Farmland Partners

What Farmland Partners does

Farmland Partners Inc. (NYSE: FPI) is an internally managed real estate investment trust founded in 2013-2014 by Paul Pittman and headquartered in Denver, Colorado. The company acquires high-quality North American farmland and leases it back to farmers under short-term net leases (typically ~3 years), generating revenue through tenant rental income, agricultural lending, and asset disposition gains. As of June 30, 2026, the portfolio comprised approximately 70,100 acres across 190+ farms in 11 U.S. states, with a deliberate weighting toward Midwest row-crop operations (Corn Belt) and a planned reduction of California/specialty crop exposure.

The company's core products are (1) farmland ownership and leasing — purchasing farmland and renting it to farmers at rates influenced by commodity prices, farmer incomes, and land values; (2) the Farm Loan Program — providing real-estate-backed financing to farmers for expansion, working capital, and generational transitions; and (3) previously, farm management services via subsidiary Murray Wise Associates, which was divested to Peoples Company in November 2025. The technology foundation is a farmland ownership and lease management platform combined with an agricultural lending program; no proprietary AI or digital products are disclosed.

Farmland Partners makes money primarily through recurring rental income from leased farmland, supplemented by interest from farm loans, asset disposition gains from strategic non-core sales (notably the October 2024 sale of a 46-farm, 41,554-acre portfolio to Farmland Reserve for $289 million with an approximately $50 million gain), and previously management fees from MWA. The company serves row-crop farmers as primary tenants, specialty/permanent-crop farmers (a shrinking segment), institutional farmland investors and high-net-worth individuals (previously via MWA), and farm loan borrowers, while its NYSE listing provides retail and institutional investors with one of only two publicly traded avenues for U.S. farmland exposure. Operating geographies are limited to the United States, with Q2 2026 operating revenues of $9.4 million, $224.8 million in total debt, $133.8 million in liquidity, and a market capitalization of approximately $472 million.

Name

Farmland Partners

Legal name

Farmland Partners Inc.

Website

https://farmlandpartners.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Farmland Partners Inc. (NYSE: FPI) is a Denver-based, internally managed farmland REIT that owns approximately 70,100 acres across 11 U.S. states, leasing it to row-crop farmers, providing real-estate-backed farm loans, and historically managing third-party farmland through its now-divested Murray Wise Associates subsidiary.

Ownership category

akta.pro rank

Product category

Farmland Real Estate Investment Trust (REIT)

NAICS

Farm Management Services (115116), Support Activities for Crop Production (11511)

SIC

Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Real Assets — Farmland (Row Crops, Permanent Crops) (FSAHAIAI)

akta.pro secondary industries

Capital Projects & Farm Expansion Advisory (Feasibility, Site Planning, ROI) (AFACAJAN), Natural Resources Funds (Timberland, Farmland, Minerals) (FSANAEAK)

Keywords

• Farmland real estate
• Agricultural REIT
• Farm lease income
• Farm loan program
• Farm management services

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Others

Revenue model

1. Farmland Rental Income: Primary revenue from leasing farmland to farmers. The company owns approximately 70,100 acres across 11 U.S. states and leases this land back to agricultural tenants under short-term net leases typically around three years. Rental rates are based on commodity prices, farmer incomes, and land values, with provisions including crop liens, tenant insurance requirements, and personal guarantees.
2. Murray Wise Associates Farm Management: Farm management services for third-party landlords including institutional investors, high-net-worth individuals, and retired farmers. Revenue generated through management fees from overseeing lease negotiations, accounting, rent collection, and farm fertility oversight for over 47,000 acres managed coast to coast.
3. Agricultural Lending / Loan Program: Provides financing to farmers for expanding operations, improving working capital, and supporting generational transitions. Loans are tailored and backed by real estate, allowing farmers to unlock farmland equity unavailable through traditional lending.
4. Asset Disposition Gains: Strategic sales of non-core farmland assets including California properties and volatile markets. The company sold a 46-farm portfolio (41,554 acres) to Farmland Reserve for $289 million with approximately $50 million gain on sale, and completed $16.4 million in property dispositions in H1 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Farmland Partners is a publicly traded REIT that purchases high-quality farmland across the United States and leases it to farmers under short-term net leases (typically around three years) at rents tied to commodity prices, farmer incomes, and land values. The company also operates a farm loan program providing real-estate-backed financing to farmers for expansion, working capital, and generational transitions, and historically provided third-party farm management services through subsidiary Murray Wise Associates (which was divested to Peoples Company in November 2025).

Product overview

Farmland Partners is a publicly traded REIT (NYSE:FPI) that operates as a single unified business model focused on farmland investment. The company owns approximately 70,100 acres of farmland across 11 U.S. states, organized around three core offerings: Farmland Ownership and Leasing (purchasing and renting farmland to farmers), the Farm Loan Program (agricultural lending backed by real estate), and Farm Management Services (formerly through subsidiary Murray Wise Associates). The company also manages additional acreage on behalf of third-party landlords through management fees. The business derives returns through tenant rental income and long-term asset appreciation.

Differentiator

Problem solved

Functional benefit

Products and services

• Farmland Ownership and Leasing Core business of purchasing high-quality farmland and leasing it back to farmers at rental rates tied to commodity prices, farmer incomes, and land values, generating income for shareholders through tenant rent and long-term asset appreciation. Portfolio spans ~70,100 acres across 190+ farms in 11 U.S. states under short-term net leases (typically ~3 years) with provisions including crop liens, tenant insurance requirements, and personal guarantees.
• FPI Farm Loan Program Agricultural lending program that provides flexible, tailored financing to selected farmers, backed by real estate, to support farm expansion, working capital improvement, and generational farm transitions where traditional bank financing is unavailable or insufficient.
• Farm Management Services (formerly Murray Wise Associates / MWA) Third-party farm management services historically delivered through wholly owned subsidiary Murray Wise Associates, covering lease negotiations, accounting, rent collection, farm-level data collection, and farm fertility oversight for institutional investors, high-net-worth individuals, and retired farmers across more than 47,000 acres coast to coast. The MWA subsidiary was divested to Peoples Company effective November 15, 2025.

Quantifiable outcome

• Farmland values increased 4.3% YoY to $4,350/acre in 2025, up nearly 40% since 2020
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered major and minor.

• Peoples CompanymajorStrategic or Co-development Partner · 15 November 2025Peoples Company acquired Murray Wise Associates (MWA), FPI's farm management subsidiary, effective November 15, 2025. The acquisition included MWA's nine team members transitioning to Peoples Company, which manages select non-core farmland assets from Farmland Partners. MWA has completed over $5 billion in farmland and agribusiness transactions across 43 states over 25 years.
• Farmland ReservemajorOthersFarmland Reserve (subsidiary of The Church of Jesus Christ of Latter-day Saints) purchased a 46-farm portfolio comprising 41,554 acres from Farmland Partners for $289 million in a single transaction. The sale generated approximately $50 million gain for FPI.
• Ducks UnlimitedminorStrategic or Co-development PartnerConservation partnership for farmland along the Atlantic Flyway adjacent to the Great Dismal Swamp near Norfolk, Virginia. Farmland Partners sold 1,268 acres to Ducks Unlimited for habitat restoration in a phased transaction completed November 2023. Partnership identified farmland near critical conservation priorities.
• Ag Pro (John Deere)minorChannel Partner/ Reseller/ DistributorAg Pro operates agriculture equipment dealerships under the John Deere brand. As of June 30, 2026, FPI owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro.
• Green Street Advisory GroupminorOthersGreen Street Advisory Group prepared FPI's U.S. Farmland Sector Primer published June 2021, providing independent market analysis and investment rationale for farmland as an asset class.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Hancock Agricultural Investment Group: One of the largest institutional farmland investment managers in the U.S., a Manulife subsidiary managing farm portfolios for institutional clients; comparable to FPI's institutional exposure but without public REIT structure.
• Prudential Agricultural Investments: Subsidiary of PGIM Real Estate that manages a multi-billion-dollar agricultural mortgage and equity portfolio; comparable peer providing agricultural financing and ownership at scale.
• Farmland Reserve: Private, institutional farmland owner affiliated with The Church of Jesus Christ of Latter-day Saints; acquired a 41,554-acre portfolio from FPI for $289M, making it a major landholder peer and a key transactional counterpart.
• Nuveen (TIAA) Farmland: Manages a large global farmland portfolio for TIAA, providing institutional investors with agricultural real asset exposure; a large-scale private peer in the same asset class as FPI.
• UBS Farmland Investors: Major institutional farmland investor through its AgriVest unit, managing diversified farmland portfolios; a large-scale private peer in the U.S. farmland asset class competing with FPI for institutional allocations.

Others

• Cromwell Aggressive Farmland: Institutional real estate manager with agricultural real estate capabilities; tangential peer operating in the broader farmland management and investment space as a service provider to institutional owners.

Direct peers

• Peoples Company: National farmland brokerage, management, and investment services firm that acquired FPI's Murray Wise Associates subsidiary, now serving as a peer in farmland management and land transactions.
• Gladstone Land Corporation: The other publicly traded farmland REIT (NASDAQ: LAND), directly comparable to FPI as a small-cap public REIT focused on acquiring and leasing farmland to farmers across the U.S.

Emerging players

• Westchester Group Investment Management: Farmland investment manager owned by Ameriprise Financial, providing institutional and HNW clients with farmland portfolio management; comparable to FPI's farm management business historically run through MWA.

Regional players

• PensionDanmark / AP Fund Farmland Programs: European pension funds that have invested in U.S. farmland through separate accounts; representative of the growing pool of international institutional capital competing with FPI for U.S. farmland assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/farmlandprtnrs
• YouTubeyoutube.com/channel/UCM_g2ZMkE0QAvtvBXZOft5A
• Facebookfacebook.com/farmlandpartners
• LinkedInlinkedin.com/company/farmland-partners-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Farmland Partners