FPI
Real EstateFarmland Partners Inc. · REIT - Specialty · $450M
What is Farmland Partners Inc.?
Farmland Partners Inc. is a Denver-based real estate investment trust focused on owning and acquiring high-quality North American farmland. The company also extends loans to farmers secured by farm real estate, blending property ownership with agricultural lending.
FPI generates revenue primarily through rental income from tenant farmers who work its land across roughly 155,000 acres in 16 U.S. states. The company leases to over 100 tenants growing approximately 26 crop types, ranging from row crops to specialty produce. A secondary revenue stream comes from farm real estate loans, giving FPI exposure to agricultural credit alongside direct land ownership. Being internally managed means operating costs are not passed through an external manager.
Farmland Partners elected REIT status commencing with its first full taxable year in 2014 and is headquartered in Denver, Colorado.
- Farmland ownership across 16 U.S. states
- Agricultural real estate lending secured by farm property
- Diversified crop exposure across roughly 26 crop types
- Tenant farming leases to over 100 operators
- REIT structure with regular dividend distributions
Is FPI a Good Stock to Buy?
UQS Score rates FPI as Below Average overall, reflecting meaningful headwinds across several key pillars.
On the positive side, FPI's Quality and Risk pillars both register as Good, suggesting the underlying asset base — productive North American farmland — carries a degree of stability and the balance sheet is managed with reasonable discipline relative to peers.
However, both the Moat and Growth pillars score Weak, pointing to limited competitive differentiation and subdued near-term expansion prospects. The Valuation pillar lands at Neutral, offering neither a clear margin of safety nor an obvious premium concern.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does FPI pay dividends?
Yes — Farmland Partners Inc. pays a dividend.
Farmland Partners pays a regular dividend, consistent with its REIT structure, which requires distributing the majority of taxable income to shareholders. The dividend reflects FPI's rental income from tenant farmers rather than retained earnings reinvested for growth. Investors drawn to agricultural real estate income should review the current yield and payout history on FPI's investor relations page for the most accurate figures.
When does FPI report earnings?
Farmland Partners reports earnings on a quarterly cadence, typical for U.S.-listed REITs.
FPI's results are primarily driven by rental income from its farmland portfolio and returns from its agricultural lending book. Performance tends to reflect broader agricultural market conditions, land valuations, and tenant health rather than rapid revenue swings. The internally managed structure keeps fee drag low.
For the most recent quarter's results and guidance, visit Farmland Partners' investor relations page directly.
FPI Price History
+16.0% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Farmland Partners Inc.?
Based on Farmland Partners Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
FPI Long-term Outlook
FPI's Growth pillar registers as Weak, indicating limited near-term expansion in earnings or asset base relative to broader real estate peers. The Risk pillar's Good rating suggests the existing portfolio is relatively stable, but the Weak Moat pillar means FPI faces ongoing pressure to differentiate its farmland platform. The Neutral Valuation reading implies the market is pricing in these mixed fundamentals without a significant discount or premium.
Growth drivers
- Long-term appreciation potential of productive North American farmland
- Expansion of agricultural lending book as a secondary income stream
- Diversification across 26 crop types reducing single-commodity exposure
Key risks
- Weak moat leaves FPI vulnerable to competition from larger land aggregators
- Agricultural commodity cycles can pressure tenant incomes and lease renewals
- Small-cap REIT status limits access to capital compared to larger peers
FPI vs Peers
Farmland Partners operates in a niche corner of the REIT universe; the broader small-cap REIT landscape includes peers across very different property types.
Focuses on Canadian automotive dealership properties rather than agricultural land, offering a completely different tenant and lease profile.
Operates self-storage facilities, a consumer-driven property type with different demand drivers than farmland rental income.
Owns and operates government-leased correctional and residential reentry facilities, representing a government-contract model distinct from agricultural leasing.
Frequently Asked Questions
What does Farmland Partners do?
Farmland Partners is an internally managed REIT that owns approximately 155,000 acres of North American farmland across 16 U.S. states. It leases that land to over 100 tenant farmers growing around 26 crop types and also makes loans to farmers secured by farm real estate, creating two complementary income streams.
Does FPI pay dividends?
Yes, Farmland Partners pays a regular dividend. As a REIT, it is required to distribute the majority of its taxable income to shareholders. The dividend is funded primarily by rental income from tenant farmers. Check FPI's investor relations page for the current declared amount and payment schedule.
When does FPI report earnings?
Farmland Partners reports financial results on a quarterly cadence, consistent with U.S.-listed REIT requirements. For the exact date of the next earnings release, refer to the company's investor relations page, which maintains the official financial calendar.
Is FPI a good stock to buy?
UQS Score rates FPI as Below Average overall. While the Quality and Risk pillars show relative stability, the Moat and Growth pillars are both Weak, signaling limited competitive differentiation and subdued expansion prospects. The complete pillar breakdown is available to UQS Pro members.
Is FPI overvalued?
FPI's Valuation pillar currently registers as Neutral under the UQS framework, suggesting the market is pricing the stock in line with its fundamentals rather than at a clear premium or discount. Investors seeking the full valuation metric detail can access it through a UQS Pro subscription.
How does FPI compare to its competitors?
FPI occupies a unique niche as a pure-play farmland REIT, while peers like Smartstop Self Storage, Automotive Properties REIT, and CoreCivic operate in self-storage, automotive dealership, and government-leased facilities respectively. The underlying asset types and tenant bases differ significantly, making direct comparisons less straightforward than within a single property sector.
What is FPI's market cap bracket?
Farmland Partners is classified as a small-cap company. This means it carries less liquidity and analyst coverage than large- or mega-cap REITs, which can translate to wider bid-ask spreads and greater price sensitivity to news or market sentiment shifts.
Who founded Farmland Partners?
Farmland Partners was established and elected REIT status beginning with the taxable year ended December 31, 2014. Founding and leadership history is publicly available through the company's official filings and investor relations materials for those seeking detailed background.
Is FPI a long-term quality investment?
As a long-term quality indicator, FPI's UQS profile presents a mixed picture. The Good Quality and Risk scores reflect a stable underlying asset base, but the Weak Moat and Growth pillars suggest the company has not yet established durable competitive advantages or a clear expansion trajectory. Long-term holders should weigh farmland's intrinsic scarcity value against these structural limitations.
What is the main competitive advantage of Farmland Partners?
FPI's primary advantage lies in direct ownership of productive North American farmland — a finite, real asset with long-term demand tied to global food production. However, the UQS Moat pillar rates this advantage as Weak, indicating that barriers to entry and pricing power relative to sector peers remain limited at this stage.
What sector does FPI belong to?
Farmland Partners belongs to the Real Estate sector, specifically structured as a REIT. Within real estate, it occupies the agricultural sub-sector — a niche category distinct from commercial, residential, or industrial REITs, with performance tied closely to farmland values and agricultural commodity markets.
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Pro Analysis
FPI — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 41.3 | 71.6 | 19.0 | 3.1 | 71.4 | 48.7 | -0.2 |
| May 20, 2026 | 41.5 | 71.9 | 19.0 | 3.1 | 71.4 | 49.8 | 0.0 |
| May 14, 2026 | 41.5 | 71.6 | 19.0 | 3.1 | 71.4 | 50.0 | +1.6 |
| May 9, 2026 | 39.9 | 71.3 | 19.0 | 0.0 | 71.4 | 44.1 | -0.9 |
| May 7, 2026 | 40.8 | 68.9 | 19.0 | 3.1 | 74.7 | 46.7 | 0.0 |
| May 3, 2026 | 40.8 | 68.9 | 19.0 | 3.1 | 74.7 | 46.6 | +0.3 |
| Apr 26, 2026 | 40.5 | 68.9 | 19.0 | 3.1 | 74.7 | 44.6 | +0.1 |
| Apr 25, 2026 | 40.4 | 68.9 | 19.0 | 3.1 | 74.7 | 43.8 | 0.0 |
| Apr 23, 2026 | 40.4 | 69.1 | 19.0 | 3.1 | 74.7 | 43.7 | 0.0 |
| Apr 19, 2026 | 40.4 | 68.9 | 19.0 | 3.1 | 74.7 | 44.1 | 0.0 |
FPI — Pillar Breakdown
Quality
— 71.6/100 (25%)Farmland Partners Inc. shows solid profitability with healthy returns on capital and reasonable margins.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 3.1/100 (20%)Farmland Partners Inc. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 71.4/100 (15%)Farmland Partners Inc. maintains a reasonable risk profile with manageable debt levels.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 48.7/100 (15%)Farmland Partners Inc. has a mixed valuation — some metrics suggest fair value while others appear stretched.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 19/100 (25%)Farmland Partners Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for FPI.
Score Composition
Financial Data
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How is the FPI UQS Score Calculated?
The UQS (Unified Quality Score) for Farmland Partners Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Farmland Partners Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Farmland Partners Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.