Farmland Partners (FPI) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 11, 2015
Document and Entity Information
Entity Registrant Name	Farmland Partners Inc.
Entity Central Index Key	1,591,670
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		11,982,689
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Combined Consolidated Balance S

Combined Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Land, at cost	$ 281,315,286	$ 152,294,899
Grain facilities	4,259,511	2,650,607
Groundwater	6,332,784	5,004,942
Irrigation improvements	11,130,016	5,188,459
Drainage improvements	1,530,998	783,475
Permanent plantings	1,168,493
Other	932,692	570,574
Construction in progress	215,914
Real estate, at cost	306,885,694	166,492,956
Less accumulated depreciation	(1,390,697)	(777,469)
Total real estate, net	305,494,997	165,715,487
Deposits	226,912	419,548
Cash	42,504,514	33,736,166
Note and interest receivable, net	1,805,674
Deferred offering costs	285,780	0
Accounts receivable	744,240	336,919
Accounts receivable, related party	396,540	182,763
Inventory	199,364
Other	432,370	267,431
TOTAL ASSETS	352,090,391	200,658,314
LIABILITIES
Mortgage notes and bonds payable, net	190,060,807	113,513,407
Dividends payable	2,060,127	1,122,504
Accrued interest	1,457,065	238,933
Accrued property taxes	564,821	241,221
Deferred revenue (See Note 2)	7,383,186	1,364,737
Accrued expenses	1,338,162	651,672
Total liabilities	$ 202,864,168	$ 117,132,474
Commitments and contingencies (See Note 8)
Redeemable non-controlling interest in operating partnership	$ 9,558,272
EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 11,982,689 and 11,980,559 shares issued and outstanding at September 30, 2015, respectively, and 7,731,755 shares issued and outstanding at December 31, 2014	117,634	$ 75,175
Additional paid in capital	114,795,891	68,980,437
Retained earnings (deficit)	6,311	(568,192)
Cumulative dividends	(5,661,014)	(2,130,218)
Non-controlling interests in operating partnership	30,409,129	17,168,638
Total equity	139,667,951	83,525,840
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP AND EQUITY	$ 352,090,391	$ 200,658,314

Combined Consolidated Balance 3

Combined Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Combined 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	11,982,689	7,731,755
Common stock, shares outstanding	11,980,559	7,731,755

Combined Consolidated Statement

Combined Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
OPERATING REVENUES:
Rental income (See Note 2)	$ 4,047,223	$ 1,189,366	$ 8,865,534	$ 2,526,185
Tenant reimbursements	104,002	61,283	272,902	188,910
Other revenue	17,926	11,405	17,926	19,008
Total operating revenues	4,169,151	1,262,054	9,156,362	2,734,103
OPERATING EXPENSES
Depreciation and depletion	237,241	100,208	613,381	209,472
Property operating expenses	337,902	65,069	797,525	174,598
Acquisition and due diligence costs	111,908	42,602	179,468	103,525
General and administrative expenses	1,111,586	645,962	2,975,628	1,466,263
Legal and accounting	216,090	87,192	646,632	243,192
Total operating expenses	2,014,727	941,033	5,212,634	2,197,050
OPERATING INCOME	2,154,424	321,021	3,943,728	537,053
OTHER (INCOME) EXPENSE:
Other income	(98,366)		(98,366)
Interest expense	1,390,880	286,216	3,232,094	909,326
Total other expense	1,292,514	286,216	3,133,728	909,326
Net income (loss) before income tax expense	861,910	34,805	810,000	(372,273)
Income tax expense	4,400		4,400
NET INCOME (LOSS)	857,510	34,805	805,600	(372,273)
Net (income) loss attributable to non-controlling interests in operating partnership	(184,215)	(7,154)	(177,980)	41,641
Net income attributable to redeemable non-controlling interests in operating partnership	(49,428)		(53,117)
Net income (loss) attributable to the Company	623,867	27,651	574,503	(330,632)
Nonforfeitable dividends allocated to unvested restricted shares	(18,727)	(22,500)	(61,935)	(45,000)
Dividends on redeemable non-controlling interests in operating partnership	(112,675)		(225,350)
Net income (loss) available to common stockholders of Farmland Partners Inc.	$ 492,465	$ 5,151	$ 287,218	$ (375,632)
Basic and diluted per common share data:
Basic net income (loss) available to common stockholders (in dollars per share)	$ 0.04	$ 0	$ 0.03	$ (0.12)
Diluted net income (loss) available to common stockholders (in dollars per share)	$ 0.04	$ 0	$ 0.03	$ (0.12)
Basic weighted average common shares outstanding (in shares)	11,154,127	6,305,253	8,872,279	3,168,803
Diluted weighted average common shares outstanding (in shares)	11,158,280	6,309,584	8,882,102	3,168,803

Combined Consolidated Statemen5

Combined Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 805,600	$ (372,273)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and depletion	613,381	209,472
Amortization of discounts/premiums on debt	128,403	97,987
Amortization of net origination fees related to note receivable	(3,126)
Amortization of below market leases	(121,885)
Stock based compensation	708,703	446,460
Loss on disposition of assets	3,785	7,419
Changes in operating assets and liabilities:
Increase in accounts receivable	(514,198)	(174,592)
Increase in interest receivable	(14,800)
Increase in other assets	(144,464)	(99,020)
Increase in inventory	(188,936)
Increase (decrease) in accrued interest	1,218,132	(44,576)
Decrease in accrued expenses	(20,907)	(314,643)
Increase in deferred revenue	5,910,737	1,753,410
Increase in accrued property taxes	273,290	156,440
Net cash provided by operating activities	8,653,715	1,666,084
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate acquisitions	(98,910,034)	(36,891,656)
Real estate improvements	(6,347,542)	(46,128)
Issuance of note receivable	(1,800,000)
Origination fees on note receivable	40,000
Payment of direct costs related to note receivable	(18,000)
Net cash used in investing activities	(107,035,576)	(36,937,784)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from mortgage notes payable	82,475,000	20,700,000
Repayments on mortgage notes payable	(6,128,300)	(12,311,237)
Proceeds from initial public offering		49,476,000
Proceeds from underwritten public offering	35,112,000	44,144,980
Common stock repurchased	20,932	1,000
Payment of offering costs	(479,852)	(2,255,090)
Common stock repurchased	(20,932)	(1,000)
Payment of debt issuance costs	(223,703)	(216,014)
Refund on outstanding debt	300,000
Dividends on common stock	(2,900,159)	(625,725)
Contributions from member		1,178,107
Distributions to member		(16,765)
Distributions to non-controlling interest in operating partnership	(983,845)	(1,071,592)
Net cash provided by financing activities	107,150,209	99,001,664
NET INCREASE IN CASH	8,768,348	63,729,964
CASH, BEGINNING OF PERIOD	33,736,166	17,805
CASH, END OF PERIOD	42,504,514	63,747,769
Cash paid during period for interest	1,886,772	853,008
Cash paid during period for taxes	4,400
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS
Additions to construction in progress included in accrued expenses	406,779
Financing fees included in accrued expenses	4,000
Direct costs related to note receivable included in accrued expenses	9,748
Real estate acquisition costs included in accrued expenses	11,348
Capitalization of deferred offering costs related to at-the-market offering	265,092
Capitalization of deferred offering costs as a result of pending financing transaction		699,013
Dividends payable	2,060,127	1,016,059
Property tax liability assumed in acquisitions	50,310	21,959
Issuance of equity and contributions from redeemable non-controlling interests and non-controlling interests in operating partnership in conjunction with acquisitions	34,387,828
Below market lease acquired in acquisitions	229,597
Cash acquired in business combination		(1,000)
Accounts receivable acquired in business combination	(106,900)	(30,000)
Other assets acquired in business combination	$ (32,500)
Distribution of accounts receivable to Pittman Hough Farms		$ (450,833)

Organization and Significant Ac

Organization and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Organization and Significant Accounting Policies
Organization and Significant Accounting Policies	Note 1—Organization and Significant Accounting Policie s Organization Farmland Partners Inc., collectively with its subsidiaries, (the “Company”), is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. The Company was incorporated in Maryland on September 27, 2013. The Company is the sole member of the general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. As of September 30, 2015, the Company owned a portfolio of 121 farms, as well as eight grain storage facilities, which are consolidated in these financial statements. All of the Company’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 September 30, 2015, the Company owned 74.1% of the units of limited partnership interest in the Operating Partnership (“OP units”) (see “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding OP units). The Company and the Operating Partnership commenced operations upon completion of the underwritten initial public offering of shares of the Company’s common stock (the “IPO”) on April 16, 2014 (see “Note 9—Stockholders’ Equity and Non-controlling Interests”). Concurrently with the completion of the IPO, the Company’s predecessor, FP Land LLC, a Delaware limited liability company (“FP Land”), merged with and into the Operating Partnership, with the Operating Partnership surviving (the “FP Land Merger”). As a result of the FP Land Merger, the Operating Partnership succeeded to the business and operations of FP Land, including FP Land’s 100% fee simple interest in a portfolio of 38 farms and three grain storage facilities (the “Contributed Properties”) . The Company has elected to be taxed as a real estate investment trust, or REIT, under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, (the “Code”), effective with its short taxable year ended December 31, 2014. On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary, as a taxable REIT subsidiary (the “TRS” or “FPI Agribusiness”). The TRS was formed to provide purchasing services to the Company’s tenants and also to operate a small scale custom farming business on 563 acres of farmland owned by the Company and located in Nebraska. Principles of Combination and Consolidation The accompanying combined 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 the Company and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Upon completion of the IPO and the related formation transactions, the Company succeeded to the operations of FP Land. FP Land was an entity under the common control of Paul A. Pittman, the Company’s Executive Chairman, President and Chief Executive Officer, and was organized to hold the equity interests of PH Farms LLC, an Illinois limited liability company, and Cottonwood Valley Land, LLC, a Nebraska limited liability company, both of which are engaged in the ownership of farmland and property related to farming in agricultural markets in Illinois, Nebraska and Colorado. These financial statements retroactively reflect the consolidated equity ownership structure of the Company and the formation transactions. The formation transactions were accounted for at historical cost due to the existence of common control. The Company’s financial condition as of September 30, 2015 and December 31, 2014 and the results of operations for the three and nine months ended September 30, 2015 and the three months ended September 30, 2014, reflect the financial condition and results of operations of the Company. Due to the timing of the IPO and the formation transactions, the results of operations for the nine months ended September 30, 2014 reflect the combined results of operations of FP Land, together with the Company, for the period prior to April 16, 2014 and the consolidated results of the Company for the period from April 16, 2014 through September 30, 2014. Interim Financial Information The information in the Company’s combined consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 is unaudited. All significant inter-company balances and transactions have been eliminated in consolidation. The accompanying financial statements for the three and nine months ended September 30, 2015 and 2014 include adjustments based on management’s estimates (consisting of normal and recurring accruals), which the Company considers necessary for a fair presentation of the results for the periods. The financial information should be read in conjunction with the combined consolidated financial statements for the year ended December 31, 2014, included in the Company’s Annual Report on Form 10-K, which the Company filed with the SEC on March 3, 2015. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of actual operating results for the entire year ending December 31, 2015. The combined consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income (loss), equity or cash flows from operations. 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. Real Estate Acquisitions The Company accounts for all acquisitions in accordance with the business combinations standard. When the Company acquires farmland that was previously operated as a rental property, the Company evaluates whether a lease is in place or a crop is being produced at the time of closing of the acquisition. If a lease is in place or a crop is being produced, the Company accounts for the transaction as a business combination and charges the costs associated with the acquisition to acquisition and due diligence costs on the statement of operations, as incurre d. Otherwise, acquisitions with no lease in place or crops being produced at the time of acquisition are accounted for as asset acquisitions. When the Company acquires farmland in a sale-lease back transaction, the Company accounts for the transaction as an asset acquisition and capitalizes the transaction costs incurred in connection with the 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 (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 of acquired real estate by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost as new, adjusted for depreciation. Management’s estimates of land and groundwater value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability, the sales prices of comparable farms, and the replacement cost and residual useful life of land improvements. 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 acquired. 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 will be 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 combined consolidated balance sheets, is amortized as an increase of 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. As of September 30, 2015, the aggregate gross amount of below market leases was $229,597 and the total accumulated amortization was $121,885 . Total amortization related to below market leases was $64,627 and $121,885 for the three and nine months ended September 30, 2015, respectively. As of September 30, 2015 and December 31, 2014, the Company did not have any in-place lease or tenant relationship intangibles. 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 its overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships will be included as an intangible asset, and will be amortized over the remaining lease term (and 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 (i) above and below market leases, (ii) in-place lease values, and (iii) tenant relationships, would be recorded to revenue or expense as appropriate . Using information available at the time acquisition or due diligence costs are incurred, the Company capitalizes acquisition costs for expected asset acquisitions. If the asset acquisition is abandoned, the capitalized asset acquisition costs will be charged to acquisition and due diligence costs in the period of abandonment. Total consideration 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 of common stock or OP units issued multiplied by the stock price on the date of closing. Using information available at the time of acquisition, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. 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 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 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 as 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 - 40 Irrigation improvements - 40 Drainage improvements - 65 Groundwater - 50 Permanent plantings 23 Other - 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 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 fair value of the asset. There have been no impairments recognized on real estate assets in the accompanying financial statements. Cash The Company’s cash at September 30, 2015 and December 31, 2014 was held in the custody of two financial institutions, and the Company’s balance at any given financial institution may at times exceed federally insurable limits. 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 or its predecessor in obtaining debt are deducted from the face amount of mortgage notes and bonds payable. During the nine-month period ended September 30, 2015, $ 227,703 in costs were incurred in conjunction with the issuance of five bonds under the Farmer Mac Facility (as defined below). During the year ended December 31, 2014, $135,340 and $ 234,188 in costs were incurred in conjunction with the modification of the First Midwest Bank debt on April 16, 2014 and the issuance of five bonds under the Farmer Mac Facility, respectively . 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 perio d in which repayment occurs. Fully amortized debt issuance costs are removed from the books upon maturity or repayment of the underlying debt. The Company wrote off $12,300 in debt issuance costs in conjunction with the early repayment of debt during the nine months ended September 30, 2015, and no costs were written off during the three months ended September 30, 2015. Accumulated amortization of debt issuance costs was $253,301 and $97,43 9 as of September 30, 2015 and December 31, 2014, respectively . Note and Interest Receivable The note receivable is stated at its unpaid principal balance, and includes unamortized direct origination costs and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. Management determines the appropriate classification of debt securities at the time of issuance and reevaluates such designation as of each statement of financial position date. As of September 30, 2015, the Company has designated the note receivable as held-to-maturity based on the Company’s positive intent and ability to hold the security until maturity . Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the straight-line method, which approximates the effective interest method . Such amortization, including interest, is included in other revenue within our combined consolidated statements of operations. Allowance for Note and Interest Receivable A note is placed on nonaccrual status when management determines, after considering economic and business conditions and collection efforts, that the note is impaired or collection of interest is doubtful. The accrual of interest on the instrument ceases when there is concern as to the ultimate collection of principal or interest due according to the note agreement will not be realized. Any payment received on such non-accrual notes are recorded as interest income when the payment is received. The note 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 note receivable and evaluates whether the value of the collateral continues to provide adequate security for the note. Should the value of the underlying collateral become less than the outstanding principal and interest, the Company will determine whether there is a requirement to record an allowance. Any uncollectible interest previously accrued is also charged off, or an allowance is established by a charge to interest income. As of September 30, 2015, we believe the value of the underlying collateral to be sufficient and in excess of the outstanding principal and accrued interest. Deferred Offering Costs Deferred offering costs include incremental direct costs incurred by the Company in conjunction with proposed or actual offering of securities. At the completion of the 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 abandonment occurs. The Company incurred $370,493 and $756,970 in deferred offering costs in the three and nine months ended September 30, 2015, respectively. As of September 30, 2015 and December 31, 2014, the Company had $285,780 and $ 0 , respectively, in deferred offering costs related to regulatory, legal, accounting and professional service costs associated with proposed or actual offering of securities. Accounts Receivable Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The allowance for doubtful accounts is established through provisions charged against income and is maintained at a level believed adequate by management to absorb estimated bad debts based on historical experience and current economic conditions. The allowance for doubtful accounts was $0 as of September 30, 2015 and December 31, 2014. Inventory The costs of growing crop are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in our combined consolidated financial statements. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the year. Growing crop consists primarily of land preparation, cultivation, irrigation and fertilization costs incurred by FPI Agribusiness. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. Harvested crop inventory includes costs accumulated during the growing phase plus harvesting costs and are stated at the lower of those costs or the estimated net realizable value, which is the market price, 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. Other inventory such as fertilizer and pesticides are valued at the lower of cost or market. Inventory consisted of the following: September 30, 2015 Growing crop $ Fertilizer and pesticides $ Revenue Recognition Rental income includes rents that each tenant pays in accordance with the terms of its lease. Minimum rents pursuant to leases are recognized as revenue on a straight-line basis over the lease term. Deferred revenue includes the cumulative difference between the rental revenue recorded on a straight-line basis and the cash rent received from tenants in accordance with the lease terms. Acquired below market leases are included in deferred revenue on the accompanying combined consolidated financial statements, which are amortized into rental income over the life of the respective leases, plus the terms of the below market renewal options, if any. Leases in place as of September 30, 2015 had terms ranging from one to five years. As of September 30, 2015, the Company had 17 leases with renewal options and one lease with rent escalations. The majority of the Company’s leases provide for a fixed cash rent payment . Tenant leases on acquired farms generally require the tenant to pay the Company rent for the entire initial year regardless of the date of acquisition, if the acquisition is closed prior to, or shortly after, planting of crops. If the acquisition is closed later in the year, the Company typically receives a partial rent payment or no rent payment at all. Certain of the Company’s leases provide for a rent payment determined as a percentage of the gross farm proceeds or a percentage of harvested crops. As of September 30, 2015, all such leases provided for a rent payment determined as a percentage of the gross farm proceeds. Revenue under leases providing for a payment equal to a percentage of the harvested crop or a percentage of the gross farm proceeds is recognized upon notification from the grain facility that grain has been delivered in the Company’s name or when the tenant has notified the Company of the total amount of gross farm proceeds. Certain of the Company’s leases provide for minimum cash rent plus a bonus based on gross farm proceeds. Revenue under this type of lease is recognized on a straight-line basis over the lease term based on the minimum cash rent. Bonus rent is recognized upon notification from the tenant of the gross farm proceeds for the year. Tenant reimbursements include reimbursements for real estate taxes that each tenant pays in accordance with the terms of its lease. When leases require that the tenant reimburse the Company for property taxes paid by the Company, the reimbursement is reflected as tenant reimbursement revenue on the statement of operations, as earned, and the related property tax as property operating expense, as incurred. When a lease requires that the tenant pay the taxing authority, directly, the Company does not incur this cost. When it becomes probable that a tenant will not be able to bear the property related costs the Company will accrue the estimated expense. The Company records revenue from the sale of harvested crops when the harvested crop has been delivered to a grain facility and title has transferred. Harvested crops delivered under marketing contracts are recorded using the fixed price of the marketing contract at the time of delivery to a grain facility. Harvested crops delivered without a marketing contract are recorded using the market price at the date the harvested crop is delivered to the grain facility and title has transferred. The Company recognizes interest income on notes receivable on an accrual basis over the life of the note. 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 in operating revenue as a component of other income in the Company’s Combined Consolidated Statements of Operations for the three and nine months ended September 30, 2015. Income Taxes As a REIT, the Company is permitted to deduct dividends 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 any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. 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 bases of assets and liabilities and their respective income tax bases 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. At September 30, 2015, the Company did not have any deferred tax assets or liabilities. 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. At September 30, 2015, the Company did not identify any uncertain tax positions. 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 - 10 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. Derivatives and Hedge Accounting The Company enters 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. All contracts entered into in the three and nine months ended September 30, 2015 met the criteria to be exempt from derivative accounting and have been designated as normal purchase and sales exceptions for hedge accounting. Segment Reporting The Company’s chief operating decision maker does not evaluate performance on a farm-specific or transactional basis and does not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. 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). 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 OP 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 the Company. 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 shareholder 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 our control, as redeemable non-controlling interests in the mezzanine section of its combined consolidated balance sheets. The Company has elected to accrete the change in redemption value subsequent to issuance and during the respective twelve - month holding period, after which point the units will be marked to redemption value at each reporting period. The majority of the Company’s non-controlling interests, which are redeemable for cash or shares of the Company’s common stock, at the Company’s option, are reported in the equity section of the Company’s combined consolidated balance sheets. The amounts reported for non-controlling interests on the Company’s combined 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 Amended and Restated 2014 Equity Incentive 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 the Board of Directors at the date of grant. The Company recognizes compensation expense for non-vested shares granted to officers, employees and non-employee directors on a straight-line basis over the requisite service period based upon the fair market value of the shares on the date of grant, as adjusted for forfeitures. When an unvested award is forfeited, the Company recognizes compensation expense for dividends paid on the unvested award. The Company recognizes expense related to non-vested shares granted to non-employee consultants over the period that services are received. The change in fair value of the shares to be issued upon vesting is remeasured at each reporting period and is recorded in general and administrative expenses on the combined consolidated statement of operations. During the nine months ended September 30, 2015, the Company recorded a decrease in stock based compensation related to non-employee share awards of $ 31,739 , as a result of a change in fair value of the unvested shares. New or Revised Accounting Standards Not Yet Effective In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge asset. ASU 2015-03 is effective for annual periods beginning after December 15, 2015, but early adoption is permitted. The Company has elected to early adopt the provisions

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2015
Revenue Recognition
Revenue Recognition	Note 2—Revenue Recognition The Company typically receives one lease payment per year from tenants either during the first quarter of the year or at the time of acquisition of the related farm. As such, the rental income received is recorded on a straight-line basis over the lease term. Payments received in advance are included in deferred revenue until they are earned. As of September 30, 2015, the Company had $7,383,186 in deferred revenue, $3,475,965 of which will be recognized during the remainder of the fiscal year ending December 31, 2015, as a result of straight-lining advance payments. Unamortized below market leases as of September 30, 2015 were $107,712 and are included in deferred revenue. As of December 31, 2014, the Company had $1,364,737 in deferred revenue. The following represents a summary of the cash rent received during the three and nine months ended September 30, 2015 and 2014 and the rental income recognized for the three and nine months ended September 30, 2015 and 2014: Cash rent received Rental income recognized For the three months ended For the nine months ended For the three months ended For the nine months ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 2015 2014 Leases in effect at the beginning of the year $ — $ $ $ $ $ $ $ Leases entered into during the year $ $ $ $ $ $ $ $ Future minimum lease payments from tenants under all non-cancelable leases in place as of September 30, 2015, including lease advances, when contractually due, but excluding tenant reimbursement of expenses and lease payments based on a percentage of farming revenues, for the remainder of 2015 and each of the next four years as of September 30, 2015 are as follows: Future rental Year Ending December 31, payments Remaining 3 months in 2015 $ 2016 2017 2018 2019 $ 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. On November 6, 2015, the Company amended two leases with its largest tenant to modify the payment schedule for certain rental payments and increase the tenant rent due for the 2016 calendar year. See Note 10 for additional information regarding the lease amendment and the impact on future cash rents.

Concentration Risk

Concentration Risk	9 Months Ended
	Sep. 30, 2015
Concentration Risk
Concentration Risk	Note 3—Concentration Risk Credit Risk For the three and nine months ended September 30, 2015 and 2014, the Company had certain tenant concentrations as set forth in the table below. Astoria Farms and Hough Farms are related parties (see ‘‘Note 4—Related Party Transactions’’). 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 would be a material adverse effect on the Company’s financial performance and the Company’s ability to continue operations. Rental income received is recorded on a straight-line basis over the applicable lease term. The following is a summary of the Company’s significant tenants: Rental income recognized For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Astoria Farms $ % $ % $ % $ % Hough Farms % % % % Justice Family Farms LLC (1) % — — % % — — % Hudye Farms tenant A (2) % % % % $ $ $ $ Cash rent received For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Astoria Farms $ % $ — — % $ % $ % Hough Farms — — % — — % % % Justice Family Farms LLC (1) — — % — — % % — — % Hudye Farms tenant A (2) — — % — — % % % $ $ — $ $ (1) The Justice farms were acquired in two separate transactions that closed on December 22, 2014 and June 2, 2015. (2) Hudye Farms was acquired on June 12, 2014. Geographic Risk The following table summarizes the percentage of approximate total acres owned as of September 30, 2015 and 2014 and rental income recorded by the Company for the three and nine months ended September 30, 2015 and 2014 by location of the farm (unaudited): Rental income Approximate % of total acres For the three months ended For the nine months ended as of September 30, September 30, September 30, Location of Farm 2015 2014 2015 2014 2015 2014 Illinois % % % % % % Colorado % % % % % % South Carolina % — % % — % % — % North Carolina % — % % — % % — % Nebraska % % % % % % Arkansas % % % — % % — % Mississippi % — % % — % % — % Louisiana % — % % — % % — % Virginia % — % % — % % — % Kansas % % % % % % Michigan % — % % — % % — % % % % % % %

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions
Related Party Transactions	Note 4—Related Party Transactions See Note 5 for related party acquisition of the Tomasek farm. As of September 30, 2015, 11% of the acres in the Company’s farm portfolio was rented to and operated by Astoria Farms or Hough Farms, both of which are related parties. Astoria Farms is a partnership in which Pittman Hough Farms LLC (“Pittman Hough Farms”), which is 75% owned by Mr. Pittman, has a 33.34% interest. The balance of Astoria Farms is held by limited partnerships in which Mr. Pittman is the general partner. Hough Farms is a partnership in which Pittman Hough Farms has a 25% interest. The aggregate rent recognized by the Company for these entities for the three and nine months ended September 30, 2015 was $685,005 and $2,035,752 , respectively, and was $618,710 and $1,856,129 for the three and nine months ended September 30, 2014, respectively. As of September 30, 2015 and December 31, 2014, the Company had accounts receivable from these entities of $ 380 , 122 and $182,763 , respectively. For the three and nine months ended September 30, 2014, Pittman Hough Farms incurred $0 and $219,597 , respectively, in professional fees on behalf of the Company. No such amounts were incurred for the three and nine months ended September 30, 2015. American Agriculture Corporation (‘‘American Agriculture’’) is a Colorado corporation that is 75% owned by Mr. Pittman and 25% owned by Jesse J. Hough, who provides consulting services to the Company. On April 16, 2014, the Company entered into a shared services agreement with American Agriculture pursuant to which the Company paid American Agriculture an annual fee of $175,000 in equal quarterly installments in exchange for management and accounting services. The agreement was terminated effective as of December 31, 2014, by mutual agreement of both parties. The Company reimbursed American Agriculture $1,328 and $ 20,489 for general and administrative expenses during the three and nine months ended September 30 , 2015, respectively, which are included in general and administrative expenses in the combined consolidated statements of operations . As of September 30, 2015 and December 31, 2014, the Company had outstanding payables to American Agriculture of $0 and $49,160 , respectively, included in accrued expenses in the combined consolidated balance sheets. As of September 30, 2015, the Company had outstanding receivables from American Agriculture of $16,418 . 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 by Mr. Pittman and Pittman Hough Farms. During the three and nine months ended September 30, 2015, the Company incurred costs of $50,460 and $79,410 from American Ag Aviation, for use of the aircraft and in accordance with the lease agreement. These costs were recognized based on the nature of the associated use, as follows: (i) general and administrative: expensed as general and administrative expenses within the Company’s combined consolidated statements of operations; (ii) land acquisition (accounted for as an asset acquisition): allocated to the acquired real estate assets within the Company’s combined consolidated balance sheets, and (iii) land acquisition (accounted for as a business combination): expensed as acquisition and due diligence costs within the Company’s combined consolidated statements of operations. As of September 30, 2015 and December 31, 2014, the Company had outstanding payables to American Ag Aviation of $50,460 and $0 , respectively, included in accrued expenses in the combined consolidated balance sheets. On April 1, 2015, the TRS and Hough Farms entered into a custom farming arrangement, pursuant to which Hough Farms will perform custom farming on 563 acres. During the three and nine months ended September 30, 2015, the Company incurred $7,440 and $20,289 , respectively, in custom farming costs, which are included in inventory in the combined consolidated balance sheets. As of September 30, 2015, the Company owed Hough Farms $7,440 for irrigation related costs, which are included in accrued expenses in the combined consolidated balance sheet. On March 21, 2014 and April 16, 2014, the Company and FP Land entered into reimbursement agreements with Pittman Hough Farms to reimburse Pittman Hough Farms for costs incurred to complete the IPO and the FP Land Merger. The amount of the costs that were reimbursed was reduced by interest expense of $78,603 related to outstanding debt at the time of the FP Land Merger, which was accrued by FP Land as of December 31, 2013. The aggregate net reimbursable amount under the agreements was $1,361,321 . On June 9, 2014, the Company and the Operating Partnership entered into an additional reimbursement agreement with Pittman Hough Farms for $51,537 in professional fees incurred prior to the IPO.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2015
Real Estate
Real Estate	Note 5—Real Estate As of September 30, 2015, the Company owned 121 separate farms, as well as eight grain storage facilities. During the nine months ended September 30, 2015, the Company acquired the following farms: Total Date approximate Purchase Acquisition Acquisition / Farm County acquired acres price costs Type of acquisition Swarek Quitman, MS 1/14/2015 $ $ Asset acquisition Stonington Bass Baca, CO 2/18/2015 Business combination Benda Butler Butler, NE 2/24/2015 Asset acquisition Benda Polk Polk, NE 2/24/2015 Asset acquisition Timmerman (1) Phillips, CO 3/13/2015 Asset acquisition Cypress Bay Bamberg, SC 3/13/2015 Asset acquisition Nebraska Battle Creek farms (5 farms) (2) Madison, NE 4/10/2015 Business combination Northeast Nebraska farms (6 farms) (3) Pierce, NE 4/10/2015 Business combination Drury Yuma, CO 4/10/2015 Business combination Sutter Yuma, CO 4/17/2015 Asset acquisition Bobcat St. Francis, AR 4/30/2015 Business combination Swindoll Darby Tunica, MS 5/14/2015 Asset acquisition Abraham Fulton, IL 5/29/2015 Asset acquisition Justice farms (8 farms) (4) (5) 6/2/2015 Asset acquisition Tomasek (6) McDonough, IL 6/30/2015 Business combination Purdy Crittenden & Mississippi, AR 7/2/2015 Asset acquisition Matthews Tunica & DeSoto, MS 7/10/2015 Asset acquisition Riccioni Van Buren, MI 9/15/2015 Asset acquisition $ $ (1) On March 13, 2015, the Company issued 63,581 shares of common stock (with a fair value of $712,743 as of the date of closing) as partial consideration for the acquisition of the Timmerman farm. (2) On April 10, 2015, the Company issued 118,634 OP units (with a fair value of $1,372,595 as of the date of closing) as partial consideration for the acquisition of the Nebraska Battle Creek farms. (3) On April 10, 2015, the Company issued 119,953 OP units (with a fair value of $1,387,856 as of the date of closing) as partial consideration for the acquisition of the Northeast Nebraska farms. (4) On June 2, 2015, the Company issued 824,398 shares of common stock and 1,993,709 OP units, of which 883,724 are redeemable for cash, (with an aggregate fair value of $30,914,634 , as of the date of closing) as partial consideration for the acquisition of the Justice farms. (5) The Justice farms are located in Beaufort, Currituck, Pamlico, Pasquotank and Perquimans counties, NC; Marlboro County, SC; and Chesapeake, VA. (6) On June 30, 2015, the Company acquired the Tomasek property from Mr. Pittman. The purchase price of the property approximated fair value. In conjunction with the acquisition, the Company assumed a two year lease with Astoria Farms with annual rents of $18,749 . During the nine months ended September 30, 2014, the Company acquired the following farms: Total Date approximate Purchase Acquisition Acquisition / Farm County acquired acres price costs Type of acquisition Erker (5 farms) Kit Carson, CO 5/30/2014 $ $ Asset acquisition Hudye (11 farms) (1) Kit Carson and Cheyenne, CO and Sherman and Logan, KS 6/12/2014 Business combination Broadwater Morrill, NE 7/1/2014 Asset acquisition Ruder Yell, AR 9/24/2014 Business combination $ $ (1) On June 12, 2014, the Company acquired all of the outstanding stock in Hudye Farms U.S., Inc. (“HFUSI”), which owned an approximately 12,500 -acre farm (referred to as the Hudye farm) located primarily in eastern Colorado, for $24.5 million, excluding related acquisition costs of $63,836 . The Company funded this business combination with cash available from the IPO. All tenant leases were terminated by the previous owner prior to the closing of the acquisition. On June 20, 2014, HFUSI was merged with and into FPI Burlington Farms LLC, a wholly owned subsidiary of the Company, with FPI Burlington Farms LLC surviving. FPI Burlington Farms LLC entered into new leases with tenants on June 23, 2014. The new leases provide for aggregate annual cash rent of $1.2 million. Rent for 2014 was paid at lease execution in its entirety, without proration. In conjunction with the business combination, the Company acquired a tax built-in gain of $17.8 million. No deferred tax liability was recorded with respect to the tax built-in gain as the Company has the ability and intent to hold the property for the required holding period. The preliminary allocation of purchase price for the farms acquired during the nine months ended September 30, 2015 are as follows: Land Groundwater Irrigation improvements Permanent plantings & other Timber Accounts receivable Below market lease Accrued property taxes Total Swarek $ $ — $ $ — $ — $ — $ — $ — $ Stonington Bass — — — — — Benda Butler — — — — — — Benda Polk — — — — — — Timmerman — — — — Cypress Bay — — — — — Nebraska Battle Creek farms (5 farms) — — — Northeast Nebraska farms (6 farms) — — — Drury — — — — — Sutter — — — — — Bobcat — — — — Swindoll Darby — — — — — Abraham — — — — — — Justice farms (8 farms) — — — Tomasek — — — — — — Purdy — — — — — — Matthews — — — — — Riccioni — — — — — $ $ $ $ $ $ $ $ $ The allocation of the purchase price for the farms acquired during the nine months ended September 30, 2015 is preliminary and may change during the measurement period if the Company obtains new information regarding the assets acquired or liabilities assumed at the acquisition date. The allocation of purchase price for the farms acquired during the nine months ended September 30, 2014 are as follows: Land Groundwater Irrigation improvements Other Cash Accounts receivable Accrued property taxes Total Erker (5 farms) $ $ $ $ — $ — $ — $ $ Hudye (11 farms) — Broadwater — — — Ruder — — — $ $ $ $ $ $ $ $ The Company has included the results of operations for the acquired real estate in the combined consolidated statements of operations from the dates of acquisition. The real estate acquired in business combinations during the nine months ended September 30, 2015 contributed an aggregate of $284,012 and $524, 811 to total revenue and $ 231,681 and $363,8 49 to the net income (loss) (including related real estate acquisition costs of $ 0 and $55,014 ) for the three and nine months ended September 30, 2015, respectively. The real estate acquired in business combinations during the nine months ended September 30, 2014 contributed an aggregate $390,620 and $447,441 to total revenue and $342,022 and $322,631 to net income (including related real estate acquisition costs of $9,180 and $73,016) for the three and nine months ended September 30, 2014, respectively. The unaudited pro forma information presented below does not purport to represent what the actual results of operations of the Company would have been had the business combinations outlined above occurred as of the beginning of the periods presented, nor does it purport to predict the results of operations of future periods. The unaudited pro forma information is presented below as if the real estate acquired in business combinations during the nine months ended September 30, 2015 had been acquired on January 1, 2014. The following table does not include the pro forma financial information for the Stonington Bass, Drury and Bobcat farms, as historical results for the farms were not available. The unaudited pro forma information is presented below as if the Hudye and Ruder farms acquired during the nine months ended September 30, 2014 had been acquired on January 1, 2013. For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Pro forma Total operating revenues $ $ $ $ Net income (loss) $ $ $ $ Earnings per share basic and diluted Income (loss) per basic share attributable to common stockholders $ $ $ $ Income (loss) per diluted share attributable to common stockholders $ $ $ $ Weighted-average number of common shares - basic Weighted-average number of common shares - diluted

Note Receivable

Note Receivable	9 Months Ended
	Sep. 30, 2015
Note Receivable
Note Receivable	Note 6—Note Receivable In August 2015, the Company announced the launch of the FPI Loan Program, an agricultural lending product aimed at farmers, as a complement to the Company's current business of acquiring and owning farmland and leasing it to farmers. Under the FPI Loan Program, the Company intends to make loans to third-party farmers (both tenant and non-tenant) to provide partial financing for working capital requirements and operational farming activities, farming infrastructure projects, and for other farming and agricultural real estate related projects. These loans are expected to be collateralized by farm real estate and are expected to be in principal amounts ranging from $500,000 to $5,000,000 at fixed interest rates with maturities of up to three 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. On August 24, 2015, the Company entered into a promissory note agreement with a third-party non-tenant farmer to provide up to $2,000,000 in the form of a term note. As of September 30, 2015, $1,800,000 has been funded with the remaining $200,000 of funding subject to the satisfaction of customary lending requirements, including finalization and issuance of the title research and appraisal report. The note has a fixed annual interest rate with principal and all accrued interest due at maturity on January 15, 2016. Upfront commitment and origination fees of $40,000 were paid by the borrower, offset by $27,748 of origination costs incurred by the Company, and the net amount will be amortized over the life of the note. The note is secured by a first mortgage on farm real estate. As of September 30, 2015, the carrying value of the note receivable was $1,805,674 , which was comprised of $1,800,000 of principal and $14,800 of accrued interest, and $9,126 of net origination fees. As of September 30, 2015, management considers the note receivable to be fully collectible; therefore, no allowance or reserve has been reflected in the financial statements. Fair Value The Company determined that the significant inputs used to value its note receivable fall within Level 2 of the fair value hierarchy. As of September 30, 2015, the Company believes the carrying amount of the note receivable approximates fair value because of the short-term maturity and market interest rate of the instrument.

Mortgage Notes and Bonds Payabl

Mortgage Notes and Bonds Payable	9 Months Ended
	Sep. 30, 2015
Mortgage Notes and Bonds Payable
Mortgage Notes and Bonds Payable	Note 7—Mortgage Notes and Bonds Payable As of September 30, 2015 and December 31, 2014, the Company had the following indebtedness outstanding: Book Annual Value of Interest Collateral Rate as of Principal Outstanding as of as of Loan Payment Terms Interest Rate Terms September 30, 2015 September 30, 2015 December 31, 2014 Maturity September 30, 2015 First Midwest Bank Annual principal / quarterly interest Greater of LIBOR + 2.59% and 2.80% 2.80% $ (1) $ (1) June 2016 $ (2) First Midwest Bank Annual principal / quarterly interest Greater of LIBOR + 2.59% and 2.80% 2.80% (1) (1) March 2016 (3) Farmer Mac Bond #1 Semi-annual interest only 2.40% 2.40% September 2017 Farmer Mac Bond #2 Semi-annual interest only 2.35% 2.35% October 2017 Farmer Mac Bond #3 Semi-annual interest only 2.50% 2.50% November 2017 Farmer Mac Bond #4 Semi-annual interest only 2.50% 2.50% December 2017 Farmer Mac Bond #5 Semi-annual interest only 2.56% 2.56% December 2017 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% — April 2025 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% — April 2025 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% — June 2020 (4) Farmer Mac Bond #8B (5) Libor + 1.80% 2.00% — May 2016 — (4) Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% — July 2020 Tindall Principal at maturity 0.00% — — January 2015 — Tindall Principal at maturity 0.00% — — January 2015 — Beck Principal at maturity 0.00% — — January 2015 — Total outstanding principal $ Debt issuance costs Unamortized premium — Total mortgage notes and bonds payable, net $ $ (1) Messrs. Pittman and Hough unconditionally agreed to jointly and severally guarantee $11 ,000,000 . (2) The book value of collateral as of December 31, 2014 was $1,073,167 . (3) The book value of collateral as of December 31, 2014 was $26,410,132 . (4) The $8,100,000 bond is cross collateralized with the $41,700,000 bond. (5) Bond is an amortizing loan with monthly principal payments that commenced on October 2, 2015 and monthly interest payments that commenced on July 2, 2015 with all remaining principal and outstanding interest due at maturity. First Midwest Bank Indebtedness On April 16, 2014, the Company repaid $6,529,237 of secured mortgage debt and made a partial repayment of the First Midwest Bank debt of $4,749,900 with a portion of the net proceeds from the IPO. On March 24, 2014, Pittman Hough Farms made a contractual debt payment of $766,000 on the First Midwest Bank debt, which the Company reimbursed on April 16, 2014 with a portion of the net proceeds from the IPO. The Company did not incur any early termination fees or fees related to the partial repayment. In conjunction with the repayments, the Company wrote off $26,929 in unamortized debt issuance costs. On April 16, 2014, the Operating Partnership, as borrower, and First Midwest Bank, as lender, entered into the Amended and Restated Business Loan Agreement (as amended, the “Loan Agreement”), which provides for loans in the aggregate principal amount of approximately $30,780,000 . The Company incurred $135,340 in debt issuance costs related to the modification of the loan. In connection with the Loan Agreement, PH Farms LLC and Cottonwood Valley Land, LLC, which are wholly owned subsidiaries of the Operating Partnership, unconditionally agreed to guarantee all of the obligations of the Operating Partnership under the Loan Agreement. In addition, Messrs. Pittman and Hough unconditionally agreed to jointly and severally guarantee $11,000,000 of the Operating Partnership’s obligations under the Loan Agreement. In conjunction with the modification, other than combining the two First Midwest Bank notes into one master note with two tranches, no other material terms were modified. On February 24, 2015, the Company amended the Loan Agreement to revise the financial covenants under the Loan Agreement and repaid $3,078,000 of the First Midwest Bank debt. The Company did not incur any prepayment penalties in conjunction with the repayment. The collateral for the Company’s indebtedness under the Loan Agreement consists of real estate and related farm rents, including farms, grain facilities and any other improvements present on such real estate. The Loan Agreement includes standard acceleration clauses triggered by default under certain provisions of the note. Under the Loan Agreement, the Company is subject to ongoing compliance with a number of customary affirmative and negative covenants, as well as financial covenants, including a maximum leverage ratio of 0.60 to 1.00 and a minimum fixed charge coverage ratio of 1.5 to 1.00 . Each covenant is measured annually as of December 31 st of each year. Additionally, the Company is required to maintain a minimum cash account balance of $500,000 during the term of the agreement. The Company was in compliance with all applicable covenants at September 30, 2015. Farmer Mac Facility The Company and the Operating Partnership are parties to a bond purchase agreement (as amended or amended and restated from time to time, the “Bond Purchase Agreement”) with Federal Agricultural Mortgage Corporation (“Farmer Mac”) and Farmer Mac Mortgage Securities Corporation, a wholly owned subsidiary of Farmer Mac, as bond purchaser (the “Purchaser”), regarding a secured note purchase facility (the “Farmer Mac Facility”) that has a maximum borrowing capacity of $165,000,000 . Pursuant to the Bond Purchase Agreement, the Operating Partnership may, from time to time, issue one or more bonds to the Purchaser that will be secured by pools of mortgage loans, which will, in turn, be secured by first liens on agricultural real estate owned by the Company. The mortgage loans may have effective loan-to-value ratios of up to 60% , after giving effect to the overcollateralization obligations described below. Prepayment of each bond issuance is not permitted unless otherwise agreed upon by all parties to the Bond Purchase Agreement. As of September 30, 2015, the Operating Partnership had $ 163,575,000 outstanding under the Farmer Mac Facility and had $1,425 ,000 of remaining capacity, subject to availability of qualifying collateral. As of September 30, 2015, the Operating Partnership had $17,980,500 in real property valued according to the criteria set forth in the agreement with Farmer Mac, which could be collateralized against the Farmer Mac Facility, resulting in $1,425,000 in available borrowing capacity based on an effective loan to value of 60% . The Operating Partnership’s ability to borrow under the Farmer Mac Facility is subject to the Company’s ongoing compliance with a number of customary affirmative and negative covenants, as well as financial covenants, including: a maximum leverage ratio of not more than 60% ; a minimum fixed charge coverage ratio of 1.5 to 1.00 ; and a minimum tangible net worth of $96,312,017 . The Company was in compliance with all applicable covenants at September 30, 2015. In connection with the Bond Purchase Agreement, on August 22, 2014, the Company and the Operating Partnership also entered into a pledge and security agreement (as amended and restated, the “Pledge Agreement”) in favor of the Purchaser and Farmer Mac, pursuant to which the Company and the Operating Partnership agreed to pledge, as collateral for the Farmer Mac Facility, all of their respective right, title and interest in (i) mortgage loans with a value at least equal to 100% of the aggregate principal amount of the outstanding bonds held by the Purchaser and (ii) such additional collateral as necessary to have total collateral with a value at least equal to 110% of the outstanding bonds held by the Purchaser. In addition, the Company agreed to guarantee the full performance of the Operating Partnership’s duties and obligations under the Pledge Agreement. The Bond Purchase Agreement and the Pledge Agreement include customary events of default, the occurrence of any of which, after any applicable cure period, would permit the Purchaser and Farmer Mac to, among other things, accelerate payment of all amounts outstanding under the Farmer Mac Facility and to exercise its remedies with respect to the pledged collateral, including foreclosure and sale of the agricultural real estate underlying the pledged mortgage loans. On June 2, 2015, Farmer Mac issued a refund under the bonds issued during 2014 of $300,000 . The refund is being accounted for as a debt premium and is being amortized using the straight-line method over the remaining terms of the underlying bonds issued in 2014. On July 1, 2015, the Operating Partnership issued a $6,600,000 , interest-only bond under the Farmer Mac Facility. The bond has a five -year term and has a fixed interest rate of 3.35% . Aggregate Maturities As of September 30, 2015, aggregate maturities of long-term debt for the succeeding years are as follows: Year Ending December 31, Future Maturities Remaining 3 months in 2015 $ 2016 2017 2020 Thereafter $ Fair Value FASB ASC 820-10 establishes a three-level hierarchy for 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. 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 September 30, 2015 and December 31, 2014, the fair value of the mortgage notes payable was $190,251,936 and $113,649,531 , respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
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. In April 2015, FPI Agribusiness entered into a marketing contract to sell 25,000 bushels of corn at $3.98 per bushel, in the fourth quarter of 2015, to protect against the commodity pricing exposure from farming operations. The contracts are accounted for using the normal purchase and sales exception for hedge accounting. In April 2015, the Company entered into a lease agreement for office space. The lease expires July 31, 2019. The lease commenced June 1, 2015 and has an initial monthly payment of $10,032 . As of September 30, 2015, future minimum lease payments are as follows: Future rental Year Ending December 31, payments Remaining 3 months in 2015 $ 2016 2017 2018 2019 $ A sale of any of the Contributed Properties that would not provide continued tax deferral to Pittman Hough Farms is contractually restricted until the fifth (with respect to certain properties) or seventh (with respect to certain other properties) anniversary of the completion of the formation transactions. Furthermore, if any such sale or defeasance is foreseeable, the Company is required to notify Pittman Hough Farms and to cooperate with it in considering strategies to defer or mitigate the recognition of gain under the Code by any of the equity interest holders of the recipient of the OP units. On August 24, 2015, the Company entered into a promissory note agreement with a third-party non-tenant farmer to provide up to $2,000,000 in the form of a term note. As of September 30, 2015, $1,800,000 has been funded with the remaining $200,000 of funding subject to the satisfaction of customary lending requirements, including finalization and issuance of the title research and appraisal report. During the third quarter of 2015, the Company entered into purchase agreements with unrelated third-parties to acquire the following farms, which had not closed as of September 30, 2015: Total approximate Farm Name County acres Purchase price Herrmann Polk, NE $ Mobley Telfair, GA $ Subsequent to September 30, 2015, the Company completed the Herrmann and Mobley farm acquisitions for cash. The Company will account for both acquisitions as business combinations. The initial accounting for the Herrmann and Mobley farms are not yet complete, making certain disclosures unavailable at this time.

Stockholders' Equity and Non-co

Stockholders' Equity and Non-controlling Interests	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity and Non-Controlling Interests
Stockholders' Equity and Non-Controlling Interests	Note 9—Stockholders’ Equity and Non-controlling Interests The following table summarizes the changes in our stockholders’ equity for the nine months ended September 30, 2015: Stockholders’ Equity Common Stock Non-controlling Additional Retained Distributions Interest in Total Paid-in Earnings in Excess of Operating Stockholders’ Shares Par Value Capital (Deficit) Earnings Partnership Equity Balance at December 31, 2014 $ $ $ $ $ $ Net income — — — — Proceeds from underwritten public offering, net of offering costs of $471,189 and underwriters discount of $1,848,000 — — — Share repurchase and cancellation — — — Grant of unvested restricted stock — — — — — — Forfeiture of unvested restricted stock — — — — Stock based compensation — — — — — Dividends accrued or paid — — — — Issuance of stock as consideration in real estate acquisition — — — Issuance of OP units as consideration in real estate acquisition — — — — — Adjustment to arrive at redemption value of redeemable non-controlling interest — — — — — Allocation of non-controlling interest in Operating Partnership — — — — — Balance at September 30, 2015 $ $ $ $ $ $ On July 21, 2015, the Company completed an underwritten public offering, pursuant to which the Company sold 3,000,000 shares of common stock, and upon the underwriter’s exercise of their over-allotment option, issued an additional 360,000 shares at a price per share of $11.00 and generated gross proceeds of $36,960,000 . The aggregate net proceeds to the Company, after deducting the underwriting discount and commissions and expenses payable by the Company, were $34,640,811 . On September 15, 2015, the Company filed a prospectus supplement under which it may sell shares of common stock having an aggregate gross sales price of up to $25,000,000 through an “at-the-market” equity offering program. The offering is made pursuant to a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on May 14, 2015. As of September 30, 2015, no shares had been issued under the program. As of September 30, 2015, the Company had 16,157,855 fully diluted outstanding shares, including OP units, redeemable OP units and restricted shares of common stock. Non-controlling Interests in Operating Partnership The Company consolidates its Operating Partnership, a majority owned partnership. As of September 30, 2015, the Company owned 74.1% of the outstanding OP units and the remaining 25.9% of the OP units are included in non-controlling interest in Operating Partnership on the balance sheet. On or after 12 months after becoming a holder of OP units, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the partnership agreement of the Operating Partnership, to require the Operating Partnership to redeem all or a portion of such units in exchange for a cash amount equal to the number of tendered units multiplied by the fair market value of a share of the Company’s common stock (determined in accordance with, and subject to adjustment under, the terms of the partnership agreement of the Operating Partnership), unless the terms of such units or a separate agreement entered into between the Operating Partnership and the holder of such units provide that they do not have a right of redemption or provide for a shorter or longer period before such holder may exercise such right of redemption or impose conditions on the exercise of such right of redemption. On or before the close of business on the tenth business day after the Company receives a notice of redemption, the Company may, as the parent of the general partner, in its sole and absolute discretion, but subject to the restrictions on the ownership of common stock imposed under the Company’s charter and the transfer restrictions and other limitations thereof, elect to acquire some or all of the tendered units in exchange for cash or shares of the Company’s common stock, based on an exchange ratio of one share of common stock for each OP unit (subject to anti-dilution adjustments provided in the partnership agreement). As of September 30, 2015, there were 1,945,000 outstanding OP units eligible for redemption. 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 redeem its OP units, regardless of the length of time such limited partner has held its OP 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 the OP units for shares of common stock. When a unitholder redeems an OP unit, non-controlling interest in the Operating Partnership is reduced and stockholders’ equity is increased. The Operating Partnership intends to make distributions on each OP unit in the same amount as those paid on each share of the Company’s common stock, with the distributions on the OP units held by the Company being utilized to make distributions to the Company’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 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. Accordingly, as a result of the issuance of stock compensation, common stock and OP units issued as partial consideration for certain acquisitions, which caused changes in the ownership percentages between the Company’s stockholders’ equity and non-controlling interest in the Operating Partnership which occurred during the nine months ended September 30, 2015, the Company has decreased non-controlling interests in the Operating Partnership and increased additional paid in capital by $808,995 during the nine months ended September 30, 2015. Redeemable Non-controlling Interest in Operating Partnership On June 2, 2015, the Company issued 1,993,709 OP units in conjunction with an asset acquisition. Beginning twelve months after issuance, the OP units may be tendered for redemption for cash, or at the Company’s option, into shares of common stock on a one for one basis up to a maximum of 1,109,985 shares of common stock. The remaining 883,724 OP units (the “Excess Units”) may be redeemed only for cash , unless the Company obtains stockholder approval to redeem such Excess Units with shares of its common stock. As the tender for redemption of the Excess Units for cash is outside of the control of the Company, these units are accounted for as temporary equity on the combined consolidated balance sheets. The Company has elected to accrete the change in redemption value subsequent to issuance and during the respective twelve - month holding period, after which point the units will be marked to redemption value at each reporting period. The Company recorded the initial redemption value of the Excess Units on date of issue as $9,694,452 . The redemption value of the Excess Units at September 30, 2015 was $9,279,102 . The following table summarizes the changes in our redeemable non-controlling interest in the Operating Partnership for the nine months ended September 30, 2015: Redeemable OP units Redeemable non-controlling interests Balance at December 31, 2014 — $ — Net income — Dividends accrued or paid — Issuance of redeemable OP units as partial consideration for asset acquisition Adjustment to arrive at redemption value of redeemable non-controlling interest — Balance at September 30, 2015 $ Distributions The Company’s Board of Directors declared and paid the following distributions to common stockholders and holders of OP units for the year ended December 31, 2014 and the nine months ended September 30, 2015: Fiscal Year Declaration Date Record Date Payment Date Distribution per Common Share/OP unit 2014 May 14, 2014 July 1, 2014 July 15, 2014 $ August 5, 2014 October 1, 2014 October 15, 2014 November 20, 2014 January 2, 2015 January 15, 2015 $ 2015 February 25, 2015 April 1, 2015 April 15, 2015 $ June 2, 2015 July 1, 2015 July 15, 2015 August 12, 2015 October 1, 2015 October 15, 2015 $ In general, common stock cash dividends declared by the Company will be considered ordinary income to stockholders for income tax purposes. From time to time, a portion of our dividends may be characterized as capital gains or return of capital. Stock Repurchase Plan On October 29, 2014, the Company announced that the Board of Directors approved a program to repurchase up to $10,000,000 in shares of the Company’s common stock. 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, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy, and other relevant factors. This share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to fund repurchases under the program using cash on its balance sheet. The Company repurchased 2,130 shares of its common stock on August 26, 2015, at an average price of $9.81 , plus commissions, and are authorized to repurchase up to an additional $9,979,068 of its common stock under the program. Equity Incentive Plan On May 5, 2015, the Company’s stockholders approved the 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 615,070 shares (including the 217,238 shares of restricted common stock that have been granted to the Company’s executive officers, certain of the Company’s employees, the Company’s non-executive directors and Jesse J. Hough, the Company’s consultant). As of September 30, 2015, there were 397,832 of shares available for future grant under the Plan. The Company may issue equity-based awards to officers, 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 OP units. The terms of each grant are determined by the compensation committee of the Board of Directors. From time to time, the Company may award non-vested shares under the Plan, as compensation to officers, employees, non-employee directors and non-employee contractors. The shares vest over a period of time as determined by the Compensation Committee of the Board of Directors at the date of grant. The Company recognizes compensation expense for awards issued to officers, employees and non-employee directors for non-vested shares 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. On February 25, 2015, the Company granted 3,214 restricted shares of common stock, having an aggregate grant date fair value of $35,836 , to a newly appointed independent director. The restricted shares vest ratably over a three -year vesting period, subject to continued service as a director. On February 25, 2015, 3,214 restricted shares of common stock were forfeited by an independent director who resigned from the Company’s Board of Directors. The Company had recorded $10,820 in stock based compensation and paid $1,04 7 in dividends with respect to such restricted shares. In conjunction with the forfeiture of restricted shares, the Company reversed $9,773 in previously recorded compensation, net of the dividends paid to the director. On September 14, 2015, the Company granted 2,955 restricted shares of common stock, having an aggregate grant date fair value of $29,993 , to an employee. The restricted shares vest ratably over a three -year vesting period, subject to continued employment. A summary of the non-vested shares as of September 30, 2015 is as follows: Weighted Number of average grant shares date fair value Unvested at January 1, 2015 $ Granted Vested Forfeited Unvested at September 30, 2015 $ For the three and nine months ended September 30, 2015, the Company recognized $ 228,508 and $708,703 , respectively, of stock-based compensation expense related to these restricted stock awards. For the three and nine months ended September 30, 2014, the Company recognized $240,981 and $446,460 , respectively, of stock-based compensation expense related to these restricted stock awards. As of September 30, 2015, there was $1,487,654 of total unrecognized compensation costs related to non-vested stock awards which are expected to be recognized over a weighted-average period of 1.6 years. Earnings per Share The computation of basic and diluted earnings per share is as follows: For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ $ $ $ Less: Dividends paid on unvested restricted shares Less: Dividends paid on redeemable non-controlling interest — — Net income (loss) attributable to common stockholders $ $ $ $ Denominator: Weighted-average number of common shares - basic and diluted Unvested restricted shares (1) — Redeemable non-controlling interest (2) — — — — Weighted-average number of common shares - diluted Income (loss) per share attributable to common stockholders - basic $ $ $ $ Income (loss) per share attributable to common stockholders - diluted $ $ $ $ (1) Anti-dilutive for the nine months ended September 30, 2014. (2) Anti-dilutive for the three and nine months ended September 30, 2015 and September 30, 2014. Redeemable non-controlling interest includes 883,724 OP units which are redeemable solely for cash, unless shareholder approval is obtained to redeem for shares of common stock. The OP units and any unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. The limited partners’ outstanding OP units (which may be redeemed for shares of common stock) and Excess Units have been excluded from 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. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. 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) have been excluded, as applicable, from net income or loss attributable to common stockholders utilized in the basic and diluted earnings per share calculations. Net income or loss figures are presented net of noncontrolling interests in the earnings per share calculations. The weighted average number of OP units held by the noncontrolling interest was 3,293,572 and 2,584,098 for the three and nine months ended September 30, 2015, respectively. The weighted average number of OP units held by the noncontrolling interest was 1,945,000 and 1,189,799 for the three and nine months ended September 30, 2014, respectively. The weighted average number of Excess Units held by the noncontrolling interest was 883,724 and 388,450 for the three and nine months ended September 30, 2015, respectively. For the three and nine months ended September 30, 2015 and 2014, diluted weighted average common shares do not include the impact of certain unvested compensation-related shares because the effect of these items on diluted earnings per share would be anti-dilutive. Anti-dilutive compensation-related shares outstanding were 142,729 and 1 37 , 059 for the three and nine months ended September 30, 2015, respectively, and 209,952 and 214,283 for the three and nine months ended September 30, 2014.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events
Subsequent Events	Note 10—Subsequent Events See Note 8 for subsequent real estate acquisitions. Subsequent to September 30, 2015, we entered into purchase agreements with unrelated third parties to acquire the following farms: Total approximate Purchase Farm Name Location acres price Knowles Telfair, GA $ Erker Wallace (2 farms) Wallace, KS & Kit Carson, CO Selph Telfair, GA Kosch Butler, NE Forsythe (120 farms) (2) (1) Howe McDonough, IL $ (1) The Forsythe farms are located in Edgar, Clark, Coles, Crawford, Douglas, Vermilion & Cumberland counties, IL. (2) Purchase price is estimated and consists of (a) $50,000,000 in cash, (b) an aggregate of 2,608,695 of OP units and shares of the Company’s common stock to be issued to the seller at closing at a value of $11.50 per OP Unit or share of Common Stock, and (c) 117,000 Series A Preferred units of limited partnership interest in the Operating Partnership, which will be issued at closing. The above acquisitions are expected to close in the fourth quarter of 2015 and the first quarter of 2016, subject to the satisfaction of certain customary closing conditions. There can be no assurance that these conditions will be satisfied or that the pending acquisitions will be consummated on the terms described herein, or at all. On November 6, 2015, the Company amended two leases with its largest tenant to provide the following adjustments to the lease agreements: (i) modify the payment schedule for a prepayment of a portion of future rents for the calendar years 2016-2019, which was originally due in September 2015, and is now due under a revised payment schedule with the final payment due in April 2017, and (ii) to modify the payment schedule for the payment of the remaining calendar year rent due for 2016, which was originally due in December 2015, and is now due under a revised payment schedule with the final payment due in July 2016. In addition to modifying the payment schedules under the two leases as noted above, we also increased the tenant rent due for the 2016 calendar year, which is included in the modified payment schedules. Adjusting for the impact of the above lease amendments, future minimum lease payments from tenants under all non-cancelable leases in place as of September 30, 2015, including lease advances, when contractually due, but excluding tenant reimbursement of expenses and lease payments based on a percentage of farming revenues, for the remainder of 2015 and each of the next four years as of September 30, 2015 are as follows: Future rental Year Ending December 31, payments Remaining 3 months in 2015 $ 2016 2017 2018 2019 $ 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.

Organization and Significant 16

Organization and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Organization and Significant Accounting Policies
Principles of Combination and Consolidation	Principles of Combination and Consolidation The accompanying combined 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 the Company and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Upon completion of the IPO and the related formation transactions, the Company succeeded to the operations of FP Land. FP Land was an entity under the common control of Paul A. Pittman, the Company’s Executive Chairman, President and Chief Executive Officer, and was organized to hold the equity interests of PH Farms LLC, an Illinois limited liability company, and Cottonwood Valley Land, LLC, a Nebraska limited liability company, both of which are engaged in the ownership of farmland and property related to farming in agricultural markets in Illinois, Nebraska and Colorado. These financial statements retroactively reflect the consolidated equity ownership structure of the Company and the formation transactions. The formation transactions were accounted for at historical cost due to the existence of common control. The Company’s financial condition as of September 30, 2015 and December 31, 2014 and the results of operations for the three and nine months ended September 30, 2015 and the three months ended September 30, 2014, reflect the financial condition and results of operations of the Company. Due to the timing of the IPO and the formation transactions, the results of operations for the nine months ended September 30, 2014 reflect the combined results of operations of FP Land, together with the Company, for the period prior to April 16, 2014 and the consolidated results of the Company for the period from April 16, 2014 through September 30, 2014.
Interim Financial Information	Interim Financial Information The information in the Company’s combined consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 is unaudited. All significant inter-company balances and transactions have been eliminated in consolidation. The accompanying financial statements for the three and nine months ended September 30, 2015 and 2014 include adjustments based on management’s estimates (consisting of normal and recurring accruals), which the Company considers necessary for a fair presentation of the results for the periods. The financial information should be read in conjunction with the combined consolidated financial statements for the year ended December 31, 2014, included in the Company’s Annual Report on Form 10-K, which the Company filed with the SEC on March 3, 2015. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of actual operating results for the entire year ending December 31, 2015. The combined consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.
Reclassifications	Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income (loss), equity or cash flows from operations.
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.
Real Estate Acquisitions	Real Estate Acquisitions The Company accounts for all acquisitions in accordance with the business combinations standard. When the Company acquires farmland that was previously operated as a rental property, the Company evaluates whether a lease is in place or a crop is being produced at the time of closing of the acquisition. If a lease is in place or a crop is being produced, the Company accounts for the transaction as a business combination and charges the costs associated with the acquisition to acquisition and due diligence costs on the statement of operations, as incurre d. Otherwise, acquisitions with no lease in place or crops being produced at the time of acquisition are accounted for as asset acquisitions. When the Company acquires farmland in a sale-lease back transaction, the Company accounts for the transaction as an asset acquisition and capitalizes the transaction costs incurred in connection with the 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 (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 of acquired real estate by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost as new, adjusted for depreciation. Management’s estimates of land and groundwater value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability, the sales prices of comparable farms, and the replacement cost and residual useful life of land improvements. 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 acquired. 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 will be 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 combined consolidated balance sheets, is amortized as an increase of 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. As of September 30, 2015, the aggregate gross amount of below market leases was $229,597 and the total accumulated amortization was $121,885 . Total amortization related to below market leases was $64,627 and $121,885 for the three and nine months ended September 30, 2015, respectively. As of September 30, 2015 and December 31, 2014, the Company did not have any in-place lease or tenant relationship intangibles. 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 its overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships will be included as an intangible asset, and will be amortized over the remaining lease term (and 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 (i) above and below market leases, (ii) in-place lease values, and (iii) tenant relationships, would be recorded to revenue or expense as appropriate . Using information available at the time acquisition or due diligence costs are incurred, the Company capitalizes acquisition costs for expected asset acquisitions. If the asset acquisition is abandoned, the capitalized asset acquisition costs will be charged to acquisition and due diligence costs in the period of abandonment. Total consideration 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 of common stock or OP units issued multiplied by the stock price on the date of closing. Using information available at the time of acquisition, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. 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	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 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 as 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 - 40 Irrigation improvements - 40 Drainage improvements - 65 Groundwater - 50 Permanent plantings 23 Other - 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 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 fair value of the asset. There have been no impairments recognized on real estate assets in the accompanying financial statements.
Cash	Cash The Company’s cash at September 30, 2015 and December 31, 2014 was held in the custody of two financial institutions, and the Company’s balance at any given financial institution may at times exceed federally insurable limits. 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 or its predecessor in obtaining debt are deducted from the face amount of mortgage notes and bonds payable. During the nine-month period ended September 30, 2015, $ 227,703 in costs were incurred in conjunction with the issuance of five bonds under the Farmer Mac Facility (as defined below). During the year ended December 31, 2014, $135,340 and $ 234,188 in costs were incurred in conjunction with the modification of the First Midwest Bank debt on April 16, 2014 and the issuance of five bonds under the Farmer Mac Facility, respectively . 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 perio d in which repayment occurs. Fully amortized debt issuance costs are removed from the books upon maturity or repayment of the underlying debt. The Company wrote off $12,300 in debt issuance costs in conjunction with the early repayment of debt during the nine months ended September 30, 2015, and no costs were written off during the three months ended September 30, 2015. Accumulated amortization of debt issuance costs was $253,301 and $97,43 9 as of September 30, 2015 and December 31, 2014, respectively .
Note and Interest Receivable	Note and Interest Receivable The note receivable is stated at its unpaid principal balance, and includes unamortized direct origination costs and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. Management determines the appropriate classification of debt securities at the time of issuance and reevaluates such designation as of each statement of financial position date. As of September 30, 2015, the Company has designated the note receivable as held-to-maturity based on the Company’s positive intent and ability to hold the security until maturity . Held-to-maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the straight-line method, which approximates the effective interest method . Such amortization, including interest, is included in other revenue within our combined consolidated statements of operations.
Allowance For Notes And Interest Receivable	Allowance for Note and Interest Receivable A note is placed on nonaccrual status when management determines, after considering economic and business conditions and collection efforts, that the note is impaired or collection of interest is doubtful. The accrual of interest on the instrument ceases when there is concern as to the ultimate collection of principal or interest due according to the note agreement will not be realized. Any payment received on such non-accrual notes are recorded as interest income when the payment is received. The note 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 note receivable and evaluates whether the value of the collateral continues to provide adequate security for the note. Should the value of the underlying collateral become less than the outstanding principal and interest, the Company will determine whether there is a requirement to record an allowance. Any uncollectible interest previously accrued is also charged off, or an allowance is established by a charge to interest income. As of September 30, 2015, we believe the value of the underlying collateral to be sufficient and in excess of the outstanding principal and accrued interest.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs include incremental direct costs incurred by the Company in conjunction with proposed or actual offering of securities. At the completion of the 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 abandonment occurs. The Company incurred $370,493 and $756,970 in deferred offering costs in the three and nine months ended September 30, 2015, respectively. As of September 30, 2015 and December 31, 2014, the Company had $285,780 and $ 0 , respectively, in deferred offering costs related to regulatory, legal, accounting and professional service costs associated with proposed or actual offering of securities.
Accounts Receivable	Accounts Receivable Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The allowance for doubtful accounts is established through provisions charged against income and is maintained at a level believed adequate by management to absorb estimated bad debts based on historical experience and current economic conditions. The allowance for doubtful accounts was $0 as of September 30, 2015 and December 31, 2014.
Inventory	Inventory The costs of growing crop are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in our combined consolidated financial statements. Costs are allocated to growing crops based on a percentage of the total costs of production and total operating costs that are attributable to the portion of the crops that remain in inventory at the end of the year. Growing crop consists primarily of land preparation, cultivation, irrigation and fertilization costs incurred by FPI Agribusiness. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. Harvested crop inventory includes costs accumulated during the growing phase plus harvesting costs and are stated at the lower of those costs or the estimated net realizable value, which is the market price, 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. Other inventory such as fertilizer and pesticides are valued at the lower of cost or market. Inventory consisted of the following: September 30, 2015 Growing crop $ Fertilizer and pesticides $
Revenue Recognition	Revenue Recognition Rental income includes rents that each tenant pays in accordance with the terms of its lease. Minimum rents pursuant to leases are recognized as revenue on a straight-line basis over the lease term. Deferred revenue includes the cumulative difference between the rental revenue recorded on a straight-line basis and the cash rent received from tenants in accordance with the lease terms. Acquired below market leases are included in deferred revenue on the accompanying combined consolidated financial statements, which are amortized into rental income over the life of the respective leases, plus the terms of the below market renewal options, if any. Leases in place as of September 30, 2015 had terms ranging from one to five years. As of September 30, 2015, the Company had 17 leases with renewal options and one lease with rent escalations. The majority of the Company’s leases provide for a fixed cash rent payment . Tenant leases on acquired farms generally require the tenant to pay the Company rent for the entire initial year regardless of the date of acquisition, if the acquisition is closed prior to, or shortly after, planting of crops. If the acquisition is closed later in the year, the Company typically receives a partial rent payment or no rent payment at all. Certain of the Company’s leases provide for a rent payment determined as a percentage of the gross farm proceeds or a percentage of harvested crops. As of September 30, 2015, all such leases provided for a rent payment determined as a percentage of the gross farm proceeds. Revenue under leases providing for a payment equal to a percentage of the harvested crop or a percentage of the gross farm proceeds is recognized upon notification from the grain facility that grain has been delivered in the Company’s name or when the tenant has notified the Company of the total amount of gross farm proceeds. Certain of the Company’s leases provide for minimum cash rent plus a bonus based on gross farm proceeds. Revenue under this type of lease is recognized on a straight-line basis over the lease term based on the minimum cash rent. Bonus rent is recognized upon notification from the tenant of the gross farm proceeds for the year. Tenant reimbursements include reimbursements for real estate taxes that each tenant pays in accordance with the terms of its lease. When leases require that the tenant reimburse the Company for property taxes paid by the Company, the reimbursement is reflected as tenant reimbursement revenue on the statement of operations, as earned, and the related property tax as property operating expense, as incurred. When a lease requires that the tenant pay the taxing authority, directly, the Company does not incur this cost. When it becomes probable that a tenant will not be able to bear the property related costs the Company will accrue the estimated expense. The Company records revenue from the sale of harvested crops when the harvested crop has been delivered to a grain facility and title has transferred. Harvested crops delivered under marketing contracts are recorded using the fixed price of the marketing contract at the time of delivery to a grain facility. Harvested crops delivered without a marketing contract are recorded using the market price at the date the harvested crop is delivered to the grain facility and title has transferred. The Company recognizes interest income on notes receivable on an accrual basis over the life of the note. 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 in operating revenue as a component of other income in the Company’s Combined Consolidated Statements of Operations for the three and nine months ended September 30, 2015.
Income Taxes	Income Taxes As a REIT, the Company is permitted to deduct dividends 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 any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. 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 bases of assets and liabilities and their respective income tax bases 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. At September 30, 2015, the Company did not have any deferred tax assets or liabilities. 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. At September 30, 2015, the Company did not identify any uncertain tax positions. 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 - 10 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.
Derivatives and Hedge Accounting	Derivatives and Hedge Accounting The Company enters 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. All contracts entered into in the three and nine months ended September 30, 2015 met the criteria to be exempt from derivative accounting and have been designated as normal purchase and sales exceptions for hedge accounting.
Segment Reporting	Segment Reporting The Company’s chief operating decision maker does not evaluate performance on a farm-specific or transactional basis and does not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
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). 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 OP 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 the Company. 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 shareholder 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 our control, as redeemable non-controlling interests in the mezzanine section of its combined consolidated balance sheets. The Company has elected to accrete the change in redemption value subsequent to issuance and during the respective twelve - month holding period, after which point the units will be marked to redemption value at each reporting period. The majority of the Company’s non-controlling interests, which are redeemable for cash or shares of the Company’s common stock, at the Company’s option, are reported in the equity section of the Company’s combined consolidated balance sheets. The amounts reported for non-controlling interests on the Company’s combined 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 Amended and Restated 2014 Equity Incentive 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 the Board of Directors at the date of grant. The Company recognizes compensation expense for non-vested shares granted to officers, employees and non-employee directors on a straight-line basis over the requisite service period based upon the fair market value of the shares on the date of grant, as adjusted for forfeitures. When an unvested award is forfeited, the Company recognizes compensation expense for dividends paid on the unvested award. The Company recognizes expense related to non-vested shares granted to non-employee consultants over the period that services are received. The change in fair value of the shares to be issued upon vesting is remeasured at each reporting period and is recorded in general and administrative expenses on the combined consolidated statement of operations. During the nine months ended September 30, 2015, the Company recorded a decrease in stock based compensation related to non-employee share awards of $ 31,739 , as a result of a change in fair value of the unvested shares.
New or Revised Accounting Standards Not Yet Effective	New or Revised Accounting Standards Not Yet Effective In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge asset. ASU 2015-03 is effective for annual periods beginning after December 15, 2015, but early adoption is permitted. The Company has elected to early adopt the provisions of ASU 2015-03. The Company had unamortized deferred financing fees of $ 424,434 and $364,893 as of September 30, 2015 and December 31, 2014, respectively. These costs have been reclassified from deferred financing fees to mortgage notes and bonds payable. All periods presented have been retroactively adjusted. The following table summarizes the retroactive adjustment and the overall impact on the previously reported combined consolidated financial statements: December 31, 2014 As previously reported Retroactive Application Deferred finance fees, net $ $ — Mortgage notes and bonds payable, net $ $ In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting which clarified that the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. We have assessed the impact of ASU 2015-15 and it does not have a material effect on the Company’s combined consolidated financial statements or financial covenants . ASU 2015-15 is effective for annual periods beginning after December 15, 2015, but early adoption is permitted. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , pertaining to entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Any adjustments should be calculated as if the accounting had been completed at the acquisition date. We are currently assessing the impact of ASU 2015-16 and do not expect it to have a material effect on the Company’s combined consolidated financial statements or financial covenants . ASU 2015-16 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted.

Organization and Significant 17

Organization and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Organization and Significant Accounting Policies
Schedule of estimated useful lives of assets classified as improvements	Years Grain facilities - 40 Irrigation improvements - 40 Drainage improvements - 65 Groundwater - 50 Permanent plantings 23 Other - 40
Schedule of Inventory	September 30, 2015 Growing crop $ Fertilizer and pesticides $
Schedule of retroactive adjustment and the overall impact on the previously reported combined consolidated financial statements	December 31, 2014 As previously reported Retroactive Application Deferred finance fees, net $ $ — Mortgage notes and bonds payable, net $ $

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2015
Revenue Recognition
Summary of cash rent received and rental income recognized	Cash rent received Rental income recognized For the three months ended For the nine months ended For the three months ended For the nine months ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 2015 2014 Leases in effect at the beginning of the year $ — $ $ $ $ $ $ $ Leases entered into during the year $ $ $ $ $ $ $ $
Schedule of future minimum lease payments from tenants under all non-cancelable leases, excluding tenant reimbursement of expenses and lease payments based on a percentage of farming revenues or crops	Future rental Year Ending December 31, payments Remaining 3 months in 2015 $ 2016 2017 2018 2019 $

Concentration Risk (Tables)

Concentration Risk (Tables)	9 Months Ended
	Sep. 30, 2015
Tenant concentration
Concentration Risk
Summary of concentrations	Rental income recognized For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Astoria Farms $ % $ % $ % $ % Hough Farms % % % % Justice Family Farms LLC (1) % — — % % — — % Hudye Farms tenant A (2) % % % % $ $ $ $ Cash rent received For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Astoria Farms $ % $ — — % $ % $ % Hough Farms — — % — — % % % Justice Family Farms LLC (1) — — % — — % % — — % Hudye Farms tenant A (2) — — % — — % % % $ $ — $ $ (1) The Justice farms were acquired in two separate transactions that closed on December 22, 2014 and June 2, 2015. (2) Hudye Farms was acquired on June 12, 2014.
Geographic concentration
Concentration Risk
Summary of concentrations	Rental income Approximate % of total acres For the three months ended For the nine months ended as of September 30, September 30, September 30, Location of Farm 2015 2014 2015 2014 2015 2014 Illinois % % % % % % Colorado % % % % % % South Carolina % — % % — % % — % North Carolina % — % % — % % — % Nebraska % % % % % % Arkansas % % % — % % — % Mississippi % — % % — % % — % Louisiana % — % % — % % — % Virginia % — % % — % % — % Kansas % % % % % % Michigan % — % % — % % — % % % % % % %

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate
Schedule of farms acquired	During the nine months ended September 30, 2015, the Company acquired the following farms: Total Date approximate Purchase Acquisition Acquisition / Farm County acquired acres price costs Type of acquisition Swarek Quitman, MS 1/14/2015 $ $ Asset acquisition Stonington Bass Baca, CO 2/18/2015 Business combination Benda Butler Butler, NE 2/24/2015 Asset acquisition Benda Polk Polk, NE 2/24/2015 Asset acquisition Timmerman (1) Phillips, CO 3/13/2015 Asset acquisition Cypress Bay Bamberg, SC 3/13/2015 Asset acquisition Nebraska Battle Creek farms (5 farms) (2) Madison, NE 4/10/2015 Business combination Northeast Nebraska farms (6 farms) (3) Pierce, NE 4/10/2015 Business combination Drury Yuma, CO 4/10/2015 Business combination Sutter Yuma, CO 4/17/2015 Asset acquisition Bobcat St. Francis, AR 4/30/2015 Business combination Swindoll Darby Tunica, MS 5/14/2015 Asset acquisition Abraham Fulton, IL 5/29/2015 Asset acquisition Justice farms (8 farms) (4) (5) 6/2/2015 Asset acquisition Tomasek (6) McDonough, IL 6/30/2015 Business combination Purdy Crittenden & Mississippi, AR 7/2/2015 Asset acquisition Matthews Tunica & DeSoto, MS 7/10/2015 Asset acquisition Riccioni Van Buren, MI 9/15/2015 Asset acquisition $ $ (1) On March 13, 2015, the Company issued 63,581 shares of common stock (with a fair value of $712,743 as of the date of closing) as partial consideration for the acquisition of the Timmerman farm. (2) On April 10, 2015, the Company issued 118,634 OP units (with a fair value of $1,372,595 as of the date of closing) as partial consideration for the acquisition of the Nebraska Battle Creek farms. (3) On April 10, 2015, the Company issued 119,953 OP units (with a fair value of $1,387,856 as of the date of closing) as partial consideration for the acquisition of the Northeast Nebraska farms. (4) On June 2, 2015, the Company issued 824,398 shares of common stock and 1,993,709 OP units, of which 883,724 are redeemable for cash, (with an aggregate fair value of $30,914,634 , as of the date of closing) as partial consideration for the acquisition of the Justice farms. (5) The Justice farms are located in Beaufort, Currituck, Pamlico, Pasquotank and Perquimans counties, NC; Marlboro County, SC; and Chesapeake, VA. (6) On June 30, 2015, the Company acquired the Tomasek property from Mr. Pittman. The purchase price of the property approximated fair value. In conjunction with the acquisition, the Company assumed a two year lease with Astoria Farms with annual rents of $18,749 . During the nine months ended September 30, 2014, the Company acquired the following farms: Total Date approximate Purchase Acquisition Acquisition / Farm County acquired acres price costs Type of acquisition Erker (5 farms) Kit Carson, CO 5/30/2014 $ $ Asset acquisition Hudye (11 farms) (1) Kit Carson and Cheyenne, CO and Sherman and Logan, KS 6/12/2014 Business combination Broadwater Morrill, NE 7/1/2014 Asset acquisition Ruder Yell, AR 9/24/2014 Business combination $ $ (1) On June 12, 2014, the Company acquired all of the outstanding stock in Hudye Farms U.S., Inc. (“HFUSI”), which owned an approximately 12,500 -acre farm (referred to as the Hudye farm) located primarily in eastern Colorado, for $24.5 million, excluding related acquisition costs of $63,836 . The Company funded this business combination with cash available from the IPO. All tenant leases were terminated by the previous owner prior to the closing of the acquisition. On June 20, 2014, HFUSI was merged with and into FPI Burlington Farms LLC, a wholly owned subsidiary of the Company, with FPI Burlington Farms LLC surviving. FPI Burlington Farms LLC entered into new leases with tenants on June 23, 2014. The new leases provide for aggregate annual cash rent of $1.2 million. Rent for 2014 was paid at lease execution in its entirety, without proration. In conjunction with the business combination, the Company acquired a tax built-in gain of $17.8 million. No deferred tax liability was recorded with respect to the tax built-in gain as the Company has the ability and intent to hold the property for the required holding period.
Schedule of preliminary or final allocation of purchase price for farms acquired	The preliminary allocation of purchase price for the farms acquired during the nine months ended September 30, 2015 are as follows: Land Groundwater Irrigation improvements Permanent plantings & other Timber Accounts receivable Below market lease Accrued property taxes Total Swarek $ $ — $ $ — $ — $ — $ — $ — $ Stonington Bass — — — — — Benda Butler — — — — — — Benda Polk — — — — — — Timmerman — — — — Cypress Bay — — — — — Nebraska Battle Creek farms (5 farms) — — — Northeast Nebraska farms (6 farms) — — — Drury — — — — — Sutter — — — — — Bobcat — — — — Swindoll Darby — — — — — Abraham — — — — — — Justice farms (8 farms) — — — Tomasek — — — — — — Purdy — — — — — — Matthews — — — — — Riccioni — — — — — $ $ $ $ $ $ $ $ $ The allocation of the purchase price for the farms acquired during the nine months ended September 30, 2015 is preliminary and may change during the measurement period if the Company obtains new information regarding the assets acquired or liabilities assumed at the acquisition date. The allocation of purchase price for the farms acquired during the nine months ended September 30, 2014 are as follows: Land Groundwater Irrigation improvements Other Cash Accounts receivable Accrued property taxes Total Erker (5 farms) $ $ $ $ — $ — $ — $ $ Hudye (11 farms) — Broadwater — — — Ruder — — — $ $ $ $ $ $ $ $
Schedule of unaudited pro forma financial information	For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Pro forma Total operating revenues $ $ $ $ Net income (loss) $ $ $ $ Earnings per share basic and diluted Income (loss) per basic share attributable to common stockholders $ $ $ $ Income (loss) per diluted share attributable to common stockholders $ $ $ $ Weighted-average number of common shares - basic Weighted-average number of common shares - diluted

Mortgage Notes and Bonds Paya21

Mortgage Notes and Bonds Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Mortgage Notes and Bonds Payable
Schedule of indebtedness outstanding	Book Annual Value of Interest Collateral Rate as of Principal Outstanding as of as of Loan Payment Terms Interest Rate Terms September 30, 2015 September 30, 2015 December 31, 2014 Maturity September 30, 2015 First Midwest Bank Annual principal / quarterly interest Greater of LIBOR + 2.59% and 2.80% 2.80% $ (1) $ (1) June 2016 $ (2) First Midwest Bank Annual principal / quarterly interest Greater of LIBOR + 2.59% and 2.80% 2.80% (1) (1) March 2016 (3) Farmer Mac Bond #1 Semi-annual interest only 2.40% 2.40% September 2017 Farmer Mac Bond #2 Semi-annual interest only 2.35% 2.35% October 2017 Farmer Mac Bond #3 Semi-annual interest only 2.50% 2.50% November 2017 Farmer Mac Bond #4 Semi-annual interest only 2.50% 2.50% December 2017 Farmer Mac Bond #5 Semi-annual interest only 2.56% 2.56% December 2017 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% — April 2025 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% — April 2025 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% — June 2020 (4) Farmer Mac Bond #8B (5) Libor + 1.80% 2.00% — May 2016 — (4) Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% — July 2020 Tindall Principal at maturity 0.00% — — January 2015 — Tindall Principal at maturity 0.00% — — January 2015 — Beck Principal at maturity 0.00% — — January 2015 — Total outstanding principal $ Debt issuance costs Unamortized premium — Total mortgage notes and bonds payable, net $ $ (1) Messrs. Pittman and Hough unconditionally agreed to jointly and severally guarantee $11 ,000,000 . (2) The book value of collateral as of December 31, 2014 was $1,073,167 . (3) The book value of collateral as of December 31, 2014 was $26,410,132 . (4) The $8,100,000 bond is cross collateralized with the $41,700,000 bond. (5) Bond is an amortizing loan with monthly principal payments that commenced on October 2, 2015 and monthly interest payments that commenced on July 2, 2015 with all remaining principal and outstanding interest due at maturity.
Schedule of aggregate maturities of long-term debt	As of September 30, 2015, aggregate maturities of long-term debt for the succeeding years are as follows: Year Ending December 31, Future Maturities Remaining 3 months in 2015 $ 2016 2017 2020 Thereafter $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies.
Schedule of future minimum lease payments	As of September 30, 2015, future minimum lease payments are as follows: Future rental Year Ending December 31, payments Remaining 3 months in 2015 $ 2016 2017 2018 2019 $
Schedule of purchase agreements	During the third quarter of 2015, the Company entered into purchase agreements with unrelated third-parties to acquire the following farms, which had not closed as of September 30, 2015: Total approximate Farm Name County acres Purchase price Herrmann Polk, NE $ Mobley Telfair, GA $

Stockholders' Equity and Non-23

Stockholders' Equity and Non-controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity and Non-Controlling Interests
Summary of changes in stockholders' equity	Stockholders’ Equity Common Stock Non-controlling Additional Retained Distributions Interest in Total Paid-in Earnings in Excess of Operating Stockholders’ Shares Par Value Capital (Deficit) Earnings Partnership Equity Balance at December 31, 2014 $ $ $ $ $ $ Net income — — — — Proceeds from underwritten public offering, net of offering costs of $471,189 and underwriters discount of $1,848,000 — — — Share repurchase and cancellation — — — Grant of unvested restricted stock — — — — — — Forfeiture of unvested restricted stock — — — — Stock based compensation — — — — — Dividends accrued or paid — — — — Issuance of stock as consideration in real estate acquisition — — — Issuance of OP units as consideration in real estate acquisition — — — — — Adjustment to arrive at redemption value of redeemable non-controlling interest — — — — — Allocation of non-controlling interest in Operating Partnership — — — — — Balance at September 30, 2015 $ $ $ $ $ $
Schedule of changes in redeemable non-controlling interest in operating partnership	Redeemable OP units Redeemable non-controlling interests Balance at December 31, 2014 — $ — Net income — Dividends accrued or paid — Issuance of redeemable OP units as partial consideration for asset acquisition Adjustment to arrive at redemption value of redeemable non-controlling interest — Balance at September 30, 2015 $
Schedule of declaration and payment of distribution	Fiscal Year Declaration Date Record Date Payment Date Distribution per Common Share/OP unit 2014 May 14, 2014 July 1, 2014 July 15, 2014 $ August 5, 2014 October 1, 2014 October 15, 2014 November 20, 2014 January 2, 2015 January 15, 2015 $ 2015 February 25, 2015 April 1, 2015 April 15, 2015 $ June 2, 2015 July 1, 2015 July 15, 2015 August 12, 2015 October 1, 2015 October 15, 2015 $
Summary of non-vested shares	Weighted Number of average grant shares date fair value Unvested at January 1, 2015 $ Granted Vested Forfeited Unvested at September 30, 2015 $
Schedule of computation of basic and diluted earnings per share	For the three months ended For the nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to Farmland Partners Inc. $ $ $ $ Less: Dividends paid on unvested restricted shares Less: Dividends paid on redeemable non-controlling interest — — Net income (loss) attributable to common stockholders $ $ $ $ Denominator: Weighted-average number of common shares - basic and diluted Unvested restricted shares (1) — Redeemable non-controlling interest (2) — — — — Weighted-average number of common shares - diluted Income (loss) per share attributable to common stockholders - basic $ $ $ $ Income (loss) per share attributable to common stockholders - diluted $ $ $ $ (1) Anti-dilutive for the nine months ended September 30, 2014. (2) Anti-dilutive for the three and nine months ended September 30, 2015 and September 30, 2014.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of future minimum lease payments from tenants under all non-cancelable leases, excluding tenant reimbursement of expenses and lease payments based on a percentage of farming revenues or crops	Future rental Year Ending December 31, payments Remaining 3 months in 2015 $ 2016 2017 2018 2019 $
Subsequent event
Schedule of purchase agreements entered into in subsequent period	Subsequent to September 30, 2015, we entered into purchase agreements with unrelated third parties to acquire the following farms: Total approximate Purchase Farm Name Location acres price Knowles Telfair, GA $ Erker Wallace (2 farms) Wallace, KS & Kit Carson, CO Selph Telfair, GA Kosch Butler, NE Forsythe (120 farms) (2) (1) Howe McDonough, IL $ (1) The Forsythe farms are located in Edgar, Clark, Coles, Crawford, Douglas, Vermilion & Cumberland counties, IL. (2) Purchase price is estimated and consists of (a) $50,000,000 in cash, (b) an aggregate of 2,608,695 of OP units and shares of the Company’s common stock to be issued to the seller at closing at a value of $11.50 per OP Unit or share of Common Stock, and (c) 117,000 Series A Preferred units of limited partnership interest in the Operating Partnership, which will be issued at closing.
Schedule of future minimum lease payments from tenants under all non-cancelable leases, excluding tenant reimbursement of expenses and lease payments based on a percentage of farming revenues or crops	Future rental Year Ending December 31, payments Remaining 3 months in 2015 $ 2016 2017 2018 2019 $

Organization and Significant 25

Organization and Significant Accounting Policies (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)aitem	Sep. 30, 2015USD ($)aitem	Mar. 16, 2015a	Sep. 30, 2014a
Organization and Significant Accounting Policies
Number of farms owned	121	121
Number of grain storage facilities owned	8	8
Area of Real Estate Property | a	24,709	24,709	563	16,978
Below Market Lease
Below Market Lease, Gross | $	$ 229,597	$ 229,597
Below Market Lease, Accumulated Amortization | $	121,885	121,885
Amortization of below market leases | $	$ 64,627	$ 121,885
OP units
Organization and Significant Accounting Policies
Ownership interest (as a percent)	74.10%	74.10%
Operating Partnership | OP units
Organization and Significant Accounting Policies
Ownership interest (as a percent)	74.10%	74.10%
Operating Partnership | FP Land merger, transaction between entities under common control | Pittman Hough Farms | FP Land LLC
Organization and Significant Accounting Policies
Fee simple interest in the properties (as a percent)	100.00%	100.00%
Number of farms owned	38	38
Number of grain storage facilities owned	3	3

Organization and Significant 26

Organization and Significant Accounting Policies (Details 2)	9 Months Ended
	Sep. 30, 2015
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	27 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
Horticulture
Real Estate
Estimated useful lives	23 years
Other | Minimum
Real Estate
Estimated useful lives	5 years
Other | Maximum
Real Estate
Estimated useful lives	40 years

Organization and Significant 27

Organization and Significant Accounting Policies (Details 3)	3 Months Ended	9 Months Ended	12 Months Ended	21 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)leaseitem	Dec. 31, 2014USD ($)item	Sep. 30, 2015USD ($)Institution	Apr. 16, 2014USD ($)
Organization and Significant Accounting Policies
Allowance for doubtful accounts	$ 0	$ 0	$ 0	$ 0
Deferred Offering Costs	285,780	285,780	0	285,780
Inventory
Growing crop	193,278	193,278		193,278
Fertilizer and pesticides	6,086	6,086		6,086
Total inventory	199,364	199,364		$ 199,364
Deferred offering costs incurred	370,493	$ 756,970
Number of leases with renewal options | lease		17
Number of leases with rent escalations | lease		1
Impairment
Impairments recognized on real estate assets		$ 0
Cash
Number of financial institutions in whose custody the cash was held | Institution				2
Deferred Financing Fees
Deferred financing fees written off	0	12,300
Accumulated amortization of deferred financing fees	253,301	$ 253,301	97,439	$ 253,301
Loan Agreement
Organization and Significant Accounting Policies
Financing fees capitalized			$ 135,340		$ 135,340
Farmer Mac Facility
Organization and Significant Accounting Policies
Number of bonds issued | item		5	5
Farmer Mac Facility | Secured notes
Organization and Significant Accounting Policies
Financing fees capitalized	$ 227,703	$ 227,703	$ 234,188	$ 227,703
Minimum
Organization and Significant Accounting Policies
Term of leases		1 year
Required holding period		5 years
Maximum
Organization and Significant Accounting Policies
Term of leases		5 years
Required holding period		10 years

Organization and Significant 28

Organization and Significant Accounting Policies (Details 4) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Non-employee consultant stock based compensation
Deferred financing fees, net	$ 424,434	$ 364,893
Mortgage notes and bonds payable, net	190,060,807	113,513,407
Accounting Standards Update 2015-03 [Member] | As previously reported
Non-employee consultant stock based compensation
Deferred financing fees, net		364,893
Mortgage notes and bonds payable, net		113,878,300
Accounting Standards Update 2015-03 [Member] | Retroactive Application
Non-employee consultant stock based compensation
Mortgage notes and bonds payable, net		$ 113,513,407
Non-employee consultants | Restricted shares | General and administrative expenses
Non-employee consultant stock based compensation
Stock based compensation reduction	$ 31,739

Revenue Recognition (Details)

Revenue Recognition (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)lease	Sep. 30, 2014USD ($)	Nov. 06, 2015lease	Dec. 31, 2014USD ($)
Revenue Recognition
Number of lease payments received per year | lease			1
Deferred revenue	$ 7,383,186		$ 7,383,186			$ 1,364,737
Unamortized below market leases	107,712		107,712
Cash rent received	763,820	$ 107,537	14,047,744	$ 4,229,511
Rental income recognized	4,047,223	1,189,366	8,865,534	2,526,185
Deferred revenue to be recognized in remainder of fiscal year			3,475,965
Contractual rents
Remaining 3 months in 2015	7,242,070		7,242,070
2,016	10,618,111		10,618,111
2,017	5,838,791		5,838,791
2,018	4,068,190		4,068,190
2,019	15,441		15,441
Total	27,782,603		27,782,603
Lease agreements
Contractual rents
Number of leases amended | lease					2
Leases in effect at the beginning of the year
Revenue Recognition
Cash rent received		42,537	5,505,082	2,551,664
Rental income recognized	1,776,734	678,391	5,363,933	1,950,098
Leases entered into during the year
Revenue Recognition
Cash rent received	763,820	65,000	8,542,662	1,677,847
Rental income recognized	$ 2,270,489	$ 510,975	$ 3,501,601	$ 576,087

Concentration Risk (Details)

Concentration Risk (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)
Concentration Risk
Rental income	$ 4,047,223	$ 1,189,366	$ 8,865,534	$ 2,526,185
Cash rent received	763,820	107,537	$ 14,047,744	4,229,511
Justice Family Farms (1)
Concentration Risk
Number of transactions in which acquisition was made | item			2
Tenant concentration
Concentration Risk
Rental income	2,266,632	820,450	$ 4,769,963	2,073,303
Cash rent received	9,375		9,440,379	3,152,451
Tenant concentration | Astoria Farms
Concentration Risk
Rental income	551,563	545,035	1,645,315	1,635,104
Cash rent received	9,375		2,196,878	2,180,139
Tenant concentration | Hough Farms
Concentration Risk
Rental income	133,442	73,675	390,437	221,025
Cash rent received			528,824	294,700
Tenant concentration | Justice Family Farms (1)
Concentration Risk
Rental income	1,379,887		2,128,990
Cash rent received			6,037,065
Tenant concentration | Hudye Farms tenant A (2)
Concentration Risk
Rental income	$ 201,740	$ 201,740	605,221	217,174
Cash rent received			$ 677,612	$ 677,612
Rental income | Tenant concentration | Astoria Farms
Concentration Risk
Concentration risk (as a percent)	13.60%	45.80%	18.60%	64.70%
Rental income | Tenant concentration | Hough Farms
Concentration Risk
Concentration risk (as a percent)	3.30%	6.20%	4.40%	8.70%
Rental income | Tenant concentration | Justice Family Farms (1)
Concentration Risk
Concentration risk (as a percent)	34.10%		24.00%
Rental income | Tenant concentration | Hudye Farms tenant A (2)
Concentration Risk
Concentration risk (as a percent)	5.00%	17.00%	6.80%	8.60%
Rental income | Geographic concentration
Concentration Risk
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Rental income | Geographic concentration | Illinois
Concentration Risk
Concentration risk (as a percent)	14.30%	47.30%	19.30%	66.80%
Rental income | Geographic concentration | Colorado
Concentration Risk
Concentration risk (as a percent)	14.30%	41.60%	18.80%	22.10%
Rental income | Geographic concentration | South Carolina
Concentration Risk
Concentration risk (as a percent)	14.80%		16.20%
Rental income | Geographic concentration | North Carolina
Concentration Risk
Concentration risk (as a percent)	23.50%		14.00%
Rental income | Geographic concentration | Nebraska
Concentration Risk
Concentration risk (as a percent)	10.00%	7.70%	10.90%	9.40%
Rental income | Geographic concentration | Arkansas
Concentration Risk
Concentration risk (as a percent)	10.00%		8.80%
Rental income | Geographic concentration | Mississippi
Concentration Risk
Concentration risk (as a percent)	6.90%		6.00%
Rental income | Geographic concentration | Louisiana
Concentration Risk
Concentration risk (as a percent)	2.60%		3.50%
Rental income | Geographic concentration | Virginia
Concentration Risk
Concentration risk (as a percent)	2.60%		1.60%
Rental income | Geographic concentration | Kansas
Concentration Risk
Concentration risk (as a percent)	0.50%	3.40%	0.70%	1.70%
Rental income | Geographic concentration | Michigan
Concentration Risk
Concentration risk (as a percent)	0.50%		0.20%
Cash rent received | Tenant concentration | Astoria Farms
Concentration Risk
Concentration risk (as a percent)	1.20%		15.60%	51.50%
Cash rent received | Tenant concentration | Hough Farms
Concentration Risk
Concentration risk (as a percent)			3.80%	7.00%
Cash rent received | Tenant concentration | Justice Family Farms (1)
Concentration Risk
Concentration risk (as a percent)			43.00%
Cash rent received | Tenant concentration | Hudye Farms tenant A (2)
Concentration Risk
Concentration risk (as a percent)			4.80%	16.00%
Approximate total acres | Geographic concentration
Concentration Risk
Concentration risk (as a percent)			100.00%	100.00%
Approximate total acres | Geographic concentration | Illinois
Concentration Risk
Concentration risk (as a percent)			8.30%	23.60%
Approximate total acres | Geographic concentration | Colorado
Concentration Risk
Concentration risk (as a percent)			27.90%	65.60%
Approximate total acres | Geographic concentration | South Carolina
Concentration Risk
Concentration risk (as a percent)			13.90%
Approximate total acres | Geographic concentration | North Carolina
Concentration Risk
Concentration risk (as a percent)			15.60%
Approximate total acres | Geographic concentration | Nebraska
Concentration Risk
Concentration risk (as a percent)			7.90%	5.20%
Approximate total acres | Geographic concentration | Arkansas
Concentration Risk
Concentration risk (as a percent)			14.60%	2.80%
Approximate total acres | Geographic concentration | Mississippi
Concentration Risk
Concentration risk (as a percent)			6.00%
Approximate total acres | Geographic concentration | Louisiana
Concentration Risk
Concentration risk (as a percent)			2.80%
Approximate total acres | Geographic concentration | Virginia
Concentration Risk
Concentration risk (as a percent)			1.70%
Approximate total acres | Geographic concentration | Kansas
Concentration Risk
Concentration risk (as a percent)			1.00%	2.80%
Approximate total acres | Geographic concentration | Michigan
Concentration Risk
Concentration risk (as a percent)			0.30%

Related Party Transactions (Det

Related Party Transactions (Details)	Jun. 09, 2014USD ($)	Apr. 16, 2014USD ($)	Apr. 16, 2014USD ($)	Sep. 30, 2015USD ($)a	Sep. 30, 2014USD ($)a	Sep. 30, 2015USD ($)a	Sep. 30, 2014USD ($)a	Apr. 01, 2015a	Mar. 16, 2015a	Dec. 31, 2014USD ($)
Related Party Transactions
Accounts receivable from related party				$ 396,540		$ 396,540				$ 182,763
Reduction for accrued interest						$ 1,218,132	$ (44,576)
Area of Real Estate Property | a				24,709	16,978	24,709	16,978		563
Astoria Farms and Hough Farms
Related Party Transactions
Accounts receivable from related party				$ 380,122		$ 380,122				182,763
Astoria Farms and Hough Farms | Lease agreements
Related Party Transactions
Rent from related party				685,005	$ 618,710	2,035,752	$ 1,856,129
Pittman Hough Farms | Professional fees paid on behalf of Company
Related Party Transactions
Expenses from related party				0	$ 0	0	$ 219,597
American Agriculture Corporation
Related Party Transactions
Accounts receivable from related party				16,418		16,418
Outstanding payables				0		0				49,160
American Agriculture Corporation | Shared services agreement
Related Party Transactions
Fee amount		$ 175,000
American Agriculture Corporation | Shared services agreement | General and administrative expenses
Related Party Transactions
Expenses from related party				1,328		20,489
TRS And Hough Farms
Related Party Transactions
Area of Real Estate Property | a								563
Custom farming costs incurred				7,440		20,289
Hough Farms
Related Party Transactions
Outstanding receivables				7,440		$ 7,440
Jesse J. Hough | American Agriculture Corporation
Related Party Transactions
Ownership interest (as a percent)						25.00%
American Agriculture Aviation, LLC
Related Party Transactions
Outstanding payables				50,460		$ 50,460				$ 0
American Agriculture Aviation, LLC | Lease agreements
Related Party Transactions
Fee amount				$ 50,460		$ 79,410
Pittman Hough Farms | Professional fees paid on behalf of Company | General and administrative expenses
Related Party Transactions
Expenses from related party	$ 51,537
Pittman Hough Farms | Reimbursements agreement
Related Party Transactions
Reduction for accrued interest		$ 78,603
Fee amount			$ 1,361,321
Pittman Hough Farms | Astoria Farms
Related Party Transactions
Ownership interest (as a percent)						33.34%
Pittman Hough Farms | Paul A. Pittman
Related Party Transactions
Ownership interest (as a percent)						75.00%
American Agriculture Corporation | Paul A. Pittman
Related Party Transactions
Ownership interest held by related party (as a percent)				75.00%		75.00%
American Agriculture Corporation | Jesse J. Hough
Related Party Transactions
Ownership interest held by related party (as a percent)				25.00%		25.00%
Approximate total acres | Tenant concentration | Astoria Farms and Hough Farms
Related Party Transactions
Percentage of total						11.00%

Real Estate (Details)

Real Estate (Details)	Sep. 15, 2015USD ($)a	Jul. 10, 2015USD ($)a	Jul. 02, 2015USD ($)a	Jun. 30, 2015USD ($)a	Jun. 02, 2015USD ($)ashares	May. 29, 2015USD ($)a	May. 14, 2015USD ($)a	Apr. 30, 2015USD ($)a	Apr. 17, 2015USD ($)a	Apr. 10, 2015USD ($)ashares	Mar. 13, 2015USD ($)ashares	Feb. 24, 2015USD ($)a	Feb. 18, 2015USD ($)a	Jan. 14, 2015USD ($)a	Jun. 20, 2014USD ($)	Jun. 12, 2014USD ($)a	Sep. 30, 2015USD ($)aitem$ / sharesshares	Sep. 30, 2014USD ($)a$ / sharesshares	Jun. 30, 2015USD ($)a	Sep. 30, 2015USD ($)aitem$ / sharesshares	Sep. 30, 2014USD ($)a$ / sharesshares	Mar. 16, 2015a	Jun. 23, 2014USD ($)
Real Estate
Number of farms owned | item																	121			121
Number of grain storage facilities owned | item																	8			8
Farms acquired and allocation of purchase price
Total approximate acres | a																	24,709	16,978		24,709	16,978	563
Purchase price																				$ 133,501,847	$ 35,890,805
Acquisition costs																	$ 327,758	$ 78,699		327,758	78,699
Issuance of stock as consideration in real estate acquisition																				9,756,389
Accounts receivable																	106,900	20,800		106,900	20,800
Below market lease acquired in acquisitions																	(229,597)			(229,597)
Cash																		1,000			1,000
Accrued property taxes																	(50,310)	(21,958)		(50,310)	(21,958)
Total																		35,890,805			35,890,805
Acquisition related costs																	111,908	42,602		179,468	103,525
Pro forma financial information
Total operating revenues																	4,102,300	1,402,790		9,210,664	3,899,326
Net income (loss)																	$ 788,304	$ 141,798		$ 842,369	$ 671,112
Income (loss) per basic share attributable to common stockholders | $ / shares																	$ 0.04	$ 0.01		$ 0.04	$ 0.17
Income (loss) per diluted share attributable to common stockholders | $ / shares																	$ 0.04	$ 0.01		$ 0.04	$ 0.17
Weighted-average number of common shares - basic | shares																	11,154,127	6,305,253		8,872,279	3,168,803
Weighted-average number of common shares - diluted | shares																	11,158,280	6,309,584		8,882,102	3,168,803
OP units
Farms acquired and allocation of purchase price
Temporary Equity redeemable for cash | shares					883,724
Land
Farms acquired and allocation of purchase price
Real estate																		$ 33,310,482			$ 33,310,482
Groundwater
Farms acquired and allocation of purchase price
Real estate																	$ 1,327,842	1,742,550		$ 1,327,842	1,742,550
Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	2,066,698	749,931		2,066,698	749,931
Other
Farms acquired and allocation of purchase price
Real estate																	1,638,993	88,000		1,638,993	88,000
Timber
Farms acquired and allocation of purchase price
Real estate																	32,500			32,500
In-place lease
Farms acquired and allocation of purchase price
Below market lease acquired in acquisitions																	(229,597)			(229,597)
FPI Burlington LLC | Lease agreements
Farms acquired and allocation of purchase price
Aggregate annual cash rent																							$ 1,200,000
Erker farm
Farms acquired and allocation of purchase price
Accrued property taxes																		(3,291)			(3,291)
Total																		7,644,339			7,644,339
Erker farm | Land
Farms acquired and allocation of purchase price
Real estate																		6,350,958			6,350,958
Erker farm | Groundwater
Farms acquired and allocation of purchase price
Real estate																		1,012,000			1,012,000
Erker farm | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																		284,672			284,672
Hudye
Farms acquired and allocation of purchase price
Cash																		1,000			1,000
Accrued property taxes																		(13,930)			(13,930)
Total																		24,500,000			24,500,000
Hudye | Land
Farms acquired and allocation of purchase price
Real estate																		23,466,271			23,466,271
Hudye | Groundwater
Farms acquired and allocation of purchase price
Real estate																		730,550			730,550
Hudye | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																		246,109			246,109
Hudye | Other
Farms acquired and allocation of purchase price
Real estate																		70,000			70,000
Broadwater
Farms acquired and allocation of purchase price
Accrued property taxes																		(4,511)			(4,511)
Total																		1,040,666			1,040,666
Broadwater | Land
Farms acquired and allocation of purchase price
Real estate																		848,077			848,077
Broadwater | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																		179,100			179,100
Broadwater | Other
Farms acquired and allocation of purchase price
Real estate																		18,000			18,000
Ruder
Farms acquired and allocation of purchase price
Accounts receivable																		20,800			20,800
Accrued property taxes																		(226)			(226)
Total																		2,705,800			2,705,800
Ruder | Land
Farms acquired and allocation of purchase price
Real estate																		2,645,176			2,645,176
Ruder | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																		$ 40,050			$ 40,050
Justice
Farms acquired and allocation of purchase price
Issuance of stock as consideration in real estate acquisition (in shares) | shares					824,398
Justice | OP units
Farms acquired and allocation of purchase price
Issuance of stock as consideration in real estate acquisition					$ 30,914,634
Issuance of stock as consideration in real estate acquisition (in shares) | shares					1,993,709
Temporary Equity redeemable for cash | shares					883,724
Swarek | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	41,213			41,213
Stonington-Bass | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	79,600			79,600
Stonington-Bass | Other
Farms acquired and allocation of purchase price
Real estate																	4,600			4,600
Benda Butler
Farms acquired and allocation of purchase price
Accrued property taxes																	(767)			(767)
Benda Polk
Farms acquired and allocation of purchase price
Accrued property taxes																	(716)			(716)
Timmerman
Farms acquired and allocation of purchase price
Accrued property taxes																	(1,683)			(1,683)
Timmerman | Groundwater
Farms acquired and allocation of purchase price
Real estate																	625,900			625,900
Timmerman | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	36,600			36,600
Cypress Bay Farm | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	276,000			276,000
Cypress Bay Farm | Other
Farms acquired and allocation of purchase price
Real estate																	68,400			68,400
Nebraska Battle Creek Farms
Farms acquired and allocation of purchase price
Accounts receivable																	37,375			37,375
Accrued property taxes																	(21,725)			(21,725)
Nebraska Battle Creek Farms | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	339,000			339,000
Nebraska Battle Creek Farms | In-place lease
Farms acquired and allocation of purchase price
Below market lease acquired in acquisitions																	(88,950)			(88,950)
Northeast Nebraska Farms
Farms acquired and allocation of purchase price
Accounts receivable																	29,933			29,933
Accrued property taxes																	(16,080)			(16,080)
Northeast Nebraska Farms | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	235,800			235,800
Northeast Nebraska Farms | In-place lease
Farms acquired and allocation of purchase price
Below market lease acquired in acquisitions																	(140,647)			(140,647)
Drury Farm | Groundwater
Farms acquired and allocation of purchase price
Real estate																	106,925			106,925
Drury Farm | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	34,100			34,100
Sutter Farm | Groundwater
Farms acquired and allocation of purchase price
Real estate																	595,017			595,017
Sutter Farm | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	104,300			104,300
Bobcat Farm
Farms acquired and allocation of purchase price
Accounts receivable																	30,217			30,217
Accrued property taxes																	2,902			2,902
Bobcat Farm | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	183,500			183,500
Swindoll Darby Farm
Farms acquired and allocation of purchase price
Accrued property taxes																	(1,132)			(1,132)
Swindoll Darby Farm | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	32,600			32,600
Abraham
Farms acquired and allocation of purchase price
Accrued property taxes																	(50)			(50)
Justice Farms
Farms acquired and allocation of purchase price
Accrued property taxes																	(11,059)			(11,059)
Justice Farms | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	95,831			95,831
Justice Farms | Other
Farms acquired and allocation of purchase price
Real estate																	37,500			37,500
Justice Farms | Timber
Farms acquired and allocation of purchase price
Real estate																	32,500			32,500
Tomasek
Farms acquired and allocation of purchase price
Accounts receivable																	9,375			9,375
Purdy | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	244,387			244,387
Matthews | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	77,475			77,475
Matthews | Other
Farms acquired and allocation of purchase price
Real estate																	161,000			161,000
Riccioni | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate																	286,292			286,292
Riccioni | Other
Farms acquired and allocation of purchase price
Real estate																	1,367,493			1,367,493
Farm acquisitions | Land
Farms acquired and allocation of purchase price
Real estate																	128,608,821			128,608,821
Farm acquisitions | Erker farm | Kit Carson County, CO
Farms acquired and allocation of purchase price
Acquisition date																					May 30, 2014
Total approximate acres | a																		3,171			3,171
Purchase price																					$ 7,644,339
Acquisition costs																		$ 5,017			$ 5,017
Farm acquisitions | Hudye | Kit Carson and Cheyenne, CO and Sherman and Logan, KS
Farms acquired and allocation of purchase price
Acquisition date																					Jun. 12, 2014
Total approximate acres | a																		12,500			12,500
Purchase price																					$ 24,500,000
Acquisition costs																		$ 63,836			$ 63,836
Farm acquisitions | Broadwater | Morrill County, NE
Farms acquired and allocation of purchase price
Acquisition date																					Jul. 1, 2014
Total approximate acres | a																		640			640
Purchase price																					$ 1,040,666
Acquisition costs																		$ 666			$ 666
Farm acquisitions | Ruder | Yell County, AR
Farms acquired and allocation of purchase price
Acquisition date																					Sep. 24, 2014
Total approximate acres | a																		667			667
Purchase price																					$ 2,705,800
Acquisition costs																		$ 9,180			9,180
Farm acquisitions | Smith farm | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	133,501,847			133,501,847
Farm acquisitions | Swarek | Land
Farms acquired and allocation of purchase price
Real estate																	3,470,706			3,470,706
Farm acquisitions | Swarek | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	3,511,919			3,511,919
Farm acquisitions | Swarek | Quitman, MS
Farms acquired and allocation of purchase price
Acquisition date														Jan. 14, 2015
Total approximate acres | a														850
Purchase price														$ 3,511,919
Acquisition costs														$ 5,819
Farm acquisitions | Stonington-Bass | Land
Farms acquired and allocation of purchase price
Real estate																	1,994,800			1,994,800
Farm acquisitions | Stonington-Bass | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	2,079,000			2,079,000
Farm acquisitions | Stonington-Bass | Baca, CO
Farms acquired and allocation of purchase price
Acquisition date													Feb. 18, 2015
Total approximate acres | a													997
Purchase price													$ 2,079,000
Acquisition costs													$ 1,277
Farm acquisitions | Benda Butler | Land
Farms acquired and allocation of purchase price
Real estate																	606,566			606,566
Farm acquisitions | Benda Butler | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	605,799			605,799
Farm acquisitions | Benda Butler | Butler, NE
Farms acquired and allocation of purchase price
Acquisition date												Feb. 24, 2015
Total approximate acres | a												73
Purchase price												$ 605,799
Acquisition costs												$ 1,393
Farm acquisitions | Benda Polk | Land
Farms acquired and allocation of purchase price
Real estate																	861,714			861,714
Farm acquisitions | Benda Polk | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	860,998			860,998
Farm acquisitions | Benda Polk | Polk, NE
Farms acquired and allocation of purchase price
Acquisition date												Feb. 24, 2015
Total approximate acres | a												123
Purchase price												$ 860,998
Acquisition costs												$ 1,748
Farm acquisitions | Timmerman | Land
Farms acquired and allocation of purchase price
Real estate																	1,365,403			1,365,403
Farm acquisitions | Timmerman | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	2,026,220			2,026,220
Farm acquisitions | Timmerman | Yuma, CO
Farms acquired and allocation of purchase price
Acquisition date											Mar. 13, 2015
Total approximate acres | a											315
Purchase price											$ 2,026,220
Acquisition costs											477
Issuance of stock as consideration in real estate acquisition											$ 712,743
Issuance of stock as consideration in real estate acquisition (in shares) | shares											63,581
Farm acquisitions | Cypress Bay Farm | Land
Farms acquired and allocation of purchase price
Real estate																	1,959,173			1,959,173
Farm acquisitions | Cypress Bay Farm | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	2,303,573			2,303,573
Farm acquisitions | Cypress Bay Farm | Bamberg, SC
Farms acquired and allocation of purchase price
Acquisition date											Mar. 13, 2015
Total approximate acres | a											502
Purchase price											$ 2,303,573
Acquisition costs											$ 3,573
Farm acquisitions | Nebraska Battle Creek Farms | Land
Farms acquired and allocation of purchase price
Real estate																	8,756,895			8,756,895
Farm acquisitions | Nebraska Battle Creek Farms | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	9,022,595			9,022,595
Farm acquisitions | Nebraska Battle Creek Farms | Madison, NE
Farms acquired and allocation of purchase price
Acquisition date										Apr. 10, 2015
Total approximate acres | a										1,117
Purchase price										$ 9,022,595
Acquisition costs										$ 19,776
Farm acquisitions | Northeast Nebraska Farms | Land
Farms acquired and allocation of purchase price
Real estate																	8,872,203			8,872,203
Farm acquisitions | Northeast Nebraska Farms | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	8,981,209			8,981,209
Farm acquisitions | Northeast Nebraska Farms | Pierce, NE
Farms acquired and allocation of purchase price
Acquisition date										Apr. 10, 2015
Total approximate acres | a										1,160
Purchase price										$ 8,981,209
Acquisition costs										$ 19,761
Farm acquisitions | Drury Farm | Land
Farms acquired and allocation of purchase price
Real estate																	808,975			808,975
Farm acquisitions | Drury Farm | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	950,000			950,000
Farm acquisitions | Drury Farm | Yuma, CO
Farms acquired and allocation of purchase price
Acquisition date										Apr. 10, 2015
Total approximate acres | a										160
Purchase price										$ 950,000
Acquisition costs										396
Farm acquisitions | Sutter Farm | Land
Farms acquired and allocation of purchase price
Real estate																	1,300,739			1,300,739
Farm acquisitions | Sutter Farm | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	2,000,056			2,000,056
Farm acquisitions | Sutter Farm | Yuma, CO
Farms acquired and allocation of purchase price
Acquisition date									Apr. 17, 2015
Total approximate acres | a									322
Purchase price									$ 2,000,056
Acquisition costs									$ 56
Farm acquisitions | Bobcat Farm | Land
Farms acquired and allocation of purchase price
Real estate																	2,808,131			2,808,131
Farm acquisitions | Bobcat Farm | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	3,024,750			3,024,750
Farm acquisitions | Bobcat Farm | St. Francis, AR
Farms acquired and allocation of purchase price
Acquisition date								Apr. 30, 2015
Total approximate acres | a								934
Purchase price								$ 3,024,750
Acquisition costs								$ 11,642
Farm acquisitions | Swindoll Darby Farm | Land
Farms acquired and allocation of purchase price
Real estate																	1,436,989			1,436,989
Farm acquisitions | Swindoll Darby Farm | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	1,468,457			1,468,457
Farm acquisitions | Swindoll Darby Farm | Tunica, MS
Farms acquired and allocation of purchase price
Acquisition date							May 14, 2015
Total approximate acres | a							359
Purchase price							$ 1,468,457
Acquisition costs							$ 2,207
Farm acquisitions | Abraham | Land
Farms acquired and allocation of purchase price
Real estate																	761,894			761,894
Farm acquisitions | Abraham | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	761,844			761,844
Farm acquisitions | Abraham | Fulton, IL
Farms acquired and allocation of purchase price
Acquisition date						May 29, 2015
Total approximate acres | a						110
Purchase price						$ 761,844
Acquisition costs						$ 2,191
Farm acquisitions | Justice Farms
Farms acquired and allocation of purchase price
Acquisition date					Jun. 2, 2015
Total approximate acres | a					14,935
Purchase price					$ 80,913,167
Acquisition costs					$ 198,533
Farm acquisitions | Justice Farms | Land
Farms acquired and allocation of purchase price
Real estate																	80,758,395			80,758,395
Farm acquisitions | Justice Farms | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	80,913,167			80,913,167
Farm acquisitions | Tomasek | Land
Farms acquired and allocation of purchase price
Real estate																	681,088			681,088
Farm acquisitions | Tomasek | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	690,463			690,463
Farm acquisitions | Tomasek | McDonough, IL
Farms acquired and allocation of purchase price
Acquisition date				Jun. 30, 2015
Total approximate acres | a				58															58
Purchase price				$ 690,463
Acquisition costs				$ 2,162															$ 2,162
Farm acquisitions | Purdy | Land
Farms acquired and allocation of purchase price
Real estate																	5,923,605			5,923,605
Farm acquisitions | Purdy | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	6,167,992			6,167,992
Farm acquisitions | Purdy | Crittenden / Mississippi, AR
Farms acquired and allocation of purchase price
Acquisition date			Jul. 2, 2015
Total approximate acres | a			1,383
Purchase price			$ 6,167,992
Acquisition costs			$ 21,342
Farm acquisitions | Matthews | Land
Farms acquired and allocation of purchase price
Real estate																	5,337,735			5,337,735
Farm acquisitions | Matthews | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	5,576,210			5,576,210
Farm acquisitions | Matthews | Tunica/Desoto, MS
Farms acquired and allocation of purchase price
Acquisition date		Jul. 10, 2015
Total approximate acres | a		1,130
Purchase price		$ 5,576,210
Acquisition costs		$ 21,810
Farm acquisitions | Riccioni | Land
Farms acquired and allocation of purchase price
Real estate																	903,810			903,810
Farm acquisitions | Riccioni | McDonough County, IL
Farms acquired and allocation of purchase price
Total																	2,557,595			2,557,595
Farm acquisitions | Riccioni | Van Buren, MI
Farms acquired and allocation of purchase price
Acquisition date	Sep. 15, 2015
Total approximate acres | a	181
Purchase price	$ 2,557,595
Acquisition costs	$ 13,595
HFUSI | FPI Burlington LLC
Farms acquired and allocation of purchase price
Tax built-in gain															$ 17,800,000
HFUSI | Hudye | Eastern Colorado
Farms acquired and allocation of purchase price
Total approximate acres | a																12,500
Purchase price																$ 24,500,000
Acquisition costs																$ 63,836
Business combinations
Farms acquired and allocation of purchase price
Total revenue from date of acquisition																	284,012	390,620		524,811	447,441
Net income from date of acquisition																	231,681	342,022		$ 363,849	322,631
Acquisition related costs																	$ 0	$ 9,180	$ 55,014		$ 73,016
Nebraska Battle Creek Farms | OP units
Farms acquired and allocation of purchase price
Issuance of stock as consideration in real estate acquisition										$ 1,372,595
Issuance of stock as consideration in real estate acquisition (in shares) | shares										118,634
Northeast Nebraska Farms | OP units
Farms acquired and allocation of purchase price
Issuance of stock as consideration in real estate acquisition										$ 1,387,856
Issuance of stock as consideration in real estate acquisition (in shares) | shares										119,953
Astoria Farms
Farms acquired and allocation of purchase price
Lease term																			2 years
Annual rents																			$ 18,749

Note Receivable (Details)

Note Receivable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Aug. 31, 2015	Aug. 24, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Origination fees on note receivable	$ 40,000
Offset origination costs	27,748
Carrying value of notes receivable	$ 1,805,674
FPI Loan Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term of loan	3 years
FPI Loan Program | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts		$ 500,000
FPI Loan Program | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts		$ 5,000,000
Promissory Note Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts	$ 1,800,000
Maximum capacity of receivables			$ 2,000,000
Remaining notes receivables	200,000
Origination fees on note receivable	40,000
Carrying value of notes receivable	1,805,674
Accrued interest	14,800
Net borrowings paid	$ 9,126

Mortgage Notes and Bonds Paya34

Mortgage Notes and Bonds Payable (Details)	Feb. 24, 2015USD ($)	Aug. 22, 2014	Apr. 16, 2014USD ($)item	Mar. 24, 2014USD ($)	Apr. 16, 2014USD ($)item	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Oct. 13, 2014USD ($)
Mortgage notes payable
Principal Outstanding						$ 190,225,000	$ 190,225,000	$ 113,878,300
Debt Instrument, Decrease, Forgiveness							300,000
Debt issuance costs						(424,434)	(424,434)	(364,893)
Unamortized premium						260,241	260,241
Total						190,060,807	190,060,807	113,513,407
Book Value of Collateral						279,466,052	279,466,052
Unamortized deferred financing fees written off						0	12,300
Aggregate maturities of long-term debt
Remaining 3 months in 2015						3,000,000	3,000,000
2,016						31,750,000	31,750,000
2,017						81,100,000	81,100,000
2,020						48,300,000	48,300,000
Thereafter						26,075,000	26,075,000
Total						190,225,000	190,225,000
Farmer Mac Facility
Mortgage notes payable
Outstanding debt						163,575,000	163,575,000
Fair value of property pledged as collateral						17,980,500	$ 17,980,500
Effective loan-to-value ratios as a percentage of the appraised value of agricultural real estate securing such mortgage loans							60.00%
Available borrowing capacity						1,425,000	$ 1,425,000
Farmer Mac Facility | Secured notes
Mortgage notes payable
Financing fees capitalized						$ 227,703	$ 227,703	234,188
Maximum aggregate principal amount									$ 165,000,000
Effective loan-to-value ratios as a percentage of the appraised value of agricultural real estate securing such mortgage loans							60.00%
Farmer Mac Facility | Secured notes | Minimum
Mortgage notes payable
Fixed charge coverage ratio						1.5
Tangible net worth						$ 96,312,017	$ 96,312,017
Collateral value as percentage of aggregate principal amount of outstanding notes (as a percent)		100.00%
Total collateral value as percentage of aggregate principal amount of outstanding notes (as a percent)		110.00%
Farmer Mac Facility | Secured notes | Maximum
Mortgage notes payable
Leverage ratio (as a percent)						60.00%
Loan Agreement
Mortgage notes payable
Financing fees capitalized			$ 135,340		$ 135,340			135,340
Loan Agreement | Minimum
Mortgage notes payable
Cash account balance required to be maintained							500,000
Fixed charge coverage ratio	1.50
Loan Agreement | Maximum
Mortgage notes payable
Leverage ratio (as a percent)	0.60%
Operating Partnership | Loan Agreement
Mortgage notes payable
Principal amount of loan			30,780,000		30,780,000
Operating Partnership | Loan Agreement | Guarantee of obligations | Messrs. Pittman and Hough
Mortgage notes payable
Principal amount of loan			11,000,000		11,000,000
Mortgage notes payable
Mortgage notes payable
Debt repaid			6,529,237
Mortgage notes payable | Fair value | Level 3
Aggregate maturities of long-term debt
Debt						$ 190,251,936	$ 190,251,936	113,649,531
Midwest Bank debt maturing on June 2016 and Mortgage notes payable maturing on March 2016
Mortgage notes payable
Debt repaid	$ 3,078,000		$ 4,749,900
Unamortized deferred financing fees written off					$ 26,929
Number of master notes | item			1		1
Number of tranches | item			2
Midwest Bank debt maturing on June 2016 and Mortgage notes payable maturing on March 2016 | Advances | Messrs. Pittman and Hough
Mortgage notes payable
Debt repaid				$ 766,000
Midwest Bank debt maturing on June 2016 and Mortgage notes payable maturing on March 2016 | Loan Agreement
Mortgage notes payable
Number of notes combined to modification of loan | item			2		2
Mortgage notes payable maturing on June 2016
Mortgage notes payable
Interest Rate (as a percent)						2.80%	2.80%
Principal Outstanding						$ 650,000	$ 650,000	754,000
Book Value of Collateral						$ 1,143,333	$ 1,143,333	1,073,167
Mortgage notes payable maturing on June 2016 | Minimum
Mortgage notes payable
Interest rate (as a percent)						2.80%	2.80%
Mortgage notes payable maturing on June 2016 | Guarantee of obligations | Messrs. Pittman and Hough
Mortgage notes payable
Principal amount of loan						$ 11,000,000	$ 11,000,000
Mortgage notes payable maturing on June 2016 | LIBOR
Mortgage notes payable
Margin added to reference rate (as a percent)							2.59%
Mortgage notes payable maturing on March 2016
Mortgage notes payable
Interest Rate (as a percent)						2.80%	2.80%
Principal Outstanding						$ 26,000,000	$ 26,000,000	30,000,000
Book Value of Collateral						$ 24,020,052	$ 24,020,052	26,410,132
Mortgage notes payable maturing on March 2016 | Minimum
Mortgage notes payable
Interest rate (as a percent)						2.80%	2.80%
Mortgage notes payable maturing on March 2016 | LIBOR
Mortgage notes payable
Margin added to reference rate (as a percent)							2.59%
Farmer Mac mortgage notes maturing in 2017
Mortgage notes payable
Debt Instrument, Decrease, Forgiveness							$ 300,000
Remaining borrowing capacity						$ 1,425,000	$ 1,425,000
Farmer Mac Note 1 mortgage notes payable maturing on September 2017
Mortgage notes payable
Interest rate (as a percent)						2.40%	2.40%
Interest Rate (as a percent)						2.40%	2.40%
Principal Outstanding						$ 20,700,000	$ 20,700,000	20,700,000
Book Value of Collateral						$ 30,315,923	$ 30,315,923
Farmer Mac Note 2 mortgage notes payable maturing on October 2017
Mortgage notes payable
Interest rate (as a percent)						2.35%	2.35%
Interest Rate (as a percent)						2.35%	2.35%
Principal Outstanding						$ 5,460,000	$ 5,460,000	5,460,000
Book Value of Collateral						$ 9,005,272	$ 9,005,272
Farmer Mac Note 3 mortgage notes payable maturing on November 2017
Mortgage notes payable
Interest rate (as a percent)						2.50%	2.50%
Interest Rate (as a percent)						2.50%	2.50%
Principal Outstanding						$ 10,680,000	$ 10,680,000	10,680,000
Book Value of Collateral						$ 10,703,039	$ 10,703,039
Farmer Mac Note 4 mortgage notes payable maturing on December 2017
Mortgage notes payable
Interest rate (as a percent)						2.50%	2.50%
Interest Rate (as a percent)						2.50%	2.50%
Principal Outstanding						$ 13,400,000	$ 13,400,000	13,400,000
Book Value of Collateral						$ 23,553,538	$ 23,553,538
Farmer Mac Note 5 mortgage notes payable maturing on December 2017
Mortgage notes payable
Interest rate (as a percent)						2.56%	2.56%
Interest Rate (as a percent)						2.56%	2.56%
Principal Outstanding						$ 30,860,000	$ 30,860,000	30,860,000
Book Value of Collateral						$ 52,800,877	$ 52,800,877
Farmer Mac Note 6 Mortgage Notes Maturing In April 2025
Mortgage notes payable
Interest rate (as a percent)						3.69%	3.69%
Interest Rate (as a percent)						3.69%	3.69%
Principal Outstanding						$ 14,915,000	$ 14,915,000
Book Value of Collateral						$ 20,100,764	$ 20,100,764
Farmer Mac Note 7 Mortgage Notes Maturing In April 2025
Mortgage notes payable
Interest rate (as a percent)						3.68%	3.68%
Interest Rate (as a percent)						3.68%	3.68%
Principal Outstanding						$ 11,160,000	$ 11,160,000
Book Value of Collateral						$ 18,188,079	$ 18,188,079
Farmer Mac Note 8A Mortgage Notes Maturing In June 2020
Mortgage notes payable
Interest rate (as a percent)						3.20%	3.20%
Interest Rate (as a percent)						3.20%	3.20%
Principal Outstanding						$ 41,700,000	$ 41,700,000
Book Value of Collateral						$ 80,889,774	$ 80,889,774
Farmer Mac Note 8B Mortgage Notes Maturing In May 2016
Mortgage notes payable
Interest Rate (as a percent)						2.00%	2.00%
Principal Outstanding						$ 8,100,000	$ 8,100,000
Farmer Mac Note 8B Mortgage Notes Maturing In May 2016 | LIBOR
Mortgage notes payable
Interest rate (as a percent)						1.80%	1.80%
Farmer Mac Note 9 Mortgage Notes Maturing In July 2020
Mortgage notes payable
Interest rate (as a percent)						3.35%	3.35%
Interest Rate (as a percent)						3.35%	3.35%
Principal Outstanding						$ 6,600,000	$ 6,600,000
Book Value of Collateral						$ 8,745,401	$ 8,745,401
Term							5 years
Tindall mortgage note payable maturing on January 2015
Mortgage notes payable
Interest rate (as a percent)						0.00%	0.00%
Principal Outstanding								1,180,800
Tindall mortgage note 2 payable maturing on January 2015
Mortgage notes payable
Interest rate (as a percent)						0.00%	0.00%
Principal Outstanding								563,500
Beck mortgage note payable maturing on January 2015
Mortgage notes payable
Interest rate (as a percent)						0.00%	0.00%
Principal Outstanding								$ 280,000

Commitments and Contingencies35

Commitments and Contingencies (Details)	Jun. 02, 2015USD ($)a	Oct. 31, 2015USD ($)a	Apr. 30, 2015USD ($)item$ / bu	Sep. 30, 2015USD ($)a	Sep. 30, 2014USD ($)a	Aug. 24, 2015USD ($)	Mar. 16, 2015a
Farms acquired and allocation of purchase price
Number of bushels of corn | item			25,000
Price per bushel | $ / bu			3.98
Total approximate acres | a				24,709	16,978		563
Purchase price				$ 133,501,847	$ 35,890,805
Future minimum lease payments
Initial monthly payment			$ 10,032
Remaining 3 months in 2015				30,098
2,016				121,560
2,017				123,567
2,018				125,574
2,019				74,073
Total future minimum lease payments				474,872
Promissory Note Agreement
Farms acquired and allocation of purchase price
Maximum capacity of receivables						$ 2,000,000
Principal amounts				1,800,000
Remaining notes receivables				$ 200,000
Farm acquisitions | Expected | Subsequent event
Farms acquired and allocation of purchase price
Total approximate acres | a		24,399
Purchase price		$ 202,180,071
Farm acquisitions | Justice Farms
Farms acquired and allocation of purchase price
Total approximate acres | a	14,935
Purchase price	$ 80,913,167
Purchase agreement | Subsequent event
Farms acquired and allocation of purchase price
Total approximate acres | a		1,229
Purchase price		$ 4,986,775
Purchase agreement | Herrmann | Nebraska | Subsequent event
Farms acquired and allocation of purchase price
Total approximate acres | a		160
Purchase price		$ 1,288,000
Purchase agreement | Mobley | Georgia | Subsequent event
Farms acquired and allocation of purchase price
Total approximate acres | a		1,069
Purchase price		$ 3,698,775

Stockholders' Equity and Non-36

Stockholders' Equity and Non-controlling Interests (Details) - USD ($)	Jul. 21, 2015	Sep. 30, 2015
Increase (decrease) in shareholders' equity
Balance		$ 83,525,840
Net income (loss)		752,483
Proceeds from Underwritten public offering, net of offering costs of $471,189 and underwriters discount of $1,848,000.		34,640,811
Share repurchase and cancellation		(20,932)
Forfeiture of unvested restricted stock		(9,773)
Stock based compensation		718,476
Dividend accrued or paid		(4,596,277)
Issuance of stock as consideration in real estate acquisition		9,756,389
Adjustment to arrive at fair value of redeemable non-controlling interest		(36,053)
Balance		139,667,951
Operating Partnership
Increase (decrease) in shareholders' equity
Issuance of stock as consideration in real estate acquisition		14,936,987
Common stock
Increase (decrease) in shareholders' equity
Balance		$ 75,175
Balance (in shares)		7,731,755
Proceeds from Underwritten public offering, net of offering costs of $471,189 and underwriters discount of $1,848,000.		$ 33,600
Public offering (in shares)		3,360,000
Share repurchase and cancellation		$ (21)
Share repurchase and cancellation (in shares)		2,130
Grant of unvested restricted stock		6,169
Forfeiture of unvested restricted stock (in shares)		(3,214)
Issuance of stock as consideration in real estate acquisition		$ 8,880
Issuance of stock as consideration in real estate acquisition (in shares)		887,979
Balance		$ 117,634
Balance (in shares)		11,980,559
Common stock | Public offering
Increase (decrease) in shareholders' equity
Public offering (in shares)	3,000,000
Additional Paid-in Capital
Increase (decrease) in shareholders' equity
Balance		$ 68,980,437
Proceeds from Underwritten public offering, net of offering costs of $471,189 and underwriters discount of $1,848,000.		34,607,211
Share repurchase and cancellation		(20,911)
Forfeiture of unvested restricted stock		(9,773)
Stock based compensation		718,476
Issuance of stock as consideration in real estate acquisition		9,747,509
Adjustment to arrive at fair value of redeemable non-controlling interest		(36,053)
Allocation of non-controlling interest in Operating Partnership		808,995
Balance		114,795,891
Additional Paid-in Capital | Public offering
Increase (decrease) in shareholders' equity
Offering costs		471,189
Underwriters discount		1,848,000
Retained Earnings (Deficit)
Increase (decrease) in shareholders' equity
Balance		(568,192)
Net income		574,503
Balance		6,311
Distributions in Excess of Earnings
Increase (decrease) in shareholders' equity
Balance		(2,130,218)
Dividend accrued or paid		(3,530,796)
Balance		(5,661,014)
Non-controlling interest
Increase (decrease) in shareholders' equity
Balance		17,168,638
Net income		177,980
Dividend accrued or paid		(1,065,481)
Allocation of non-controlling interest in Operating Partnership		(808,995)
Balance		30,409,129
Non-controlling interest | Operating Partnership
Increase (decrease) in shareholders' equity
Issuance of stock as consideration in real estate acquisition		$ 14,936,987

Stockholders' Equity and Non-37

Stockholders' Equity and Non-controlling Interests (Details 2)

Sep. 12, 2015USD ($)

Aug. 26, 2015USD ($)$ / shares

Aug. 12, 2015$ / shares

Jul. 21, 2015USD ($)$ / sharesshares

Jun. 02, 2015$ / shares

Feb. 25, 2015$ / shares

Nov. 20, 2014$ / shares

Aug. 05, 2014$ / shares

May. 14, 2014$ / shares

Sep. 30, 2015USD ($)$ / sharesshares

Dec. 31, 2014$ / shares

Oct. 29, 2014USD ($)

Shareholders' Equity

Number of fully diluted outstanding shares including OP units and restricted stock (in shares) | shares

16,157,855

Cash dividend declared (in dollars per share) | $ / shares

$ 0.1275

$ 0.1275

$ 0.1160

$ 0.1160

$ 0.1050

$ 0.1050

$ 0.3710

$ 0.3260

OP units

Shareholders' Equity

Parent ownership interest (as a percent)

74.10%

Share repurchase

Shareholders' Equity

Stock repurchased

$ 2,130

Average price | $ / shares

$ 9.81

Share repurchase | Maximum

Shareholders' Equity

Amount approved for share repurchase program

$ 9,979,068

Common stock

Shareholders' Equity

Common stock issued (in shares) | shares

3,360,000

Common stock | Operating Partnership | OP units

Shareholders' Equity

Ratio for conversion into common shares

1

Non-controlling interest | Operating Partnership | OP units

Shareholders' Equity

Period after becoming holder of OP Units each limited partner has right to require redemption of units

12 months

Public offering | Common stock

Shareholders' Equity

Common stock issued (in shares) | shares

3,000,000

Common stock, issue price (in dollars per share) | $ / shares

$ 11

Gross proceeds

$ 36,960,000

Aggregate net proceeds after deducting the underwriting discount and commissions and expenses payable

34,640,811

Gross proceeds generated from IPO

$ 25,000,000

Underwritten public offering.

Shareholders' Equity

Net Proceeds

$ 34,640,811

Underwritten public offering. | Common stock

Shareholders' Equity

Common stock issued (in shares) | shares

360,000

Pittman Hough Farms | Operating Partnership | OP units

Shareholders' Equity

Noncontrolling ownership interest (as a percent)

25.90%

Share repurchase | Maximum

Shareholders' Equity

Amount approved for share repurchase program

$ 10,000,000

Redeemable OP units

Shareholders' Equity

OP units outstanding for redemption | shares

1,945,000

Stockholders' Equity and Non-38

Stockholders' Equity and Non-controlling Interests (Details 3) - OP units	Jun. 02, 2015USD ($)shares	Sep. 30, 2015USD ($)shares
Redeemable Noncontrolling Interest [Line Items]
Temporary Equity redeemable for cash | shares	883,724
Redeemable OP units
Redeemable Noncontrolling Interest [Line Items]
Issuance of units | shares	1,993,709
Ratio of OP units redeemable into common stock	1
Maximum number of common stock | shares	1,109,985
Fair value of the redeemable units	$ 9,694,452	$ 9,279,102
Change in redeemable non-controlling interest [Roll Forward]
Net income		53,117
Dividends accrued or paid		(225,350)
Issuance of redeemable OP units as partial consideration for asset acquisition		$ 9,694,452
Issuance of redeemable OP units as partial consideration for asset acquisition (in shares) | shares		883,724
Adjustment to arrive at redemption value of redeemable non-controlling interest		$ 36,053
Ending balance		$ 9,558,272
Ending balance (in shares) | shares		883,724
Redeemable OP units | Distributions in Excess of Earnings
Redeemable Noncontrolling Interest [Line Items]
Temporary Equity redeemable for cash | shares	883,724

Stockholders' Equity and Non-39

Stockholders' Equity and Non-controlling Interests (Details 4) - USD ($)	Sep. 14, 2015	Feb. 25, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	May. 05, 2015
Shareholders' Equity
Number of shares available for future grant			397,832		397,832
Weighted average grant date fair value
Share-based compensation expense				$ 240,981		$ 446,460
Dividend paid			$ 18,727	$ 22,500	$ 61,935	$ 45,000
Maximum shares of common stock to be issued							615,070
Restricted shares
Number of shares
Unvested at the beginning of the period (in shares)					214,283
Granted (in shares)		3,214			6,169
Vested (in shares)					(70,356)
Forfeited (in shares)					(3,214)
Unvested at the end of the period (in shares)			146,882		146,882
Weighted average grant date fair value
Unvested at the beginning of the period (in dollars per share)					$ 14
Granted (in dollars per share)					10.67
Vested (in dollars per share)					(14)
Forfeited (in dollars per share)					(14)
Unvested at the end of the period (in dollars per share)			$ 13.86		$ 13.86
Aggregate grant date fair value of shares issued		$ 35,836
Vesting period		3 years
Share-based compensation expense			$ 228,508		$ 708,703
Total unrecognized compensation costs related to non-vested stock awards			$ 1,487,654		$ 1,487,654
Weighted average period over which unrecognized compensation costs is expected to be recognized					1 year 7 months 6 days
Maximum shares of common stock to be issued							217,238
Restricted shares | Board of Directors
Number of shares
Forfeited (in shares)		(3,214)
Weighted average grant date fair value
Share-based compensation expense		$ 10,820
Dividend paid		1,047
Share-based compensation reversed		$ 9,773
Restricted shares | Employee
Number of shares
Granted (in shares)	2,955
Weighted average grant date fair value
Aggregate grant date fair value of shares issued	$ 29,993
Vesting period	3 years

Stockholders' Equity and Non-40

Stockholders' Equity and Non-controlling Interests (Details 5) - shares	Jun. 02, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Excluded from diluted earnings per share calculation
Anti-dilutive compensation-related shares outstanding			209,952		214,283
OP units
Excluded from diluted earnings per share calculation
Temporary Equity redeemable for cash	883,724
Restricted shares
Excluded from diluted earnings per share calculation
Anti-dilutive compensation-related shares outstanding		142,729		137,059
Operating Partnership | Non-controlling interest
Excluded from diluted earnings per share calculation
Weighted average number of OP units		3,293,572	1,945,000	2,584,098	1,189,799
Operating Partnership | Non-controlling interest | Excess OP units
Excluded from diluted earnings per share calculation
Weighted average number of OP units		883,724		388,450

Stockholders' Equity and Non-41

Stockholders' Equity and Non-controlling Interests (Details 6) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Numerator:
Net income (loss) attributable to Farmland Partners Inc.	$ 623,867	$ 27,651	$ 574,503	$ (330,632)
Less: Dividends paid to unvested restricted shares	(18,727)	(22,500)	(61,935)	(45,000)
Less: Dividends paid on redeemable non-controlling interest	(112,675)		(225,350)
Net income (loss) available to common stockholders of Farmland Partners Inc.	$ 492,465	$ 5,151	$ 287,218	$ (375,632)
Denominator:
Weighted-average number of common shares - basic and diluted	11,154,127	6,305,253	8,872,279	3,168,803
Unvested restricted shares (1)	4,153	4,331	9,823
Weighted-average number of common shares - diluted (in shares)	11,158,280	6,309,584	8,882,102	3,168,803
Income (loss) per share attributable to common stockholders - basic	$ 0.04	$ 0	$ 0.03	$ (0.12)
Income (loss) per share attributable to common stockholders - diluted	$ 0.04	$ 0	$ 0.03	$ (0.12)
Underwritten public offering
Shares of common stock sold	11,982,689		11,982,689		7,731,755

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended	9 Months Ended
	Oct. 31, 2015USD ($)aitem	Sep. 30, 2015USD ($)aitem$ / sharesshares	Sep. 30, 2014USD ($)a	Nov. 06, 2015USD ($)lease	Mar. 16, 2015a
Subsequent Events
Number of farms owned | item		121
Total approximate acres | a		24,709	16,978		563
Purchase price		$ 133,501,847	$ 35,890,805
Contractual rents
Remaining 3 months in 2015		7,242,070
2,016		10,618,111
2,017		5,838,791
2,018		4,068,190
2,019		15,441
Total		$ 27,782,603
Lease agreements
Subsequent Events
Number of leases amended | lease				2
Subsequent event | Lease agreements
Subsequent Events
Number of leases amended | lease				2
Contractual rents
Remaining 3 months in 2015				$ 5,471,084
2,016				12,055,346
2,017				6,285,216
2,018				4,068,190
2,019				15,441
Total				$ 27,895,277
Farm acquisitions | Forsythe
Subsequent Events
Aggregate OP units and shares of company's common stock | shares		2,608,695
Price of OP unit (per op unit) | $ / shares		$ 11.50
Farm acquisitions | Forsythe | 'Seried A Preferred Units
Subsequent Events
Issuance of units | shares		117,000
Farm acquisitions | Subsequent event | Erker Wallace
Subsequent Events
Number of farms owned | item	(2)
Farm acquisitions | Subsequent event | Forsythe
Subsequent Events
Consideration paid in cash	$ 50,000,000
Number of farms owned | item	(120)
Farm acquisitions | Subsequent event | Expected
Subsequent Events
Total approximate acres | a	24,399
Purchase price	$ 202,180,071
Farm acquisitions | Subsequent event | Expected | Knowles | Georgia
Subsequent Events
Total approximate acres | a	608
Purchase price	$ 1,200,000
Farm acquisitions | Subsequent event | Expected | Erker Wallace | Colorado
Subsequent Events
Total approximate acres | a	1,217
Purchase price	$ 1,915,200
Farm acquisitions | Subsequent event | Expected | Selph | Georgia
Subsequent Events
Total approximate acres | a	116
Purchase price	$ 526,300
Farm acquisitions | Subsequent event | Expected | Kosch | Nebraska
Subsequent Events
Total approximate acres | a	80
Purchase price	$ 726,710
Farm acquisitions | Subsequent event | Expected | Forsythe | Vermilion And Cumberland
Subsequent Events
Total approximate acres | a	22,300
Purchase price	$ 197,000,000
Farm acquisitions | Subsequent event | Expected | Howe | McDonough, IL
Subsequent Events
Total approximate acres | a	78
Purchase price	$ 811,861