Here are 1-3 brief analogies for Farmland Partners (FPI):

• Prologis for farms: Farmland Partners is like Prologis, but instead of owning and leasing industrial warehouses and distribution centers, it owns and leases vast tracts of agricultural land to farmers.
• Weyerhaeuser for agricultural land: Similar to how Weyerhaeuser owns and manages timberlands for lumber and other forest products, Farmland Partners owns and manages large areas of farmland for agricultural production.

• Farmland Leases: Providing agricultural land to farmers under various lease structures (e.g., cash, crop-share) for cultivation and generating rental income.

Farmland Partners (FPI) primarily leases its farmland to farm operators. These operators are typically private businesses, ranging from individual family farms to larger privately-held agricultural enterprises. According to FPI's SEC filings, no single tenant accounts for 10% or more of the company's total rental revenue, meaning there are no publicly identified "major customer companies" that can be named with associated symbols.

Given the highly fragmented nature of its tenant base and the private status of most farm operators, describing the categories of customers based on their farming operations provides the most relevant insight. FPI's customers can be broadly categorized as:

• Row Crop Farmers: Tenants who primarily grow annual field crops such as corn, soybeans, wheat, cotton, and rice. These farms are often located in the Midwest and Southern U.S.
• Permanent Crop Farmers: Tenants who cultivate orchards and vineyards for crops like almonds, pistachios, walnuts, grapes, and blueberries, primarily in regions like California.
• Specialty Crop Farmers: Tenants involved in growing high-value, often perishable crops like vegetables (e.g., potatoes, onions, green beans) and various fruits, sometimes including organic operations.

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Paul A. Pittman Executive Chairman

Paul A. Pittman is the Executive Chairman of Farmland Partners, which he co-founded in 2014 by contributing many of his own farmland assets in Illinois, Nebraska, and Colorado. He grew up in a farm family and has been buying and operating farms since the mid-1990s. Prior to Farmland Partners, he served as the Chief Financial Officer 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. Mr. Pittman's career also includes extensive experience as an investment banker specializing in mergers and acquisitions with firms such as Merrill Lynch, Wasserstein Perella & Co, and ThinkEquity, and he began his career as an attorney with Sullivan & Cromwell.

Luca Fabbri President and CEO

Luca Fabbri was appointed President in October 2021 and became Chief Executive Officer of Farmland Partners in February 2023. He co-founded Farmland Partners as a public company with Paul Pittman in 2014. From the company's inception until October 2021, Mr. Fabbri served as its Chief Financial Officer and Treasurer. Before co-founding Farmland Partners, he spent over two decades as an executive and entrepreneur in the finance, technology, and agriculture sectors.

Susan Landi CFO & Treasurer

Susan Landi serves as the Chief Financial Officer and Treasurer for Farmland Partners.

Christine Garrison General Counsel & Corporate Secretary

Christine Garrison holds the positions of General Counsel and Corporate Secretary at Farmland Partners.

Rich Keck Vice President of Operations

Rich Keck is the Vice President of Operations at Farmland Partners.

Farmland Partners (FPI) faces several key business risks, primarily stemming from the inherent volatility of the agricultural sector and broader economic conditions:

1. Agricultural Market Volatility and Commodity Price Risk: The company's rental income, particularly variable rents, and the value of its farmland assets are highly sensitive to fluctuations in agricultural commodity prices. Factors such as adverse weather, crop failures, and disruptions in foreign trade can significantly impact crop prices and the overall profitability of farming operations, thereby affecting FPI's revenue and the reliability of its rental markets.
2. Interest Rate Risk: As a real estate investment trust (REIT) with substantial indebtedness, Farmland Partners is exposed to changes in interest rates. Elevated interest rates can increase the company's borrowing costs, even with efforts to reduce floating-rate debt. Higher interest rates can also increase borrowing costs for FPI's tenant farmers, potentially affecting their ability to make rental payments and obtain financing for their operations, and may also cause land prices to decline.
3. Regional and Environmental Risks: Farmland Partners is susceptible to regional environmental factors that can directly impact its properties. This includes the risk of poor weather, extreme weather events like droughts or floods, and crop failure. Furthermore, regulatory-driven challenges such as water scarcity, particularly in regions like California, have already led to significant asset write-downs on some of the company's specialty crop farmland, highlighting vulnerability to geographic and legal variables outside its control.

1. Advancements in Controlled Environment Agriculture (CEA) and Vertical Farming: As technologies in vertical farming and other forms of controlled environment agriculture become more cost-effective, scalable, and capable of producing a wider variety of crops (beyond leafy greens), they pose a direct threat to the demand and valuation of traditional open-field farmland. These systems drastically reduce land requirements, water usage, and can operate closer to consumption centers, potentially diminishing the need for extensive agricultural land and lowering rental values for FPI's portfolio.

2. Disruption from Advanced Food Technologies (e.g., Cultivated Meat, Precision Fermentation): The rapid development and increasing commercial viability of alternative protein sources, particularly cultivated (lab-grown) meat and dairy products produced through precision fermentation, represent a clear emerging threat. If these technologies achieve significant market penetration and price parity, they could substantially reduce the global demand for land used in traditional livestock farming (for grazing or feed crops), directly impacting the value and rental potential of a significant portion of Farmland Partners' agricultural land assets.

Farmland Partners (FPI) primarily operates in the agricultural real estate sector, focusing on owning and leasing farmland in the United States. The company also offers a loan program to farmers and engages in farmland management, brokerage, and other related activities.

The addressable market for Farmland Partners' main products and services, focused on farmland ownership and leasing, is significant within the U.S. market.

• U.S. Farmland Market (Farmland Ownership and Leasing): The total value of U.S. farm real estate, which includes both land and buildings, was forecasted to be approximately $3.67 trillion in 2025. The average value of U.S. farmland was $4,350 per acre in 2025. Specifically, U.S. cropland averaged $5,830 per acre, and pastureland averaged $1,920 per acre in 2025. In 2022, there were over 880 million acres of agricultural land in the United States, with 39% of this land being rented. The U.S. farmland rental market is projected to increase by 18% by 2026. Cash rent for cropland reached a record of $161 per acre in 2025, while pastureland rent remained flat at $16 per acre in the same year.
• Agricultural Lending: Farmland Partners offers a loan program to farmers, with typical loan amounts ranging from $500,000 to $5 million. This program addresses a market need for farmer financing due to cash flow pressures and regulatory restrictions on traditional bank lenders. However, a specific total addressable market size for this lending segment is not readily available.
• Other Services (Farmland Management, Brokerage, Auction, Crop Sales, Other Rents): While Farmland Partners engages in these services, explicit market sizes for these individual segments are not provided in the available information.

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

1. Growth in Management Fees and Interest Income from the FPI Loan Program: The company has observed an increase in management fees and interest income, primarily driven by a higher average balance on loans issued under the FPI Loan Program. This program extends loans to third-party farmers and landowners, contributing to an expanding revenue stream.
2. Increased Revenue from Crop Sales and Variable Payments: Farmland Partners anticipates higher revenue from crop sales and variable payments on its directly operated and variable-rent properties. This growth is a result of updated outlooks on these properties, including higher prices and yields, particularly in crops like citrus and avocados.
3. Strategic Acquisitions of High-Quality Farmland: While the company engages in portfolio optimization through dispositions, a core strategy involves acquiring high-quality, highly appreciative agricultural land. Future strategic acquisitions are expected to expand the company's portfolio, thereby increasing rental income and overall asset value.
4. Potential for Rental Rate Improvements: Although the outlook for row crop rent renewals for 2026 suggests flat rates, management anticipates potential improvements in rental rates in late 2026 and subsequent years. Such improvements would directly contribute to an increase in recurring rental revenue.

Share Repurchases

• In 2023, Farmland Partners repurchased 6,551,087 shares of its common stock at a weighted average price of $11.00 per share, totaling approximately $72.06 million.
• Year-to-date in 2025, the company spent $26 million to repurchase approximately 2.3 million shares.
• During the third quarter of 2025, an additional 1,248,802 common shares were repurchased at a weighted average price of $10.84.

Share Issuance

• Based on available information for the last 3-5 years, there have been no significant share issuances for cash. The overall trend shows a reduction in shares outstanding due to repurchases.

Inbound Investments

• No significant inbound investments in the company by third-parties (e.g., strategic partners or private equity firms) for cash have been identified in the last 3-5 years.

Outbound Investments

• In 2023, Farmland Partners acquired four properties for a total consideration of $22.2 million.
• During the six months ended June 30, 2025, the company acquired five properties for a total consideration of $6.5 million.
• The FPI Loan Program has expanded, providing financing to third-party farmers for property acquisitions, working capital requirements, operational farming activities, and other agricultural projects.

Capital Expenditures

• Farmland Partners' capital expenditures primarily focus on improvements such as irrigation systems, drainage tile, land leveling, and grain storage to add long-term value to its properties.
• The company reported $6.5 million in capital expenditures for the first quarter of 2025.
• FPI aims to offset the costs of necessary capital expenditures by increasing rental rates over multiple years.