096Form
2Good, John ADirectBuy1216202510.203,00030,609154,064Form
3Good, John ADirectBuy111220259.694,10039,737117,273Form
4Sherrick, Bruce JDirectBuy818202510.768,00086,056301,196Form
5Sherrick, Bruce J DirectBuy521202510.477,00073,290209,400Form
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Grafton, Jennifer SDirectBuy224202612.361,60019,776168,096Form
2Good, John ADirectBuy1216202510.203,00030,609154,064Form
3Good, John ADirectBuy111220259.694,10039,737117,273Form
4Sherrick, Bruce JDirectBuy818202510.768,00086,056301,196Form
5Sherrick, Bruce J DirectBuy521202510.477,00073,290209,400Form
Core Cache Last Updated: 7/27/2026