Farmland Partners (FPI) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 03, 2017
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, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,337,305
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Land, at cost	$ 835,986	$ 551,392
Grain facilities	10,732	6,856
Groundwater	12,072	11,933
Irrigation improvements	50,660	15,988
Drainage improvements	8,146	4,757
Permanent plantings	51,868	1,845
Other	6,615	2,901
Construction in progress	7,843	1,615
Real estate, at cost	983,922	597,287
Less accumulated depreciation	(8,309)	(3,224)
Total real estate, net	975,613	594,063
Deposits	1,161	5,721
Cash	129,298	47,166
Notes and interest receivable, net	6,951	2,843
Deferred offering costs	280	216
Deferred financing fees, net	370
Accounts receivable, net	3,205	4,181
Inventory	92	283
Prepaid and other assets	2,746	1,056
TOTAL ASSETS	1,119,716	655,529
LIABILITIES
Mortgage notes, line of credit and bonds payable, net	464,494	308,779
Dividends and distributions payable	4,882	2,938
Accrued interest	2,886	1,538
Accrued property taxes	1,523	1,225
Deferred revenue (See Note 2)	3,876	982
Accrued expenses	3,525	4,558
Total liabilities	481,186	320,020
Series B Participating Preferred Stock	144,223
Redeemable non-controlling interests in operating partnership, preferred units	119,633	119,915
EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 32,632,150 shares issued and outstanding at September 30, 2017, and 17,351,446 shares issued and outstanding at December 31, 2016	322	172
Additional paid in capital	342,313	172,100
Retained earnings	2,665	4,103
Cumulative dividends	(26,948)	(14,473)
Non-controlling interests in operating partnership	56,322	53,692
Total equity	374,674	215,594
TOTAL LIABILITIES, SERIES B PARTICIPATING PREFERRED STOCK, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY	$ 1,119,716	$ 655,529

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
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	32,632,150	17,351,446
Common stock, shares outstanding	32,632,150	17,351,446

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
OPERATING REVENUES:
Rental income (See Note 2)	$ 11,107	$ 6,164	$ 28,381	$ 16,462
Tenant reimbursements	474	112	1,230	276
Other revenue	465	670	1,044	931
Total operating revenues	12,046	6,946	30,655	17,669
OPERATING EXPENSES
Depreciation, depletion and amortization	2,107	419	5,651	1,102
Property operating expenses	1,400	548	4,399	1,529
Acquisition and due diligence costs	180	1,712	878	1,818
General and administrative expenses	1,707	1,587	5,840	4,770
Legal and accounting	450	330	1,151	882
Other operating expenses	88	160	363	248
Total operating expenses	5,932	4,756	18,282	10,349
OPERATING INCOME	6,114	2,190	12,373	7,320
OTHER (INCOME) EXPENSE:
Other income	(135)	(72)	(157)	(133)
(Gain) loss on disposition of assets	(44)		48
Interest expense	3,683	2,065	9,852	7,869
Total other expense	3,504	1,993	9,743	7,736
Net income (loss) before income tax expense	2,610	197	2,630	(416)
Income tax expense		97		97
NET INCOME (LOSS)	2,610	100	2,630	(513)
Net (income) loss attributable to non-controlling interests in operating partnership	(394)	(30)	(353)	37
Net income attributable to redeemable non-controlling interests in operating partnership				64
Net income (loss) attributable to the Company	2,216	70	2,277	(412)
Nonforfeitable distributions allocated to unvested restricted shares	(36)	(24)	(116)	(72)
Net income (loss) available to common stockholders of Farmland Partners Inc.	$ 221	$ (841)	$ (1,553)	$ (2,654)
Basic and diluted per common share data:
Basic net income (loss) available to common stockholders	$ 0.01	$ (0.06)	$ (0.05)	$ (0.21)
Diluted net income (loss) available to common stockholders	$ 0.01	$ (0.06)	$ (0.05)	$ (0.21)
Basic weighted average common shares outstanding (in shares)	32,862	13,683	30,695	12,663
Diluted weighted average common shares outstanding (in shares)	32,862	13,683	30,695	12,663
Dividends declared per common share	$ 0.1275	$ 0.1275	$ 0.3825	$ 0.3825
Redeemable OP Units
OTHER (INCOME) EXPENSE:
Distributions on redeemable non-controlling interests in operating partnership				$ (113)
Preferred Units
OTHER (INCOME) EXPENSE:
Distributions on redeemable non-controlling interests in operating partnership	$ (1,959)	$ (887)	$ (3,714)	$ (2,057)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Cumulative Dividends	Non-controlling interest	Total
Balance at Dec. 31, 2015	$ 118	$ 114,783	$ 659	$ (7,188)	$ 30,162	$ 138,534
Balance (in shares) at Dec. 31, 2015	11,979
Increase (decrease) in shareholders' equity
Net income (loss)			(412)		(37)	(449)
Grant of unvested restricted stock (in shares)	119
Issuance of stock under the at-the-market offering, net of costs	$ 10	9,224				9,234
Issuance of stock under the at-the-market offering, net of costs (in shares)	844
Conversion of Common units to shares of common stock	$ 11	10,450			(10,461)
Conversion of Common units to shares of common stock (in shares)	1,109
Stock based compensation		892				892
Dividends and distributions accrued or paid		(2,057)		(5,073)	(2,232)	(9,362)
Issuance of Common units as partial consideration for asset acquisition					28,825	28,825
Reclassification of Common units from mezzanine equity					9,519	9,519
Forfeiture of unvested restricted stock		(3)				(3)
Forfeiture of unvested restricted stock (in shares)	(5)
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership		4,282			(4,282)
Balance at Sep. 30, 2016	$ 139	137,571	247	(12,261)	51,494	177,190
Balance (in shares) at Sep. 30, 2016	14,046
Balance at Dec. 31, 2016	$ 172	172,100	4,103	(14,473)	53,692	215,594
Balance (in shares) at Dec. 31, 2016	17,351
Increase (decrease) in shareholders' equity
Net income (loss)			2,277		353	2,630
Grant of unvested restricted stock (in shares)	205
Costs incurred related to the at-the-market offering		(119)				(119)
Conversion of Common units to shares of common stock	$ 11	10,944			(10,955)
Conversion of Common units to shares of common stock (in shares)	1,108
Stock based compensation		1,100				1,100
Dividends and distributions accrued or paid			(3,715)	(12,475)	(2,398)	(18,588)
Issuance of Common stock as partial consideration for asset acquisition and business combination	$ 148	168,835				168,983
Issuance of Common stock as partial consideration for asset acquisition and business combination (in shares)	14,815
Issuance of Common units as partial consideration for business combination					2,494	2,494
Issuance of Common units as partial consideration for asset acquisition					10,035	10,035
Repurchase and cancellation of shares	$ (9)	(7,437)				(7,446)
Repurchase and cancellation of shares (in shares)	(841)
Forfeiture of unvested restricted stock		(9)				(9)
Forfeiture of unvested restricted stock (in shares)	(6)
Adjustments to non-controlling interest resulting from changes in ownership of the Operating Partnership		(3,101)			3,101
Balance at Sep. 30, 2017	$ 322	$ 342,313	$ 2,665	$ (26,948)	$ 56,322	$ 374,674
Balance (in shares) at Sep. 30, 2017	32,632

Consolidated Statements of Equ6

Consolidated Statements of Equity (Parenthetical) $ in Thousands	Sep. 30, 2016USD ($)
Increase (decrease) in shareholders' equity
Offering costs	$ 81

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 2,630	$ (513)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and depletion and other amortization	5,651	1,102
Amortization of deferred financing fees and discounts/premiums on debt	162	219
Amortization of net origination fees related to notes receivable	(11)	(3)
Amortization of below market leases		(63)
Stock based compensation	1,091	889
Loss on disposition of assets	48
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	2,739	(1,427)
Increase in interest receivable	(227)	(106)
Increase in other assets	(433)	(303)
Decrease (increase) in inventory	289	(129)
Increase in accrued interest	1,348	945
(Decrease) increase in accrued expenses	(14,358)	1,984
(Decrease) increase in deferred revenue	(2,028)	900
(Decrease) increase in accrued property taxes	(302)	119
Net cash (used in) provided by operating activities	(3,401)	3,614
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate acquisitions, net of cash acquired	(92,680)	(122,388)
Real estate and other improvements	(17,650)	(5,011)
Principal receipts on notes receivable		50
Issuance of notes receivable	(3,870)
Net cash used in investing activities	(114,200)	(127,349)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from mortgage notes payable and lines of credit	101,790	200,787
Repayments on mortgage notes payable	(20,819)	(84,750)
Proceeds from ATM offering		9,338
Proceeds from issuance of Series B Participating Preferred Stock	144,523
Common stock repurchased	(7,446)
Payment of offering costs	(572)	(64)
Payment of debt issuance costs	(817)	(937)
Dividends on common stock	(10,535)	(4,809)
Distributions on Series A preferred units	(2,915)
Dividends on Series B Participating Preferred Stock	(1,082)
Distributions to non-controlling interests in operating partnership	(2,394)	(2,155)
Net cash provided by financing activities	199,733	117,410
NET INCREASE (DECREASE) IN CASH	82,132	(6,325)
CASH, BEGINNING OF PERIOD	47,166	23,514
CASH, END OF PERIOD	129,298	17,189
Cash paid during period for interest	8,491	6,706
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Transfer of deferred offering costs to equity	419	104
Dividend payable	4,882
Additions to real estate improvements included in accrued expenses	1,155	134
Financing fees included in accrued expenses	25
Issuance of common stock and equity from non-controlling interests in operating partnership in conjunction with acquisitions	181,510	145,826
Below market lease acquisitions		29
Property tax liability assumed in acquisitions		79
Deferred offering costs included in accrued expenses		24
Common stock
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable	4,152	1,791
Distributions payable	730	724
Redeemable Preferred OP Units
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Distributions payable	$ 2,633	$ 2,057

Organization and Significant Ac

Organization and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Organization and Significant Accounting Policies
Organization and Significant Accounting Policies	Note 1—Organization and Significant Accounting Policie 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, 2017, the Company owned a portfolio of approximately 154,164 acres 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, 2017, the Company owned an 85.1% interest in the Operating Partnership (see “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding Class A Common units of limited partnership interest in the Operating Partnership (“Common units”), Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”)) and Series B participating preferred units of limited partnership interest in the Operating Partnership (“Series B participating preferred units”)). Unlike holders of the Company’s common stock, holders of Common units and Series A preferred units do not have voting rights or the power to direct our affairs. On August 17, 2017, the Company issued 6,037,500 shares of its newly designated 6.00% Series B Participating Preferred Stock, $0.01 par value per share (the “Series B Participating Preferred Stock”) in an underwritten public offering. Shares of Series B Participating Preferred Stock, which represent equity interests in the Company, generally have no voting rights and rank senior to the Company’s common stock with respect to dividend rights and rights upon liquidation (See “Note 9—Stockholders’ Equity—Series B Participating Preferred Stock” for more information on the Series B Participating Preferred Stock). The Company elected to be taxed as a real estate investment trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2014. On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. The TRS was formed to provide volume purchasing services to the Company’s tenants and also to operate a small scale custom farming business. As of September 30, 2017, the TRS performs these custom farming operations on 716 acres of farmland owned by the Company and located in Florida and California. AFCO Mergers On February 2, 2017, the Company completed the previously announced merger with American Farmland Company (“AFCO”) at which time one of the Company’s wholly owned subsidiaries was merged with and into American Farmland Company L.P. (“AFCO OP”) with AFCO OP surviving as a wholly owned subsidiary of the Operating Partnership (the “Partnership Merger”), and AFCO merged with and into another one of our wholly owned subsidiaries with such wholly owned subsidiary surviving (the “Company Merger” and together with the Partnership Merger, the “AFCO Mergers”). At the effective time of the Company Merger, each share of common stock of AFCO, par value $0.01 per share (“AFCO Common Stock”), issued and outstanding immediately prior to the effective time of the Company Merger (other than any shares of AFCO Common Stock owned by any wholly owned subsidiary of AFCO or by the Company or the Operating Partnership or any wholly owned subsidiary of the Company or the Operating Partnership), was automatically converted into the right to receive, subject to certain adjustments, 0.7417 shares of the Company’s common stock (the “Company Merger Consideration”). In addition, in connection with the Company Merger, each outstanding AFCO restricted stock unit that had become fully earned and vested in accordance with its terms was, at the effective time of the Company Merger, converted into the right to receive the Company Merger Consideration. The Company issued 14,763,604 shares of its common stock as consideration in the Company Merger, 17,373 shares of its common stock in respect of fully earned and vested AFCO restricted stock units, and 218,525 Common units in connection with the Partnership Merger at a share price of $11.41 per share on the date of the merger for a total consideration of $171.1 million, net of $75.0 million in assumed debt. Principles of Consolidation The accompanying consolidated financial statements for the periods ended September 30, 2017 and 2016 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. Interim Financial Information The information in the Company’s consolidated financial statements for the three and nine months ended September 30, 2017 and 2016 is unaudited. The accompanying financial statements for the three and nine months ended September 30, 2017 and 2016 include adjustments based on management’s estimates (consisting of normal and recurring accruals), which the Company considers necessary for a fair statement of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2016, included in the Company’s Annual Report on Form 10-K, which the Company filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2017. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of actual operating results for the entire year ending December 31, 2017. The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the 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. During the second quarter of 2017, the Company identified and recorded an out-of-period adjustment related to tenant reimbursement revenue that should have been recorded in the first quarter of 2017. The Company concluded that this adjustment was not material to the Company’s consolidated financial statements for the periods impacted. The adjustment was reflected as a $0.2 million increase in tenant reimbursement revenue in the consolidated statements of operations for the three and six months ended June 30, 2017 with a corresponding increase to accounts receivable in the consolidated balance sheet as of June 30, 2017. During the third quarter of 2017, the Company identified and recorded an out-of-period adjustment related to rental revenue that should have been recorded in the first and second quarters of 2017. The Company concluded that this adjustment was not material to the consolidated financial statements for the periods impacted. The adjustment is reflected as a $0.2 million increase in rental revenue in the consolidated statements of operations for the three months ended September 30, 2017 with a $0.2 million decrease in deferred revenue in the consolidated balance sheet as of September 30, 2017. 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 may differ from previously estimated amounts, and such differences may be material to our consolidated financial statements. Real Estate Acquisitions When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or a group or similar assets and contains acquired inputs, processes and outputs, these acquisitions are accounted for as a business combination. The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics. Whether our acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed by valuing the property as if it was vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of 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 by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, adjusted for depreciation. Management’s estimates of land value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability and the sales prices of comparable farms. 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 assumed. 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 are 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 consolidated balance sheets, is amortized as an increase to 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, 2016, all below market leases had been fully amortized, with amortization totaling $0.1 million recorded in the nine months ended September 30, 2016. There were no above market leases in place during the nine months ended September 30, 2017 or the year ended December 31, 2016. As of September 30, 2017 and 2016, the Company had $0.9 million and $0 million respectively, recorded for tenant relationship intangibles, net of accumulated amortization of $0.5 million and $0 million, respectively. 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 (including 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. The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs will be expensed to acquisition and due diligence costs in the period of abandonment. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, we determine the fair value of the equity securities issued based on the number of shares of common stock and Common units issued multiplied by the stock price on the date of closing in the case of common stock and Common units and by liquidation preference in the case of preferred units. Using information available at the time of business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. During the measurement period, which may be up to one year from the acquisition date, the Company may adjust the preliminary purchase price allocations after obtaining more information about assets acquired and liabilities assumed at the date of acquisition. Inventory The costs of growing crops are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in the consolidated balance sheets. 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 period. The costs of growing crops incurred by FPI Agribusiness consist primarily of costs related to land preparation, cultivation, irrigation and fertilization. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. The cost of harvested crop was $0.4 million and $0.2 million, respectively, for the nine months ended September 30, 2017 and 2016 and $0.1 million and $0.2 million, respectively, for the three months ended September 30, 2017 and 2016. Harvested crop inventory includes costs accumulated during both the growing and harvesting phases. Growing crop inventory includes costs accumulated during the current crop year for crops which have not been harvested. Both harvested and growing crop are stated at the lower of cost 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 brokers’ commissions, freight and other marketing costs. Other inventory, such as fertilizer and pesticides, is valued at the lower of cost or market. As of September 30, 2017 and December 31, 2016, respectively, inventory consisted of the following: (in thousands) September 30, 2017 December 31, 2016 Harvested crop $ — $ 283 Growing crop 92 — $ 92 $ 283 New or Revised Accounting Standards Adopted In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) . The amendments require that an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated sales price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company has adopted this guidance as of January 1, 2017 and there has been no impact on the financial results of the Company. Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: (Topic 606) (“ASU 2014-09”) . ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. ASU 2014-09 implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include the capitalization and amortization of certain contract costs, ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. While the Company is still completing its assessment of the impact of this guidance, it does not believe that it will have a material impact on the financial statements as the majority of the Company’s contracts with customers relate to leases that fall within the scope of ASU 2016-02 (see below). Other contract types undergoing evaluation are considered ancillary to the Company’s operations and financial statements. The amendments in this ASU are effective for annual and interim reporting periods beginning after December 15, 2017. We are currently assessing the impact of ASU 2014-09, as amended; however, the majority of our revenue is from net-lease agreements which will be in the scope of the leasing standard as described below. In February 2016, the FASB issued ASU 2016-02, Leases: (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. While the Company is still completing its assessment of the impact of this guidance, the following is anticipated to reflect the primary effects of this guidance on the Company’s reporting: (i) For leases in which the Company is the lessee, the Company does not expect the guidance to have a material impact as there are only three operating leases for office space and for subleased property in Nebraska. Two of these leases have terms less than 12 months and the Company will elect not to apply the recognition requirements of ASU 2016-02. The Company will record a right-of-use asset and a lease liability for the third lease that has a term greater than 12 months, but the Company does not expect it to have a significant impact on the consolidated financial statements; (ii) For leases in which the Company is the lessor, the Company does not expect there to be a material impact as the majority of the Company’s leases do not contain a non-lease component. While the Company is expecting there to be other ancillary impacts for leases in which the Company is the lessor, they are not expected to be material to the consolidated financial statements. Under the new guidance lease procurement costs which were previously capitalized will be expensed as incurred. Lastly, under the new guidance, there are certain circumstances in which buyer-lessors in sale and leaseback transactions could potentially result in recording the transaction as a financial receivable if such transaction fails sale and leaseback criteria, which the Company is still evaluating. The standard is effective for annual and interim reporting periods beginning after December 15, 2018, with modified retrospective restatement for each reporting period presented at the time of adoption. Early adoption is permitted. The Company has not yet determined whether this guidance will be early adopted. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice across all industries. The amendments in this update provide guidance on the following eight specific cash flow issues: 1) Debt Prepayment or Debt Extinguishment Costs; 2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; 3) Contingent Consideration Payments Made after a Business Combination; 4) Proceeds from the Settlement of Insurance Claims; 5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies; 6) Distributions Received from Equity Method Investees; 7) Beneficial Interests in Securitization Transactions; and 8) Separately Identifiable Cash Flows and Application of the Predominance Principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and retrospective restatement is required. Early adoption is permitted. The Company is currently evaluating the requirements of ASU 2016-15 and does not anticipate a material impact on our statement of cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combination (Topic 805): Clarifying the definition of a business (“ASU 2017-01”). ASU 2017-01 is intended to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. The Company has determined that with the adoption of this guidance some acquisitions that were deemed business combinations will be deemed asset acquisitions and costs associated with these asset acquisitions will be capitalized to the acquisition rather than being expensed. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this guidance as of January 1, 2017. The Company expects the vast majority of its acquisitions to be deemed asset acquisitions under this new guidance.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2017
Revenue Recognition
Revenue Recognition	Note 2—Revenue Recognition For the majority of its leases, the Company receives at least 50% of the annual lease payment from tenants either during the first quarter of the year or at the time of acquisition of the related farm, with the remainder of the lease payment, generally secured by growing or harvested crops, due in the second half of the year. The rental income received is recorded on a straight-line basis over the lease term. The lease term generally includes periods when a tenant: (1) may not terminate its lease obligation early; (2) may terminate its lease obligation early in exchange for a fee or penalty that the Company considers material enough such that termination would not be probable; (3) possesses renewal rights and the tenant’s failure to exercise such rights imposes a penalty on the tenant material enough such that renewal appears reasonably assured; or (4) possesses bargain renewal options for such periods. Certain of the Company’s leases provide 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 gross farm proceeds are recorded at the guaranteed crop insurance minimums and recognized ratably over the lease term during the crop year. Upon notification from the grain or packing facility that a future contract for delivery of the harvest has been finalized or when the tenant has notified the Company of the total amount of gross farm proceeds, revenue is recognized for the excess of the actual gross farm proceeds and the previously recognized minimum guaranteed insurance. Most of our farming leases range from two to three years for row crops and one to seven years for permanent crops. Leases in place as of September 30, 2017 have terms ranging from one to 25 years. Payments received in advance are included in deferred revenue until they are earned. As of September 30, 2017 and December 31, 2016, the Company had $3.9 million and $ 1.0 million , respectively, in deferred revenue. The following sets forth a summary of rental income recognized for the three and nine months ended September 30, 2017 and 2016: Rental income recognized For the three months ended For the nine months ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Leases in effect at the beginning of the year $ 3,187 $ 3,098 $ 9,348 $ 9,760 Leases entered into during the year (1) 7,920 3,066 19,033 6,702 $ 11,107 $ 6,164 $ 28,381 $ 16,462 (1) Includes all leases resulting from acquisitions completed during the period including those leases acquired as a result of the AFCO mergers. Future minimum lease payments from tenants under all non-cancelable leases in place as of September 30, 2017, including lease advances, when contractually due, but excluding, crop share and tenant reimbursement of expenses for the remainder of 2017 and each of the next four years and thereafter as of September 30, 2017 are as follows: (in thousands) Future rental Year Ending December 31, payments 2017 (remaining three months) $ 9,456 2018 26,559 2019 19,704 2020 7,548 2021 3,263 Thereafter 4,122 $ 70,652 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. 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. Revenues from the sale of harvested crops totaling $ 0.6 million and $ 0.8 million were recognized for the nine months ended September 30, 2017 and 2016, respectively, and $0.2 mil lion and $0.6 million being recognized during the three months ended September 30, 2017 and 2016, respectively. 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.

Concentration Risk

Concentration Risk	9 Months Ended
	Sep. 30, 2017
Concentration Risk
Concentration Risk	Note 3—Concentration Risk Credit Risk For the three and nine months ended September 30, 2017, the Company had one significant tenant representing a tenant concentration as presented in the table below. If the Company’s significant tenant 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 could 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 table presents the amount of the rental income and percentage of the Company’s total rental income received from the Company’s significant tenant. Rental income recognized Rental income recognized For the three months ended September 30, For the nine months ended September 30, ($ in thousands) 2017 2016 2017 2016 Tenant A (1) $ 2,091 18.8 % $ — — % $ 4,071 14.3 % $ — — % (1) Tenant A is a tenant who is currently leasing a number of permanent crop farms in California . Geographic Risk The following table summarizes the percentage of approximate total acres owned as of September 30, 2017 and 2016 and the percentage of rental income recorded by the Company for the three and nine months ended September 30, 2017 and 2016 by region: Approximate % Rental Income (1) of total acres For the three months ended For the nine months ended As of September 30, September 30, September 30, Location of Farm (2) 2017 2016 2017 2016 2017 2016 Corn belt 30.8 % 29.3 % 33.7 % 40.2 % 35.5 % 37.5 % Delta and South 18.8 % 21.8 % 9.3 % 11.4 % 10.0 % 11.7 % High Plains 20.4 % 24.1 % 8.6 % 15.8 % 9.3 % 15.6 % Southeast 25.8 % 24.8 % 18.3 % 32.6 % 21.2 % 35.2 % West Coast 4.2 % — % 30.1 % — % 24.0 % — % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Due to regional disparities in the use of leases with crop share components and seasonal variations in the recognition of crop share revenue, regional comparisons by rental income are not fully representative of each region's income producing capacity until a full year is taken into account. (2) Corn Belt includes farms located in Illinois, Michigan, and eastern Nebraska. Delta and South includes farms located in Arkansas, Louisiana, and Mississippi. High Plains includes farms located in Colorado, Kansas, western Nebraska, and Texas. Southeast includes farms located in Florida, Georgia, North Carolina, South Carolina, and Virginia. West Coast includes farms located in California.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions
Related Party Transactions	Note 4—Related Party Transactions 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 100% by Mr. Pittman. The Company incurred costs of $0.16 million and $0.14 million, respectively, during the nine months ended September 30, 2017 and 2016 and $0.02 million and $0.05 million, respectively, during the three months ended September 30, 2017 and 2016 from American Ag Aviation for use of the aircraft in accordance with the lease agreement. These costs were recognized based on the nature of the associated use of the aircraft, as follows: (i) general and administrative - expensed as general and administrative expenses within the Company’s consolidated statements of operations; (ii) land acquisition (accounted for as an asset acquisition) - allocated to the acquired real estate assets within the Company’s consolidated balance sheets; and (iii) land acquisition (accounted for as a business combination) - expensed as acquisition and due diligence costs within the Company’s consolidated statements of operations.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2017
Real Estate
Real Estate	Note 5—Real Estate During the nine months ended September 30, 2017, the Company completed 15 acquisitions which were accounted for as asset acquisitions in Illinois, South Carolina, South Dakota, Arkansas, Michigan, Georgia, Kansas, California, and Colorado. Consideration totaled $111.6 million and was comprised of cash, shares of common stock and Common units. No intangible assets were acquired through these acquisitions. The estimated fair values for the assets acquired and the liabilities assumed are preliminary and are subject to change as additional information related to the fair value of the assets and liabilities becomes available. Subsequent adjustments to the preliminary purchase price allocation are not expected to have a material impact to the Company's consolidated financial statements. The following outlines the impact of the completion of the AFCO Mergers accounted for as a business combination as of September 30, 2017: ($ in thousands) Land, at cost $ 181,072 Irrigation improvements 26,155 Permanent plantings 48,513 Buildings 1,499 In-place leases (1) 1,139 Lease origination costs 264 Cash 3,832 Other assets 1,831 Inventory 99 Deferred revenue (4,434) Other liabilities (13,826) Gross Total Consideration 246,144 Mortgage notes and bonds payable, net (75,000) Total Consideration $ 171,144 (1) Weighted average amortization period of the in-place lease liability is 3 years. During the period the Company recorded a measurement period adjustment in relation to property tax accruals in the amount of $0.6 million recognized in other liabilities. As the amount was recovered through tenant reimbursements, the Company also increased the other assets category by $0.6 million. The Company also recorded a measurement period adjustment in relation to deferred revenue associated with acquired leases in the amount of $1.1 million with a corresponding change in land of $0.8 million, irrigation improvements of $0.1 million and permanent plantings of $0.2 million. The statement of operations impact of this adjustment is immaterial to the three months ended September 30, 2017. The Company has included the results of operations for the acquired real estate in the consolidated statements of operations from the dates of acquisition. The real estate acquired in business combinations during the nine months ended September 30, 2017 contributed $10.1 million to total revenue and $2.4 million to net income. The pro forma information presented below does not purport to represent what the actual results of operations of the Company would have been had the business combination outlined above occurred as of the beginning of the periods presented, nor does it purport to predict the results of operations of future periods. The pro forma information is presented below as if the real estate acquired in the business combination during the nine months ended September 30, 2017 had been acquired as of January 1, 2016. For the three months ended For the nine months ended ($ in thousands) September 30, September 30, Proforma 2017 2016 2017 2016 Revenue $ 12,046 $ 6,946 $ 30,655 $ 17,669 Pro forma estimate (1) - 4,146 993 11,244 Total operating revenue $ 12,046 $ 11,092 $ 31,648 $ 28,913 Net income (loss) $ 2,610 $ 100 $ 2,630 $ (513) Pro forma estimate - 431 (367) 2,141 Total net income $ 2,610 $ 531 $ 2,263 $ 1,628 Net income (loss) available to common stockholders of Farmland Partners Inc. $ 221 $ (467) $ (1,935) $ (869) Earnings per share basic and diluted Income (loss) per basic share attributable to common stockholders $ 0.01 $ (0.02) $ (0.06) $ (0.03) Income (loss) per diluted share attributable to common stockholders $ 0.01 $ (0.02) $ (0.06) $ (0.03) Weighted-average number of common shares - basic 32,862 28,447 32,374 27,427 Weighted-average number of common shares - diluted 32,862 28,447 32,374 27,427 (1) Represents a linear extrapolation of revenues over the three and nine months ended September 30, 2017 and 2016 and therefore does not take into account the irregularity of certain of the Company's revenue components, such as crop share lease payments. During the nine months ended September 30, 2016, the Company completed 16 acquisitions which were accounted for as asset acquisitions in Georgia, South Carolina, Texas, Illinois, and Louisiana. Consideration totaled $261.1 million and was comprised of cash, Common units, and Series A preferred units. No intangible assets were acquired through these acquisitions. The following outlines the fair value allocation of the assets and liabilities acquired as a result of the completion of six acquisitions in Michigan, Mississippi, Texas, Illinois, Colorado and Georgia which were accounted for as business combinations as of September 30, 2016: ($ in thousands) Land, at cost $ 7,170 Groundwater 634 Irrigation improvements 518 Permanent plantings 763 Below market lease (29) Total Consideration $ 9,056 Prudential Termination Agreement On February 18, 2017, the Company entered into a Termination Agreement (the “Termination Agreement”) with Prudential Capital Mortgage Company (the “Prudential Sub-Advisor”) pursuant to which the Company and the Prudential Sub-Advisor agreed to terminate, effective as of March 31, 2017, the Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement”), dated as of October 23, 2015, by and among American Farmland Company, American Farmland Advisors, American Farmland Company L.P. and Prudential and certain related property management agreements (together with the Sub-Advisory Agreement, the “Prudential Agreements”). The Termination Agreement provided that, as of March 31, 2017, Prudential no longer provides services to the Company under the Prudential Agreements. The Company paid the Prudential Sub-Advisor $1.6 million in cash, which is equal to the fee that would have been owed to Prudential for services through the quarter ended March 31, 2017, plus a termination fee of approximately $0.2 million. The statement of operations impact to the Company for the nine months ended September 30, 2017 totaled $0.7 million, which is included in property operating expenses, with the remaining $0.9 million being included in the accruals as a component of the purchase accounting surrounding the AFCO Mergers as this represented the costs incurred by AFCO prior to the AFCO Mergers.

Notes Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2017
Notes Receivable
Notes Receivable	Note 6—Notes Receivable In August 2015, the Company introduced an agricultural lending product aimed at farmers as a complement to the Company's business of acquiring and owning farmland and leasing it to farmers (the “FPI Loan Program”). Under the FPI Loan Program, the Company makes loans to third-party farmers (both tenant and non-tenant) to provide financing for working capital requirements and operational farming activities, farming infrastructure projects, and for other farming and agricultural real estate related projects. The Company seeks to make loans that are collateralized by farm real estate and in principal amounts of $100,000 or more at fixed interest rates with maturities of up to six years. The Company expects the borrower to repay the loans in accordance with the loan agreements based on farming operations and access to other forms of capital, as permitted. Notes receivable are stated at their unpaid principal balance and include unamortized direct origination costs and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. As of September 30, 2017 and December 31, 2016, the Company had the following notes receivable: ($ in thousands) Principal Outstanding as of Maturity Loan Payment Terms September 30, 2017 December 31, 2016 Date Mortgage Note (1) Principal & interest due at maturity $ 1,800 $ 1,800 1/15/2017 Mortgage Note (2) Principal & interest due at maturity 240 980 3/16/2022 Mortgage Note (2) Principal due at maturity & interest due monthly 2,194 - 3/16/2022 Mortgage Note Principal & interest due at maturity 1,647 - 4/27/2018 Mortgage Note Principal & interest due at maturity 100 - 1/31/2018 Mortgage Note Principal due at maturity & interest paid in advance 669 - 2/15/2018 Total outstanding principal 6,650 2,780 Points paid, net of direct issuance costs (10) (4) Interest receivable (net prepaid interest) 311 67 Total notes and interest receivable $ 6,951 $ 2,843 (1) In January 2016, the maturity date of the note was extended to January 15, 2017 with year one interest received at the time of the extension and principal and remaining interest due at maturity. On July 28, 2017 the Company notified the borrower of default under the Promissory Note. The Company currently believes that collectability is reasonably assured. (2) The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The notes include mortgages on two additional properties in Colorado that include repurchase options for the properties at a fixed price that are exercisable between the second and fifth anniversary of the notes by the borrower. The collateral for the mortgage notes receivable consists of real estate and improvements present on such real estate. 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 notes receivable 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 mortgage notes receivable with comparable terms whenever the interest rates on the notes receivable are deemed not to be at market rates. As of September 30, 2017 and December 31, 2016, the fair value of the notes receivable was $6.7 million and $2.8 million, respectively.

Mortgage Notes, Lines of Credit

Mortgage Notes, Lines of Credit and Bonds Payable	9 Months Ended
	Sep. 30, 2017
Mortgage Notes, Lines of Credit and Bonds Payable
Mortgage Notes, Lines of Credit and Bonds Payable	Note 7—Mortgage Notes, Lines of Credit and Bonds Payable As of September 30, 2017 and December 31, 2016, the Company had the following indebtedness outstanding: Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Outstanding as of as of September 30, September 30, December 31, Maturity September 30, Loan Payment Terms Interest Rate Terms 2017 2017 2016 Date 2017 Farmer Mac Bond #1 (1) Semi-annual interest only 2.40% 2.40% $ — $ 20,700 September 2017 $ — Farmer Mac Bond #2 (2) Semi-annual interest only 2.35% 2.35% 5,460 5,460 October 2017 9,557 Farmer Mac Bond #3 Semi-annual interest only 2.50% 2.50% 10,680 10,680 November 2017 11,487 Farmer Mac Bond #4 Semi-annual interest only 2.50% 2.50% 13,400 13,400 December 2017 23,588 Farmer Mac Bond #5 Semi-annual interest only 2.56% 2.56% 30,860 30,860 December 2017 61,104 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% 14,915 14,915 April 2025 21,609 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,441 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% 41,700 41,700 June 2020 80,929 Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% 6,600 6,600 July 2020 7,711 MetLife Term Loan #1 (3) Semi-annual interest only 3.48% adjusted every three years 3.48% 90,000 90,000 March 2026 198,345 MetLife Term Loan #2 Semi-annual interest only 2.66% adjusted every three years 2.66% 16,000 16,000 March 2026 31,677 MetLife Term Loan #3 Semi-annual interest only 2.66% adjusted every three years 2.66% 21,000 21,000 March 2026 27,654 MetLife Term Loan #4 (3) Semi-annual interest only 3.48% adjusted every three years 3.48% 15,685 15,685 June 2026 30,624 MetLife Term Loan #5 Semi-annual interest only 3.26% adjusted every three years 3.26% 8,379 — January 2027 16,761 MetLife Term Loan #6 Semi-annual interest only 3.21% adjusted every three years 3.21% 27,159 — February 2027 55,526 MetLife Term Loan #7 Semi-annual interest only 3.45% adjusted every three years 3.45% 21,253 — June 2027 48,307 Farm Credit of Central Florida (4) LIBOR + 2.6875% adjusted monthly 3.92% 5,102 5,102 September 2023 9,688 Prudential (5) 3.20% 3.20% 6,481 6,600 July 2019 11,643 Rutledge Note Payable #1 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 25,000 — January 2022 46,022 Rutledge Note Payable #2 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 25,000 — January 2022 49,700 Rutledge Note Payable #3 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 25,000 — January 2022 58,985 Rutledge Note Payable #4 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 15,000 — January 2022 28,271 Rutledge Note Payable #5 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 30,000 — January 2022 69,772 Total outstanding principal 465,834 309,862 $ 917,401 Debt issuance costs (1,360) (1,193) Unamortized premium 20 110 Total mortgage notes and bonds payable, net $ 464,494 $ 308,779 (1) Bond was repaid in full on September 5, 2017. (2) Bond was repaid in full on October 23, 2017. (3) During the nine months ended September 30, 2017 the Company converted the interest rate on MetLife Term Loans 1 and 4 from variable to fixed rates that can be adjusted to an adjustable rate every three years over their remaining terms. (4) Loan is an amortizing loan with quarterly interest payments that commenced on January 1, 2017 and quarterly principal payments that commence on October 1, 2018, with all remaining principal and outstanding interest due at maturity. (5) Loan is an amortizing loan with semi-annual principal and interest payments that commence on July 1, 2017, with all remaining principal and outstanding interest due at maturity. During the remainder of 2017, $60.4 million of the Company’s borrowings will mature. Any cash that the Company uses to satisfy its outstanding debt obligations will reduce the amounts available to acquire additional farms, which could adversely affect our growth prospects. As of September 30, 2017, the Company had $3.1 million in capacity available under the Farm Credit of Central Florida Mortgage Note (as defined below). The Company has signed a non-binding term sheet for a debt facility with a major financial institution, which the Company intends to use to refinance the debt due to mature in 2017. The Company has also signed a non-binding term sheet for a debt facility with a major financial institution to finance a portion of the California property acquisition committed to during the quarter. However, the Company can provide no assurances that the Company will be able to enter into a binding agreement to refinance or secure the debt on similar terms or at all and thus alternative sources of capital may be necessary. As of September 30, 2017, the Company had $465.8 million of debt, which may expose the Company to the risk of default under the Company’s debt obligations, restrict the Company’s operations and the Company’s ability to grow the Company’s business and revenues and restrict the Company’s ability to pay distributions to the Company’s stockholders. Farmer Mac Facility The Company and the Operating Partnership are parties to the Amended and Restated Bond Purchase Agreement, dated as of March 1, 2015 and amended as of June 2, 2015 and August 3, 2015 (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 $165.0 million. 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 of up to 60%. Prepayment of each bond issuance is not permitted unless otherwise agreed upon by all parties to the Bond Purchase Agreement. On September 5, 2017 the Company repaid in full a $20.7 million bond that was due and payable on that date, under the Farmer Mac facility. As of September 30, 2017 and December 31, 2016, the Operating Partnership had approximately $134.8 million and approximately $155.5 million outstanding, respectively, under the Farmer Mac facility. 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 1.50 to 1.00; and a minimum tangible net worth requirement. The Company was in compliance with all applicable covenants at September 30, 2017. On October 23 2017, the Company repaid in full the Farmer Mac #2 bond with an outstanding principal balance of $5.5 million. In connection with the Bond Purchase Agreement, on March 1, 2015, the Company and the Operating Partnership also entered into an amended and restated pledge and security agreement (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 bond 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 notes 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. Bridge Loan On February 29, 2016, two wholly owned subsidiaries of the Operating Partnership (together, the “Bridge Borrower”) entered into a term loan agreement (the “Bridge Loan Agreement”) with MSD FPI Partners, LLC, an affiliate of MSD Partners, L.P. (the “Bridge Lender”), that provided for a loan of $53.0 million (the “Bridge Loan”), the proceeds of which were used primarily to fund the cash portion of the consideration for the acquisition of the Forsythe farms, which was completed on March 2, 2016. During the nine months ended September 30, 2016, the Company accrued and paid debt issuance costs on the Bridge Loan totaling $173,907, and interest totaling $2,271,867, of which $2,120,000, or 4.0%, of the Bridge Loan's principal amount, was con sidered additional interest paid on issuance . The Bridge Loan was paid in full, including accrued interest, and without prepayment penalty, on March 29, 2016 using proceeds from the MetLife Term Loans, as described below. MetLife Term Loans On March 29, 2016, five wholly owned subsidiaries of the Operating Partnership entered into a loan agreement (the “First MetLife Loan Agreement”) and, together with the Second MetLife Loan Agreement, the “MetLife Loan Agreements”) with Metropolitan Life Insurance Company (“MetLife”), which provides for a total of $127.0 million of term loans, comprised of (i) a $90.0 million term loan (“Term Loan 1”), (ii) a $16.0 million term loan (“Term Loan 2”) and (iii) a $21.0 million term loan (“Term Loan 3” and, together with Term Loan 1 and Term Loan 2, the “Initial MetLife Term Loans” and, together with Term Loan 4, Term Loan 5, Term Loan 6 and Term Loan 7 described below, the “MetLife Term Loans”). The proceeds of the Initial MetLife Term Loans were used to repay existing debt (including amounts outstanding under the Bridge Loan), to acquire additional properties and for general corporate purposes. Each Initial MetLife Term Loan is collateralized by first lien mortgages on certain of the Company’s properties. On June 29, 2016, five wholly owned subsidiaries of the Operating Partnership entered into a loan agreement (the “Second MetLife Loan Agreement”) with MetLife which provides for a loan of approximately $15.7 million to the Company with a maturity date of June 29, 2026 (“Term Loan 4”). Interest on Term Loan 4 is payable semi-annually and accrues at a floating rate that will be adjusted quarterly to a rate per annum equal to the greater of (a) the three-month LIBOR plus an initial floating rate spread of 1.750%, which may be adjusted by MetLife on each of September 29, December 29, March 29 and June 29 of each year to an interest rate equal to the greater of (a) the three month LIBOR plus the floating rate spread or (b) 2.00% per annum. Term Loan 4 initially bears interest at a rate of 2.39% per annum until September 29, 2016, and on September 29, 2016 the rate changed to 2.60% per annum. Effective March 29, 2017, the Company exercised its option to convert the interest rate on Term Loan 4 from a floating rate to an adjustable rate. The new adjustable rate is 3.48% which may be adjusted by MetLife on each of March 29, 2020 and March 29, 2023. Proceeds from Term Loan 4 were used to acquire additional properties and for general corporate purposes. Interest on Term Loan 1 is payable semi-annually and accrues at a floating rate that will be adjusted quarterly to a rate per annum equal to the greater of (a) the three-month LIBOR plus an initial floating rate spread of 1.750%, which may be adjusted by MetLife on each of March 29, 2019, March 29, 2022 and March 29, 2025 to an interest rate consistent with interest rates quoted by MetLife for substantially similar loans secured by real estate substantially similar to the Company’s properties securing Term Loan 1 or (b) 2.000% per annum. Term Loan 1 bore interest at a rate of 2.40% per annum until September 29, 2016, and on September 29, 2016 the rate changed to 2.60% per annum. Effective March 29, 2017, the Company exercised its option to convert the interest rate on Term Loan 4 from a floating rate to an adjustable rate. The new adjustable rate is 3.48% which may be adjusted by MetLife on each of March 29, 2020 and March 29, 2023.Subject to certain conditions, the Company may at any time during the term of Term Loan 1 elect to have all or any portion of the unpaid balance of Term Loan 1 bear interest at a fixed rate that is initially established by the lender in its sole discretion that may be adjusted from time to time to an interest rate consistent with interest rates quoted by MetLife for substantially similar loans secured by real estate substantially similar to the Company’s properties securing Term Loan 1. On any floating rate adjustment date, the Company may prepay any portion of Term Loan 1 that is not subject to a fixed rate without penalty. Interest on Term Loan 2 and Term Loan 3 is payable semi-annually and accrues at an initial rate of 2.66% per annum, which may be adjusted by MetLife on each of March 29, 2019, March 29, 2022 and March 29, 2025 to an interest rate consistent with interest rates quoted by MetLife for substantially similar loans secured by real estate substantially similar to the Company’s properties securing Term Loan 2 and Term Loan 3. Subject to certain conditions, amounts outstanding under Term Loan 2 and Term Loan 3, as well as any amounts outstanding under Term Loan 1 that are subject to a fixed interest rate, may be prepaid without penalty up to 20% of the original principal amounts of such loans per year or in connection with any rate adjustments. Any other prepayments under the Initial MetLife Term Loans generally are subject to a minimum prepayment premium of 1.00%. In connection with the Initial MetLife Term Loans, on March 29, 2016, the Company and the Operating Partnership each entered into a separate guaranty (the “Initial MetLife Guaranties”) whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the First MetLife Loan Agreement. In connection with the Term Loan 4, on June 29, 2016, the Company and the Operating Partnership each entered into a separate guaranty (the “Term Loan 4 Guaranties”) whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the Second MetLife Loan Agreement. On January 12, 2017, five wholly owned subsidiaries of the Operating Partnership entered into a loan agreement (the “Fifth MetLife Loan Agreement”) with MetLife which provides for a loan of approximately $8.4 million to the Company with a maturity date of January 12, 2027 (“Term Loan 5”). Interest on Term Loan 5 is payable semi-annually and accrues at a 3.26% per annum fixed rate, and may be adjusted by MetLife on each of January 12, 2020, January 12, 2023 and January 12, 2026 at the option of the Lender to a rate that is consistent with similar loans. Proceeds from Term Loan 5 were used to acquire additional properties and for general corporate purposes. In connection with the Term Loan 5, on January 12, 2017, the Company and the Operating Partnership each entered into a separate guaranty (the “Term Loan 5 Guaranties”) whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the Fifth MetLife Loan Agreement. On February 14, 2017, a wholly owned subsidiary of the Operating Partnership entered into a loan agreement (the “Sixth MetLife Loan Agreement”) with MetLife which provides for a loan of approximately $27.2 million to the Company with a maturity date of February 14, 2027 (“Term Loan 6”). Interest on Term Loan 6 is payable semi-annually and accrues at a 3.21% per annum fixed rate, and may be adjusted by MetLife on each of February 14, 2020, February 14, 2023 and February 14, 2026 at the option of the Lender to a rate that is consistent with similar loans. Proceeds from Term Loan 6 were used to acquire additional properties. In connection with the Term Loan 6, on February 14, 2017, the Company and the Operating Partnership each entered into a separate guaranty (the “Term Loan 6 Guaranties) whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the Sixth MetLife Loan Agreement. On June 7, 2017, a wholly owned subsidiary of the Operating Partnership, entered into a loan agreement (the “Seventh MetLife Loan Agreement”) with MetLife which provides for a loan of approximately $21.3 million to the Company with a maturity date of June 7, 2027 (“Term Loan 7”). Interest on Term Loan 7 is payable semi-annually and accrues at a 3.45% per annum fixed rate, and may be adjusted by MetLife on each of June 7, 2020, June 7, 2023 and June 7, 2026 at the option of the Lender to a rate that is consistent with similar loans. Proceeds from Term Loan 7 were used to acquire additional properties. In connection with the Term Loan 7, on June 7, 2017, the Company and the Operating Partnership each entered into a separate guaranty (the “Term Loan 7 Guaranties” together with the Initial MetLife Guaranties, the Term Loan 4 Guaranties, the Term Loan 5 Guaranties and the Term Loan 6 Guaranties, the “MetLife Guaranties”) whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the borrowers’ obligations under the Seventh MetLife Loan Agreement. Each of the MetLife Loan Agreements contains a number of customary affirmative and negative covenants, including the requirement to maintain a loan to value ratio of no greater than 60%. The MetLife Guaranties also contain a number of customary affirmative and negative covenants. The Company was in compliance with all covenants under the MetLife Term Loans as of September 30, 2017. Each of the MetLife Loan Agreements includes certain customary events of default, including a cross-default provision related to other outstanding indebtedness of the borrowers, the Company and the Operating Partnership, the occurrence of which, after any applicable cure period, would permit MetLife, among other things, to accelerate payment of all amounts outstanding under the MetLife Term Loans and to exercise its remedies with respect to the pledged collateral, including foreclosure and sale of the Company’s properties that collateralize the MetLife Term Loans. Farm Credit of Central Florida Mortgage Note On August 31, 2016, a wholly owned subsidiary of the Operating Partnership entered into a loan agreement (the “Farm Credit Mortgage Note”) with Farm Credit of Central Florida (“Farm Credit”) which provides for a loan of approximately $8.2 million to the Company with a maturity date of September 1, 2023. As of September 30, 2017 and December 31, 2016, approximately $5.1 million had been drawn down under this facility. Interest on Farm Credit Mortgage Note is payable quarterly and accrues at a floating rate that will be adjusted monthly to a rate per annum equal to the one-month LIBOR plus 2.6875%, which is subject to adjustment on the first day of September 2016, and on the first day of each month thereafter. Principal is payable quarterly commencing on October 1, 2018, with all remaining principal and outstanding interest due at maturity. Proceeds from the Farm Credit Mortgage Note are to be used for the acquisition and development of additional properties. The Farm Credit Mortgage Note contains a number of customary affirmative and negative covenants, as well as a covenant requiring the Company to maintain a debt service coverage ratio of 1.25 to 1.00 beginning on December 31, 2019. Prudential Note On December 21, 2016, a wholly owned subsidiary of the Operating Partnership entered into a loan agreement with The Prudential Insurance Company of America (“Prudential”) which provides for a loan of approximately $6.6 million to the Company with a maturity date of July 1, 2019 (the “Prudential Note”). Interest on the Prudential Note is payable in cash semi-annually and accrues at a fixed rate of 3.20% per annum. Proceeds from the Prudential Note were used for the acquisition of additional properties. Beginning on December 21, 2017, the Prudential Note requires the Company to maintain a loan to value no greater than 60%. Rutledge Credit Facilities Upon closing of the AFCO Mergers, by virtue of AFCO OP becoming a subsidiary of the Company, the Company assumed AFCO’s outstanding indebtedness under four loan agreements (the “Existing Rutledge Loan Agreements”) between AFCO OP and Rutledge Investment Company (“Rutledge”), which are further described below: 1. Loan Agreement, dated as of December 5, 2013, with respect to a $25,000,000 senior secured credit facility bearing interest at an annual rate of 3 month LIBOR plus 1.3%. The loan agreement requires AFCO OP to make quarterly interest payments on April 1, July 1, October 1 and January 1 of each calendar year. Additionally, the loan agreement requires AFCO OP to pay a quarterly non-usage fee equal to 0.25% per annum of the committed loan amount minus the average outstanding principal balance of the loan amount over the prior three-month period. 2. Loan Agreement, dated as of January 14, 2015, with respect to a $25,000,000 senior secured credit facility bearing interest at an annual rate of 3 month LIBOR plus 1.3%. The loan agreement requires AFCO OP to make quarterly interest payments on April 1, July 1, October 1 and January 1 of each calendar year. Additionally, the loan agreement requires AFCO OP to pay a quarterly non-usage fee equal to 0.25% per annum of the committed loan amount minus the average outstanding principal balance of the loan amount over the prior three-month period. 3. Loan Agreement, dated as of August 18, 2015, with respect to a $25,000,000 senior secured credit facility bearing interest at an annual rate of 3 month LIBOR plus 1.3%. The loan agreement requires AFCO OP to make quarterly interest payments on April 1, July 1, October 1 and January 1 of each calendar year. Additionally, the loan agreement requires AFCO OP to pay a quarterly non-usage fee equal to 0.25% per annum of the committed loan amount minus the average outstanding principal balance of the loan amount over the prior three-month period. 4. Loan Agreement, dated as of December 22, 2015, with respect to a $15,000,000 senior secured credit facility bearing interest at an annual rate of 3 month LIBOR plus 1.3%. The loan agreement requires AFCO OP to make quarterly interest payments on April 1, July 1, October 1 and January 1 of each calendar year. Additionally, the loan agreement requires AFCO OP to pay a quarterly non-usage fee equal to 0.25% per annum of the committed loan amount minus the average outstanding principal balance over the loan amount of the prior three-month period. In connection with the completion of the AFCO Mergers, on February 3, 2017, AFCO OP, in its capacity as a wholly owned subsidiary of the Company and the Operating Partnership, and Rutledge entered into the Second Amendment (the “Rutledge Amendment”) to the Existing Rutledge Loan Agreements. Pursuant to the Rutledge Amendment, among other things, the maturity dates for each of the Existing Rutledge Loan Agreements were extended to January 1, 2022 and the aggregate loan value under the Existing Rutledge Loan Agreements may not exceed 50% of the appraised value of the collateralized properties. Certain AFCO properties acquired by the Company in the Mergers serve as collateral under the Existing Rutledge Loan Agreements. On February 3, 2017, the Company and the Operating Partnership each entered into guaranty agreements (the “Existing Loan Guarantees”) pursuant to which they unconditionally guarantee the obligations of AFCO OP under the Existing Loan Agreements. In addition, in connection with the completion of the Mergers, on February 3, 2017, AFCO OP entered into a fifth loan agreement with Rutledge Investment Company (the “Fifth Rutledge Loan Agreement” and together with the Existing Rutledge Loan Agreements, as amended, the “Rutledge Loan Agreements”), with respect to a senior secured credit facility in the aggregate amount of $30.0 million, with a maturity date of January 1, 2022 and an annual interest rate of 3 month LIBOR plus 1.3%. The Fifth Rutledge Loan Agreement requires AFCO OP to make quarterly interest payments. Additionally, the Fifth Rutledge Loan Agreement contains certain customary affirmative and negative covenants, including (i) AFCO OP must pay a quarterly non-usage fee equal to 0.25% of the committed loan amount minus the average outstanding principal balance of the loan amount during the prior three-month period, (ii) AFCO OP must maintain a leverage ratio of 60% or less and (iii) the aggregate amounts outstanding under all of the Rutledge Loans may not exceed 50% of the aggregate appraised value of the properties serving as collateral under the Rutledge Loan Agreements. On February 3, 2017, the Company and the Operating Partnership each entered into separate guarantees (the “Fifth Loan Guarantees” and together with the Existing Loan Guarantees, the “Guarantees”) whereby they are required to unconditionally guarantee AFCO OP’s obligations under the Fifth Rutledge Loan Agreement. As of September 30, 2017 $0 remains available under this facility. As of September 30, 2017, the Company was in compliance with all covenants under the Rutledge Loan Agreements. Debt Issuance Costs Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable. During the nine months ended September 30, 2017, $0.8 million in costs were incurred in conjunction with the MetLife and Rutledge Term Loans. During the nine months ended September 30, 2016, the Company paid 4.0% of the principal amount of the MSD Bridge Loan, or $2,120,000, as additional interest on issuance. Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the respective terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the balance sheet upon maturity or repayment of the underlying debt. Accumulated amortization of deferred financing fees was $0.5 million and $ 0.7 million as of September 30, 2017 and December 31, 2016, respectively. Aggregate Maturities As of September 30, 2017, aggregate maturities of long-term debt for the succeeding years are as follows: ($ in thousands) Year Ending December 31, Future Maturities 2017 (remaining three months) $ 60,400 2018 — 2019 6,481 2020 48,300 2021 — Thereafter 350,653 $ 465,834 Fair Value 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, 2017 and December 31, 2016, the fair value of the mortgage notes payable was $458.9 million and $300.1 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies.
Commitments and Contingencies	Note 8—Commitments and Contingencies On October 26, 2016, a purported class action lawsuit was filed in the Circuit Court for Baltimore County, Maryland against AFCO, seeking to represent a proposed class of all AFCO stockholders captioned Parshall v. American Farmland Company et. al., Case No. 24C16005745. The complaint names as defendants AFCO, the members of AFCO’s board of directors, AFCO OP, the Company, the Operating Partnership, Farmland Partners OP GP LLC, FPI Heartland LLC, FPI Heartland Operating Partnership, LP and FPI Heartland GP LLC. The complaint alleges that the AFCO directors breached their duties to AFCO in connection with the evaluation and approval of the AFCO Mergers. In addition, the complaint alleges, among other things, that AFCO, AFCO OP, the Company, Farmland Partners OP GP LLC, FPI Heartland LLC, FPI Heartland Operating Partnership, LP and FPI Heartland GP LLC aided and abetted those breaches of duties. On April 18, 2017, the court approved an order to dismiss the lawsuit without prejudice. In April 2015, the Company entered into a lease agreement for office space. The lease expires on July 31, 2019. The lease commenced on June 1, 2015 and had an initial monthly payment of $10,032, which increased to $10,200 and $10,367 in June of 2016 and June of 2017, respectively, and increases annually thereafter. The Company also entered into two annual leases for farmland and office space on January 1, 2017 and February 2, 2017, respectively. As of September 30, 2017, future minimum lease payments are as follows: ($ in thousands) Future rental Year Ending December 31, payments 2017 (remaining three months) $ 44 2018 126 2019 74 2020 — 2021 — $ 244 A sale of any of the 38 properties contributed to the Company’s portfolio at the time of its initial public offering 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, which occurred on April 16, 2014. 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 Common units . The Company has entered into lease agreements in which the Company agreed to complete certain improvement projects on one Florida farm and four South Carolina farms. As of September 30, 2017, future capital commitments associated with the projects are as follows: ($ in thousands) Future Capital Year Ending December 31, Commitments 2017 (remaining three months) $ 4,311 2018 845 $ 5,156 As of September 30, 2017 the Company had the following properties under contract. As of the report date, none of the farm acquisitions below have closed, but are expected to close in Q4 2017 or Q1 2018 and are expected to be accounted for as asset acquisitions. ($ in thousands) Purchase Farm State Price South Carolina $ 1,120 California 110,000 $ 111,120 See “Note 10—Subsequent Events” for properties put under contract subsequent to September 30, 2017.

Stockholders' Equity and Non-co

Stockholders' Equity and Non-controlling Interests	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity and Non-Controlling Interests
Stockholders' Equity and Non-Controlling Interests	Note 9—Stockholders’ Equity and Non-controlling Interests Non-controlling Interests in Operating Partnership The Company consolidates its Operating Partnership. As of September 30, 2017 and December 31, 2016, the Company owned an 85.1% and a 75.1% interest, respectively, in the Operating Partnership, and the remaining 14.9% and 24.9% interest, respectively, is included in non-controlling interests in Operating Partnership on the consolidated balance sheets. The non-controlling interests in the Operating Partnership are held in the form of Common units. On or after 12 months of becoming a holder of Common units, unless the terms of an agreement with such Common unit holder dictate otherwise, each limited partner, other than the Company, has the right, subject to the terms and conditions set forth in the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the “Partnership Agreement”), to tender for redemption all or a portion of such Common units in exchange for cash, or in the Company’s sole discretion, for shares of the Company’s common stock on a one-for-one basis. If cash is paid in satisfaction of a redemption request, the amount will be equal to the number of tendered units multiplied by the fair market value of a share of the Company’s common stock on the date of the redemption notice (determined in accordance with, and subject to adjustment under, the terms of the Partnership Agreement). Any redemption request must be satisfied by the Company on or before the close of business on the tenth business day after the Company receives a notice of redemption. On March 27, 2017, the Company issued 129,174 shares of common stock in exchange for 129,174 Common units that had been tendered for redemption. On April 12, 2017, the Company issued 328,122 shares of common stock in exchange for 328,122 Common units that had been tendered for redemption. On July 10, 2017, the Company issued 118,634 shares of common stock in exchange for 118,634 Common units that had been tendered for redemption. On July 19, 2017, the Company issued 531,827 shares of common stock in exchange for 531,827 Common units that had been tendered for redemption. There were 4.5 million and 3.0 million outstanding Common units eligible to be tendered for redemption as of September 30, 2017 and December 31, 2016, respectively. 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 tender its Common units for redemption, regardless of the length of time such limited partner has held its Common 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 Common units for shares of common stock. When a Common unit is redeemed, non-controlling interest in the Operating Partnership is reduced and stockholders’ equity is increased. The Operating Partnership intends to continue to make distributions on each Common unit in the same amount as those paid on each share of the Company’s common stock, with the distributions on the Common units held by the Company being utilized to pay dividends 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. As a result of equity issuances including and subsequent to the IPO, changes in the ownership percentages between the Company’s stockholders’ equity and non-controlling interest in the Operating Partnership occurred during the nine months ended September 30, 2017 and September 30, 2016. During the nine months ended September 30, 2017, the Company increased the non-controlling interest in the Operating Partnership and decreased additional paid in capital by $3.1 million . During the nine months ended September 30, 2016, the Company decreased the non-controlling interest in the Operating Partnership and increased additional paid in capital by $4.3 million. Redeemable Non-controlling Interests in Operating Partnership, Class A Common Units On June 2, 2015, the Company issued 1,993,709 Common units in conjunction with an asset acquisition. Beginning on June 2, 2016, the Common units became eligible to be tendered for redemption for cash, or at the Company’s option, for shares of common stock on a one for one basis. In connection with its annual meeting of stockholders held on May 25, 2016, the Company obtained stockholder approval to issue shares of its common stock upon the redemption of 883,724 of the Common units (the “Excess Units”). Prior to such stockholder approval, the Company would have been required to redeem the Excess Units for cash. As the tender for redemption of the Excess Units for shares of common stock was outside of the control of the Company until May 25, 2016, these units were accounted for as mezzanine equity on the consolidated balance sheets as of December 31, 2015. After the redemption became within the control of the Company these excess units formed part of the non-controlling interests in the Operating Partnership. The Company elected to accrete the change in redemption value of the Excess Units subsequent to issuance and during the respective 12-month holding period, after which point the units were marked to redemption value at each reporting period. Redeemable Non-controlling Interests in Operating Partnership, Series A preferred units On March 2, 2016, the sole general partner of the Operating Partnership entered into Amendment No.1 (the “Amendment”) to the Partnership Agreement in order to provide for the issuance, and the designation of the terms and conditions, of the Series A preferred units. Under the Amendment, among other things, each Series A preferred unit has a $1,000 liquidation preference and is entitled to receive cumulative preferential cash distributions at a rate of 3.00% per annum of the $1,000 liquidation preference, which is payable annually in arrears on January 15 of each year or the next succeeding business day. The cash distributions are accrued ratably over the year and credited to redeemable non-controlling interest in operating partnership, preferred units on the balance sheet with the offset recorded to retained earnings. Dividends on Series A preferred units have been recorded through retained earnings in 2017 as opposed to additional paid in capital in 2016 due to the Company generating retained earnings during 2017. On March 2, 2016, 117,000 Series A preferred units were issued as partial consideration in the March 2, 2016 Illinois farm acquisition. Upon any voluntary or involuntary liquidation or dissolution, the Series A preferred units are entitled to a priority distribution ahead of Common units in an amount equal to the liquidation preference plus an amount equal to all distributions accumulated and unpaid to the date of such cash distribution. Total liquidation value of such preferred units as of September 30, 2017 and December 31, 2016 was $119.6 million and $119.9 million, respecti vely, including accrued distributions. On or after March 2, 2026, the tenth anniversary of the closing of the Forsythe acquisition (the “Conversion Right Date”), holders of the Series A preferred units have the right to convert each Series A preferred unit into a number of Common units equal to (i) the $1,000 liquidation preference plus all accrued and unpaid distributions, divided by (ii) the volume-weighted average price per share of the Company’s common stock for the 20 trading days immediately preceding the applicable conversion date. All Common units received upon conversion may be immediately tendered for redemption for cash or, at the Company’s option, for shares of common stock on a one-for-one basis, subject to the terms and conditions set forth in the Partnership Agreement. Prior to the Conversion Right Date, the Series A preferred units may not be tendered for redemption by the Holder. On or after March 2, 2021, the fifth anniversary of the closing of the Forsythe acquisition, but prior to the Conversion Right Date, the Operating Partnership has the right to redeem some or all of the Series A preferred units, at any time and from time to time, for cash in an amount per unit equal to the $1,000 liquidation preference plus all accrued and unpaid distributions. In the event of a Termination Transaction (as defined in the Partnership Agreement) prior to conversion, holders of the Series A preferred units generally have the right to receive the same consideration as holders of Common units and common stock, on an as-converted basis. Holders of the Series A preferred units have no voting rights except with respect to (i) the issuance of partnership units of the Operating Partnership senior to the Series A preferred units as to the right to receive distributions and upon liquidation, dissolution or winding up of the Operating Partnership, (ii) the issuance of additional Series A preferred units and (iii) amendments to the Partnership Agreement that materially and adversely affect the rights or benefits of the holders of the Series A preferred units. The Series A preferred units are accounted for as mezzanine equity on the consolidated balance sheet as the units are convertible and redeemable for shares at a determinable price and date at the option of the holder and upon the occurrence of an event not solely within the control of the Company. The following table summarizes the changes in the Company’s redeemable non-controlling interest in the Operating Partnership for the nine months ended September 30, 2017 and 2016: Common Series A Preferred Units ($ in thousands) Redeemable Redeemable Redeemable Redeemable Balance at December 31, 2015 884 $ 9,695 — $ — Issuance of redeemable Common units as partial consideration for real estate acquisition — — 117 117,000 Net loss attributable to non-controlling interest — (64) — — Accrued distributions to non-controlling interest — (113) — 2,057 Redemption of Common units for Common stock (884) (9,518) Balance at September 30, 2016 — $ — 117 $ 119,057 Balance at December 31, 2016 — $ — 117 $ 119,915 Distributions paid to non-controlling interest — — — (2,915) Accrued distributions to non-controlling interest — — — 2,633 Redemption of Common units for common stock — — — — Balance at September 30, 2017 — $ — 117 $ 119,633 Series B Participating Preferred Stock On August 17, 2017, the Company and the Operating Partnership entered into an underwriting agreement with Raymond James & Associates, Inc. and Jefferies LLC, as representatives of the underwriters, pursuant to which the Company sold 6,037,500 shares of its newly designated Series B Participating Preferred Stock, at a public offering price of $25.00 per share, which is the Initial Liquidation Preference (as defined below) of the Series B Participating Preferred Stock. Shares of Series B Participating Preferred Stock, which represent equity interests in the Company, generally have no voting rights and rank senior to the Company’s common stock with respect to dividend rights and rights upon liquidation. Each preferred share of Series B Participating Preferred Stock is entitled to receive cumulative preferential cash dividends at a rate of 6.00% per annum of the $25 liquidation preference, which is payable quarterly in arrears on the last day of March, June, September and December (the “Initial Liquidation Preference”). Upon liquidation, before any payment or distribution of the assets of the Company is made to or set apart for the holders of equity securities ranking junior to the Series B Participating Preferred Stock, the holders of the Series B Participating Preferred Stock will be entitled to receive the sum of: (i) the Initial Liquidation Preference, (ii) adjusted by an amount equal to 50% of the cumulative change in the estimated value of farmland in the states in which the Company owned farmland as of June 30, 2017 (measured by reference to a publicly available report released annually by the National Agricultural Statistics Board, the Agricultural Statistics Board and the U.S. Department of Agriculture) (the “FVA Adjustment”), and (iii) all accrued and unpaid dividends, subject to a 9.0% cap on total return (the “Final Liquidation Preference”). After September 30, 2021, but prior to September 30, 2024, the Company at its option, may redeem all, but not less than all, of the then-outstanding shares of Series B Participating Preferred Stock at any time, for cash or for shares of common stock at a price equal to the Final Liquidation Preference plus an amount equal to the product of: (i) the Final Liquidation Preference, and (ii) the average change in land values in states in which the Company owned farmland as of June 30, 2017 over the immediately preceding four years and multiplied by a constant percentage of 50% and prorated for the number of days between the most recent release of the publicly available land value report used to calculate the FVA Adjustment (if such amount is positive) (the “Premium Amount”) . At any time on or after September 30, 2024, the Company, at its option, may redeem or convert to shares of common stock all, but not less than all, of the then-outstanding shares of Series B Participating Preferred Stock at the redemption price per share equal to: (i) the Initial Liquidation Preference, plus (ii) the FVA Amount, plus (iii) any accrued and unpaid dividends. The total rate of return on shares of the Series B Participating Preferred Stock is subject to a cap such that the total rate of return, when considering the Initial Liquidation Preference, the FVA Adjustment and the Premium Amount plus accrued and unpaid dividends, will not exceed 9.0%. In connection with the issuance of the Series B Participating Preferred Stock, the sole general partner of the Operating Partnership entered into Amendment No. 2 to the Partnership Agreement in order to provide for the issuance, and the designation of the terms and conditions, of newly classified 6.00% Series B participating preferred units of limited partnership interest in the Operating Partnership (“Series B participating preferred units”), the economic terms of which are identical to those of the Series B Participating Preferred Stock. The Company contributed the net proceeds from the offering of the Series B Participating Preferred Stock to the Operating Partnership in exchange for 6,037,500 Series B participating preferred units. The shares of Series B Participating Preferred Stock are accounted for as mezzanine equity on the consolidated balance sheet as the Series B Participating Preferred Stock is convertible and redeemable for common shares at a determinable price and date at the option of the Company and upon the occurrence of an event not solely within the control of the Company. During the three and nine months ended September 30, 2017 the balance recorded in mezzanine equity relating to the Series B Participating Preferred Stock was $144.2 million. During the quarter the Company declared and paid dividends relating to the Series B Participating Preferred Stock of $1.1 million. Distributions The Company’s board of directors declared and paid the following distributions to common stockholders and holders of Common units for the nine months ended September 30, 2017 and the year ended December 31, 2016: Fiscal Year Declaration Date Record Date Payment Date Distributions 2017 July 19, 2017 October 2, 2017 October 13, 2017 0.1275 May 9, 2017 June 30, 2017 July 14, 2017 $ 0.1275 February 22, 2017 April 1, 2017 April 14, 2017 0.1275 $ 0.3825 2016 March 8, 2016 April 1, 2016 April 15, 2016 $ 0.1275 May 9, 2016 July 1, 2016 July 15, 2016 0.1275 August 3, 2016 September 30, 2016 October 14, 2016 0.1275 November 3, 2016 January 2, 2017 January 13, 2017 0.1275 $ 0.5100 Additionally, in connection with the 3.00% cumulative preferential distribution on the Series A preferred units, the Company has accrued $2.6 million in distributions payable as of September 30, 2017. The distributions are payable annually in arrears on January 15 of each year. In connection with the Series B Participating Preferred Stock, the Company paid $1.1 million in distributions on September 30, 2017 to stockholders of record as of September 15, 2017. As long as shares of Series B Participating Preferred Stock are outstanding, distributions on such shares are payable on the last day of March, June, September and December of each year to stockholders of record on the 15th day of such months. 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 the Company’s dividends may be characterized as qualified dividends, capital gains or return of capital. Stock Repurchase Plan On March 15, 2017, the Company’s board of directors approved a program to repurchase up to $25,000,000 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, as amended, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors. This stock 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 continue to fund repurchases under the program using cash on hand. The Company repurchased 841,257 shares for $7.4 million at an average price of $8.85 per share during the three and nine months ended September 30, 2017. Equity Incentive Plan On May 3, 2017, the Company’s stockholders approved the Second Amended and Restated Farmland Partners Inc. 2014 Equity Incentive Plan (the “Second Amended Plan”). The Second Amended Plan, among other things, increased the aggregate number of shares of the Company’s common stock reserved for issuance from 615,070, which was available under the First Amended and Restated Farmland Partners Inc. Equity Incentive Plan (together with the Second Amended Plan, the “Plan”), to 1,265,851 (including the 529,195 shares of restricted common stock that have been issued under the Plan and 750,000 shares reserved for future issuance). As of September 30, 2017, there were 0.7 million of shares available for future grant under the Plan. The Company may issue equity-based awards to officers, non-employee directors, 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 Common 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 restricted shares of its common stock under the Plan, as compensation to officers, employees, non-employee directors and non-employee consultants. The shares of restricted stock vest over a period of time as determined by the compensation committee of the Company’s board of directors at the date of grant. The Company recognizes compensation expense for awards issued to officers, employees and non-employee directors for restricted shares of common stock 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. A summary of the nonvested shares as of September 30, 2017 is as follows: Weighted Number of average grant (shares in thousands) shares date fair value Unvested at December 31, 2015 145 $ 13.87 Granted 119 10.78 Vested (70) 13.96 Forfeited (5) 11.09 Unvested at September 30, 2016 189 11.97 Unvested at December 31, 2016 189 11.98 Granted 205 11.30 Vested (108) 12.84 Forfeited (7) 10.97 Unvested at September 30, 2017 279 $ 11.16 For the nine months ended September 30, 2017 and 2016, the Company recognized $1.1 million and $ 0.9 million , respectively, of stock-based compensation expense related to restricted stock awards. As of September 30, 2017 and December 31, 2016, there were $2.4 million and $ 1.2 million , respectively, of total unrecognized compensation costs related to nonvested stock awards, which are expected to be recognized over weighted-average periods of 1.3 years. The change in fair value of the shares issued to non-employees to be issued upon vesting is remeasured at the end of each reporting period and is recorded in general and administrative expenses on the consolidated statements of operations. The remaining restricted stock awards issued to non-employees vested during the nine months ended September 30, 2017, resulting in no change in fair value for the three months ended September 30, 2017. At-the-Market Offering Program (the “ATM Program”) On September 15, 2015, the Company entered into equity distribution agreements under which the Company may issue and sell from time to time, through sales agents, shares of its common stock having an aggregate gross sales price of up to $25 million. During the nine months ended September 30, 2016, the Company had sold an aggregate of 844,207 shares of common stock for aggregate proceeds, net of fees, of approximately $9.3 million at a weighted average price per share of $11.06. During the nine months ended September 30, 2017, the Company had made no sales under the ATM Program. Deferred Offering Costs Deferred offering costs include incremental direct costs incurred by the Company in connection with proposed or actual offerings of securities. At the completion of a securities 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 offering is abandoned. The Company incurred $0.5 million and $0.1 million in offering costs during the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017 and December 31, 2016, the Company had $0.3 million and $0.2 million respectively in deferred offering costs related to regulatory, legal, accounting and professional service costs associated with proposed or completed offerings of securities. Earnings (Loss) per Share The computation of basic and diluted loss per share is as follows: For the three months ended For the nine months ended September 30, September 30, (in thousands except per share amounts) 2017 2016 2017 2016 Numerator: Net profit (loss) attributable to Farmland Partners Inc. $ 2,216 $ 70 $ 2,277 $ (412) Less: Nonforfeitable distributions allocated to unvested restricted shares (36) (24) (116) (72) Less: Distributions on redeemable non-controlling interests in Operating Partnership, Common units — — — (113) Less: Distributions on redeemable non-controlling interests in Operating Partnership, Series A preferred units (877) (887) (2,632) (2,057) Less: Dividends on Series B Participating Preferred Stock (1,082) — (1,082) — Net income (loss) attributable to common stockholders $ 221 $ (841) $ (1,553) $ (2,654) Denominator: Weighted-average number of common shares - basic 32,862 13,683 30,695 12,663 Conversion of Series A preferred units (1) — — — — Conversion of Series B Participating Preferred Stock (1) — — — — Unvested restricted shares (1) — — — — Weighted-average number of common shares - diluted 32,862 13,683 30,695 12,663 Earnings (Loss) per share attributable to common stockholders - basic $ 0.01 $ (0.06) $ (0.05) $ (0.21) Earnings (Loss) per share attributable to common stockholders - diluted $ 0.01 $ (0.06) $ (0.05) $ (0.21) (1) Anti-dilutive for the three and nine months ended September 30, 2017 and 2016. Unvested shares of the Company’s restricted common stock are, and until May 26, 2016, the Excess Units were, considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. On May 25, 2016, the Company obtained stockholder approval allowing the Company to issue shares of common stock upon the redemption of the Excess Units, which allowed the Company to remove the Excess Units from the mezzanine section of the consolidated balance sheets. As such, as of September 30, 2017, the Company no longer has any Common units included as redeemable non-controlling interests outstanding in the mezzanine section of the consolidated balance sheets. The limited partners’ outstanding Common 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 non-controlling interests in the earnings per share calculations. The weighted average number of Common units held by the non-controlling interest was 6.1 million and 5.3 million for the nine months ended September 30, 2017 and 2016, respectively. The outstanding Series A preferred units are non-participating securities and thus are included in the computation of diluted earnings per share on an as-if converted basis. Any anti-dilutive shares are excluded from the diluted earnings per share calculation. For the three and nine months ended September 30, 2017 and September 30, 2016, these shares were not included in the diluted earnings per share calculation as they would be anti-dilutive. The outstanding shares of Series B Participating Preferred Stock are non-participating securities and thus are included in the computation of diluted earnings per share on an as-if converted basis. Any anti-dilutive shares are excluded from the diluted earnings per share calculation. For the three and nine months ended September 30, 2017, these shares were not included in the diluted earnings per share calculation as they would be anti-dilutive. For the three months ended September 30, 2016 and nine months ended September 30, 2017 and 2016, diluted weighted average common shares do not include the impact of 0.3 million and 0. 2 million, respectively, unvested compensation-related shares as they would have been anti-dilutive. The effect of these items on diluted earnings per share for the three months ended September 30, 2017 has been reflected in the dilutive earnings per share calculation. The following equity awards and units are outstanding as of September 30, 2017 and December 31, 2016, respectively. September 30, 2017 December 31, 2016 Shares 32,353 17,163 Common units 5,724 5,692 Unvested restricted stock 279 188 38,356 23,043

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events
Subsequent Events	Note 10—Subsequent Events Subsequent to the quarter end the Company repurchased an additional 279,210 shares at an average price of $9.15 for total consideration of $2.6 million. On October 23, 2017 the Company fully repaid the remaining $5.5 million in principal on Farmer Mac Bond #2 which was due and payable on that date. The Company now has a total of $129.3 million outstanding under the Farmer Mac Facility, $54.9 million of which matures prior to the end of 2017. On October 31, 2017, the Company completed one acquisition which is expected to be accounted for as an asset acquisition in South Carolina. Consideration totaled $2.2 million and was paid in cash. On October 31, 2017, the Company issued 984,365 shares of common stock in exchange for 984,365 Common units that had been tendered for redemption. On November 8, 2017, the Company’s board of directors declared a distribution of $0.1275 per share of common stock and Common unit payable on January 16, 2018 to holders of record as of January 1, 2018. On November 8, 2017, the Company’s board of directors declared a quarterly cash dividend of $0.375 per share of 6.00% Series B Participating Preferred Stock payable on January 2, 2017 to stockholders of record as of December 15, 2017.

Organization and Significant 18

Organization and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Organization and Significant Accounting Policies
Organization	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, 2017, the Company owned a portfolio of approximately 154,164 acres 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, 2017, the Company owned an 85.1% interest in the Operating Partnership (see “Note 9—Stockholders’ Equity and Non-controlling Interests” for additional discussion regarding Class A Common units of limited partnership interest in the Operating Partnership (“Common units”), Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”)) and Series B participating preferred units of limited partnership interest in the Operating Partnership (“Series B participating preferred units”)). Unlike holders of the Company’s common stock, holders of Common units and Series A preferred units do not have voting rights or the power to direct our affairs. On August 17, 2017, the Company issued 6,037,500 shares of its newly designated 6.00% Series B Participating Preferred Stock, $0.01 par value per share (the “Series B Participating Preferred Stock”) in an underwritten public offering. Shares of Series B Participating Preferred Stock, which represent equity interests in the Company, generally have no voting rights and rank senior to the Company’s common stock with respect to dividend rights and rights upon liquidation (See “Note 9—Stockholders’ Equity—Series B Participating Preferred Stock” for more information on the Series B Participating Preferred Stock). The Company elected to be taxed as a real estate investment trust (“REIT”), under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2014. On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. The TRS was formed to provide volume purchasing services to the Company’s tenants and also to operate a small scale custom farming business. As of September 30, 2017, the TRS performs these custom farming operations on 716 acres of farmland owned by the Company and located in Florida and California.
AFCO Mergers	AFCO Mergers On February 2, 2017, the Company completed the previously announced merger with American Farmland Company (“AFCO”) at which time one of the Company’s wholly owned subsidiaries was merged with and into American Farmland Company L.P. (“AFCO OP”) with AFCO OP surviving as a wholly owned subsidiary of the Operating Partnership (the “Partnership Merger”), and AFCO merged with and into another one of our wholly owned subsidiaries with such wholly owned subsidiary surviving (the “Company Merger” and together with the Partnership Merger, the “AFCO Mergers”). At the effective time of the Company Merger, each share of common stock of AFCO, par value $0.01 per share (“AFCO Common Stock”), issued and outstanding immediately prior to the effective time of the Company Merger (other than any shares of AFCO Common Stock owned by any wholly owned subsidiary of AFCO or by the Company or the Operating Partnership or any wholly owned subsidiary of the Company or the Operating Partnership), was automatically converted into the right to receive, subject to certain adjustments, 0.7417 shares of the Company’s common stock (the “Company Merger Consideration”). In addition, in connection with the Company Merger, each outstanding AFCO restricted stock unit that had become fully earned and vested in accordance with its terms was, at the effective time of the Company Merger, converted into the right to receive the Company Merger Consideration. The Company issued 14,763,604 shares of its common stock as consideration in the Company Merger, 17,373 shares of its common stock in respect of fully earned and vested AFCO restricted stock units, and 218,525 Common units in connection with the Partnership Merger at a share price of $11.41 per share on the date of the merger for a total consideration of $171.1 million, net of $75.0 million in assumed debt.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements for the periods ended September 30, 2017 and 2016 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.
Interim Financial Information	Interim Financial Information The information in the Company’s consolidated financial statements for the three and nine months ended September 30, 2017 and 2016 is unaudited. The accompanying financial statements for the three and nine months ended September 30, 2017 and 2016 include adjustments based on management’s estimates (consisting of normal and recurring accruals), which the Company considers necessary for a fair statement of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2016, included in the Company’s Annual Report on Form 10-K, which the Company filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2017. Operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of actual operating results for the entire year ending December 31, 2017. The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the 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. During the second quarter of 2017, the Company identified and recorded an out-of-period adjustment related to tenant reimbursement revenue that should have been recorded in the first quarter of 2017. The Company concluded that this adjustment was not material to the Company’s consolidated financial statements for the periods impacted. The adjustment was reflected as a $0.2 million increase in tenant reimbursement revenue in the consolidated statements of operations for the three and six months ended June 30, 2017 with a corresponding increase to accounts receivable in the consolidated balance sheet as of June 30, 2017. During the third quarter of 2017, the Company identified and recorded an out-of-period adjustment related to rental revenue that should have been recorded in the first and second quarters of 2017. The Company concluded that this adjustment was not material to the consolidated financial statements for the periods impacted. The adjustment is reflected as a $0.2 million increase in rental revenue in the consolidated statements of operations for the three months ended September 30, 2017 with a $0.2 million decrease in deferred revenue in the consolidated balance sheet as of September 30, 2017.
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 may differ from previously estimated amounts, and such differences may be material to our consolidated financial statements.
Real Estate Acquisitions	Real Estate Acquisitions When the Company acquires farmland where substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets it is not considered a business. As such, the Company accounts for these types of acquisitions as asset acquisitions. When substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or a group or similar assets and contains acquired inputs, processes and outputs, these acquisitions are accounted for as a business combination. The Company considers single identifiable assets as tangible assets that are attached to and cannot be physically removed and used separately from another tangible asset without incurring significant cost or significant diminution in utility or fair value. The Company considers similar assets as assets that have a similar nature and risk characteristics. Whether our acquisitions are treated as an asset acquisition under ASC 360 or a business combination under ASC 805, the fair value of the purchase price is allocated among the assets acquired and any liabilities assumed by valuing the property as if it was vacant. The “as-if-vacant” value is allocated to land, buildings, improvements, permanent plantings and any liabilities, based on management’s determination of the relative fair values of such assets and liabilities as of the date of 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 by valuing the land as if it were unimproved. The Company values improvements, including permanent plantings and grain facilities, at replacement cost, adjusted for depreciation. Management’s estimates of land value are made using a comparable sales analysis. Factors considered by management in its analysis of land value include soil types and water availability and the sales prices of comparable farms. 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 assumed. 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 are 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 consolidated balance sheets, is amortized as an increase to 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, 2016, all below market leases had been fully amortized, with amortization totaling $0.1 million recorded in the nine months ended September 30, 2016. There were no above market leases in place during the nine months ended September 30, 2017 or the year ended December 31, 2016. As of September 30, 2017 and 2016, the Company had $0.9 million and $0 million respectively, recorded for tenant relationship intangibles, net of accumulated amortization of $0.5 million and $0 million, respectively. 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 (including 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. The Company capitalizes acquisition costs and due diligence costs if the asset is expected to qualify as an asset acquisition. If the asset acquisition is abandoned, the capitalized asset acquisition costs will be expensed to acquisition and due diligence costs in the period of abandonment. Costs associated with a business combination are expensed to acquisition and due diligence costs as incurred. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, we determine the fair value of the equity securities issued based on the number of shares of common stock and Common units issued multiplied by the stock price on the date of closing in the case of common stock and Common units and by liquidation preference in the case of preferred units. Using information available at the time of business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. During the measurement period, which may be up to one year from the acquisition date, the Company may adjust the preliminary purchase price allocations after obtaining more information about assets acquired and liabilities assumed at the date of acquisition.
Inventory	Inventory The costs of growing crops are accumulated until the time of harvest at the lower of cost or market value and are included in inventory in the consolidated balance sheets. 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 period. The costs of growing crops incurred by FPI Agribusiness consist primarily of costs related to land preparation, cultivation, irrigation and fertilization. Growing crop inventory is charged to cost of products sold when the related crop is harvested and sold. The cost of harvested crop was $0.4 million and $0.2 million, respectively, for the nine months ended September 30, 2017 and 2016 and $0.1 million and $0.2 million, respectively, for the three months ended September 30, 2017 and 2016. Harvested crop inventory includes costs accumulated during both the growing and harvesting phases. Growing crop inventory includes costs accumulated during the current crop year for crops which have not been harvested. Both harvested and growing crop are stated at the lower of cost 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 brokers’ commissions, freight and other marketing costs. Other inventory, such as fertilizer and pesticides, is valued at the lower of cost or market. As of September 30, 2017 and December 31, 2016, respectively, inventory consisted of the following: (in thousands) September 30, 2017 December 31, 2016 Harvested crop $ — $ 283 Growing crop 92 — $ 92 $ 283
New or Revised Accounting Standards	New or Revised Accounting Standards Adopted In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) . The amendments require that an entity should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated sales price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company has adopted this guidance as of January 1, 2017 and there has been no impact on the financial results of the Company. Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: (Topic 606) (“ASU 2014-09”) . ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. ASU 2014-09 implements a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Other major provisions include the capitalization and amortization of certain contract costs, ensuring the time value of money is considered in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. While the Company is still completing its assessment of the impact of this guidance, it does not believe that it will have a material impact on the financial statements as the majority of the Company’s contracts with customers relate to leases that fall within the scope of ASU 2016-02 (see below). Other contract types undergoing evaluation are considered ancillary to the Company’s operations and financial statements. The amendments in this ASU are effective for annual and interim reporting periods beginning after December 15, 2017. We are currently assessing the impact of ASU 2014-09, as amended; however, the majority of our revenue is from net-lease agreements which will be in the scope of the leasing standard as described below. In February 2016, the FASB issued ASU 2016-02, Leases: (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. While the Company is still completing its assessment of the impact of this guidance, the following is anticipated to reflect the primary effects of this guidance on the Company’s reporting: (i) For leases in which the Company is the lessee, the Company does not expect the guidance to have a material impact as there are only three operating leases for office space and for subleased property in Nebraska. Two of these leases have terms less than 12 months and the Company will elect not to apply the recognition requirements of ASU 2016-02. The Company will record a right-of-use asset and a lease liability for the third lease that has a term greater than 12 months, but the Company does not expect it to have a significant impact on the consolidated financial statements; (ii) For leases in which the Company is the lessor, the Company does not expect there to be a material impact as the majority of the Company’s leases do not contain a non-lease component. While the Company is expecting there to be other ancillary impacts for leases in which the Company is the lessor, they are not expected to be material to the consolidated financial statements. Under the new guidance lease procurement costs which were previously capitalized will be expensed as incurred. Lastly, under the new guidance, there are certain circumstances in which buyer-lessors in sale and leaseback transactions could potentially result in recording the transaction as a financial receivable if such transaction fails sale and leaseback criteria, which the Company is still evaluating. The standard is effective for annual and interim reporting periods beginning after December 15, 2018, with modified retrospective restatement for each reporting period presented at the time of adoption. Early adoption is permitted. The Company has not yet determined whether this guidance will be early adopted. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice across all industries. The amendments in this update provide guidance on the following eight specific cash flow issues: 1) Debt Prepayment or Debt Extinguishment Costs; 2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; 3) Contingent Consideration Payments Made after a Business Combination; 4) Proceeds from the Settlement of Insurance Claims; 5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies; 6) Distributions Received from Equity Method Investees; 7) Beneficial Interests in Securitization Transactions; and 8) Separately Identifiable Cash Flows and Application of the Predominance Principle. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and retrospective restatement is required. Early adoption is permitted. The Company is currently evaluating the requirements of ASU 2016-15 and does not anticipate a material impact on our statement of cash flows. In January 2017, the FASB issued ASU No. 2017-01, Business Combination (Topic 805): Clarifying the definition of a business (“ASU 2017-01”). ASU 2017-01 is intended to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. The Company has determined that with the adoption of this guidance some acquisitions that were deemed business combinations will be deemed asset acquisitions and costs associated with these asset acquisitions will be capitalized to the acquisition rather than being expensed. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company has adopted this guidance as of January 1, 2017. The Company expects the vast majority of its acquisitions to be deemed asset acquisitions under this new guidance.

Organization and Significant 19

Organization and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Organization and Significant Accounting Policies
Schedule of Inventory	(in thousands) September 30, 2017 December 31, 2016 Harvested crop $ — $ 283 Growing crop 92 — $ 92 $ 283

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2017
Revenue Recognition
Summary of rental income recognized	Rental income recognized For the three months ended For the nine months ended September 30, September 30, (in thousands) 2017 2016 2017 2016 Leases in effect at the beginning of the year $ 3,187 $ 3,098 $ 9,348 $ 9,760 Leases entered into during the year (1) 7,920 3,066 19,033 6,702 $ 11,107 $ 6,164 $ 28,381 $ 16,462 (1) Includes all leases resulting from acquisitions completed during the period including those leases acquired as a result of the AFCO mergers.
Schedule of future minimum lease payments from tenants under all non-cancelable leases in place	(in thousands) Future rental Year Ending December 31, payments 2017 (remaining three months) $ 9,456 2018 26,559 2019 19,704 2020 7,548 2021 3,263 Thereafter 4,122 $ 70,652

Concentration Risk (Tables)

Concentration Risk (Tables)	9 Months Ended
	Sep. 30, 2017
Tenant concentration
Concentration Risk
Summary of concentrations	Rental income recognized Rental income recognized For the three months ended September 30, For the nine months ended September 30, ($ in thousands) 2017 2016 2017 2016 Tenant A (1) $ 2,091 18.8 % $ — — % $ 4,071 14.3 % $ — — % (1) Tenant A is a tenant who is currently leasing a number of permanent crop farms in California .
Geographic concentration
Concentration Risk
Summary of concentrations	Approximate % Rental Income (1) of total acres For the three months ended For the nine months ended As of September 30, September 30, September 30, Location of Farm (2) 2017 2016 2017 2016 2017 2016 Corn belt 30.8 % 29.3 % 33.7 % 40.2 % 35.5 % 37.5 % Delta and South 18.8 % 21.8 % 9.3 % 11.4 % 10.0 % 11.7 % High Plains 20.4 % 24.1 % 8.6 % 15.8 % 9.3 % 15.6 % Southeast 25.8 % 24.8 % 18.3 % 32.6 % 21.2 % 35.2 % West Coast 4.2 % — % 30.1 % — % 24.0 % — % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Due to regional disparities in the use of leases with crop share components and seasonal variations in the recognition of crop share revenue, regional comparisons by rental income are not fully representative of each region's income producing capacity until a full year is taken into account. Corn Belt includes farms located in Illinois, Michigan, and eastern Nebraska. Delta and South includes farms located in Arkansas, Louisiana, and Mississippi. High Plains includes farms located in Colorado, Kansas, western Nebraska, and Texas. Southeast includes farms located in Florida, Georgia, North Carolina, South Carolina, and Virginia. West Coast includes farms located in California.

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate
Schedule of allocation of purchase price for farms acquired	($ in thousands) Land, at cost $ 7,170 Groundwater 634 Irrigation improvements 518 Permanent plantings 763 Below market lease (29) Total Consideration $ 9,056
Schedule of unaudited pro forma financial information	For the three months ended For the nine months ended ($ in thousands) September 30, September 30, Proforma 2017 2016 2017 2016 Revenue $ 12,046 $ 6,946 $ 30,655 $ 17,669 Pro forma estimate (1) - 4,146 993 11,244 Total operating revenue $ 12,046 $ 11,092 $ 31,648 $ 28,913 Net income (loss) $ 2,610 $ 100 $ 2,630 $ (513) Pro forma estimate - 431 (367) 2,141 Total net income $ 2,610 $ 531 $ 2,263 $ 1,628 Net income (loss) available to common stockholders of Farmland Partners Inc. $ 221 $ (467) $ (1,935) $ (869) Earnings per share basic and diluted Income (loss) per basic share attributable to common stockholders $ 0.01 $ (0.02) $ (0.06) $ (0.03) Income (loss) per diluted share attributable to common stockholders $ 0.01 $ (0.02) $ (0.06) $ (0.03) Weighted-average number of common shares - basic 32,862 28,447 32,374 27,427 Weighted-average number of common shares - diluted 32,862 28,447 32,374 27,427 (1) Represents a linear extrapolation of revenues over the three and nine months ended September 30, 2017 and 2016 and therefore does not take into account the irregularity of certain of the Company's revenue components, such as crop share lease payments.
American Farmland Company
Real Estate
Schedule of allocation of purchase price for farms acquired	($ in thousands) Land, at cost $ 181,072 Irrigation improvements 26,155 Permanent plantings 48,513 Buildings 1,499 In-place leases (1) 1,139 Lease origination costs 264 Cash 3,832 Other assets 1,831 Inventory 99 Deferred revenue (4,434) Other liabilities (13,826) Gross Total Consideration 246,144 Mortgage notes and bonds payable, net (75,000) Total Consideration $ 171,144 (1) Weighted average amortization period of the in-place lease liability is 3 years.

Notes Receivable (Tables)

Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Receivable
Schedule of notes receivable held by the company	($ in thousands) Principal Outstanding as of Maturity Loan Payment Terms September 30, 2017 December 31, 2016 Date Mortgage Note (1) Principal & interest due at maturity $ 1,800 $ 1,800 1/15/2017 Mortgage Note (2) Principal & interest due at maturity 240 980 3/16/2022 Mortgage Note (2) Principal due at maturity & interest due monthly 2,194 - 3/16/2022 Mortgage Note Principal & interest due at maturity 1,647 - 4/27/2018 Mortgage Note Principal & interest due at maturity 100 - 1/31/2018 Mortgage Note Principal due at maturity & interest paid in advance 669 - 2/15/2018 Total outstanding principal 6,650 2,780 Points paid, net of direct issuance costs (10) (4) Interest receivable (net prepaid interest) 311 67 Total notes and interest receivable $ 6,951 $ 2,843 (1) In January 2016, the maturity date of the note was extended to January 15, 2017 with year one interest received at the time of the extension and principal and remaining interest due at maturity. On July 28, 2017 the Company notified the borrower of default under the Promissory Note. The Company currently believes that collectability is reasonably assured. The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The notes include mortgages on two additional properties in Colorado that include repurchase options for the properties at a fixed price that are exercisable between the second and fifth anniversary of the notes by the borrower.

Mortgage Notes, Lines of Cred24

Mortgage Notes, Lines of Credit and Bonds Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Mortgage Notes, Lines of Credit and Bonds Payable
Schedule of indebtedness outstanding	Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Outstanding as of as of September 30, September 30, December 31, Maturity September 30, Loan Payment Terms Interest Rate Terms 2017 2017 2016 Date 2017 Farmer Mac Bond #1 (1) Semi-annual interest only 2.40% 2.40% $ — $ 20,700 September 2017 $ — Farmer Mac Bond #2 (2) Semi-annual interest only 2.35% 2.35% 5,460 5,460 October 2017 9,557 Farmer Mac Bond #3 Semi-annual interest only 2.50% 2.50% 10,680 10,680 November 2017 11,487 Farmer Mac Bond #4 Semi-annual interest only 2.50% 2.50% 13,400 13,400 December 2017 23,588 Farmer Mac Bond #5 Semi-annual interest only 2.56% 2.56% 30,860 30,860 December 2017 61,104 Farmer Mac Bond #6 Semi-annual interest only 3.69% 3.69% 14,915 14,915 April 2025 21,609 Farmer Mac Bond #7 Semi-annual interest only 3.68% 3.68% 11,160 11,160 April 2025 18,441 Farmer Mac Bond #8A Semi-annual interest only 3.20% 3.20% 41,700 41,700 June 2020 80,929 Farmer Mac Bond #9 Semi-annual interest only 3.35% 3.35% 6,600 6,600 July 2020 7,711 MetLife Term Loan #1 (3) Semi-annual interest only 3.48% adjusted every three years 3.48% 90,000 90,000 March 2026 198,345 MetLife Term Loan #2 Semi-annual interest only 2.66% adjusted every three years 2.66% 16,000 16,000 March 2026 31,677 MetLife Term Loan #3 Semi-annual interest only 2.66% adjusted every three years 2.66% 21,000 21,000 March 2026 27,654 MetLife Term Loan #4 (3) Semi-annual interest only 3.48% adjusted every three years 3.48% 15,685 15,685 June 2026 30,624 MetLife Term Loan #5 Semi-annual interest only 3.26% adjusted every three years 3.26% 8,379 — January 2027 16,761 MetLife Term Loan #6 Semi-annual interest only 3.21% adjusted every three years 3.21% 27,159 — February 2027 55,526 MetLife Term Loan #7 Semi-annual interest only 3.45% adjusted every three years 3.45% 21,253 — June 2027 48,307 Farm Credit of Central Florida (4) LIBOR + 2.6875% adjusted monthly 3.92% 5,102 5,102 September 2023 9,688 Prudential (5) 3.20% 3.20% 6,481 6,600 July 2019 11,643 Rutledge Note Payable #1 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 25,000 — January 2022 46,022 Rutledge Note Payable #2 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 25,000 — January 2022 49,700 Rutledge Note Payable #3 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 25,000 — January 2022 58,985 Rutledge Note Payable #4 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 15,000 — January 2022 28,271 Rutledge Note Payable #5 Quarterly interest only 3 month LIBOR + 1.3% adjusted quarterly 2.60% 30,000 — January 2022 69,772 Total outstanding principal 465,834 309,862 $ 917,401 Debt issuance costs (1,360) (1,193) Unamortized premium 20 110 Total mortgage notes and bonds payable, net $ 464,494 $ 308,779 (1) Bond was repaid in full on September 5, 2017. (2) Bond was repaid in full on October 23, 2017. (3) During the nine months ended September 30, 2017 the Company converted the interest rate on MetLife Term Loans 1 and 4 from variable to fixed rates that can be adjusted to an adjustable rate every three years over their remaining terms. (4) Loan is an amortizing loan with quarterly interest payments that commenced on January 1, 2017 and quarterly principal payments that commence on October 1, 2018, with all remaining principal and outstanding interest due at maturity. (5) Loan is an amortizing loan with semi-annual principal and interest payments that commence on July 1, 2017, with all remaining principal and outstanding interest due at maturity.
Schedule of aggregate maturities of long-term debt	As of September 30, 2017, aggregate maturities of long-term debt for the succeeding years are as follows: ($ in thousands) Year Ending December 31, Future Maturities 2017 (remaining three months) $ 60,400 2018 — 2019 6,481 2020 48,300 2021 — Thereafter 350,653 $ 465,834

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies.
Schedule of future minimum lease payments	($ in thousands) Future rental Year Ending December 31, payments 2017 (remaining three months) $ 44 2018 126 2019 74 2020 — 2021 — $ 244
Schedule of future capital commitments	($ in thousands) Future Capital Year Ending December 31, Commitments 2017 (remaining three months) $ 4,311 2018 845 $ 5,156
Schedule of purchase agreements	($ in thousands) Purchase Farm State Price South Carolina $ 1,120 California 110,000 $ 111,120

Stockholders' Equity and Non-26

Stockholders' Equity and Non-controlling Interests (Tables)	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity and Non-Controlling Interests
Schedule of changes in redeemable non-controlling interest in operating partnership	Common Series A Preferred Units ($ in thousands) Redeemable Redeemable Redeemable Redeemable Balance at December 31, 2015 884 $ 9,695 — $ — Issuance of redeemable Common units as partial consideration for real estate acquisition — — 117 117,000 Net loss attributable to non-controlling interest — (64) — — Accrued distributions to non-controlling interest — (113) — 2,057 Redemption of Common units for Common stock (884) (9,518) Balance at September 30, 2016 — $ — 117 $ 119,057 Balance at December 31, 2016 — $ — 117 $ 119,915 Distributions paid to non-controlling interest — — — (2,915) Accrued distributions to non-controlling interest — — — 2,633 Redemption of Common units for common stock — — — — Balance at September 30, 2017 — $ — 117 $ 119,633
Schedule of declaration and payment of distribution	The Company’s board of directors declared and paid the following distributions to common stockholders and holders of Common units for the nine months ended September 30, 2017 and the year ended December 31, 2016: Fiscal Year Declaration Date Record Date Payment Date Distributions 2017 July 19, 2017 October 2, 2017 October 13, 2017 0.1275 May 9, 2017 June 30, 2017 July 14, 2017 $ 0.1275 February 22, 2017 April 1, 2017 April 14, 2017 0.1275 $ 0.3825 2016 March 8, 2016 April 1, 2016 April 15, 2016 $ 0.1275 May 9, 2016 July 1, 2016 July 15, 2016 0.1275 August 3, 2016 September 30, 2016 October 14, 2016 0.1275 November 3, 2016 January 2, 2017 January 13, 2017 0.1275 $ 0.5100
Summary of non-vested shares	Weighted Number of average grant (shares in thousands) shares date fair value Unvested at December 31, 2015 145 $ 13.87 Granted 119 10.78 Vested (70) 13.96 Forfeited (5) 11.09 Unvested at September 30, 2016 189 11.97 Unvested at December 31, 2016 189 11.98 Granted 205 11.30 Vested (108) 12.84 Forfeited (7) 10.97 Unvested at September 30, 2017 279 $ 11.16
Schedule of computation of basic and diluted earnings (loss) per share	For the three months ended For the nine months ended September 30, September 30, (in thousands except per share amounts) 2017 2016 2017 2016 Numerator: Net profit (loss) attributable to Farmland Partners Inc. $ 2,216 $ 70 $ 2,277 $ (412) Less: Nonforfeitable distributions allocated to unvested restricted shares (36) (24) (116) (72) Less: Distributions on redeemable non-controlling interests in Operating Partnership, Common units — — — (113) Less: Distributions on redeemable non-controlling interests in Operating Partnership, Series A preferred units (877) (887) (2,632) (2,057) Less: Dividends on Series B Participating Preferred Stock (1,082) — (1,082) — Net income (loss) attributable to common stockholders $ 221 $ (841) $ (1,553) $ (2,654) Denominator: Weighted-average number of common shares - basic 32,862 13,683 30,695 12,663 Conversion of Series A preferred units (1) — — — — Conversion of Series B Participating Preferred Stock (1) — — — — Unvested restricted shares (1) — — — — Weighted-average number of common shares - diluted 32,862 13,683 30,695 12,663 Earnings (Loss) per share attributable to common stockholders - basic $ 0.01 $ (0.06) $ (0.05) $ (0.21) Earnings (Loss) per share attributable to common stockholders - diluted $ 0.01 $ (0.06) $ (0.05) $ (0.21) (1) Anti-dilutive for the three and nine months ended September 30, 2017 and 2016.
Schedule of equity awards and units outstanding	September 30, 2017 December 31, 2016 Shares 32,353 17,163 Common units 5,724 5,692 Unvested restricted stock 279 188 38,356 23,043

Organization and Significant 27

Organization and Significant Accounting Policies (Details)	Nov. 08, 2017	Aug. 17, 2017$ / sharesshares	Feb. 02, 2017USD ($)$ / sharesshares	Sep. 30, 2017USD ($)a$ / shares	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)alease$ / shares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)$ / shares	Aug. 10, 2017shares
Organization and Significant Accounting Policies
Area of real estate property | a				154,164				154,164
Common stock, par value (in dollars per share) | $ / shares				$ 0.01				$ 0.01		$ 0.01
Tenant reimbursements				$ 474,000		$ 112,000		$ 1,230,000	$ 276,000
Rental revenue				11,107,000		6,164,000		28,381,000	16,462,000
Retained earnings				2,665,000				2,665,000		$ 4,103,000
Accounts receivable, net				3,205,000				$ 3,205,000		4,181,000
Number of operating leases | lease								3
Below Market Lease
Below market lease						29,000			29,000
Below market lease, accumulated amortization						100,000			100,000
Above market leases								$ 0		$ 0
Tenant relationship intangibles				900,000		0		900,000	0
Tenant relationship intangibles, accumulated amortization				500,000		$ 0		500,000	$ 0
Adjustment
Organization and Significant Accounting Policies
Tenant reimbursements					$ 200,000		$ 200,000
Rental revenue				200,000
Deferred revenue				(200,000)				$ (200,000)
Term less than 12 months
Organization and Significant Accounting Policies
Number of operating leases | lease								2
American Farmland Company
Organization and Significant Accounting Policies
Common stock, par value (in dollars per share) | $ / shares			$ 0.01
Consideration share price | $ / shares			$ 11.41
Units issued | shares			14,763,604
Consideration amount			$ 171,100,000
Acquired debt				$ 75,000,000				$ 75,000,000
American Farmland Company | Restricted stock units
Organization and Significant Accounting Policies
Units issued | shares			17,373
American Farmland Company | Common units
Organization and Significant Accounting Policies
Consideration share price | $ / shares			$ 0.7417
Units issued | shares			218,525
TRS
Organization and Significant Accounting Policies
Area of real estate property | a				716				716
Operating Partnership
Organization and Significant Accounting Policies
Ownership interest (as a percent)				85.10%				85.10%		75.10%
Series B Participating Preferred Stock
Organization and Significant Accounting Policies
Shares issued under underwriting agreement | shares		6,037,500									6,037,500
Preference dividend (as a percent)		6.00%
Par value | $ / shares		$ 0.01
Series B Participating Preferred Stock | Subsequent event
Organization and Significant Accounting Policies
Preference dividend (as a percent)	6.00%

Organization and Significant 28

Organization and Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Deferred Financing Fees
Financing fees capitalized	$ 370		$ 370
Accumulated amortization of deferred financing fees	500	$ 700	500	$ 700
Deferred offering costs incurred			500	100
Inventory
Cost of harvested crop included in property operating expenses	100	$ 200	400	$ 200
Harvested crop					$ 283
Growing crop	92		92
Total inventory	$ 92		$ 92		$ 283

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenue Recognition
Deferred revenue	$ 3,876		$ 3,876		$ 982
Rental income recognized	11,107	$ 6,164	28,381	$ 16,462
Revenues from the sale of harvested crops	200	600	600	800
Future Rental Payments
2017 (remaining three months)	9,456		9,456
2,018	26,559		26,559
2,019	19,704		19,704
2,020	7,548		7,548
2,021	3,263		3,263
Thereafter	4,122		4,122
Total	70,652		70,652
Leases in effect at the beginning of the year
Revenue Recognition
Rental income recognized	3,187	3,098	9,348	9,760
Leases entered into during the year
Revenue Recognition
Rental income recognized	$ 7,920	$ 3,066	$ 19,033	$ 6,702
Minimum
Revenue Recognition
Percentage of rent received during first quarter or at time of acquisition for majority of leases			50.00%
Farming leases, row crops | Minimum
Revenue Recognition
Terms of leases			2 years
Farming leases, row crops | Maximum
Revenue Recognition
Terms of leases			3 years
Farming leases, permanent crops | Minimum
Revenue Recognition
Terms of leases			1 year
Farming leases, permanent crops | Maximum
Revenue Recognition
Terms of leases			7 years
Leases in place | Minimum
Revenue Recognition
Terms of leases			1 year
Leases in place | Maximum
Revenue Recognition
Terms of leases			25 years

Concentration Risk (Details)

Concentration Risk (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)tenant	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)tenant	Sep. 30, 2016USD ($)
Concentration Risk
Number of significant tenants | tenant	1		1
Rental income	$ 11,107	$ 6,164	$ 28,381	$ 16,462
Approximate total acres | Geographic concentration
Concentration Risk
Concentration risk (as a percent)			100.00%	100.00%
Approximate total acres | Geographic concentration | Corn belt
Concentration Risk
Concentration risk (as a percent)			30.80%	29.30%
Approximate total acres | Geographic concentration | Delta and South
Concentration Risk
Concentration risk (as a percent)			18.80%	21.80%
Approximate total acres | Geographic concentration | High Plains
Concentration Risk
Concentration risk (as a percent)			20.40%	24.10%
Approximate total acres | Geographic concentration | Southeast
Concentration Risk
Concentration risk (as a percent)			25.80%	24.80%
Approximate total acres | Geographic concentration | West Coast
Concentration Risk
Concentration risk (as a percent)			4.20%
Rental income | Tenant concentration | Tenant A
Concentration Risk
Rental income	$ 2,091		$ 4,071
Concentration risk (as a percent)	18.80%		14.30%
Rental income | Geographic concentration
Concentration Risk
Concentration risk (as a percent)	100.00%	100.00%	100.00%	100.00%
Rental income | Geographic concentration | Corn belt
Concentration Risk
Concentration risk (as a percent)	33.70%	40.20%	35.50%	37.50%
Rental income | Geographic concentration | Delta and South
Concentration Risk
Concentration risk (as a percent)	9.30%	11.40%	10.00%	11.70%
Rental income | Geographic concentration | High Plains
Concentration Risk
Concentration risk (as a percent)	8.60%	15.80%	9.30%	15.60%
Rental income | Geographic concentration | Southeast
Concentration Risk
Concentration risk (as a percent)	18.30%	32.60%	21.20%	35.20%
Rental income | Geographic concentration | West Coast
Concentration Risk
Concentration risk (as a percent)	30.10%		24.00%

Related Party Transactions (Det

Related Party Transactions (Details) - American Agriculture Aviation, LLC - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jul. 21, 2015
Lease origination costs
Related Party Transactions
Transaction amount	$ 20	$ 50	$ 160	$ 140
Paul A. Pittman
Related Party Transactions
Related party transaction, percentage of ownership interest held by related party					100.00%

Real Estate (Details)

Real Estate (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)$ / sharesitemshares	Sep. 30, 2016USD ($)$ / sharesitemshares
Farms acquired and allocation of purchase price
Number of acquisitions | item						15	16
Aggregate purchase price						$ 111,120	$ 261,100
Intangible assets acquired				$ 0			0
Below Market Lease				(29)			(29)
Total Consideration				9,056			9,056
Tenant Reimbursements	$ 474			112		1,230	276
Rental revenue	11,107			6,164		28,381	16,462
Acquisition related costs	180			1,712		878	1,818
Agreement termination payment amount			$ 1,600
Agreement termination payment amount, income statement impact						700
Agreement termination payment amount, cost incurred prior to mergers						900
Agreement termination fee			$ 200
Pro forma financial information
Revenue	12,046			6,946		30,655	17,669
Total operating revenue	12,046			11,092		31,648	28,913
Net income (loss)	2,610			100		2,630	(513)
Total net income (loss)	2,610			531		2,263	1,628
Net income (loss) available to common stockholders of Farmland Partners Inc.	$ 221			$ (467)		$ (1,935)	$ (869)
Income (loss) per basic share attributable to common stockholders | $ / shares	$ 0.01			$ (0.02)		$ (0.06)	$ (0.03)
Income (loss) per diluted share attributable to common stockholders | $ / shares	$ 0.01			$ (0.02)		$ (0.06)	$ (0.03)
Weighted-average number of common shares - basic | shares	32,862			28,447		32,374	27,427
Weighted-average number of common shares - diluted | shares	32,862			28,447		32,374	27,427
Land
Farms acquired and allocation of purchase price
Real estate				$ 7,170			$ 7,170
Groundwater
Farms acquired and allocation of purchase price
Real estate				634			634
Irrigation improvements
Farms acquired and allocation of purchase price
Real estate				518			518
Permanent plantings
Farms acquired and allocation of purchase price
Real estate				763			763
Leases in place
Farms acquired and allocation of purchase price
Weighted average amortization period						3 years
South Carolina
Farms acquired and allocation of purchase price
Aggregate purchase price						$ 1,120
California
Farms acquired and allocation of purchase price
Aggregate purchase price						110,000
American Farmland Company
Farms acquired and allocation of purchase price
Cash	$ 3,832					3,832
Other assets	1,831					1,831
Inventory	99					99
Deferred revenue	(4,434)					(4,434)
Other liabilities	(13,826)					(13,826)
Gross Total Consideration	246,144					246,144
Mortgage notes and bonds payable, net	(75,000)					(75,000)
Total Consideration	171,144					171,144
American Farmland Company | Land
Farms acquired and allocation of purchase price
Real estate	181,072					181,072
American Farmland Company | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate	26,155					26,155
American Farmland Company | Permanent plantings
Farms acquired and allocation of purchase price
Real estate	48,513					48,513
American Farmland Company | Buildings
Farms acquired and allocation of purchase price
Real estate	1,499					1,499
American Farmland Company | Leases in place
Farms acquired and allocation of purchase price
Real estate	1,139					1,139
American Farmland Company | Lease origination costs
Farms acquired and allocation of purchase price
Real estate	264					264
Asset acquisition
Farms acquired and allocation of purchase price
Aggregate purchase price						111,600
Intangible assets acquired	0					0
Total revenue from date of acquisition						10,100
Net income (loss) from date of acquisition						2,400
Pro forma
Pro forma financial information
Revenue				4,146		993	11,244
Net income (loss)				$ 431		(367)	$ 2,141
Adjustment
Farms acquired and allocation of purchase price
Tenant Reimbursements		$ 200			$ 200
Rental revenue	200
Adjustment | Business combination, provisional information, initial accounting incomplete
Farms acquired and allocation of purchase price
Other assets	600					600
Deferred revenue	1,100					1,100
Other liabilities	600					600
Adjustment | Business combination, provisional information, initial accounting incomplete | Land
Farms acquired and allocation of purchase price
Real estate	800					800
Adjustment | Business combination, provisional information, initial accounting incomplete | Irrigation improvements
Farms acquired and allocation of purchase price
Real estate	100					100
Adjustment | Business combination, provisional information, initial accounting incomplete | Permanent plantings
Farms acquired and allocation of purchase price
Real estate	$ 200					$ 200

Notes Receivable (Details)

Notes Receivable (Details)	9 Months Ended
	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Aug. 31, 2015USD ($)	Apr. 16, 2014property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of agreements to purchase property | property				38
Total outstanding principal	$ 6,650,000	$ 2,780,000
Points paid, net of direct issuance costs	(10,000)	(4,000)
Interest receivable (net prepaid interest)	311,000	67,000
Total notes and interest receivable	6,951,000	2,843,000
Notes receivable	6,700,000	2,800,000
Mortgage Note January 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	1,800,000	1,800,000
Mortgage Note March 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	240,000	$ 980,000
Mortgage Note Two March 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	2,194,000
Mortgage Note April 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	1,647,000
Mortgage Note January 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	100,000
Mortgage Note February 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal	$ 669,000
FPI Loan Program | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amounts			$ 100,000
FPI Loan Program | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, term	6 years

Mortgage Notes, Lines of Cred34

Mortgage Notes, Lines of Credit and Bonds Payable (Details)

Oct. 23, 2017USD ($)

Sep. 05, 2017USD ($)

Feb. 03, 2017USD ($)

Dec. 22, 2015USD ($)

Aug. 18, 2015USD ($)

Mar. 01, 2015

Jan. 14, 2015USD ($)

Dec. 05, 2013USD ($)

Sep. 30, 2017USD ($)agreement

Sep. 30, 2016USD ($)

Mar. 29, 2017

Feb. 14, 2017USD ($)

Jan. 12, 2017subsidiary

Dec. 31, 2016USD ($)

Sep. 29, 2016

Aug. 31, 2016USD ($)

Jun. 29, 2016USD ($)subsidiary

Jun. 28, 2016

Mar. 29, 2016USD ($)subsidiary

Feb. 29, 2016USD ($)subsidiary

Aug. 03, 2015USD ($)

Mortgage notes payable

Total mortgage notes and bonds payable, net

$ 464,494,000

$ 308,779,000

Debt issuance costs, net

(1,360,000)

(1,193,000)

Unamortized premium

20,000

110,000

Principal outstanding

465,834,000

309,862,000

Book Value of Collateral

917,401,000

Available borrowing capacity

3,100,000

Debt

465,800,000

Remaining borrowing capacity

0

Debt repayment

20,819,000

$ 84,750,000

Payment of debt issuance costs

817,000

937,000

Accrued interest

2,886,000

1,538,000

Cash paid during period for interest

8,491,000

6,706,000

Accumulated amortization of deferred financing fees

500,000

700,000

Aggregate maturities of long-term debt

2017 (remaining three months)

60,400,000

2,019

6,481,000

2,020

48,300,000

Thereafter

350,653,000

Total

$ 465,834,000

Farmer Mac Facility | Secured notes

Mortgage notes payable

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%

Outstanding debt

$ 134,800,000

155,500,000

Farmer Mac Facility | Secured notes | Minimum

Mortgage notes payable

Leverage ratio (as a percent)

60.00%

Fixed charge coverage ratio

1.50

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%

Bridge Loan Agreement

Mortgage notes payable

Number of subsidiaries | subsidiary

2

Loan

$ 53,000,000

Payment of debt issuance costs

173,907

Cash paid during period for interest

2,271,867

Additional interest paid

$ 2,120,000

Additional interest, percentage

4.00%

MetLife

Mortgage notes payable

Interest rate (as a percent)

3.48%

Number of subsidiaries | subsidiary

5

5

Payment of debt issuance costs

$ 800,000

MetLife | Term Loan

Mortgage notes payable

Principal amount of loan

$ 127,000,000

Maximum loan to value ratio

60.00%

MetLife | Term Loan One

Mortgage notes payable

Interest rate (as a percent)

2.40%

Interest Rate (as a percent)

2.00%

Principal amount of loan

90,000,000

MetLife | Term Loan Two

Mortgage notes payable

Principal amount of loan

16,000,000

MetLife | Term Loan Three

Mortgage notes payable

Principal amount of loan

$ 21,000,000

MetLife | Term Loan Two and Three

Mortgage notes payable

Interest rate (as a percent)

2.66%

Minimum prepayment premium

20.00%

Percentage of conditional prepayment of loan without penalty

1.00%

MetLife | Term Loan Four

Mortgage notes payable

Interest rate (as a percent)

2.39%

Rutledge Credit Facilities | Secured notes

Mortgage notes payable

Non usage fee (as a percent)

0.25%

0.25%

0.25%

0.25%

Maximum aggregate principal amount

$ 15,000,000

$ 25,000,000

$ 25,000,000

$ 25,000,000

Number of loan agreements | agreement

4

Period of calculation of non usage fee

3 months

3 months

3 months

3 months

Percentage of aggregate loan value that may not exceed the appraised value of collateralized properties

50.00%

Fifth Rutledge Loan Agreement | Secured notes

Mortgage notes payable

Margin added to reference rate (as a percent)

1.30%

Non usage fee (as a percent)

0.25%

Maximum aggregate principal amount

$ 30

Period of calculation of non usage fee

3 months

Fifth Rutledge Loan Agreement | Secured notes | Maximum

Mortgage notes payable

Percentage to maintain leverage ratio

60.00%

3 month LIBOR | MetLife | Term Loan One

Mortgage notes payable

Margin added to reference rate (as a percent)

1.75%

3 month LIBOR | Rutledge Credit Facilities | Secured notes

Mortgage notes payable

Margin added to reference rate (as a percent)

1.30%

1.30%

1.30%

1.30%

Mortgage notes payable | Fair value | Level 3

Aggregate maturities of long-term debt

Debt

$ 458,900,000

300,100,000

Farmer Mac Bond #1

Mortgage notes payable

Principal outstanding

20,700,000

Interest rate (as a percent)

2.40%

Interest Rate (as a percent)

2.40%

Debt repayment

$ 20,700,000

Farmer Mac Bond #2

Mortgage notes payable

Principal outstanding

$ 5,460,000

5,460,000

Interest rate (as a percent)

2.35%

Interest Rate (as a percent)

2.35%

Book Value of Collateral

$ 9,557,000

Debt repayment

$ 5,500,000

Farmer Mac Bond #3

Mortgage notes payable

Principal outstanding

$ 10,680,000

10,680,000

Interest rate (as a percent)

2.50%

Interest Rate (as a percent)

2.50%

Book Value of Collateral

$ 11,487,000

Farmer Mac Bond #4

Mortgage notes payable

Principal outstanding

$ 13,400,000

13,400,000

Interest rate (as a percent)

2.50%

Interest Rate (as a percent)

2.50%

Book Value of Collateral

$ 23,588,000

Farmer Mac Bond #5

Mortgage notes payable

Principal outstanding

$ 30,860,000

30,860,000

Interest rate (as a percent)

2.56%

Interest Rate (as a percent)

2.56%

Book Value of Collateral

$ 61,104,000

Farmer Mac Bond #6

Mortgage notes payable

Principal outstanding

$ 14,915,000

14,915,000

Interest rate (as a percent)

3.69%

Interest Rate (as a percent)

3.69%

Book Value of Collateral

$ 21,609,000

Farmer Mac Bond #7

Mortgage notes payable

Principal outstanding

$ 11,160,000

11,160,000

Interest rate (as a percent)

3.68%

Interest Rate (as a percent)

3.68%

Book Value of Collateral

$ 18,441,000

Farmer Mac Bond #8A

Mortgage notes payable

Principal outstanding

$ 41,700,000

41,700,000

Interest rate (as a percent)

3.20%

Interest Rate (as a percent)

3.20%

Book Value of Collateral

$ 80,929,000

Farmer Mac Bond #9

Mortgage notes payable

Principal outstanding

$ 6,600,000

6,600,000

Interest rate (as a percent)

3.35%

Interest Rate (as a percent)

3.35%

Book Value of Collateral

$ 7,711,000

MetLife Term Loan #1

Mortgage notes payable

Principal outstanding

$ 90,000,000

90,000,000

Interest rate (as a percent)

3.48%

Adjustment term for the interest rate on the debt instrument

3 years

Interest Rate (as a percent)

3.48%

Book Value of Collateral

$ 198,345,000

MetLife Term Loan #1 | Term Loan Four

Mortgage notes payable

Interest rate (as a percent)

2.60%

MetLife Term Loan #1 | LIBOR

Mortgage notes payable

Margin added to reference rate (as a percent)

3.48%

MetLife Term Loan #2

Mortgage notes payable

Principal outstanding

$ 16,000,000

16,000,000

Interest rate (as a percent)

2.66%

Adjustment term for the interest rate on the debt instrument

3 years

Interest Rate (as a percent)

2.66%

Book Value of Collateral

$ 31,677,000

MetLife Term Loan #2 | LIBOR

Mortgage notes payable

Margin added to reference rate (as a percent)

2.66%

MetLife Term Loan #3

Mortgage notes payable

Principal outstanding

$ 21,000,000

21,000,000

Interest rate (as a percent)

2.66%

Adjustment term for the interest rate on the debt instrument

3 years

Interest Rate (as a percent)

2.66%

Book Value of Collateral

$ 27,654,000

MetLife Term Loan #4

Mortgage notes payable

Principal outstanding

$ 15,685,000

15,685,000

$ 15,700,000

Interest rate (as a percent)

3.48%

Adjustment term for the interest rate on the debt instrument

3 years

Margin added to reference rate (as a percent)

3.48%

Interest Rate (as a percent)

3.48%

Book Value of Collateral

$ 30,624,000

MetLife Term Loan #4 | Minimum

Mortgage notes payable

Interest rate (as a percent)

2.00%

MetLife Term Loan #4 | Term Loan Four

Mortgage notes payable

Interest rate (as a percent)

2.60%

MetLife Term Loan #4 | 3 month LIBOR | Minimum

Mortgage notes payable

Margin added to reference rate (as a percent)

1.75%

MetLife Term Loan #5

Mortgage notes payable

Principal outstanding

$ 8,379,000

Interest rate (as a percent)

3.26%

Adjustment term for the interest rate on the debt instrument

3 years

Interest Rate (as a percent)

3.26%

Book Value of Collateral

$ 16,761,000

Number of subsidiaries | subsidiary

5

MetLife Term Loan #5 | Term Loan Five

Mortgage notes payable

Interest rate (as a percent)

3.26%

MetLife Term Loan #6

Mortgage notes payable

Principal outstanding

$ 27,159,000

$ 27,200,000

Interest rate (as a percent)

3.21%

Adjustment term for the interest rate on the debt instrument

3 years

Interest Rate (as a percent)

3.21%

Book Value of Collateral

$ 55,526,000

MetLife Term Loan #6 | Term Loan Six

Mortgage notes payable

Interest rate (as a percent)

3.21%

MetLife Term Loan #7

Mortgage notes payable

Principal outstanding

$ 21,253,000

Interest rate (as a percent)

3.45%

Adjustment term for the interest rate on the debt instrument

3 years

Interest Rate (as a percent)

3.45%

Book Value of Collateral

$ 48,307,000

Farm Credit of Central Florida

Mortgage notes payable

Principal outstanding

$ 5,102,000

5,102,000

$ 8,200,000

Interest rate (as a percent)

2.6875%

Interest Rate (as a percent)

3.92%

Book Value of Collateral

$ 9,688,000

Coverage Ratio

1.25

Farm Credit of Central Florida | LIBOR

Mortgage notes payable

Interest rate (as a percent)

2.6875%

Prudential

Mortgage notes payable

Principal outstanding

$ 6,481,000

$ 6,600,000

Interest rate (as a percent)

3.20%

Interest Rate (as a percent)

3.20%

Book Value of Collateral

$ 11,643,000

Prudential | Maximum

Mortgage notes payable

Leverage ratio (as a percent)

60.00%

Rutledge Note Payable#1

Mortgage notes payable

Principal outstanding

$ 25,000,000

Interest Rate (as a percent)

2.60%

Book Value of Collateral

$ 46,022,000

Rutledge Note Payable#1 | 3 month LIBOR

Mortgage notes payable

Margin added to reference rate (as a percent)

1.30%

Rutledge Note Payable#2

Mortgage notes payable

Principal outstanding

$ 25,000,000

Interest Rate (as a percent)

2.60%

Book Value of Collateral

$ 49,700,000

Rutledge Note Payable#2 | 3 month LIBOR

Mortgage notes payable

Margin added to reference rate (as a percent)

1.30%

Rutledge Note Payable#3

Mortgage notes payable

Principal outstanding

$ 25,000,000

Interest Rate (as a percent)

2.60%

Book Value of Collateral

$ 58,985,000

Rutledge Note Payable#3 | 3 month LIBOR

Mortgage notes payable

Margin added to reference rate (as a percent)

1.30%

Rutledge Note Payable#4

Mortgage notes payable

Principal outstanding

$ 15,000,000

Interest Rate (as a percent)

2.60%

Book Value of Collateral

$ 28,271,000

Rutledge Note Payable#4 | 3 month LIBOR

Mortgage notes payable

Margin added to reference rate (as a percent)

1.30%

Rutledge Note Payable#5

Mortgage notes payable

Principal outstanding

$ 30,000,000

Interest Rate (as a percent)

2.60%

Book Value of Collateral

$ 69,772,000

Rutledge Note Payable#5 | 3 month LIBOR

Mortgage notes payable

Margin added to reference rate (as a percent)

1.30%

Commitments and Contingencies35

Commitments and Contingencies (Details)	1 Months Ended				9 Months Ended
	Jun. 30, 2017USD ($)	Feb. 02, 2017item	Jun. 30, 2016USD ($)	May 31, 2016USD ($)	Sep. 30, 2017USD ($)lease	Sep. 30, 2016USD ($)	Apr. 16, 2014property
Future minimum lease payments
Monthly payment amount	$ 10,367		$ 10,200	$ 10,032
2017 (remaining three months)					$ 44,000
2,018					126,000
2,019					74,000
Total future minimum lease payments					244,000
Number of properties | property							38
Capital Commitments
2017 (remaining three months)					4,311,000
2,018					845,000
Total capital commitments					5,156,000
Farms acquired and allocation of purchase price
Annual leases agreements | item		2
Purchase price					$ 111,120,000	$ 261,100,000
Florida
Farms acquired and allocation of purchase price
Lease agreement in which the Company agreed to complete certain improvement projects | lease					1
South Carolina
Farms acquired and allocation of purchase price
Lease agreement in which the Company agreed to complete certain improvement projects | lease					4
Purchase price					$ 1,120,000
California
Farms acquired and allocation of purchase price
Purchase price					$ 110,000,000

Stockholders' Equity and Non-36

Stockholders' Equity and Non-controlling Interests - Distributions (Details) $ / shares in Units, $ in Thousands	Oct. 31, 2017shares	Jul. 19, 2017shares	Jul. 10, 2017shares	Apr. 12, 2017shares	Mar. 27, 2017shares	Jun. 02, 2016	Dec. 31, 2017$ / sharesshares	Sep. 30, 2017USD ($)shares	Sep. 30, 2016USD ($)	Dec. 31, 2016shares	Jun. 02, 2015shares
Common units
Shareholders' Equity
OP units outstanding for redemption								4,500,000		3,000,000
Subsequent event
Shareholders' Equity
Shares repurchased (in shares)							279,210
Shares repurchased, average price (in dollars per share) | $ / shares							$ 9.15
Subsequent event | Common units
Shareholders' Equity
Shares repurchased (in shares)	984,365
Operating Partnership
Shareholders' Equity
Parent ownership interest (as a percent)								85.10%		75.10%
Common stock
Shareholders' Equity
Common stock issued (in shares)		531,827	118,634	328,122	129,174
Shares repurchased (in shares)		531,827	118,634	328,122	129,174
OP units outstanding for redemption											1,993,709
Common stock | Subsequent event
Shareholders' Equity
Common stock issued (in shares)	984,365
Common stock | Operating Partnership
Shareholders' Equity
Ratio for conversion into common shares						1
Non-controlling interest
Shareholders' Equity
Increase of non-controlling interests and decrease of additional paid in capital | $								$ 3,101	$ (4,282)
Non-controlling interest | Operating Partnership
Shareholders' Equity
Increase of non-controlling interests and decrease of additional paid in capital | $								$ 3,100	$ 4,300
Pittman Hough Farms | Operating Partnership
Shareholders' Equity
Noncontrolling ownership interest (as a percent)								14.90%		24.90%

Stockholders' Equity and Non-37

Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest in the Operating Partnership (Details) - USD ($)	Oct. 13, 2017	Aug. 17, 2017	Aug. 10, 2017	Jul. 19, 2017	Jul. 14, 2017	Jul. 10, 2017	May 09, 2017	Apr. 14, 2017	Apr. 12, 2017	Mar. 27, 2017	Feb. 22, 2017	Jan. 13, 2017	Nov. 03, 2016	Oct. 14, 2016	Aug. 03, 2016	Jul. 15, 2016	May 25, 2016	May 09, 2016	Apr. 15, 2016	Mar. 08, 2016	Mar. 02, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Oct. 29, 2014
Change in redeemable non-controlling interest
Net loss attributable to non-controlling interests																									$ (64,000)
Redemption of units for common stock																									$ (9,519,000)
Redeemable non-controlling interests in operating partnership, preferred units																						$ 119,633,000		$ 119,633,000		$ 119,915,000
Series B Participating Preferred Stock																						$ 144,223,000		$ 144,223,000
Common Stock, Par or Stated Value Per Share																						$ 0.01		$ 0.01		$ 0.01
Cash dividend paid (in dollars per share)	$ 0.1275				$ 0.1275			$ 0.1275				$ 0.1275		$ 0.1275		$ 0.1275			$ 0.1275
Distributions per Common Share/OP unit (in dollars per share)				$ 0.1275			$ 0.1275				$ 0.1275		$ 0.1275		$ 0.1275			$ 0.1275		$ 0.1275		$ 0.1275	$ 0.1275	$ 0.3825	$ 0.3825	$ 0.5100
Repayment of principal																								$ 20,819,000	$ 84,750,000
Payments for repurchase of shares																								$ 7,446,000
Share repurchase
Change in redeemable non-controlling interest
Shares repurchased (in shares)																						841,257		841,257
Payments for repurchase of shares																						$ 7,400,000		$ 7,400,000
Shares repurchased, average price (in dollars per share)																						$ 8.85		$ 8.85
Share repurchase | Maximum
Change in redeemable non-controlling interest
Amount approved for share repurchase program																											$ 25,000,000
Common stock
Change in redeemable non-controlling interest
Distributions payable																								$ 730,000	724,000
Share repurchased and retired (in shares)																								841,000
Shares repurchased (in shares)				531,827		118,634			328,122	129,174
Redeemable OP Units
Change in redeemable non-controlling interest
Accrued distributions to non-controlling interest																									(113,000)
Redeemable OP Units | Common stock
Change in redeemable non-controlling interest
Opening balance																									$ 9,695,000	$ 9,695,000
Opening balance (in shares)																									884,000	884,000
Net loss attributable to non-controlling interests																									$ (64,000)
Accrued distributions to non-controlling interest																									$ (113,000)
Redemption of units for common stock (in shares)																									(884,000)
Redemption of units for common stock																									$ (9,518,000)
Ending balance
Ending balance (in shares)
Temporary Equity redeemable for cash																	883,724
Redeemable Preferred OP Units
Change in redeemable non-controlling interest
Accrued distributions to non-controlling interest																						$ (877,000)	$ (887,000)	$ (2,632,000)	(2,057,000)
Percentage of cumulative preferential dividends																								3.00%
Distributions payable																								$ 2,633,000	2,057,000
Redeemable Preferred OP Units | Preferred stock
Change in redeemable non-controlling interest
Opening balance																								$ 119,915,000
Opening balance (in shares)																								117,000
Issuance of units																									$ 117,000,000
Issuance of units (in shares)																									117,000
Accrued distributions to non-controlling interest																								$ 2,633,000	$ 2,057,000
Distributions paid																								(2,915,000)
Redeemable non-controlling interests in operating partnership, preferred units																						$ 119,633,000		$ 119,633,000
Ending balance																							$ 119,057,000		$ 119,057,000	$ 119,915,000
Ending balance (in shares)																						117,000	117,000	117,000	117,000	117,000
Series A Preferred Units
Change in redeemable non-controlling interest
Percentage of preferential cash distribution																					3.00%
Liquidation preference																					$ 1,000
Number of trading days																								20 days
Series A Preferred Units | Illinois | Asset acquisition
Stockholders’ Equity and Non-controlling Interests
Issuance of stock (in shares)																					117,000
Change in redeemable non-controlling interest
Liquidation value																						$ 119,600,000		$ 119,600,000		$ 119,900,000
Series B Participating Preferred Stock
Change in redeemable non-controlling interest
Accrued distributions to non-controlling interest																						(1,082,000)		$ (1,082,000)
Distributions paid																						$ 1,100,000
Percentage of cumulative change in the estimated value of farmland		50.00%
Final liquidation preference, percentage cap on total return		9.00%
Number of preceding years considered in redemption price calculation																								4 years
Constant percentage																								50.00%
Shares issued under underwriting agreement		6,037,500	6,037,500
Preference dividend (as a percent)		6.00%
Par value		$ 0.01
Common stock, issue price (in dollars per share)		25
Liquidation preference		$ 25
Repayment of principal			$ 1,100,000

Stockholders' Equity and Non-38

Stockholders' Equity and Non-controlling Interests - Summary of the non-vested Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	May 03, 2017	May 02, 2017	Dec. 31, 2016	Sep. 15, 2015
Weighted Average Grant Date Fair Value
Shares issued	32,632,150	32,632,150				17,351,446
Increase (decrease) in share-based compensation	$ 0
Deferred offering costs incurred		$ 500	$ 100
Deferred offering costs	$ 280	$ 280				$ 216
Second Amended Plan
Shareholders' Equity
Number of shares available for future grant	700,000	700,000
Weighted Average Grant Date Fair Value
Number of shares available for future grant	700,000	700,000
Restricted shares
Number of Shares
Unvested at the beginning of the period (in shares)		189,000	145,000
Granted (in shares)		205,000	119,000
Vested (in shares)		(108,000)	(70,000)
Forfeited (in shares)		(7,000)	(5,000)
Unvested at the end of the period (in shares)	279,000	279,000	189,000
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)		$ 11.98	$ 13.87
Granted (in dollars per share)		11.30	10.78
Vested (in dollars per share)		12.84	13.96
Forfeited (in dollars per share)		10.97	11.09
Unvested at the end of the period (in dollars per share)	$ 11.16	$ 11.16	$ 11.97
Share-based compensation expense		$ 1,100	$ 900
Total unrecognized compensation costs related to non-vested stock awards	$ 2,400	$ 2,400				$ 1,200
Weighted average period over which unrecognized compensation costs is expected to be recognized		1 year 3 months 18 days
Restricted shares | Second Amended Plan
Shareholders' Equity
Number of shares available for future grant				750,000
Weighted Average Grant Date Fair Value
Maximum shares of common stock to be issued				1,265,851	615,070
Shares issued				529,195
Number of shares available for future grant				750,000
Common stock
Weighted Average Grant Date Fair Value
Shares issued	0	0	844,207
Stock offering, maximum sales value							$ 25,000
Proceeds from issuance of common stock			$ 9,300
Sale of common stock, weighted-average price per share			$ 11.06

Stockholders' Equity and Non-39

Stockholders' Equity and Non-controlling Interests - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net profit (loss) attributable to Farmland Partners Inc.	$ 2,216	$ 70	$ 2,277	$ (412)
Less: Nonforfeitable distributions allocated to unvested restricted shares	(36)	(24)	(116)	(72)
Net income (loss) available to common stockholders of Farmland Partners Inc.	$ 221	$ (841)	$ (1,553)	$ (2,654)
Denominator:
Weighted-average number of common shares - basic (in shares)	32,862	13,683	30,695	12,663
Weighted-average number of common shares - diluted (in shares)	32,862	13,683	30,695	12,663
Earnings (Loss) per share attributable to common stockholders - basic	$ 0.01	$ (0.06)	$ (0.05)	$ (0.21)
Earnings (Loss) per share attributable to common stockholders - diluted	$ 0.01	$ (0.06)	$ (0.05)	$ (0.21)
Redeemable OP Units
Numerator:
Less: Distributions and dividends				$ (113)
Redeemable Preferred OP Units
Numerator:
Less: Distributions and dividends	$ (877)	$ (887)	$ (2,632)	$ (2,057)
Series B Participating Preferred Stock
Numerator:
Less: Distributions and dividends	$ (1,082)		$ (1,082)

Stockholders' Equity and Non-40

Stockholders' Equity and Non-controlling Interests - OP units held by the non-controlling interest (Details) - shares shares in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Excluded from diluted earnings per share calculation
Anti-dilutive compensation-related shares outstanding			0
Compensation-related shares
Excluded from diluted earnings per share calculation
Anti-dilutive compensation-related shares outstanding	0.3	0.2
Operating Partnership | Non-controlling interest
Excluded from diluted earnings per share calculation
Weighted average number of OP units	6.1	5.3

Stockholders' Equity and Non-41

Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares	Sep. 30, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Equity awards and units outstanding	38,356	23,043
Restricted shares
Class of Stock [Line Items]
Equity awards and units outstanding	279	188
Common units
Class of Stock [Line Items]
Equity awards and units outstanding	5,724	5,692
Common stock
Class of Stock [Line Items]
Equity awards and units outstanding	32,353	17,163

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands

Nov. 08, 2017$ / shares

Oct. 31, 2017USD ($)itemshares

Oct. 23, 2017USD ($)

Aug. 17, 2017

Aug. 10, 2017USD ($)

Jul. 19, 2017shares

Jul. 10, 2017shares

Apr. 12, 2017shares

Mar. 27, 2017shares

Dec. 31, 2017USD ($)$ / sharesshares

Sep. 30, 2017USD ($)item

Sep. 30, 2016USD ($)item

Dec. 31, 2016USD ($)

Subsequent Events

Total consideration

$ 7,446

Repayment of principal

20,819

$ 84,750

Debt outstanding

465,834

$ 309,862

Debt maturing prior to the end of 2017

$ 60,400

Number of acquisitions | item

15

16

Payments to acquire farmland

$ 92,680

$ 122,388

Farmer Mac Bond #2

Subsequent Events

Repayment of principal

$ 5,500

Debt outstanding

$ 5,460

$ 5,460

Subsequent event

Subsequent Events

Shares repurchased (in shares) | shares

279,210

Shares repurchased, average price (in dollars per share) | $ / shares

$ 9.15

Total consideration

$ 2,600

Dividend declared (per share) | $ / shares

$ 0.1275

Subsequent event | Farmer Mac Bond #2

Subsequent Events

Repayment of principal

5,500

Subsequent event | South Carolina

Subsequent Events

Number of acquisitions | item

1

Payments to acquire farmland

$ 2,200

Farmer Mac Facility | Subsequent event

Subsequent Events

Debt outstanding

129,300

Debt maturing prior to the end of 2017

$ 54,900

Series B Participating Preferred Stock

Subsequent Events

Repayment of principal

$ 1,100

Preference dividend (as a percent)

6.00%

Series B Participating Preferred Stock | Subsequent event

Subsequent Events

Dividend declared (per share) | $ / shares

$ 0.375

Preference dividend (as a percent)

6.00%

Common stock

Subsequent Events

Shares repurchased (in shares) | shares

531,827

118,634

328,122

129,174

Common stock issued (in shares) | shares

531,827

118,634

328,122

129,174

Common stock | Subsequent event

Subsequent Events

Common stock issued (in shares) | shares

984,365

Common units | Subsequent event

Subsequent Events

Shares repurchased (in shares) | shares

984,365