Farmland Partners (FPI) 10-K29 Feb 242023 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-36405
Entity Registrant Name	Farmland Partners Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-3769850
Entity Address, Address Line One	4600 South Syracuse Street, Suite 1450
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	720
Local Phone Number	452-3100
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	FPI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 536,808,999
Entity Common Stock, Shares Outstanding		48,028,438
Auditor Name	Plante & Moran, PLLC
Auditor Firm ID	166
Auditor Location	Denver, Colorado
Entity Central Index Key	0001591670
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Land, at cost	$ 869,848	$ 980,521
Grain facilities	12,222	11,349
Groundwater	11,472	17,682
Irrigation improvements	41,988	50,097
Drainage improvements	10,315	12,543
Permanent plantings	39,620	50,394
Other	4,696	6,967
Construction in progress	4,453	14,810
Real estate, at cost	994,614	1,144,363
Less accumulated depreciation	(33,083)	(38,447)
Total real estate, net	961,531	1,105,916
Deposits	426	148
Cash and cash equivalents	5,489	7,654
Assets held for sale	28	33
Loans and financing receivables, net	31,020	21,921
Right of use asset	399	325
Deferred offering costs	0	63
Accounts receivable, net	7,743	7,055
Derivative asset	1,707	2,084
Inventory	2,335	2,808
Equity method investments	4,136	4,185
Intangible assets, net	2,035	2,055
Goodwill	2,706	2,706
Prepaid and other assets	2,447	3,196
TOTAL ASSETS	1,022,002	1,160,149
LIABILITIES
Mortgage notes and bonds payable, net	360,859	436,875
Lease liability	399	325
Dividends payable	13,286	3,333
Accrued interest	4,747	4,135
Accrued property taxes	1,898	2,008
Deferred revenue	2,149	44
Accrued expenses	7,854	9,215
Total liabilities	391,192	455,935
Commitments and contingencies (See Note 8)
Redeemable non-controlling interest in operating partnership, Series A preferred units	101,970	110,210
EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 48,002,716 shares issued and outstanding at December 31, 2023, and 54,318,312 shares issued and outstanding at December 31, 2022	466	531
Additional paid in capital	577,253	647,346
Retained earnings	31,411	3,567
Cumulative dividends	(95,939)	(73,964)
Other comprehensive income	2,691	3,306
Non-controlling interests in operating partnership	12,958	13,218
Total equity	528,840	594,004
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY	$ 1,022,002	$ 1,160,149

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	48,002,716	54,318,312
Common stock, shares outstanding	48,002,716	54,318,312

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING REVENUES:
Rental income	$ 49,185	$ 48,879
Total operating revenues	57,466	61,210
OPERATING EXPENSES
Depreciation, depletion and amortization	7,499	6,960
Property operating expenses	8,660	8,190
Cost of goods sold	4,754	5,966
Acquisition and due diligence costs	17	111
General and administrative expenses	11,274	12,005
Legal and accounting	1,279	2,874
Impairment of assets	5,840	0
Other operating expenses	144	130
Total operating expenses	39,467	36,236
OTHER (INCOME) EXPENSE:
Other (income)	(39)	(663)
(Income) from equity method investment	(1)	(52)
(Gain) on disposition of assets, net	(36,133)	(2,641)
Interest expense	22,657	16,143
Total other expense	(13,516)	12,787
Net income before income tax (benefit) expense	31,515	12,187
Income tax (benefit) expense	(166)	227
NET INCOME	31,681	11,960
Net (income) attributable to non-controlling interests in operating partnership	(768)	(286)
Net income attributable to the Company	30,913	11,674
Nonforfeitable distributions allocated to unvested restricted shares	(157)	(63)
Distributions on Series A Preferred Units	(2,970)	(3,210)
Net income available to common stockholders of Farmland Partners Inc.	$ 27,786	$ 8,401
Basic and diluted per common share data:
Basic net income available to common stockholders	$ 0.55	$ 0.16
Diluted net income available to common stockholders	$ 0.53	$ 0.16
Basic weighted average common shares outstanding (in shares)	50,243	50,953
Diluted weighted average common shares outstanding (in shares)	58,292	50,953
Dividends declared per common share	$ 0.24	$ 0.23
Tenant reimbursements
OPERATING REVENUES:
Rental income	$ 3,428	$ 3,264
Crop sales
OPERATING REVENUES:
Revenue	2,257	5,372
Other revenue
OPERATING REVENUES:
Revenue	$ 6,024	$ 6,959

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Income
Net income	$ 31,681	$ 11,960
Amortization of other comprehensive income	198	594
Net change associated with current period hedging activities	(813)	2,433
Comprehensive income	31,066	14,987
Comprehensive (loss) attributable to non-controlling interests	(768)	(286)
Net income attributable to Farmland Partners Inc.	$ 30,298	$ 14,701

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.	Other Comprehensive Income	Non-controlling Interests in Operating Partnership	Total
Balance at Dec. 31, 2021	$ 444	$ 524,183	$ (4,739)	$ (61,853)	$ 279	$ 13,762	$ 472,076
Balance (in shares) at Dec. 31, 2021	45,474
Increase (decrease) in shareholders' equity
Net income			11,674			286	11,960
Issuance of stock	$ 86	121,289					121,375
Issuance of stock (in shares)	8,599
Grant of unvested restricted stock (in shares)	150
Forfeiture of unvested restricted stock (in shares)	(10)
Shares withheld for income taxes on vesting of equity-based compensation		(186)					(186)
Shares withheld for income taxes on vesting of equity-based compensation (in shares)	(15)
Stock based compensation		1,523					1,523
Dividends accrued and paid			(3,368)	(12,111)		(292)	(15,771)
Conversion of common units to shares of common stock	$ 1	1,319				(1,320)
Conversion of common units to shares of common stock (in shares)	120
Net change associated with current period hedging transactions and amortization of other comprehensive income (loss)					3,027		3,027
Adjustments to non-controlling interest resulting from changes in ownership of operating partnership		(782)				782
Balance at Dec. 31, 2022	$ 531	647,346	3,567	(73,964)	3,306	13,218	594,004
Balance (in shares) at Dec. 31, 2022	54,318
Increase (decrease) in shareholders' equity
Net income			30,913			768	31,681
Issuance of stock		155					155
Issuance of stock (in shares)	14
Grant of unvested restricted stock (in shares)	226
Forfeiture of unvested restricted stock (in shares)	(1)
Shares withheld for income taxes on vesting of equity-based compensation		(43)					(43)
Shares withheld for income taxes on vesting of equity-based compensation (in shares)	(4)
Stock based compensation		1,853					1,853
Dividends accrued and paid			(3,069)	(21,975)		(546)	(25,590)
Net change associated with current period hedging transactions and amortization of other comprehensive income (loss)					(615)		(615)
Repurchase and cancellation of shares	$ (65)	(72,107)				(433)	(72,605)
Repurchase and cancellation of shares (in shares)	(6,550)
Adjustments to non-controlling interest resulting from changes in ownership of operating partnership		49				(49)
Balance at Dec. 31, 2023	$ 466	$ 577,253	$ 31,411	$ (95,939)	$ 2,691	$ 12,958	$ 528,840
Balance (in shares) at Dec. 31, 2023	48,003

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 31,681	$ 11,960
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation, depletion and amortization	7,499	6,960
Amortization of deferred financing fees and discounts/premiums on debt	689	378
Amortization of net origination fees related to notes receivable	(19)	(37)
Stock-based compensation	1,853	1,523
Stock-based incentive		417
(Gain) on disposition of assets, net	(36,133)	(2,641)
(Income) loss from equity method investment	(1)	(52)
Bad debt expense	15	24
Current and expected credit losses	76	92
Impairment of assets	5,840	0
Amortization of dedesignated interest rate swap	198	449
Loss on early extinguishment of debt		162
Changes in operating assets and liabilities:
(Increase) Decrease in accounts receivable	865	(2,335)
(Increase) Decrease in interest receivable	(63)	(119)
(Increase) Decrease in other assets	112	(139)
(Increase) Decrease in inventory	473	251
Increase (Decrease) in accrued interest	611	1,383
Increase (Decrease) in accrued expenses	(1,509)	(1,533)
Increase (Decrease) in deferred revenue	564	56
Increase (Decrease) in accrued property taxes	136	252
Net cash and cash equivalents provided by operating activities	12,887	17,051
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate acquisitions	(22,157)	(54,436)
Real estate and other improvements	(5,826)	(4,246)
Acquisition of non-real estate assets		(75)
Investment in equity method investees		(705)
Distributions from equity method investees	50
Collections of principal on loans	2,707	2,786
Origination fees on notes receivable		60
Issuance of loans and financing receivables	(11,800)	(20,781)
Proceeds from sale of property	195,487	16,999
Net cash and cash equivalents provided by (used in) investing activities	158,461	(60,398)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from mortgage notes payable	79,501	223,000
Repayments on mortgage notes payable	(155,894)	(296,941)
Proceeds from ATM offering		121,315
Issuance of stock	155	59
Common stock repurchased	(72,173)
Payment of debt issuance costs	(312)	(1,047)
Payment of swap fees	(437)	(291)
Redemption of Series A preferred units	(8,100)	(10,158)
Redemption of common units	(432)
Dividends on common stock	(12,273)	(11,126)
Shares withheld for income taxes on vesting of equity-based compensation	(43)	(186)
Distributions to non-controlling interests in operating partnership, common	(295)	(285)
Net cash and cash equivalents provided by (used in) financing activities	(173,513)	20,830
Net (decrease) in cash and cash equivalents	(2,165)	(22,517)
Cash and cash equivalents, beginning of period	7,654	30,171
Cash and cash equivalents, end of period	5,489	7,654
Cash paid during period for interest	22,450
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Deferred net gain from seller-financed dispositions	2,107
Additions to real estate improvements included in accrued expenses	275	853
Swap fees payable included in accrued interest	146	146
Prepaid property tax liability acquired in acquisitions	10	63
Deferred offering costs amortized through equity in the period		118
Right-of-use assets obtained in exchange for new operating lease liabilities	396	325
Non-cash conversion of notes receivable to real estate		2,135
Common stock
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable, common stock	12,961	3,259
Common Unit Holders
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable, common units	325	74
Series A Preferred Units
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions on Series A preferred units	(3,210)	(3,510)
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable, common units	3,000
Distributions payable, Series A preferred units	$ 2,970	$ 3,210

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
Organization and Significant Accounting Policies	Dec. 31, 2023
Organization and Significant Accounting Policies
Organization and Significant Accounting Policies	Note 1—Organization and Significant Accounting Policies Organization Farmland Partners Inc. (“FPI”), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI 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. FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. All of FPI’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 December 31, 2023, FPI owned a 97.6% 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”) and Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”). Unlike holders of FPI’s common stock, par value $0.01 per share (“common stock”), holders of the Operating Partnership’s Common units and Series A preferred units generally do not have voting rights or the power to direct the affairs of FPI. As of December 31, 2023, the Operating Partnership owned a 9.97% equity interest in an unconsolidated equity method investment that holds 12 properties (see “Note 1—Organization and Significant Accounting Policies—Equity Method Investments” and “Note 4—Related Party Transactions”). References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership. As of December 31, 2023, the Company owned a portfolio of approximately 132,800 acres of farmland, which is consolidated in these financial statements. In addition, as of December 31, 2023, we owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag-Pro Ohio, LLC (“Ag Pro”) under the John Deere brand and served as property manager for approximately 38,300 acres of farmland (see “Note 6—Loans and Financing Receivables”). On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. We engage directly in farming, provide property management, auction, and brokerage services and volume purchasing services to our tenants through the TRS. As of December 31, 2023, the TRS performed direct farming operations on 2,103 acres of farmland owned by the Company located in California. All references to numbers and percent of acres within this report are unaudited. Principles of Combination and Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of FPI and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the presentation used in the current year. Such reclassifications had no effect on net income or total equity. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates for a variety of reasons, including, without limitation, the impacts of public health crises, the war in Ukraine, substantially higher prices for oil and gas and substantially increased interest rates, and their effects on the domestic and global economies. We are unable to quantify the ultimate impact of these factors on our business. 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 a 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 of similar assets, and contains acquired inputs and processes which have the ability to contribute to the creation of outputs, these acquisitions are accounted for as business combinations. 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 the Company’s acquisitions are treated as asset acquisitions under ASC 360 or business combinations under ASC 805, the fair value of the aggregate purchase price paid in each such acquisition is allocated among the assets acquired and any liabilities assumed by valuing the property as if it were 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 (trees, 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 determined based upon various sources including third-party appraisals, our own analysis of recently acquired or developed properties and existing comparable properties in our portfolio, and other market data. Factors considered by management in its analysis of land value include soil types, water availability and the sale 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. 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 the Company’s overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships are included as an intangible asset and have been 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 above and below market leases, in-place lease values, and 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 are 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. During the years ended December 31, 2023 and 2022, the Company incurred an immaterial amount of costs related to acquisition and due diligence. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, the Company determines the fair value of the equity securities issued based on the number of shares or units issued multiplied by the price per share or unit. Using information available at the time of a business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. Any residual amount remaining after such allocations is allocated to goodwill. During the measurement period, which may be up to one year from the acquisition date when incomplete information exists as of the respective reporting 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. Real Estate Sales The Company recognizes gains (losses) from the sales of real estate assets generally at the time the title is transferred and consideration is received. Liquidity Policy The Company manages its liquidity position and expected liquidity needs taking into consideration current cash balances, undrawn availability under its lines of credit ($201.1 million as of December 31, 2023), and reasonably expected cash receipts. The business model of the Company, and of real estate investment companies in general, utilizes debt as a structural source of financing. When debt becomes due, it is generally refinanced rather than repaid using the Company’s cash flow from operations. The Company has a history of being able to refinance its debt obligations prior to maturity. Furthermore, the Company also has a substantial portfolio of real estate assets that management believes could be readily liquidated if necessary to fund any immediate liquidity needs. As of December 31, 2023, we had $360.9 million of mortgage and other debt against a portfolio of real estate assets with a net book value of $961.5 million. As of December 31, 2023, we had capacity to issue up to $50.5 million of our common stock under our At-the-Market Equity Offering Program (the “ATM Program”). We also have an effective shelf registration statement with approximately $100 million of capacity, in addition to availability under the ATM Program, pursuant to which we could issue additional equity or debt securities. For more information on the ATM Program please see “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” Real Estate The Company’s real estate consists of land, groundwater and improvements made to the land consisting of permanent plantings, grain facilities, irrigation improvements, drainage improvements and other improvements. The Company records real estate at cost and capitalizes improvements and replacements when they extend the useful life or improve the efficiency of the asset. Construction in progress includes the costs to build new grain storage facilities and install new pivots, drainage and wells on newly acquired farms. The Company begins depreciating assets when the asset is ready for its intended use. The Company expenses costs of repairs and maintenance at the time such costs are incurred. The Company computes depreciation and depletion for assets classified as improvements using the straight-line method over their estimated useful lives as follows: Years Grain facilities 10 - 40 Irrigation improvements 2 - 40 Drainage improvements 20 - 65 Groundwater 3 - 50 Permanent plantings 13 - 40 Other 5 - 40 The Company periodically evaluates the estimated useful lives for groundwater based on current state water regulations and depletion levels of the aquifers. When a sale occurs, the Company recognizes the associated gain or loss when all consideration has been transferred, the sale has closed and there is no material continuing involvement. If a sale is expected to generate a loss, the Company first assesses it through the impairment evaluation process—see ‘‘Impairment of Real Estate Assets’’ below. Impairment of Real Estate Assets The Company evaluates its tangible and identifiable intangible real estate assets for impairment indicators whenever events such as declines in a property’s operating performance, deteriorating market conditions or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. If such events are present, the Company projects the total undiscounted cash flows of the asset, including proceeds from disposition, and compares them to the net book value of the asset. If this evaluation indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset. There was $5.8 million and $0.0 million of impairment recognized on real estate assets in the accompanying financial statements during the years ended December 31, 2023 and 2022, respectively. Cash and Cash Equivalents The Company’s cash and cash equivalents at December 31, 2023 and 2022 was held in the custody of five financial institutions for both periods and the Company’s balance at any given financial institution may at times exceed federally insurable limits. We consider highly liquid investments purchased with an original maturity of three months or less, such as money market funds, to be cash equivalents. The Company monitors balances with individual financial institutions to mitigate risks relating to balances exceeding such limits. Debt Issuance Costs Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable, net except for those costs relating to the Company’s lines of credit which are recognized as an asset within deferred financing fees, net. During the year ended December 31, 2023, the Company incurred $0.3 million in connection with collateral substitution and documentation on its Metlife and Farmer Mac debt. During the year ended December 31, 2022, the Company incurred $1.0 million in connection with the refinancing of the Rutledge debt and the establishment of the Metlife Facility and the Farmer Mac Facility (each as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable”). Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the books upon maturity or repayment of the underlying debt. The Company recorded amortization expense of $0.7 million and $0.4 million for the years ended December 31, 2023 and 2022, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $1.9 million and $1.2 million as of December 31, 2023 and 2022, respectively. For more information on the Company’s debt, see “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable”. Loans and Financing Receivables Loans and financing receivables are stated at their unpaid principal balance and include unamortized direct origination costs, prepaid interest and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. As of December 31, 2023 and 2022, the Company has two types of loans and financing receivables: loans under the Company’s loan program (the “FPI Loan Program”) and sale-leaseback transactions accounted for as financing receivables. Loans under the FPI Loan Program: Sale-leaseback Transactions Accounted for as Financing Arrangements: Current expected credit losses (“CECL”) The Company monitors its loans and financing receivables using a CECL methodology which is based upon historical collection experience, collateral values, current trends, long-term probability of default (“PD”) and estimated loss given default (“LGD”). This approach calculates impairment by multiplying the PD (probability the asset will default within a given timeframe) by the LGD (percentage of the asset not expected to be collected due to default). The PD and LGD are estimated using average historical default rates of a company with similar credit risk factors to the Company’s tenant where practical. Accrued interest write-offs are recognized as credit loss expense. The CECL allowance is recorded as a reduction to loans and financing receivables, net on the accompanying consolidated balance sheets. The CECL allowance is updated on a quarterly basis with the resulting change being recorded in the consolidated statements of operations for the relevant period. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. Deferred Offering Costs Deferred offering costs include incremental direct costs related to regulatory, legal, accounting and professional service 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 $0.0 million and $0.1 million in offering costs during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the Company had $0.00 million and $0.06 million, respectively, in deferred offering costs associated with proposed or completed offerings of securities, net of amortization, remaining on the balance sheet. Assets Held for Sale The Company determines whether certain assets meet the criteria of assets held for sale in accordance with ASC Topic 360, “Property, Plant, and Equipment.” These assets are measured at the lower of (i) the carrying value and (ii) the fair value of the assets, less costs to sell. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Effective with the designation of the assets as held for sale, the Company suspends recording depreciation of the assets, resulting in a decrease in depreciation during the period. As of December 31, 2023, the Company had less than $0.1 million classified as held for sale within the accompanying consolidated balance sheets. Accounts Receivable Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The Company records an allowance for doubtful accounts, reducing the receivables balance to an amount that it estimates is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of the Company’s customers’ financial condition. The Company creates an allowance for accounts receivable when it becomes apparent, based upon age or customer circumstances, that an amount may not be collectible, such that all current expected losses are sufficiently reserved for at each reporting period. The Company considered its current expectations of future economic conditions when estimating its allowance for doubtful accounts. The allowance for doubtful accounts was less than $0.1 million as of December 31, 2023 and 2022. An allowance for doubtful accounts is recorded on the Consolidated Statements of Operations as a reduction to rental revenue if in relation to revenues recognized in the year, or as property operating expenses if in relation to revenue recognized in the prior years. Inventory Inventory consists of costs related to crops grown on farms directly operated by the TRS and is separated into growing crop inventory, harvested crop inventory or general inventory, as appropriate. Inventory is stated in the consolidated balance sheets at the lower of cost or net realizable value. Growing crop inventory consists of costs allocated to crops that have not yet been harvested, primarily 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 crops sold was $4.8 million and $6.0 million for the years ended December 31, 2023 and 2022, respectively. Harvested crop inventory consists of costs accumulated both during the growing and harvesting phases and allocated to harvested crops. Harvested crop inventory is stated at the lower of accumulated costs or estimated net realizable value, which is the market price of the harvested crops, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. General inventory, such as fertilizer, seeds and pesticides, is valued at the lower of cost or net realizable value. As of December 31, 2023 and 2022, inventory consisted of the following: (in thousands) December 31, 2023 December 31, 2022 Harvested crop $ 246 $ — Growing crop 2,089 2,808 $ 2,335 $ 2,808 Equity Method Investments On January 20, 2021, the Company entered into property sale and long-term management agreements with Promised Land Opportunity Zone Farms I, LLC (the “OZ Fund”), a private investment fund focused on acquiring and improving farmland in qualified opportunity zones in the United States, as designated under U.S. tax provisions enacted in 2017. As consideration for 10 farms sold to the OZ Fund in March 2021, the Company received approximately $2.4 million in convertible notes receivable, which, in addition to the accrued interest thereon, was converted into membership interests in the OZ Fund at the Company’s election in July 2021. The OZ Fund will exist until an event of dissolution occurs, as defined in the limited liability company agreement of the OZ Fund (the “Fund Agreement”). Under the Fund Agreement, the manager of the OZ Fund may call for additional capital contributions from its members to fund expenses, property acquisitions and capital improvements in accordance with each members’ funding ratio. The Company’s capital contributions are capped at $4.3 million. Under the Fund Agreement, any available cash, after the allowance for the payment of all obligations, operating expenses and capital improvements, is distributed to the members at least annually. For each fiscal year, net income or loss is allocated to the members pro rata in accordance with their percentage interest. See “Note 4—Related Party Transactions” for more information on the OZ Fund. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the carrying value of the reporting unit. The fair value is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future cash flows, discount rates and future capital requirements. If the fair value of the reporting unit is less than the carrying value, including goodwill, the excess of the book value over the fair value of goodwill is charged to net income as an impairment expense. During the years ended December 31, 2023 and 2022, the Company did not incur any impairment charges related to goodwill. Amortization of intangible assets with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Trade names and trademarks have an indefinite life and, therefore, are not subject to amortization, but rather are tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value is below its carrying value. Customer relationships are subject to amortization and are amortized over a period of 10 Income Taxes As a REIT, the Company is permitted to deduct dividends, for income tax purposes, paid to its stockholders, thereby eliminating the U.S. federal taxation of income represented by such distributions at the Company level, provided certain requirements are met. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including, for periods prior to 2021, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax (benefit) expense totaling $(0.2) million and $0.2 million, respectively, for the years ended December 31, 2023 and 2022. The Operating Partnership leases certain of its farms to the TRS, which is subject to federal and state income taxes. The TRS accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis of assets and liabilities and their respective income tax basis and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. There was $(2.5) million and $4.0 million in taxable income (loss) from the TRS for the years ended December 31, 2023 and 2022, respectively. The Company performs an annual review for any uncertain tax positions and, if necessary, will record future tax consequences of uncertain tax positions in the financial statements. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which when examined by taxing authorities is more-likely-than-not to be sustained on review and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2023, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2022 open tax year. When the Company acquires a property in a business combination, the Company evaluates such acquisition for any related deferred tax assets or liabilities and determines if a deferred tax asset or liability should be recorded in conjunction with the purchase price allocation. If a built-in gain is acquired, the Company evaluates the required holding period (generally 5 years) and determines if it has the ability and intent to hold the underlying assets for the necessary holding period. If the Company has the ability to hold the underlying assets for the required holding period, no deferred tax liability is recorded with respect to the built-in gain. The Company determined that no deferred tax asset or liability should be recorded as a result of any acquisitions that it undertook during the years ended December 31, 2023 and 2022. Fair Value The Company is required to disclose fair value as further explained in “Note 6—Notes Receivable”, “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable” and “Note 10—Hedge Accounting”. FASB ASC 820-10 establishes a three-level hierarchy for the 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. Hedge Accounting ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the consolidated balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the consolidated statements of operations during the reporting period. The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its funding. The Company may also use interest rate derivative financial instruments, namely interest rate swaps. The Company may enter into marketing con

Revenue Recognition

Revenue Recognition	12 Months Ended
Revenue Recognition	Dec. 31, 2023
Revenue Recognition.
Revenue Recognition	Note 2—Revenue Recognition Fixed Rent: Variable Rent: Fixed Rent and Variable Rent: The following table presents rental income that is disaggregated by revenue source for the years ended December 31, 2023 and 2022: For the years ended December 31, (in thousands) 2023 2022 Fixed Farm Rent $ 33,739 $ 32,878 Solar, Wind and Recreation Rent 3,954 2,647 Tenant Reimbursements 3,428 3,264 Variable Rent 8,064 10,090 $ 49,185 $ 48,879 The Company’s leases generally have terms ranging from one The majority of the Company’s revenue is derived from rental income. The Company elected an accounting policy to account for both its lease and non-lease components (specifically tenant reimbursements) as a single lease component under ASC 842. The following sets forth a summary of rental income recognized during the years ended December 31, 2023 and 2022: Rental income recognized For the years ended December 31, (in thousands) 2023 2022 Leases in effect at the beginning of the year $ 45,863 $ 40,015 Leases entered into during the year 3,322 8,864 $ 49,185 $ 48,879 Future minimum fixed rent payments from tenants under all non-cancelable leases in place as of December 31, 2023, including lease advances when contractually due, but excluding crop share and tenant reimbursement of expenses, for each of the next five years and thereafter as of December 31, 2023 are as follows: (in thousands) Future rental Year Ending December 31, payments 2024 $ 33,095 2025 20,637 2026 13,336 2027 7,262 2028 2,941 Thereafter 30,539 $ 107,810 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. Crop Sales: Other Revenue: The following table presents other revenue that is disaggregated by revenue source for the years ended December 31, 2023 and 2022: For the years ended December 31, (in thousands) 2023 2022 Auction and brokerage fees $ 1,138 $ 2,806 Crop insurance proceeds 2,335 2,609 Property management income 890 730 Other (e.g., interest income) 1,661 814 $ 6,024 $ 6,959

Concentration Risk

Concentration Risk	12 Months Ended
Concentration Risk	Dec. 31, 2023
Concentration Risk
Concentration Risk	Note 3—Concentration Risk Credit Risk For the years ended December 31, 2023 and 2022, the Company had certain tenant concentrations as presented in the table below. If a significant tenant, representing a tenant concentration, fails to make rental payments to the Company or elects to terminate its leases, and the land cannot be re-leased on satisfactory terms, there may be a material adverse effect on the Company’s financial performance and the Company’s ability to continue operations. The following is a summary of our significant tenants: Rental income recognized Approximate % of rental income For the years ended December 31, For the years ended December 31, ($ in thousands) 2023 2022 2023 2022 Tenant A (1) $ 6,702 $ 8,291 13.6 % 17.0 % (1) The Company has numerous permanent crop leases with major farming companies located in California. Geographic Risk The following table summarizes the percentage of approximate total acres owned as of December 31, 2023 and 2022, and the fixed and variable rent recorded by the Company for the years then ended by location of the farm: Approximate % Rental Income (1) of total acres For the years ended As of December 31, December 31, Location of Farm (2) 2023 2022 2023 2022 Corn Belt 33.6 % 28.7 % 37.7 % 34.3 % Delta and South 19.9 % 19.9 % 11.9 % 12.5 % High Plains 16.4 % 20.0 % 9.1 % 8.4 % Southeast 21.7 % 24.4 % 18.6 % 19.2 % West Coast 8.4 % 7.0 % 22.7 % 25.6 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are more relevant for full years than quarters or partial years. (2) Corn Belt includes farms located in Illinois, Indiana, Iowa, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas, Louisiana, Mississippi and Oklahoma. High Plains includes farms located in Colorado, Kansas and Texas. Southeast includes farms located in Florida, North Carolina and South Carolina. West Coast includes farms located in California.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
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 Paul A. Pittman, the Company’s Executive Chairman. The private plane was generally utilized when commercial air travel was not readily available or practical to and from a particular location. The Company paid costs of $0.03 million and $0.11 million during the years ended December 31, 2023 and 2022, respectively, to 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 consistently with other travel expenses, 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. In November 2023, the lease agreement was terminated due to American Ag Aviation’s disposition of its private plane. On January 20, 2021, the Company entered into property sale and long-term management agreements with the OZ Fund. The OZ Fund is a Delaware limited liability company whose manager is the brother of Thomas P. Heneghan, one of the Company's independent directors. Mr. Heneghan has an indirect investment in the OZ Fund. As of December 31, 2023 and 2022, the Company had a 9.97% interest, for both periods, in the OZ Fund. The aggregate balance of the Company’s equity method investment in the OZ Fund was approximately $4.1 million and $4.2 million as of December 31, 2023 and 2022, respectively, including aggregate capital contributions of $1.7 million for both periods, and aggregate distributions of less than $0.1 million and $0.0 million, respectively, from inception of the joint venture through December 31, 2023 and 2022, respectively. The Company’s capital contributions are capped at $4.3 million. The Company earned management fees of $0.5 million and $0.4 million during the years ended December 31, 2023 and 2022, respectively.

Real Estate

Real Estate	12 Months Ended
Real Estate	Dec. 31, 2023
Real Estate
Real Estate	Note 5—Real Estate During the year ended December 31, 2023, the Company completed acquisitions consisting of four properties in the Corn Belt and Delta and South regions. Aggregate cash consideration for these acquisitions totaled $22.2 million. No intangible assets were acquired through these acquisitions. During the year ended December 31, 2022, the Company completed 17 acquisitions, consisting of 20 properties, in the Corn Belt and High Plains regions. Aggregate cash consideration for these acquisitions totaled $54.4 million for real estate purchases accounted for as asset acquisitions plus $17.3 million for the purchase of land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand which are accounted for as financing receivables (refer to See “Note 6—Loans and Financing Receivables”). No intangible assets were acquired through these acquisitions. During the year ended December 31, 2023, the Company completed dispositions consisting of 74 properties in the Corn Belt, Delta and South, High Plains, Southeast and West Coast regions. The Company received $195.5 million in aggregate consideration, including $11.8 million in seller financing, and recognized an aggregate gain on sale of $36.1 million. In addition, the Company deferred an additional net gain on sale of $2.1 million in connection with dispositions of certain properties with seller financing. The deferred gain will be recognized at such time as the Company considers collection of the seller-financed portion of the sale price to be probable under applicable accounting standards. During the year ended December 31, 2022, the Company completed five dispositions consisting of five properties in the Corn Belt, High Plains and Southeast regions. The Company received cash consideration for these dispositions totaling $17.0 million and recognized an aggregate gain on sale of $2.6 million.

Loans and Financing Receivables

Loans and Financing Receivables	12 Months Ended
Loans and Financing Receivables	Dec. 31, 2023
Loans and Financing Receivables
Loans and Financing Receivables	Note 6—Loans and Financing Receivables The Company offers an agricultural lending product focused on farmers as a complement to the Company’s business of acquiring and owning farmland and leasing it to farmers. Under the FPI Loan Program, the Company makes loans to third-party farmers (both tenant and non-tenant) to provide financing for property acquisitions, working capital requirements, 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 or growing crops and in principal amounts of $1.0 million or more at fixed interest rates with maturities of up to six years. The Company expects the borrower to repay the loans in accordance with the loan agreements based on farming operations and access to other forms of capital, as permitted. In addition to loans made under the FPI Loan Program, the Company, on certain occasions, makes short-term loans to tenants secured by collateral other than real estate, such as growing crops, equipment or inventory, when the Company believes such loans will ensure the orderly completion of farming operations on a property owned by the Company for a given crop year and other credit is not available to the borrower. On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro (the seller), under the John Deere brand. In accordance with ASC Topic 842, control is not considered to have transferred to the Company under GAAP and these transactions are accounted for as financing arrangements under ASC 310 “Receivables” rather than as investments in real estate subject to operating leases. The leases mature in November 2037 and contain renewal options for periods up to 20 years from the original maturity date. The discount used for the transactions was 6.15%. As of December 31, 2023 and 2022, the Company held the following loans and financing receivables: ($ in thousands) Outstanding as of Maturity Loan Terms December 31, 2023 December 31, 2022 Date Loans under FPI Loan Program: Mortgage Note (1) Principal & interest due at maturity $ 210 $ 217 12/7/2028 Mortgage Note (2) Principal due at maturity & interest due semi-annually — 2,100 8/18/2023 Mortgage Note (3) Principal due at maturity & interest due quarterly 1,900 2,500 3/3/2025 Mortgage Note (4) Principal due at maturity & interest due quarterly 1,800 — 11/17/2028 Mortgage Note (5) Principal due at maturity & interest due semi-annually 8,009 — 12/28/2024 Mortgage Note (6) Principal due at maturity & interest due semi-annually 1,491 — 12/28/2024 Mortgage Note (7) Principal due at maturity & interest due monthly 500 — 6/30/2025 Total outstanding principal 13,910 4,817 Sale-leaseback transactions accounted for as financing arrangements: Financing Receivable, net (8) Monthly payments in accordance with lease agreement 5,920 5,894 11/17/2037 Financing Receivable, net (8) Monthly payments in accordance with lease agreement 4,498 4,498 11/17/2037 Financing Receivable, net (8) Monthly payments in accordance with lease agreement 3,563 3,561 11/17/2037 Financing Receivable, net (8) Monthly payments in accordance with lease agreement 3,237 3,241 11/17/2037 Total financing receivable 17,218 17,194 Interest receivable (net prepaid interest and points) 60 2 Allowance for credit losses (168) (92) Provision for interest receivable — — Total Loans and financing receivables, net $ 31,020 $ 21,921 1) 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 note is secured against farmland properties. 2) On August 18, 2021, the Company entered into a loan secured against farmland. The loan was repaid in full in September 2023. 3) On March 3, 2022, the Company entered into two loans with the same party secured against farmland. 4) On November 17, 2023, the Company entered into a loan agreement secured by farmland. 5) On December 28, 2023, the Company entered into a loan agreement secured by farmland. 6) On December 28, 2023, the Company entered into a loan agreement secured by farmland. 7) On December 28, 2023, the Company entered into a loan agreement secured by farmland and a feedlot. 8) On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio, accounted for as financing transactions. The leases may be extended beyond the stated maturity date, for up to an additional 20 years , at the option of the tenant. Loans and financing receivables 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. The Company monitors its receivables based upon historical collection experience, collateral values, current trends, long-term probability of default (“PD”) and estimated loss given default (“LGD”). Accrued interest write-offs are recognized as credit loss expense. The Company has estimated its credit losses in accordance with ASC 326 to be $0.1 million and $0.0 million on its loan balances as of December 31, 2023 and 2022, respectively, and approximately $0.1 million of allowance for credit losses on its financing receivables as of December 31, 2023 and 2022. The Company recorded no credit loss expense related to interest receivables during the years ended December 31, 2023 and 2022, respectively. There were no charge-offs or recoveries for the years ended December 31, 2023 and 2022. In addition, as of December 31, 2023, all payments under loans and financing receivables have been received in accordance with the agreements. The following tables details the allowance for credit losses as of December 31, 2023 and 2022: December 31, 2023 ($ in thousands) Amortized Cost Allowance Loans and financing receivables, net Allowance as a % of Amortized Cost Loans under FPI Loan Program $ 13,970 $ (76) $ 13,894 0.54 % Financing Receivables 17,218 (92) 17,126 0.53 % Totals $ 31,188 $ (168) $ 31,020 0.54 % December 31, 2022 ($ in thousands) Amortized Cost Allowance Loans and financing receivables, net Allowance as a % of Amortized Cost Loans under FPI Loan Program $ 4,819 $ — $ 4,819 — % Financing Receivables 17,194 (92) 17,102 0.54 % Totals $ 22,013 $ (92) $ 21,921 0.42 % The following chart reflects the roll-forward of the allowance for credit losses for our loans and financing receivables for the years ended December 31, 2023 and 2022: Years ended December 31, ($ in thousands) 2023 2022 Balance at beginning of year $ (92) $ — Initial allowance for financing receivables — (92) Initial allowance for loan receivables (76) — Current period change in credit allowance — — Charge-offs — — Recoveries — — Balance at end of year $ (168) $ (92) A reconciliation of the carrying amount of loans receivable and financing receivables for the years ended December 31, 2023 and 2022 is set out below: Years ended December 31, ($ in thousands) 2023 2022 Balance at beginning of year $ 22,011 $ 6,029 Additions during year: Issuance of loans and financing receivables 11,801 20,781 Interest accrued on financing receivables 1,054 122 34,866 26,932 Deductions during year: Collections of principal on loans 2,707 2,786 Payments on financing receivables 1,031 — Expiration of repurchase option — 2,135 Balance at end of year $ 31,128 $ 22,011 The collateral for the mortgage notes receivable consists of real estate and personal property. The Company estimates the fair value of loans and financing receivables using Level 3 inputs under the hierarchy established by GAAP. Fair value is estimated by discounting cash flows using interest rates based on management’s estimates of market interest rates on loans receivable with comparable terms and credit risk whenever the interest rates on the loans receivable are deemed not to be at market rates. The fair value for financing receivables does not take into consideration any residual value upon the end of the lease term. As of December 31, 2023 and 2022, the fair value of the loans and financing receivables was $24.5 million and $19.6 million, respectively.

Mortgage Notes, Lines of Credit

Mortgage Notes, Lines of Credit and Bonds Payable	12 Months Ended
Mortgage Notes, Lines of Credit and Bonds Payable	Dec. 31, 2023
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 December 31, 2023 and 2022, the Company had the following indebtedness outstanding: Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Next Outstanding as of as of Interest December 31, Interest Rate Adjustment December 31, December 31, Maturity December 31, Loan Payment Terms 2023 Terms Date 2023 2022 Date 2023 Farmer Mac Bond #6 Semi-annual 3.69% Fixed N/A $ 13,827 $ 13,827 April 2025 $ 19,478 Farmer Mac Bond #7 Semi-annual 3.68% Fixed N/A 11,160 11,160 April 2025 8,258 Farmer Mac Facility Monthly 6.84% SOFR + 1.50% N/A 30,000 75,000 December 2025 92,672 MetLife Term Loan #1 Semi-annual 5.55% Fixed N/A 72,585 72,623 March 2026 102,171 MetLife Term Loan #4 Semi-annual 5.55% Fixed for 3 years March 2026 5,756 9,880 June 2026 9,534 MetLife Term Loan #5 Semi-annual 5.63% Fixed for 3 years January 2026 5,179 5,179 January 2027 7,383 MetLife Term Loan #6 Semi-annual 5.55% Fixed for 3 years February 2026 21,726 21,726 February 2027 26,230 MetLife Term Loan #7 Semi-annual 5.87% Fixed for 3 years June 2026 15,434 15,699 June 2027 29,684 MetLife Term Loan #8 Semi-annual 4.12% Fixed for 10 years December 2027 44,000 44,000 December 2042 110,042 MetLife Term Loan #9 Semi-annual 3.20% Fixed for 3 years May 2024 16,800 16,800 May 2028 33,720 MetLife Term Loan #10 Semi-annual 6.36% Fixed N/A 48,986 48,985 October 2030 94,737 MetLife Term Loan #11 Semi-annual 2.85% Fixed for 3 years October 2024 12,750 12,750 October 2031 27,497 MetLife Term Loan #12 Semi-annual 3.11% Fixed for 3 years December 2024 14,359 14,359 December 2031 14,784 MetLife Facility Quarterly 7.50% SOFR + 2.10% N/A — — October 2027 112,466 Rabobank (1) Semi-annual 7.16% SOFR + 1.81% March 2024 (2) 45,533 59,500 March 2028 90,234 Rutledge Facility Quarterly 7.19% SOFR + 1.80% April 2024 (2) 5,000 18,000 March 2027 180,332 Total outstanding principal 363,095 439,488 $ 959,222 Debt issuance costs (2,236) (2,613) Unamortized premium — — Total mortgage notes and bonds payable, net $ 360,859 $ 436,875 (1) The Company has an interest rate swap agreement with Rabobank for $33.2 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 4.7% (see “Note 10—Hedge Accounting”). After adjusting the $33.2 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 22.2% to 13.0% . (2) The adjustment date included in the table above is for the spread noted under “Interest Rate Terms.” Farmer Mac Debt As of December 31, 2023 and 2022, the Operating Partnership had approximately $55.0 million and $100.0 million, respectively, in aggregate principal amount outstanding under the bond purchase agreement entered into in October 2022 (the “Farmer Mac Facility”) with Federal Agricultural Mortgage Corporation and its wholly owned subsidiary, Farmer Mac Mortgage Securities Corporation (collectively, “Farmer Mac”), and $43.1 million and $0.0 million, respectively, in additional capacity available under the Farmer Mac Facility. The Farmer Mac debt is secured by loans which are, in turn, secured by first-lien mortgages on agricultural real estate owned by wholly owned subsidiaries of the Operating Partnership. While Farmer Mac Bond #6 and Farmer Mac Bond #7 bear fixed interest rates of 3.69% and 3.68%, respectively, the Farmer Mac Facility bears interest of one-month term SOFR + 1.50% on drawn amounts and an unused commitment fee of 0.20%. In connection with the agreements, the Company entered into a guaranty agreement whereby the Company agreed to guarantee the full performance of the Operating Partnership’s duties and obligations under the Farmer Mac debt. The Farmer Mac debt is subject to the Company’s ongoing compliance with a number of customary affirmative and negative covenants, as well as a maximum leverage ratio of not more than 60%. The Company was in compliance with all applicable covenants at December 31, 2023. In addition, under the Farmer Mac Facility, the Operating Partnership may request that Farmer Mac purchase additional bonds up to an additional $200.0 million, which Farmer Mac may approve at its sole discretion. MetLife Term Debt As of December 31, 2023 and 2022, the Company had $257.6 million and $262.0 million in aggregate principal amount outstanding, respectively, under the credit agreements between MetLife and certain of the Company’s subsidiaries (collectively, the “MetLife credit agreements”). Each of the MetLife credit 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 Company also has a $75.0 million credit facility with MetLife that provides the Company with access to additional liquidity on a revolving credit basis at a floating rate of interest equal to SOFR plus 210 basis points. As of December 31, 2023, no amounts had been borrowed and all $75.0. million remained available under the senior secured revolving line of credit entered into by the Operating Partnership with MetLife in October 2022 (the “MetLife Facility”). As of December 31, 2023, the Company was in compliance with all covenants under the MetLife credit agreements and MetLife guarantees. On each adjustment date for MetLife Term Loans #1-10, MetLife may, at its option, adjust the rate of interest to any rate of interest determined by MetLife consistent with rates for substantially similar loans secured by real estate substantially similar to the collateral. For MetLife Term Loan #11, the interest rate will be adjusted to the greater of the three-year U.S. treasury rate plus 2.20% or 2.85%. For MetLife Term Loan #12, the interest rate will be adjusted to the greater of the three-year U.S. treasury rate plus 2.10% or 2.75%. At the time of rate adjustment, the Company may make a prepayment equal to the unpaid principal balance for each of the MetLife loans. Otherwise, the Company may make a prepayment equal to 20% to 50% of the unpaid principal balance (depending on the tranche of debt) during a calendar year without penalty. Rabobank Mortgage Note As of December 31, 2023 and 2022, the Company and the Operating Partnership had $45.5 million and $59.5 million in aggregate principal amount outstanding, respectively, under a mortgage note with Rabobank (the “Rabobank Mortgage Note”). The Company was in compliance with all covenants under the Rabobank Mortgage Note as of December 31, 2023. Rutledge Facility As of December 31, 2023 and 2022, the Company and the Operating Partnership had $5.0 million and $18.0 million in aggregate principal amount, respectively, outstanding under a credit agreement with Rutledge Investment Company (“Rutledge”) referred to herein as the Rutledge Facility. Each February, the facility size decreases by 2.5% of original total facility size. As a result of that decrease, in addition to further reductions in connection with the disposition of certain properties that served as collateral for the Rutledge Facility, the total facility size was $88.0 million as of December 31, 2023. As of December 31, 2023, $83.0 million remained available under this facility and the Company was in compliance with all covenants under the loan agreements relating to the Rutledge Facility. The interest rate for the credit facility is based on three-month SOFR, plus an applicable margin. The applicable margin for the credit facility is 1.80% to 2.25%, depending on the applicable pricing level in effect. As of April 1, 2023, the applicable margin is 1.80%. Generally, the Rutledge Facility contains terms consistent with the Company’s prior loans with Rutledge, including, among others, the representations and warranties, affirmative, negative and financial covenants and events of default. In connection with the Rutledge agreement, the Company and the Operating Partnership each entered into separate guarantees whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee the obligations under the Rutledge Facility (the “Rutledge guarantees”). The Rutledge guarantees contain a number of customary affirmative and negative covenants. LIBOR On July 1, 2023, the Rabobank Mortgage Note, the Company’s only remaining indebtedness with a maturity date beyond 2023 that had exposure to LIBOR, was converted to a SOFR-based instrument. Accordingly, as of December 31, 2023, the Company did not have any indebtedness with a maturity date beyond 2023 that has exposure to LIBOR. Debt Issuance Costs Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable. 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 $1.9 million and $1.2 million as of December 31, 2023 and 2022, respectively. Aggregate Maturities As of December 31, 2023, aggregate maturities of long-term debt for the succeeding years are as follows: ($ in thousands) Year Ending December 31, Future Maturities 2024 $ 2,100 2025 57,087 2026 80,441 2027 49,439 2028 53,933 Thereafter 120,095 $ 363,095 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 December 31, 2023 and 2022, the fair value of the mortgage notes payable was $349.1 million and $405.0 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	Note 8—Commitments and Contingencies The Company is not currently subject to any known material contingencies arising from its business operations, nor to any material known or threatened litigation other than as discussed below. Office Leases The Company has five leases in place for office space with payments ranging between $800 and $13,711 per month and lease terms expiring between November 2024 and November 2025. Beginning in 2020, the Company recognized right of use assets and related lease liabilities in the consolidated balance sheets. The Company estimated the value of the lease liabilities using discount rates ranging from 3.35% to 7.56%, equivalent to the rates we would pay on a secured borrowing with similar terms to the lease at the inception of the lease. Options to extend the lease are excluded in our minimum lease terms unless the option is reasonably certain to be exercised. Our total lease cost for the years ended December 31, 2023 and 2022 was $0.23 million and $0.24 million, respectively. Minimum annual rental payments under these operating leases, reconciled to the lease liability included in our consolidated balance sheets, are as follows (in thousands): ($ in thousands) Future rental Year Ending December 31, payments 2024 $ 247 2025 205 2026 — 2027 — 2028 — Thereafter — Total lease payments 452 Less: imputed interest (53) Lease liability $ 399 Litigation On July 2, 2021, the Company filed a complaint against First Sabrepoint Capital Management, LP, Sabrepoint Capital Partners, LP, Sabrepoint Capital Participation, LP, George Baxter, and Donald Marchiony (collectively, “Sabrepoint”) in the Civil District Courts of Dallas County, Texas seeking relief for their role, as alleged in the complaint, in the previously disclosed 2018 “short and distort” scheme to profit from an artificial decline in our stock price. Certain Sabrepoint defendants had prevailed previously on a motion to dismiss the case against them in the Rota Fortunae action in the United State District Court for the District of Colorado (where the state case had been removed) solely on personal jurisdiction grounds. On December 17, 2021, the Company's claims against Sabrepoint in Texas were dismissed by the trial court, which granted (i) Sabrepoint's motion for summary judgment on collateral estoppel grounds, and (ii) motion to dismiss pursuant to the Texas Citizens Participation Act (“TCPA”). On March 21, 2022, after the Company filed a notice signaling an intent to appeal both orders, the Court of Appeals for the Fifth District of Texas (the “Court of Appeals”) entered an order declaring the trial court's TCPA order “VOID because the motion was denied by operation of law….” Accordingly, the Company narrowed its appeal to the trial court's grant of summary judgment. On January 26, 2022, Sabrepoint filed a motion for attorney's fees relating to the defense of that action. The trial court granted the motion for certain fees claimed by Sabrepoint as relating to its pursuit of its TCPA motion, but as noted above, the Court of Appeals subsequently overturned the TCPA order that formed the basis of Sabrepoint’s fee request, mooting the motion and the Court’s order on the same. On June 30, 2023, the Court of Appeals granted the Company’s appeal, determining that the Company’s claims against Sabrepoint are not barred, reversing the trial court and remanding the case for further proceedings on the merits. On October 13, 2023, Sabrepoint filed a Petition for Review with the Texas Supreme Court, requesting the court to review the Court of Appeals’ decision. The Company filed a response to the Sabrepoint Petition for Review with the Texas Supreme Court on December 27, 2023, and Sabrepoint filed a reply in support of its petition on January 25, 2024. On February 16, 2024, the Texas Supreme Court requested a briefing on the merits. The petition is now fully briefed and pending a decision from the court. The Company remains confident that it will ultimately be permitted to proceed with its claims against Sabrepoint. Repurchase Options For certain of the Company’s acquisitions, the seller retains the option to repurchase the property at a future date for a price, which is calculated based on an appreciation factor over the original purchase price plus the value of improvements on the property, that, at the time of the acquisition, the Company expected would be at or above the property’s fair market value at the exercise date. As of December 31, 2023, the Company had an approximate aggregate net book value of $5.1 million related to assets with unexercised repurchase options, and $15.7 million related to assets with exercised repurchase options. On September 4, 2020, the seller of one such property exercised its right to repurchase approximately 2,860 acres in South Carolina, for which the Company has received non-refundable payments totaling $3.5 million as of December 31, 2023. The Company is scheduled to receive a series of non-refundable payments until the closing date, which is currently scheduled to take place on or before January 15, 2025. Employee Retirement Plan Effective February 1, 2022, the Company amended the Murray Wise Associates 401(k) Profit Sharing Plan and Trust to make it available to all eligible employees of the Company under revised Farmland Partners Operating Partnership, LP 401(k) Plan (the “FPI 401(k) Plan”). The FPI 401(k) Plan is a defined contribution plan for substantially all employees. The Company has elected a “safe harbor” plan in which the Company plans to make contributions which are determined and authorized by the Board of Directors each plan year. As is customary, the Company retains the right to amend the FPI 401(k) Plan at its discretion. The Company made safe harbor contributions of $0.1 million and $0.2 million, respectively, during the years ended December 31, 2023 and 2022.

Stockholders' Equity and Non-co

Stockholders' Equity and Non-controlling Interests	12 Months Ended
Stockholders' Equity and Non-controlling Interests	Dec. 31, 2023
Stockholders' Equity and Non-controlling Interests
Stockholders' Equity and Non-controlling Interests	Note 9—Stockholders’ Equity and Non-controlling Interests Non-controlling Interest in Operating Partnership FPI consolidates the Operating Partnership. As of December 31, 2023 and 2022, FPI owned 97.6% and 97.8% of the outstanding interests, respectively, in the Operating Partnership, and the remaining 2.4% and 2.2% interests, respectively, are held in the form of Common units and comprise non-controlling interests in the Operating Partnership on the consolidated balance sheets. The non-controlling interests in the Operating Partnership consist of both the Common units and the Series A preferred units held by third parties. Common Units in Operating Partnership, OP Units On or after 12 months of becoming a holder of Common units, unless the terms of an agreement with such Common unitholder 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 per 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. During the year ended December 31, 2023, the Company redeemed 34,000 Common units in exchange for cash of approximately $0.4 million. During the year ended December 31, 2022, the Company issued 120,000 shares of common stock upon the redemption of 120,000 Common units that had been tendered for redemption. There were approximately 1.2 million and 1.2 million outstanding Common units eligible to be tendered for redemption as of December 31, 2023 and 2022, 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 FPI’s common stock, with the distributions on the Common units held by FPI being utilized to pay dividends to FPI’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. Changes in the ownership percentages between the Company’s stockholders’ equity and non-controlling interest in the Operating Partnership resulted in a decrease and an increase to the non-controlling interest in the Operating Partnership by less than ($0.1) million and $0.8 million during the years ended December 31, 2023 and 2022, respectively, with the corresponding offsets to additional paid-in capital. 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. Pursuant to 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 the Operating Partnership, preferred units on the balance sheet with the offset recorded to retained earnings. On March 2, 2016, 117,000 Series A preferred units were issued as partial consideration in the acquisition of a portfolio of Illinois farms. 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. On May 19, 2022, the Company redeemed 5,000 Series A preferred units for $5.0 million plus accrued distributions for an aggregate of $5.1 million in cash. On September 1, 2022, the Company redeemed an additional 5,000 Series A preferred units for $5.0 million plus accrued distributions for an aggregate of $5.1 million in cash. On May 31, 2023, the Company redeemed 8,000 Series A preferred units for $8.0 million plus accrued distributions for an aggregate of $8.1 million in cash. As of December 31, 2023, 99,000 Series A preferred units were outstanding. The total liquidation value of such preferred units as of December 31, 2023 and 2022 was $102.0 million and $110.2 million, respectively, including accrued distributions. On or after February 10, 2026 (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 February 10, 2021, 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. 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 upon the occurrence of an event not solely within the control of the Company. The following table summarizes the changes in our redeemable non-controlling interest in the Operating Partnership for the years ended December 31, 2023 and 2022: Series A Preferred Units Redeemable Redeemable Preferred non-controlling (in thousands) units interests Balance at December 31, 2021 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,210 Redemption of Series A preferred units (10) (10,000) Balance at December 31, 2022 107 $ 110,210 Balance at December 31, 2022 107 $ 110,210 Distribution paid to non-controlling interest — (3,210) Accrued distributions to non-controlling interest — 2,970 Redemption of Series A preferred units (8) (8,000) Balance at December 31, 2023 99 $ 101,970 Distributions The Company’s Board of Directors declared and paid the following distributions to common stockholders and holders of Common units for the years ended December 31, 2023 and 2022: Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share/OP unit 2023 October 24, 2022 January 2, 2023 January 17, 2023 $ 0.0600 February 21, 2023 April 3, 2023 April 17, 2023 $ 0.0600 May 3, 2023 July 3, 2023 July 17, 2023 $ 0.0600 July 25, 2023 October 2, 2023 October 16, 2023 $ 0.0600 $ 0.2400 2022 October 26, 2021 January 3, 2022 January 18, 2022 $ 0.0500 February 22, 2022 April 1, 2022 April 15, 2022 $ 0.0500 May 2, 2022 July 1, 2022 July 15, 2022 $ 0.0600 July 26, 2022 October 1, 2022 October 17, 2022 $ 0.0600 $ 0.2200 Additionally, as of December 31, 2023, the Company accrued $13.3 million in dividends payable to common stockholders and holders of Common units (paid in January 2024), including $10.3 million as a one-time special dividend of $0.21 per share related to asset appreciation. 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. For income tax purposes, 2023 common stock dividends were $0.41 per share (which includes a portion of the $0.21 per share one-time special dividend mentioned above) all of which are considered capital gains as defined by I.R.C. Section 857(b)(3). In connection with the 3.00% cumulative preferential distribution on the Series A preferred units, the Company had accrued $3.0 million in distributions payable as of December 31, 2023. The distributions are payable annually in arrears on January 15 of each year. Share Repurchase Program On March 15, 2017, the Company’s Board of Directors approved a program to repurchase up to $25.0 million in shares of the Company’s common stock. On August 1, 2018, the Board of Directors increased the authority under the share repurchase program by an aggregate of $30.0 million. On November 7, 2019, the Board of Directors increased the authority under the program by an additional $50.0 million. On May 3, 2023, the Company’s Board of Directors approved a $75.0 million increase resulting in total availability under the share repurchase program of approximately $88.0 million as of such date. On November 1, 2023, the Company’s Board of Directors approved a $40.0 million increase in the total authorization available under the program, increasing the total availability under the share repurchase program to approximately $85.0 million as of such date. 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 share repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified or suspended at any time at the Company’s discretion. The Company funds repurchases under the program using cash on its balance sheet. During the year ended December 31, 2023, the Company repurchased 6,551,087 shares of its common stock at a weighted average price of $11.00 per share. As of December 31, 2023, the Company had approximately $83.3 million of capacity remaining under the stock repurchase plan. In addition, the Company redeemed 34,000 Common units in exchange for cash of approximately $0.4 million. Equity Incentive Plan On May 7, 2021, the Company’s stockholders approved the Third Amended and Restated 2014 Equity Incentive Plan (as amended and restated, the “Plan”), which increased the aggregate number of shares of the Company’s common stock reserved for issuance under the Plan to approximately 1.9 million shares. As of December 31, 2023, there were 0.4 million shares available for future grants 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 generally 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 non-vested restricted shares as of December 31, 2023 and 2022 is as follows: Weighted Number of average grant (shares in thousands) shares date fair value Unvested at December 31, 2021 297 $ 8.87 Granted 150 11.78 Vested (177) 8.22 Forfeited (10) 11.24 Unvested at December 31, 2022 260 $ 10.88 Unvested at December 31, 2022 260 $ 10.88 Granted 226 10.92 Vested (138) 10.28 Forfeited (1) 12.26 Unvested at December 31, 2023 347 $ 11.15 The Company recognized stock-based compensation and incentive expense related to restricted stock awards of $1.9 million and $2.0 million, f or At-the-Market Offering Program (the “ATM Program”) On May 6, 2022, 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 $100.0 million (the ATM Program”). During the year ended December 31, 2023, the Company sold no shares under the ATM Program and had a remaining capacity of $50.5 million in shares of common stock available for issuance. Earnings (Loss) per Share The computation of basic and diluted earnings (loss) per share is as follows: For the years ended December 31, (in thousands, except per share amounts) 2023 2022 Numerator: Net income attributable to Farmland Partners Inc. $ 30,913 $ 11,674 Less: Nonforfeitable distributions allocated to unvested restricted shares (157) (63) Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred (2,970) (3,210) Net income attributable to common stockholders $ 27,786 $ 8,401 Denominator: Weighted-average number of common shares - basic 50,243 50,953 Unvested restricted shares (1) — — Redeemable non-controlling interest (2) 8,049 — Weighted-average number of common shares - diluted 58,292 50,953 Income per share attributable to common stockholders - basic $ 0.55 $ 0.16 Income per share attributable to common stockholders - diluted $ 0.53 $ 0.16 1) Anti-dilutive for the years ended December 31, 2023 and 2022. 2) Dilutive for the year ended December 31, 2023 and anti-dilutive for the year ended December 31, 2022. Numerator: Unvested shares of the Company’s restricted common stock are considered participating securities, which requires the use of the two-class method for the computation of basic and diluted earnings per share. 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 subtracted, as applicable, from net income or loss attributable to common stockholders utilized in the basic and diluted earnings per share calculations. Denominator: Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. 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 if they are dilutive. For the year ended December 31, 2023, these shares were included in the diluted earnings per share calculation. For the year ended December 31, 2022, these shares were not included in the diluted earnings per share calculation as they would be anti-dilutive. For the years ended December 31, 2023 and 2022, diluted weighted average common shares do not include the impact of 0.3 million unvested compensation-related shares, for each period, as they would have been anti-dilutive. The limited partners’ outstanding Common units, or the non-controlling interests, (which may be redeemed for shares of common stock) have not been included in 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, therefore increasing both net income and shares. The weighted average number of Common units held by the non-controlling interest was 1.2 million and 1.3 million for the years ended December 31, 2023 and 2022, respectively. Outstanding Equity Awards and Units The following equity awards and units were outstanding as of December 31, 2023 and 2022, respectively. December 31, 2023 December 31, 2022 Shares 47,656 54,058 Common Units 1,203 1,237 Unvested Restricted Stock Awards 347 260 49,206 55,555

Hedge Accounting

Hedge Accounting	12 Months Ended
Hedge Accounting	Dec. 31, 2023
Hedge Accounting
Hedge Accounting	Note 10—Hedge Accounting Cash Flow Hedging Strategy The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its financing sources. The Company may also use interest rate derivative financial instruments, primarily interest rate swaps. As of December 31, 2023, the Company was a party to one interest rate swap, designated as a hedging instrument, to add stability to interest expense and to manage its exposure to adverse interest rate movements. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the entire change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of stockholders’ equity in the Company’s consolidated balance sheets. On March 26, 2020, the Company terminated its existing swap agreement and entered into a new interest rate swap agreement to obtain a more favorable interest rate and to manage interest rate risk exposure, which was effective April 1, 2020. An interest rate swap agreement utilized by the Company effectively modified the Company’s exposure to interest rate risk by converting the Company’s floating-rate debt to a fixed rate basis for the next six years on 50% of the outstanding amount to Rabobank at the time of the agreement, thus reducing the impact of interest rate changes on future interest expense. This agreement involves the receipt of floating rate amounts in exchange for fixed rate interest payments over the life of the agreement without an exchange of the underlying principal amount. The fair value of the de-designated swap was $2.6 million on the termination date. The Company amortized the de-designated swap over the original term utilizing a forward curve analysis of determining monthly amortization out of Other Comprehensive Income through the original termination date (March 1, 2023). Amortization for the years ended December 31, 2023 and 2022 was $0.2 million and $0.6 million, respectively. The Company’s $2.6 million termination fee was rolled into the new swap and will be paid through March 1, 2026. Termination fees paid during the years ended December 31, 2023 and 2022 were $0.4 million, for each year. The Company determines the hedge effectiveness of its interest rate swaps at inception by applying a quantitative evaluation of effectiveness using regression analysis. On an ongoing basis the Company applies an initial qualitative assessment of on-going effectiveness and reviews hedge effectiveness through assessing the hedge relationship by comparing the current terms of the swap and the associated debt to ensure they continue to coincide through the continued ability of the Counterparty to the swap to honor its obligations under the swap contract. The qualitative assessment may indicate that the hedge relationship is not highly effective, the Company would then perform a quantitative evaluation using regression analysis. The Company concluded the hedge was highly effective at inception and remained highly effective as of December 31, 2023. As of December 31, 2023, the total notional amount of the Company’s receive-variable/pay-fixed interest rate swap was $33.2 million. The fair value of the Company’s derivative instrument on a recurring basis is set out below: ($ in thousands) Instrument Balance sheet location Level 2 Fair Value Interest rate swap Derivative asset $ 1,707 The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2023 and 2022 is set out below: Cash flow hedging relationships Location of Gain (Loss) reclassified from Accumulated OCI into income Interest rate contracts Interest expense For the years ended December 31, 2023 and 2022, the amount of noncash loss recognized in net income was $1.7 million and $2.1 million, respectively. The net change associated with current period hedging transactions was ($0.8) million and $3.0 million for the years ended December 31, 2023 and 2022, respectively. The amortization of frozen Accumulated Other Comprehensive Income was $0.2 million and $0.6 million for the years ended December 31, 2023 and 2022, respectively. The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. Level 2 is defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2023. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table outlines the movements in the other comprehensive income account as of December 31, 2023 and 2022: ($ in thousands) December 31, 2023 December 31, 2022 Beginning accumulated derivative instrument gain or loss $ 3,306 $ 279 Net change associated with current period hedging transactions (813) 2,433 Amortization of frozen AOCI on de-designated hedge 198 594 Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ 2,691 $ 3,306

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Taxes
Income Taxes	Note 11—Income Taxes The TRS income/(loss) before provision for income taxes consisted of the following: For the years ended ($ in thousands) December 31, 2023 December 31, 2022 United States $ (2,722) $ 3,212 International — — Total $ (2,722) $ 3,212 The federal and state income tax provision (benefit) is summarized as follows: For the years ended ($ in thousands) December 31, 2023 December 31, 2022 Current: Federal $ (144) $ 189 State (41) 43 Total Current Tax (Benefit) Expense $ (185) $ 232 Deferred: Federal 19 (5) Total Tax (Benefit) Expense $ (166) $ 227 Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The tax effects of significant items comprising the TRS’s deferred taxes as of December 31, 2023 are as follows: ($ in thousands) December 31, 2023 December 31, 2022 Deferred tax assets: Net operating loss $ 1,996 $ 434 Realized capital losses — 76 Stock Compensation 5 — Deferred Revenue 3 — Charitable Contributions 4 — Total deferred tax assets $ 2,008 510 Deferred tax liabilities: Fixed assets $ (15) $ (18) Intangible Assets (181) (32) Total deferred tax liabilities $ (196) $ (50) Valuation Allowance (1,851) (480) Net deferred taxes $ (39) $ (20) ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the TRS’s ability to generate sufficient taxable income within the carryforward period. Because of the TRS’s recent history of operating losses, and management’s inability to accurately project future taxable income, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a valuation allowance. The valuation allowance increased by $1.4 million during the year ended December 31, 2023. The amount of the valuation allowance for deferred tax assets associated with excess tax deduction from stock-based incentive arrangements that is allocated to contributed capital if the future tax benefits are subsequently recognized is $0.0 million. Net operating losses and tax credit carryforwards as of December 31, 2023 are as follows: ($ in thousands) December 31, 2023 Expiration Year Net operating losses, federal (Post-December 31, 2017) $ 7,703 Does not expire Net operating losses, state $ 5,433 Various The effective tax rate of the TRS’s provision (benefit) for income taxes differs from the federal statutory rate as follows: ($ in thousands) December 31, 2023 December 31, 2022 Statutory Rate $ (571) 21.00 % $ 675 21.00 % State Tax (191) 7.02 % 110 3.43 % Valuation Allowance 596 (21.92) % (558) (17.37) % Total $ (166) 6.10 % $ 227 7.07 %

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
Quarterly Financial Information (unaudited)	Dec. 31, 2023
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited)	Note 12—Quarterly Financial Information (unaudited) The following table reflects the quarterly results of operations for the years ended December 31, 2023 and 2022. Quarter Ended ($ in thousands except per share data) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Operating revenues $ 12,672 $ 11,584 $ 11,618 $ 21,592 Operating expenses 7,835 8,828 11,603 11,201 Other expenses (1) 3,114 (5,146) (4,109) (7,375) Net income before income tax expense 1,723 7,902 4,124 17,766 Income tax expense (9) (4) 191 (12) Net income $ 1,714 $ 7,898 $ 4,315 $ 17,754 Net income available to common stockholders of Farmland Partners Inc. $ 857 $ 7,001 $ 3,446 $ 16,482 Basic net income (loss) per share available to common stockholders (2) $ 0.02 $ 0.14 $ 0.07 $ 0.35 Diluted net income (loss) per share available to common stockholders (2) $ 0.02 $ 0.12 $ 0.07 $ 0.30 Basic weighted average common shares outstanding 54,007 50,860 48,432 47,762 Diluted weighted average common shares outstanding 54,007 59,112 48,432 55,635 Quarter Ended March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Operating revenues $ 13,890 $ 12,357 $ 13,140 $ 21,823 Operating expenses 9,570 8,902 8,415 9,349 Other expenses (1) 3,181 366 3,573 5,667 Net income before income tax expense 1,139 3,089 1,152 6,807 Income tax expense — (96) (33) (98) Net income $ 1,139 $ 2,993 $ 1,119 $ 6,709 Net income available to common stockholders of Farmland Partners Inc. $ 213 $ 2,060 $ 350 $ 5,778 Basic net income (loss) per share available to common stockholders (2) $ 0.00 $ 0.04 $ 0.01 $ 0.11 Diluted net income (loss) per share available to common stockholders (2) $ 0.00 $ 0.04 $ 0.01 $ 0.09 Basic weighted average common shares outstanding 45,781 50,362 53,495 54,056 Diluted weighted average common shares outstanding 45,781 50,362 53,495 62,633 (1) Other expenses for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023 included $1.8 million, $11.1 million, $10.3 million, $12.9 million, respectively, related to gain on disposition of assets. Other expenses for the quarters ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 included $0.7 million, $3.3 million, ($0.1) million, ($1.3) million, respectively, related to gain (loss) on disposition of assets. (2) The basic and diluted net (loss) income for the quarters do not equal full year results due to issuance of common stock throughout the year and rounding.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events
Subsequent Events	Note 13—Subsequent Events We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the day the financial statements were issued. Dividends On February 27, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.06 per share of common stock and Common unit payable on April 15, 2024 to stockholders and unitholders of record as of April 1, 2024. Real Estate Acquisitions Subsequent to December 31, 2023, the Company completed two farm acquisitions in the Corn Belt region. Aggregate consideration for the acquisitions totaled $15.2 million. Borrowings on Credit Facilities, Net of Repayments Subsequent to December 31, 2023, the Company made borrowings, net of repayments, of $25.0 million against the Company’s lines of credit.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
Schedule III - Real Estate and Accumulated Depreciation	Dec. 31, 2023
Schedule III-Real Estate and Accumulated Depreciation
Schedule III-Real Estate and Accumulated Depreciation	Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Depreciation in Description Encumbrances Land Improvements Total Land Improvements Total Land Improvements Total Accumulated Date of Date Acquired Statements is California (j) 44,994 — 44,994 — — — 44,994 — 44,994 — 2017 — North Carolina (l) 41,906 — 41,906 1,187 5 1,192 43,093 5 43,098 1 2018 2015 40 California (j) 33,482 — 33,482 — — — 33,482 — 33,482 — 2017 — California (q) 19,925 11,521 31,446 — 1,765 1,765 19,925 13,286 33,211 5,387 2017, 2019, 2022, 2023 2017 16 Illinois (o) 29,677 431 30,108 — 2,429 2,429 29,677 2,860 32,537 592 2017, 2018, 2023 2017 25 California (j) 31,567 — 31,567 — — — 31,567 — 31,567 — 2017 — Illinois (h) 22,887 1,484 24,371 39 1,820 1,859 22,926 3,304 26,230 562 2017, 2018, 2019, 2023 2017 26 Louisiana (m) 24,882 128 25,010 131 195 326 25,013 323 25,336 51 2021, 2022 2021 6 California (q) 7,647 11,518 19,165 — 859 859 7,647 12,377 20,024 2,987 2017, 2018, 2020, 2021, 2022 2017 25 South Carolina (p) 12,057 1,474 13,531 53 6,079 6,132 12,110 7,553 19,663 1,798 2014, 2017, 2018, 2019, 2020, 2021 2014 25 California (q) 9,998 8,116 18,114 — 163 163 9,998 8,279 18,277 3,377 2017, 2021 2017 16 California (q) 10,935 6,878 17,813 — 243 243 10,935 7,121 18,056 2,424 2017, 2021, 2023 2017 27 North Carolina (k) 17,627 — 17,627 — — — 17,627 — 17,627 — 2018 — California (q) 11,888 3,398 15,286 — 741 741 11,888 4,139 16,027 1,482 2017, 2021, 2022, 2023 2017 20 South Carolina (i) 14,866 906 15,772 — 228 228 14,866 1,134 16,000 252 2017, 2018 2017 27 Florida (l) 9,295 202 9,497 3,439 2,531 5,970 12,734 2,733 15,467 387 2016, 2017, 2019, 2020, 2021 2016 37 California (q) 8,326 6,075 14,401 — 33 33 8,326 6,108 14,434 1,480 2017, 2018, 2019, 2021, 2022 2017 27 Texas (d) 5,773 6,338 12,111 — 63 63 5,773 6,401 12,174 501 2022, 2023 2022 11 Nebraska (d) 11,325 309 11,634 — 171 171 11,325 480 11,805 93 2022, 2023 2022 8 Louisiana 10,771 — 10,771 — 237 237 10,771 237 11,008 7 2023 2023 9 California (q) 8,340 4,546 12,886 — (2,072) (2,072) 8,340 2,474 10,814 967 2017, 2020, 2021, 2023 2017 18 Colorado (p) 10,716 70 10,786 — — — 10,716 70 10,786 17 2014 2014 39 California (q) 9,534 263 9,797 — (29) (29) 9,534 234 9,768 137 2017 2017 16 California (q) 6,191 2,772 8,963 — (94) (94) 6,191 2,678 8,869 1,028 2017 2017 14 Oklahoma (n) 8,181 — 8,181 — 681 681 8,181 681 8,862 32 2023 2023 10 South Carolina (l) 7,904 133 8,037 — 62 62 7,904 195 8,099 31 2015, 2017, 2020 2015 24 Arkansas (p) 6,914 287 7,201 16 224 240 6,930 511 7,441 141 2014, 2017, 2018, 2021, 2022 2014 23 Illinois 7,359 420 7,779 1 (350) (349) 7,360 70 7,430 38 2016 2016 15 North Carolina (l) 7,223 — 7,223 — — — 7,223 — 7,223 — 2015 — Illinois (o) 6,097 — 6,097 — 450 450 6,097 450 6,547 67 2018 2016 40 Missouri (d) 6,493 15 6,508 — — — 6,493 15 6,508 4 2021 2021 15 Illinois (o) 6,429 — 6,429 — — — 6,429 — 6,429 — 2016 — Arkansas (f) 5,924 244 6,168 — — — 5,924 244 6,168 105 2015 2015 21 Illinois (e) 5,502 — 5,502 — 338 338 5,502 338 5,840 245 2016 2016 10 California (d) 5,446 390 5,836 — — — 5,446 390 5,836 99 2021, 2023 2021 11 North Carolina (l) 5,750 — 5,750 29 — 29 5,779 — 5,779 — 2015 — California (q) 3,559 3,317 6,876 — (1,122) (1,122) 3,559 2,195 5,754 560 2017 2017 27 Colorado (g) 793 4,731 5,524 — 178 178 793 4,909 5,702 585 2016, 2017, 2019, 2021, 2022 2016 21 Arkansas (q) 5,532 101 5,633 15 41 56 5,547 142 5,689 70 2017, 2019, 2020 2017 15 Colorado (d) 3,388 147 3,535 — 2,068 2,068 3,388 2,215 5,603 340 2021 2021 7 Illinois (e) 5,463 105 5,568 — 7 7 5,463 112 5,575 33 2016 2016 23 Louisiana (p) 5,100 52 5,152 — 282 282 5,100 334 5,434 124 2014, 2015, 2016, 2017, 2021, 2022, 2023 2014 17 Colorado (i) 4,156 1,280 5,436 — (3) (3) 4,156 1,277 5,433 358 2017 2017 26 Arkansas (d) 5,169 185 5,354 — — — 5,169 185 5,354 99 2017 2017 15 Illinois (e) 4,928 4 4,932 — 148 148 4,928 152 5,080 20 2017 2016 50 Illinois (d) 4,819 20 4,839 — — — 4,819 20 4,839 6 2022 2022 5 Arkansas (p) 4,536 50 4,586 27 81 108 4,563 131 4,694 54 2014, 2017 2014 17 Illinois (q) 4,575 — 4,575 — — — 4,575 — 4,575 — 2017 — Illinois (o) 4,530 4 4,534 — — — 4,530 4 4,534 3 2016 2016 10 California (k) 2,461 1,974 4,435 — (2) (2) 2,461 1,972 4,433 372 2017, 2018, 2022, 2023 2017 20 Mississippi (p) 4,330 133 4,463 — (35) (35) 4,330 98 4,428 37 2014, 2015 2014 23 Illinois (o) 4,358 — 4,358 — — — 4,358 — 4,358 — 2016 — North Carolina (l) 4,242 — 4,242 14 — 14 4,256 — 4,256 — 2015 — Colorado (p) 3,566 359 3,925 — 94 94 3,566 453 4,019 142 2014, 2016, 2017, 2018, 2021 2014 21 Illinois (o) 3,818 — 3,818 1 — 1 3,819 — 3,819 — 2016 — Louisiana (n) 3,612 20 3,632 — 165 165 3,612 185 3,797 18 2021, 2022 2021 19 Illinois (d) 2,981 — 2,981 — 634 634 2,981 634 3,615 293 2009, 2015 2014 38 Mississippi (b) 3,471 41 3,512 — 63 63 3,471 104 3,575 26 2015, 2017 2015 35 Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Depreciation in Description Encumbrances Land Improvements Total Land Improvements Total Land Improvements Total Accumulated Date of Date Acquired Statements is Illinois (o) 3,547 — 3,547 — — — 3,547 — 3,547 — 2016 — Illinois (d) 1,290 — 1,290 — 2,199 2,199 1,290 2,199 3,489 736 2011, 2015, 2017 2014 38 Illinois (o) 3,476 — 3,476 — 4 4 3,476 4 3,480 2 2016 2016 12 Illinois (d) 3,401 16 3,417 — — — 3,401 16 3,417 3 2022 2022 10 Nebraska (p) 1,882 55 1,937 — 1,422 1,422 1,882 1,477 3,359 563 2012, 2013, 2015, 2017 2014 35 Illinois (o) 3,002 68 3,070 — 253 253 3,002 321 3,323 227 2016, 2018 2016 16 Illinois (e) 3,218 — 3,218 — 95 95 3,218 95 3,313 14 2018 2016 40 Illinois (o) 3,282 — 3,282 — — — 3,282 — 3,282 — 2016 — South Carolina (b) 1,959 344 2,303 — 970 970 1,959 1,314 3,273 258 2015, 2017, 2021 2015 34 Arkansas (l) 2,808 184 2,992 88 100 188 2,896 284 3,180 88 2015, 2017, 2018, 2020, 2021, 2022 2015 23 Illinois (q) 3,163 — 3,163 — — — 3,163 — 3,163 — 2017 — Illinois (o) 3,063 — 3,063 — — — 3,063 — 3,063 — 2016 — Illinois (o) 3,036 — 3,036 — — — 3,036 — 3,036 — 2016 — Illinois (d) 2,912 89 3,001 — — — 2,912 89 3,001 17 2022 2022 7 Illinois (o) 2,687 — 2,687 3 204 207 2,690 204 2,894 27 2017 2016 50 Illinois (e) 2,875 42 2,917 — (42) (42) 2,875 — 2,875 — 2016 2016 12 Nebraska (c) 2,601 114 2,715 — 133 133 2,601 247 2,848 60 2015, 2016, 2018, 2019 2015 29 Illinois (d) 2,572 — 2,572 — 236 236 2,572 236 2,808 33 2017 2014 50 North Carolina (k) 2,768 — 2,768 — — — 2,768 — 2,768 — 2018 — Arkansas (p) 2,666 40 2,706 — 46 46 2,666 86 2,752 41 2014, 2018, 2019 2014 18 Illinois (o) 2,723 — 2,723 — — — 2,723 — 2,723 — 2016 — Illinois (d) 2,661 — 2,661 — — — 2,661 — 2,661 — 2021 — South Carolina (i) 1,321 91 1,412 246 955 1,201 1,567 1,046 2,613 123 2017, 2018, 2020, 2023 2017 34 Nebraska (d) 2,473 120 2,593 — 5 5 2,473 125 2,598 26 2022, 2023 2022 12 Nebraska (c) 2,539 78 2,617 — (23) (23) 2,539 55 2,594 21 2016 2015 20 Arkansas (b) 2,153 165 2,318 97 162 259 2,250 327 2,577 137 2014, 2015, 2016, 2017, 2023 2014 26 Illinois (o) 2,547 — 2,547 — — — 2,547 — 2,547 — 2016 — Colorado (b) 1,995 84 2,079 — 466 466 1,995 550 2,545 216 2015, 2016, 2017, 2018 2015 17 Illinois (i) 2,525 — 2,525 — — — 2,525 — 2,525 — 2017 — California (q) 967 1,357 2,324 — 175 175 967 1,532 2,499 443 2017, 2018 2017 28 Arkansas (p) 2,358 82 2,440 — 4 4 2,358 86 2,444 28 2014, 2015 2014 27 Illinois (d) 2,416 22 2,438 — — — 2,416 22 2,438 2 2022 2022 20 Illinois (o) 2,428 — 2,428 — — — 2,428 — 2,428 — 2016 — Illinois (e) 2,406 — 2,406 — — — 2,406 — 2,406 — 2016 — Colorado (p) 2,328 — 2,328 — — — 2,328 — 2,328 — 2014 — Arkansas (p) 2,316 — 2,316 — 3 3 2,316 3 2,319 — 2018 2014 40 Nebraska (c) 2,316 126 2,442 — (126) (126) 2,316 — 2,316 — 2015 — Illinois 2,028 28 2,056 — 225 225 2,028 253 2,281 38 2018 2016 40 Illinois (o) 2,019 — 2,019 — 216 216 2,019 216 2,235 32 2016, 2019 2016 34 Illinois (e) 2,104 — 2,104 — 98 98 2,104 98 2,202 17 2018 2016 40 North Carolina (k) 2,177 — 2,177 — — — 2,177 — 2,177 — 2018 — South Carolina (k) 1,090 — 1,090 230 847 1,077 1,320 847 2,167 122 2018, 2019, 2021 2018 39 Illinois (m) 2,128 34 2,162 — — — 2,128 34 2,162 5 2022 2022 7 Illinois 2,146 — 2,146 — — — 2,146 — 2,146 — 2023 — Arkansas (p) 2,006 96 2,102 — 31 31 2,006 127 2,133 52 2014, 2021 2014 24 Indiana (n) 2,125 — 2,125 — — — 2,125 — 2,125 — 2022 — Illinois (d) 1,700 — 1,700 — 346 346 1,700 346 2,046 86 2013, 2017 2014 35 Illinois 2,041 — 2,041 — — — 2,041 — 2,041 — 2022 — Colorado (p) 1,810 210 2,020 — 21 21 1,810 231 2,041 170 2014, 2016, 2021 2014 15 Nebraska (d) 1,986 36 2,022 — — — 1,986 36 2,022 11 2022 2022 5 Colorado (g) 1,760 — 1,760 — 248 248 1,760 248 2,008 58 2017, 2023 2016 23 Illinois (e) 1,999 — 1,999 — — — 1,999 — 1,999 — 2016 — Illinois (e) 1,877 105 1,982 — — — 1,877 105 1,982 33 2016 2016 25 Illinois (e) 1,975 — 1,975 — — — 1,975 — 1,975 — 2016 — Illinois (e) 1,960 — 1,960 — — — 1,960 — 1,960 — 2016 — Illinois (e) 1,949 — 1,949 — — — 1,949 — 1,949 — 2016 — Illinois (g) 1,905 — 1,905 — — — 1,905 — 1,905 — 2016 — Illinois (e) 1,863 — 1,863 — — — 1,863 — 1,863 — 2016 — Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Depreciation in Description Encumbrances Land Improvements Total Land Improvements Total Land Improvements Total Accumulated Date of Date Acquired Statements is Illinois (e) 1,856 — 1,856 — — — 1,856 — 1,856 — 2016 — Illinois (q) 1,825 — 1,825 — — — 1,825 — 1,825 — 2018 — Illinois (d) 1,815 — 1,815 — — — 1,815 — 1,815 — 2022 — Illinois (o) 1,696 — 1,696 — 109 109 1,696 109 1,805 15 2017 2016 50 North Carolina (l) 1,770 — 1,770 25 — 25 1,795 — 1,795 — 2015 — Illinois (o) 1,772 — 1,772 — — — 1,772 — 1,772 — 2016 — Illinois (d) 1,750 — 1,750 — — — 1,750 — 1,750 — 2014 — Illinois (q) 1,735 — 1,735 — — — 1,735 — 1,735 — 2017 — Illinois (e) 1,734 — 1,734 — — — 1,734 — 1,734 — 2016 — Illinois (o) 1,646 88 1,734 — — — 1,646 88 1,734 30 2016 2016 23 Illinois (o) 1,721 — 1,721 — — — 1,721 — 1,721 — 2016 — Nebraska (p) 1,608 32 1,640 — 80 80 1,608 112 1,720 35 2014, 2015 2014 28 Illinois (o) 1,617 94 1,711 — — — 1,617 94 1,711 32 2016 2016 23 South Carolina (l) 1,303 225 1,528 — 175 175 1,303 400 1,703 88 2016, 2017, 2020, 2023 2016 34 Nebraska (p) 1,637 46 1,683 — 9 9 1,637 55 1,692 15 2014, 2015 2014 31 Illinois (e) 1,678 4 1,682 — (4) (4) 1,678 — 1,678 — 2016 — Illinois (d) 1,496 — 1,496 — 159 159 1,496 159 1,655 — 2023 2021 30 Illinois (o) 1,526 — 1,526 — 126 126 1,526 126 1,652 17 2017 2016 50 Illinois (o) 1,623 — 1,623 — — — 1,623 — 1,623 — 2016 — Nebraska (p) 1,539 — 1,539 — 70 70 1,539 70 1,609 16 2011, 2015 2014 45 Illinois (o) 1,606 — 1,606 — — — 1,606 — 1,606 — 2016 — South Carolina (i) 1,032 170 1,202 13 389 402 1,045 559 1,604 105 2017, 2018, 2020, 2023 2017 25 Illinois (e) 1,591 — 1,591 — — — 1,591 — 1,591 — 2016 — Nebraska (b) 1,244 69 1,313 — 269 269 1,244 338 1,582 81 2014, 2015 2014 22 Illinois (p) 1,500 — 1,500 — 26 26 1,500 26 1,526 4 2015 2014 50 Illinois (d) 1,423 60 1,483 — 38 38 1,423 98 1,521 68 2006 2014 35 Illinois (o) 1,484 — 1,484 — — — 1,484 — 1,484 — 2016 — Illinois 1,475 — 1,475 — — — 1,475 — 1,475 — 2022 — Illinois (q) 1,471 — 1,471 — — — 1,471 — 1,471 — 2018 — Illinois (o) 1,438 — 1,438 — — — 1,438 — 1,438 — 2016 — Illinois (d) 1,437 — 1,437 — — — 1,437 — 1,437 — 2021 — Illinois (l) 1,403 — 1,403 — — — 1,403 — 1,403 — 2019 — Nebraska (b) 1,100 28 1,128 — 243 243 1,100 271 1,371 44 2014, 2015, 2018 2014 29 Nebraska (k) 1,149 — 1,149 — 202 202 1,149 202 1,351 35 2018 2018 33 Illinois (e) 1,231 — 1,231 — 116 116 1,231 116 1,347 17 2018 2016 40 Illinois (e) 1,322 — 1,322 — — — 1,322 — 1,322 — 2016 — Illinois 1,321 — 1,321 — — — 1,321 — 1,321 — 2022 — Illinois (e) 1,132 35 1,167 — 103 103 1,132 138 1,270 9 2016, 2022 2016 30 Illinois (p) 801 97 898 — 364 364 801 461 1,262 57 2006, 2016, 2023 2014 40 Illinois (e) 1,261 — 1,261 — — — 1,261 — 1,261 — 2016 — Illinois (b) 1,120 — 1,120 — 138 138 1,120 138 1,258 22 2016 2014 50 Illinois (e) 1,256 — 1,256 — — — 1,256 — 1,256 — 2016 — Illinois (o) 1,221 — 1,221 — — — 1,221 — 1,221 — 2016 — Illinois (p) 1,147 — 1,147 — 60 60 1,147 60 1,207 9 2016 2014 50 Illinois (e) 1,173 — 1,173 — — — 1,173 — 1,173 — 2016 — North Carolina (k) 1,161 — 1,161 — — — 1,161 — 1,161 — 2018 — Illinois (e) 1,160 — 1,160 — — — 1,160 — 1,160 — 2016 — Illinois (e) 1,117 28 1,145 — 9 9 1,117 37 1,154 16 2016, 2018 2016 20 Nebraska (d) 1,109 40 1,149 — — — 1,109 40 1,149 22 2012 2014 20 Illinois (e) 1,077 — 1,077 — 70 70 1,077 70 1,147 10 2018 2016 40 Illinois (e) 1,128 44 1,172 — (37) (37) 1,128 7 1,135 2 2016 2016 30 Illinois (e) 1,121 — 1,121 — — — 1,121 — 1,121 — 2016 — Colorado (p) 1,030 170 1,200 — (87) (87) 1,030 83 1,113 16 2014, 2016, 2017, 2021 2014 24 Colorado (p) 1,105 — 1,105 — — — 1,105 — 1,105 — 2014 — Illinois (e) 1,082 — 1,082 — — — 1,082 — 1,082 — 2016 — Illinois (o) 991 — 991 — 77 77 991 77 1,068 11 2018 2016 40 Illinois (e) 1,060 — 1,060 — — — 1,060 — 1,060 — 2016 — Illinois (e) 997 — 997 — 58 58 997 58 1,055 8 2017 2016 50 Initial Cost to Company Cost Capitalized Subsequent to Gross Amount at Which Life on Which Depreciation in Description Encumbrances Land Improvements Total Land Improvements Total Land Improvements Total Accumulated Date of Date Acquired Statements is Illinois (e) 1,065 27 1,092 — (44) (44) 1,065 (17) 1,048 — 2016 — Colorado (l) 809 141 950 — 62 62 809 203 1,012 58 2015 2015 31 Illinois (e) 1,007 — 1,007 — — — 1,007 — 1,007 — 2016 — Florida (d) 935 67 1,002 — — — 935 67 1,002 16 2021 2021 10 Illinois (e) 952 40 992 — — — 952 40 992 10 2016 2016 32 Illinois (e) 982 — 982 — — — 982 — 982 — 2016 — Illinois (e) 977 — 977 — — — 977 — 977 — 2016 — Illinois (e) 974 — 974 — — — 974 — 974 — 2016 — Colorado (d) 819 94 913 — 58 58 819 152 971 73 2010, 2014, 2017, 2018 2014 22 Illinois (e) 970 — 970 — — — 970 — 970 — 2016 — Illinois (e) 846 — 846 — 112 112 846 112 958 11 2019 2016 40 Illinois (d) 923 53 976 — (29) (29) 923 24 947 6 2011 2014 50 North Carolina (l) 936 — 936 9 — 9 945 — 945 — 2015 — Illinois (e) 940 — 940 — — — 940 — 940 — 2016 — Illinois (e) 847 63 910 — — — 847 63 910 25 2016 2016 22 Illinois 878 33 911 — — — 878 33 911 4 2022 2022 13 Colorado (p) 527 373 900 — (2) (2) 527 371 898 323 2014, 2016 2014 17 Illinois (e) 881 — 881 — 4 4 881 4 885 1 2016 2016 20 Illinois (l) 866 18 884 — — — 866 18 884 1 2020 2020 48 Illinois (f) 815 — 815 — 60 60 815 60 875 8 2017 2015 50 Illinois (e) 865 — 865 — — — 865 — 865 — 2016 — Other (r) 46,995 1,313 48,308 10 1,230 1,240 47,002 2,411 49,413 607 Totals $ 864,178 $ 87,479 $ 951,657 $ 5,673 $ 32,857 $ 38,530 $ 869,848 $ 120,204 $ 990,052 $ 33,048 (b) Properties denoted with (b) are part of a collateral pool for the $13.8 million Farmer Mac Bond #6 . Farmer Mac Bond #6 $ 13,827 (c) Properties denoted with (c) are part of a collateral pool for the $11.2 million Farmer Mac Bond #7. Farmer Mac Bond #7 11,160 (d) Properties denoted with (d) are part of a collateral pool for the $30.0 million Farmer Mac Facility. Farmer Mac Facility 30,000 (e) Properties denoted with (e) are part of a collateral pool for the $72.6 million MetLife Term Loan #1. MetLife Term Loan #1 72,585 (f) Properties denoted with (f) are part of a collateral pool for the $5.8 million MetLife Term Loan #4. MetLife Term Loan #4 5,756 (g) Properties denoted with (g) are part of a collateral pool for the $5.2 million MetLife Term Loan #5. MetLife Term Loan #5 5,179 (h) Properties denoted with (h) are part of a collateral pool for the $21.7 million MetLife Term Loan #6. MetLife Term Loan #6 21,726 (i) Properties denoted with (i) are part of a collateral pool for the $15.4 million MetLife Term Loan #7. MetLife Term Loan #7 15,434 (j) Properties denoted with (j) are part of a collateral pool for the $44.0 million MetLife Term Loan #8. MetLife Term Loan #8 44,000 (k) Properties denoted with (k) are part of a collateral pool for the $16.8 million MetLife Term Loan #9. MetLife Term Loan #9 16,800 (l) Properties denoted with (l) are part of a collateral pool for the $49.0 million MetLife Term Loan #10. MetLife Term Loan #10 48,986 (m) Properties denoted with (m) are part of a collateral pool for the $12.8 million MetLife Term Loan #11. MetLife Term Loan #11 12,750 (n) Properties denoted with (n) are part of a collateral pool for the $14.4 million MetLife Term Loan #12. MetLife Term Loan #12 14,359 (o) Properties denoted with (o) are part of a collateral pool for the $0.0 million MetLife Facility. MetLife Facility — (p) Properties denoted with (p) are part of a collateral pool for the $45.5 million Rabobank. Rabobank 45,533 (q) Properties denoted with (q) are part of a collateral pool for the $5.0 million Rutledge Facility. Rutledge Facility 5,000 $ 363,095 (r) Other category is comprised of 92 farms in 7 states that on an aggregate basis make up less than 5% of gross total land plus improvements as of December 31, 2023. Approximately $3.3 million is part of the collateral pool for Farmer Mac Bond #6 Approximately $0.5 million is part of the collateral pool for Farmer Mac Bond #7 Approximately $7.6 million is part of the collateral pool for Farmer Mac Facility Approximately $18.5 million is part of the collateral pool for MetLife Term Loan #1 Approximately $2.5 million is part of the collateral pool for MetLife Term Loan #4 Approximately $1.3 million is part of the collateral pool for MetLife Term Loan #5 Approximately $1.5 million is part of the collateral pool for MetLife Term Loan #7 Approximately $2.0 million is part of the collateral pool for MetLife Term Loan #9 Approximately $2.9 million is part of the collateral pool for MetLife Facility Approximately $4.7 million is part of the collateral pool for Rabo Agrifinance Note (s) all of the above properties listed in Schedule III are farms. (t) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $891.8 million as of December 31, 2023. Years ended December 31, 2023 2022 Real Estate: Balance at beginning of year $ 1,129,485 $ 1,092,693 Additions during period Additions through construction of improvements 10,424 729 Disposition of property and improvements (165,335) (23,387) Acquisitions through business combinations and/or asset acquisitions 22,171 59,450 Impairment of assets (6,693) — Balance at end of year $ 990,052 $ 1,129,485 Accumulated Depreciation: Balance at beginning of year $ 38,433 $ 38,254 Disposition of improvements (12,010) (6,771) Additions charged to costs and expenses 7,478 6,950 Impairment of assets (853) — Balance at end of year $ 33,048 $ 38,433 Real Estate balance per schedule $ 990,052 $ 1,129,485 Construction in progress 4,453 14,810 Other non-real estate 109 68 Balance per consolidated balance sheet $ 994,614 $ 1,144,363 Accumulated depreciation per schedule $ 33,048 $ 38,433 Other non-real estate 35 14 Balance per consolidated balance sheet $ 33,083 $ 38,447

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	12 Months Ended
Organization and Significant Accounting Policies (Policies)	Dec. 31, 2023
Organization and Significant Accounting Policies
Organization	Organization Farmland Partners Inc. (“FPI”), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI 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. FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the “Operating Partnership”), which was formed in Delaware on September 27, 2013. All of FPI’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 December 31, 2023, FPI owned a 97.6% 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”) and Series A preferred units of limited partnership interest in the Operating Partnership (“Series A preferred units”). Unlike holders of FPI’s common stock, par value $0.01 per share (“common stock”), holders of the Operating Partnership’s Common units and Series A preferred units generally do not have voting rights or the power to direct the affairs of FPI. As of December 31, 2023, the Operating Partnership owned a 9.97% equity interest in an unconsolidated equity method investment that holds 12 properties (see “Note 1—Organization and Significant Accounting Policies—Equity Method Investments” and “Note 4—Related Party Transactions”). References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership. As of December 31, 2023, the Company owned a portfolio of approximately 132,800 acres of farmland, which is consolidated in these financial statements. In addition, as of December 31, 2023, we owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag-Pro Ohio, LLC (“Ag Pro”) under the John Deere brand and served as property manager for approximately 38,300 acres of farmland (see “Note 6—Loans and Financing Receivables”). On March 16, 2015, the Company formed FPI Agribusiness Inc., a wholly owned subsidiary (the “TRS” or “FPI Agribusiness”), as a taxable REIT subsidiary. We engage directly in farming, provide property management, auction, and brokerage services and volume purchasing services to our tenants through the TRS. As of December 31, 2023, the TRS performed direct farming operations on 2,103 acres of farmland owned by the Company located in California. All references to numbers and percent of acres within this report are unaudited.
Principles of Combination and Consolidation	Principles of Combination and Consolidation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of FPI and the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the presentation used in the current year. Such reclassifications had no effect on net income or total equity.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates for a variety of reasons, including, without limitation, the impacts of public health crises, the war in Ukraine, substantially higher prices for oil and gas and substantially increased interest rates, and their effects on the domestic and global economies. We are unable to quantify the ultimate impact of these factors on our business.
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 a 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 of similar assets, and contains acquired inputs and processes which have the ability to contribute to the creation of outputs, these acquisitions are accounted for as business combinations. 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 the Company’s acquisitions are treated as asset acquisitions under ASC 360 or business combinations under ASC 805, the fair value of the aggregate purchase price paid in each such acquisition is allocated among the assets acquired and any liabilities assumed by valuing the property as if it were 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 (trees, 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 determined based upon various sources including third-party appraisals, our own analysis of recently acquired or developed properties and existing comparable properties in our portfolio, and other market data. Factors considered by management in its analysis of land value include soil types, water availability and the sale 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. 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 the Company’s overall relationship with the tenant. The value of in-place lease intangibles and tenant relationships are included as an intangible asset and have been 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 above and below market leases, in-place lease values, and 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 are 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. During the years ended December 31, 2023 and 2022, the Company incurred an immaterial amount of costs related to acquisition and due diligence. Total consideration for acquisitions may include a combination of cash and equity securities. When equity securities are issued, the Company determines the fair value of the equity securities issued based on the number of shares or units issued multiplied by the price per share or unit. Using information available at the time of a business combination, the Company allocates the total consideration to tangible assets and liabilities and identified intangible assets and liabilities. Any residual amount remaining after such allocations is allocated to goodwill. During the measurement period, which may be up to one year from the acquisition date when incomplete information exists as of the respective reporting 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.
Real Estate Sales	Real Estate Sales The Company recognizes gains (losses) from the sales of real estate assets generally at the time the title is transferred and consideration is received.
Liquidity Policy	Liquidity Policy The Company manages its liquidity position and expected liquidity needs taking into consideration current cash balances, undrawn availability under its lines of credit ($201.1 million as of December 31, 2023), and reasonably expected cash receipts. The business model of the Company, and of real estate investment companies in general, utilizes debt as a structural source of financing. When debt becomes due, it is generally refinanced rather than repaid using the Company’s cash flow from operations. The Company has a history of being able to refinance its debt obligations prior to maturity. Furthermore, the Company also has a substantial portfolio of real estate assets that management believes could be readily liquidated if necessary to fund any immediate liquidity needs. As of December 31, 2023, we had $360.9 million of mortgage and other debt against a portfolio of real estate assets with a net book value of $961.5 million. As of December 31, 2023, we had capacity to issue up to $50.5 million of our common stock under our At-the-Market Equity Offering Program (the “ATM Program”). We also have an effective shelf registration statement with approximately $100 million of capacity, in addition to availability under the ATM Program, pursuant to which we could issue additional equity or debt securities. For more information on the ATM Program please see “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”
Real Estate	Real Estate The Company’s real estate consists of land, groundwater and improvements made to the land consisting of permanent plantings, grain facilities, irrigation improvements, drainage improvements and other improvements. The Company records real estate at cost and capitalizes improvements and replacements when they extend the useful life or improve the efficiency of the asset. Construction in progress includes the costs to build new grain storage facilities and install new pivots, drainage and wells on newly acquired farms. The Company begins depreciating assets when the asset is ready for its intended use. The Company expenses costs of repairs and maintenance at the time such costs are incurred. The Company computes depreciation and depletion for assets classified as improvements using the straight-line method over their estimated useful lives as follows: Years Grain facilities 10 - 40 Irrigation improvements 2 - 40 Drainage improvements 20 - 65 Groundwater 3 - 50 Permanent plantings 13 - 40 Other 5 - 40 The Company periodically evaluates the estimated useful lives for groundwater based on current state water regulations and depletion levels of the aquifers. When a sale occurs, the Company recognizes the associated gain or loss when all consideration has been transferred, the sale has closed and there is no material continuing involvement. If a sale is expected to generate a loss, the Company first assesses it through the impairment evaluation process—see ‘‘Impairment of Real Estate Assets’’ below.
Impairment of Real Estate Assets	Impairment of Real Estate Assets The Company evaluates its tangible and identifiable intangible real estate assets for impairment indicators whenever events such as declines in a property’s operating performance, deteriorating market conditions or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. If such events are present, the Company projects the total undiscounted cash flows of the asset, including proceeds from disposition, and compares them to the net book value of the asset. If this evaluation indicates that the carrying value may not be recoverable, an impairment loss is recorded in earnings equal to the amount by which the carrying value exceeds the fair value of the asset. There was $5.8 million and $0.0 million of impairment recognized on real estate assets in the accompanying financial statements during the years ended December 31, 2023 and 2022, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company’s cash and cash equivalents at December 31, 2023 and 2022 was held in the custody of five financial institutions for both periods and the Company’s balance at any given financial institution may at times exceed federally insurable limits. We consider highly liquid investments purchased with an original maturity of three months or less, such as money market funds, to be cash equivalents. The Company monitors balances with individual financial institutions to mitigate risks relating to balances exceeding such limits.
Debt Issuance Costs	Debt Issuance Costs Costs incurred by the Company in obtaining debt are deducted from the face amount of mortgage notes and bonds payable, net except for those costs relating to the Company’s lines of credit which are recognized as an asset within deferred financing fees, net. During the year ended December 31, 2023, the Company incurred $0.3 million in connection with collateral substitution and documentation on its Metlife and Farmer Mac debt. During the year ended December 31, 2022, the Company incurred $1.0 million in connection with the refinancing of the Rutledge debt and the establishment of the Metlife Facility and the Farmer Mac Facility (each as defined in “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable”). Debt issuance costs are amortized using the straight-line method, which approximates the effective interest method, over the terms of the related indebtedness. Any unamortized amounts upon early repayment of mortgage notes payable are written off in the period in which repayment occurs. Fully amortized deferred financing fees are removed from the books upon maturity or repayment of the underlying debt. The Company recorded amortization expense of $0.7 million and $0.4 million for the years ended December 31, 2023 and 2022, respectively, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $1.9 million and $1.2 million as of December 31, 2023 and 2022, respectively. For more information on the Company’s debt, see “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable”.
Loans and Financing Receivables	Loans and Financing Receivables Loans and financing receivables are stated at their unpaid principal balance and include unamortized direct origination costs, prepaid interest and accrued interest through the reporting date, less any allowance for losses and unearned borrower paid points. As of December 31, 2023 and 2022, the Company has two types of loans and financing receivables: loans under the Company’s loan program (the “FPI Loan Program”) and sale-leaseback transactions accounted for as financing receivables. Loans under the FPI Loan Program: Sale-leaseback Transactions Accounted for as Financing Arrangements: Current expected credit losses (“CECL”) The Company monitors its loans and financing receivables using a CECL methodology which is based upon historical collection experience, collateral values, current trends, long-term probability of default (“PD”) and estimated loss given default (“LGD”). This approach calculates impairment by multiplying the PD (probability the asset will default within a given timeframe) by the LGD (percentage of the asset not expected to be collected due to default). The PD and LGD are estimated using average historical default rates of a company with similar credit risk factors to the Company’s tenant where practical. Accrued interest write-offs are recognized as credit loss expense. The CECL allowance is recorded as a reduction to loans and financing receivables, net on the accompanying consolidated balance sheets. The CECL allowance is updated on a quarterly basis with the resulting change being recorded in the consolidated statements of operations for the relevant period. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs include incremental direct costs related to regulatory, legal, accounting and professional service 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 $0.0 million and $0.1 million in offering costs during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, the Company had $0.00 million and $0.06 million, respectively, in deferred offering costs associated with proposed or completed offerings of securities, net of amortization, remaining on the balance sheet.
Assets Held For Sale	Assets Held for Sale The Company determines whether certain assets meet the criteria of assets held for sale in accordance with ASC Topic 360, “Property, Plant, and Equipment.” These assets are measured at the lower of (i) the carrying value and (ii) the fair value of the assets, less costs to sell. The Company determines fair value based on the three-level valuation hierarchy for fair value measurement. Effective with the designation of the assets as held for sale, the Company suspends recording depreciation of the assets, resulting in a decrease in depreciation during the period. As of December 31, 2023, the Company had less than $0.1 million classified as held for sale within the accompanying consolidated balance sheets.
Accounts Receivable	Accounts Receivable Accounts receivable are presented at face value, net of the allowance for doubtful accounts. The Company records an allowance for doubtful accounts, reducing the receivables balance to an amount that it estimates is collectible from our customers. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, current trends, aging of accounts receivable and periodic credit evaluations of the Company’s customers’ financial condition. The Company creates an allowance for accounts receivable when it becomes apparent, based upon age or customer circumstances, that an amount may not be collectible, such that all current expected losses are sufficiently reserved for at each reporting period. The Company considered its current expectations of future economic conditions when estimating its allowance for doubtful accounts. The allowance for doubtful accounts was less than $0.1 million as of December 31, 2023 and 2022. An allowance for doubtful accounts is recorded on the Consolidated Statements of Operations as a reduction to rental revenue if in relation to revenues recognized in the year, or as property operating expenses if in relation to revenue recognized in the prior years.
Inventory	Inventory Inventory consists of costs related to crops grown on farms directly operated by the TRS and is separated into growing crop inventory, harvested crop inventory or general inventory, as appropriate. Inventory is stated in the consolidated balance sheets at the lower of cost or net realizable value. Growing crop inventory consists of costs allocated to crops that have not yet been harvested, primarily 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 crops sold was $4.8 million and $6.0 million for the years ended December 31, 2023 and 2022, respectively. Harvested crop inventory consists of costs accumulated both during the growing and harvesting phases and allocated to harvested crops. Harvested crop inventory is stated at the lower of accumulated costs or estimated net realizable value, which is the market price of the harvested crops, based upon the nearest market in the geographic region, less any cost of disposition. Cost of disposition includes broker’s commissions, freight and other marketing costs. General inventory, such as fertilizer, seeds and pesticides, is valued at the lower of cost or net realizable value. As of December 31, 2023 and 2022, inventory consisted of the following: (in thousands) December 31, 2023 December 31, 2022 Harvested crop $ 246 $ — Growing crop 2,089 2,808 $ 2,335 $ 2,808
Equity Method Investments	Equity Method Investments On January 20, 2021, the Company entered into property sale and long-term management agreements with Promised Land Opportunity Zone Farms I, LLC (the “OZ Fund”), a private investment fund focused on acquiring and improving farmland in qualified opportunity zones in the United States, as designated under U.S. tax provisions enacted in 2017. As consideration for 10 farms sold to the OZ Fund in March 2021, the Company received approximately $2.4 million in convertible notes receivable, which, in addition to the accrued interest thereon, was converted into membership interests in the OZ Fund at the Company’s election in July 2021. The OZ Fund will exist until an event of dissolution occurs, as defined in the limited liability company agreement of the OZ Fund (the “Fund Agreement”). Under the Fund Agreement, the manager of the OZ Fund may call for additional capital contributions from its members to fund expenses, property acquisitions and capital improvements in accordance with each members’ funding ratio. The Company’s capital contributions are capped at $4.3 million. Under the Fund Agreement, any available cash, after the allowance for the payment of all obligations, operating expenses and capital improvements, is distributed to the members at least annually. For each fiscal year, net income or loss is allocated to the members pro rata in accordance with their percentage interest. See “Note 4—Related Party Transactions” for more information on the OZ Fund.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below its carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the carrying value of the reporting unit. The fair value is calculated using the expected present value of future cash flows method. Significant assumptions used in the cash flow forecasts include future cash flows, discount rates and future capital requirements. If the fair value of the reporting unit is less than the carrying value, including goodwill, the excess of the book value over the fair value of goodwill is charged to net income as an impairment expense. During the years ended December 31, 2023 and 2022, the Company did not incur any impairment charges related to goodwill. Amortization of intangible assets with definite lives is calculated using the straight-line method, which is reflective of the benefit pattern in which the estimated economic benefit is expected to be received over the estimated useful life of the intangible asset. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. If the sum of the expected undiscounted future cash flows related to the asset is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Trade names and trademarks have an indefinite life and, therefore, are not subject to amortization, but rather are tested for impairment annually in the fourth quarter and when events or changes in circumstances indicate that the fair value is below its carrying value. Customer relationships are subject to amortization and are amortized over a period of 10
Income Taxes	Income Taxes As a REIT, the Company is permitted to deduct dividends, for income tax purposes, paid to its stockholders, thereby eliminating the U.S. federal taxation of income represented by such distributions at the Company level, provided certain requirements are met. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax (including, for periods prior to 2021, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax (benefit) expense totaling $(0.2) million and $0.2 million, respectively, for the years ended December 31, 2023 and 2022. The Operating Partnership leases certain of its farms to the TRS, which is subject to federal and state income taxes. The TRS accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting basis of assets and liabilities and their respective income tax basis and for operating loss, capital loss and tax credit carryforwards based on enacted income tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not they will be realized on consideration of available evidence, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. There was $(2.5) million and $4.0 million in taxable income (loss) from the TRS for the years ended December 31, 2023 and 2022, respectively. The Company performs an annual review for any uncertain tax positions and, if necessary, will record future tax consequences of uncertain tax positions in the financial statements. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which when examined by taxing authorities is more-likely-than-not to be sustained on review and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. At December 31, 2023, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2022 open tax year. When the Company acquires a property in a business combination, the Company evaluates such acquisition for any related deferred tax assets or liabilities and determines if a deferred tax asset or liability should be recorded in conjunction with the purchase price allocation. If a built-in gain is acquired, the Company evaluates the required holding period (generally 5 years) and determines if it has the ability and intent to hold the underlying assets for the necessary holding period. If the Company has the ability to hold the underlying assets for the required holding period, no deferred tax liability is recorded with respect to the built-in gain. The Company determined that no deferred tax asset or liability should be recorded as a result of any acquisitions that it undertook during the years ended December 31, 2023 and 2022.
Fair Value	Fair Value The Company is required to disclose fair value as further explained in “Note 6—Notes Receivable”, “Note 7—Mortgage Notes, Lines of Credit and Bonds Payable” and “Note 10—Hedge Accounting”. FASB ASC 820-10 establishes a three-level hierarchy for the 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.
Hedge Accounting	Hedge Accounting ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the consolidated balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the consolidated statements of operations during the reporting period. The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its funding. The Company may also use interest rate derivative financial instruments, namely interest rate swaps. The Company may enter into marketing contracts to sell commodities. Derivatives and hedge accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting if designated as normal purchase or normal sales. The Company evaluates all contracts at inception to determine if they are derivatives and if they meet the normal purchase and normal sale designation requirements. The Company has in place one interest rate swap agreement with Rabobank to add stability to interest expense and to manage its exposure to interest rate movements. This agreement qualifies as a cash flow hedge and is actively evaluated for ongoing effectiveness (see “Note 10—Hedge Accounting”). The entire change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of stockholders’ equity in the Company’s consolidated balance sheets. Additionally, the Company assesses whether the derivative used in its hedging transaction is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. The Company discontinues hedge accounting when it is determined that a derivative has ceased to be or is not expected to be highly effective as a hedge, and then reflects changes in fair value of the derivative as gain or loss, as applicable, in the consolidated statements of operations during reporting periods after such determination.
Segment Reporting	Segment Reporting The Company’s chief operating decision maker does not evaluate performance on a farm-specific or transactional basis and does not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, excluding the weighted average number of unvested restricted shares (“participating securities” as defined in “Note 9—Stockholders’ Equity and non-controlling Interests”). Diluted earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period, plus other potentially dilutive securities such as stock grants or shares that would be issued in the event that Common units are redeemed for shares of common stock of the Company. No adjustment is made for shares that are anti-dilutive during a period.
Non-controlling Interests	Non-controlling Interests The Company’s non-controlling interests are interests in the Operating Partnership not owned by FPI. The Company evaluates whether non-controlling interests are subject to redemption features outside of its control. The Company classifies non-controlling interests that are contingently redeemable solely for cash (unless stockholder approval is obtained to redeem for shares of common stock) one year after issuance or deemed probable to eventually become redeemable and which have redemption features outside of its control, as redeemable non-controlling interests in the mezzanine section of the consolidated balance sheets. The amounts reported for non-controlling interests on the Company’s Consolidated Statements of Operations represent the portion of income or losses not attributable to the Company.
Stock Based Compensation	Stock Based Compensation From time to time, the Company may award non-vested shares under the Company’s Third Amended and Restated 2014 Equity Incentive Plan (the “Plan”) as compensation to officers, employees, non-employee directors and non-employee consultants (see “Note 9—Stockholders’ Equity and Non-controlling Interests”). The shares issued to officers, employees, and non-employee directors vest over a period of time as determined by the Board of Directors at the date of grant. The Company recognizes compensation expense for non-vested shares granted to officers, employees and directors on a straight-line basis over the requisite service period based upon the fair value of the shares on the date of grant, as adjusted for forfeitures. The Company recognizes expense related to non-vested shares granted to non-employee consultants over the period that services are received.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), that provided practical expedients to address existing guidance on contract modifications and hedge accounting due to the expected market transition from the London Inter-bank Offered Rate (“LIBOR”) and other interbank offered rates (together, “IBORs”) to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). In July 2017, the Financial Conduct Authority announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021. We refer to this transition as “reference rate reform.” The first practical expedient allows companies to elect to not apply certain modification accounting requirements to debt, derivative and lease contracts affected by reference rate reform if certain criteria are met. These criteria include the following: (i) the contract referenced an IBOR rate that is expected to be discontinued; (ii) the modified terms directly replace or have the potential to replace the IBOR rate that is expected to be discontinued; and (iii) any contemporaneous changes to other terms that change or have the potential to change the amount and timing of contractual cash flows must be related to the replacement of the IBOR rate. If the contract meets all three criteria, there is no requirement for remeasurement of the contract at the modification date or reassessment of the previous hedging relationship accounting determination. The second practical expedient allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to de-designate the hedging relationship. This allows for companies to continue applying hedge accounting to existing cash flow and net investment hedges. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. The objective of the guidance in Topic 848 is to provide relief during the temporary transition period, so the FASB included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. In 2021, the UK Financial Conduct Authority (FCA) delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The Company will continue to evaluate its debt, derivative and lease contracts that are eligible for modification relief and expects to apply those elections as needed. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Among other things, these amendments require that public business entities on an annual basis (i) disclose specific categories in the rate reconciliation, and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis (i) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, (ii) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received), (iii) income (loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (iv) income tax expense (benefit) from continuing operations disaggregated by federal, state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024.

Organization and Significant _3

Organization and Significant Accounting Policies (Tables)	12 Months Ended
Organization and Significant Accounting Policies (Tables)	Dec. 31, 2023
Organization and Significant Accounting Policies
Schedule of estimated useful lives of assets classified as improvements	Years Grain facilities 10 - 40 Irrigation improvements 2 - 40 Drainage improvements 20 - 65 Groundwater 3 - 50 Permanent plantings 13 - 40 Other 5 - 40
Schedule of Inventory	(in thousands) December 31, 2023 December 31, 2022 Harvested crop $ 246 $ — Growing crop 2,089 2,808 $ 2,335 $ 2,808

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
Revenue Recognition (Tables)	Dec. 31, 2023
Revenue Recognition.
Summary of rental income recognized	Rental income recognized For the years ended December 31, (in thousands) 2023 2022 Leases in effect at the beginning of the year $ 45,863 $ 40,015 Leases entered into during the year 3,322 8,864 $ 49,185 $ 48,879
Schedule of future minimum fixed rent payments from tenants under all non-cancelable leases in place	(in thousands) Future rental Year Ending December 31, payments 2024 $ 33,095 2025 20,637 2026 13,336 2027 7,262 2028 2,941 Thereafter 30,539 $ 107,810
Schedule of other revenue disaggregated by revenue	For the years ended December 31, (in thousands) 2023 2022 Fixed Farm Rent $ 33,739 $ 32,878 Solar, Wind and Recreation Rent 3,954 2,647 Tenant Reimbursements 3,428 3,264 Variable Rent 8,064 10,090 $ 49,185 $ 48,879 For the years ended December 31, (in thousands) 2023 2022 Auction and brokerage fees $ 1,138 $ 2,806 Crop insurance proceeds 2,335 2,609 Property management income 890 730 Other (e.g., interest income) 1,661 814 $ 6,024 $ 6,959

Concentration Risk (Tables)

Concentration Risk (Tables)	12 Months Ended
Concentration Risk (Tables)	Dec. 31, 2023
Tenant concentration
Concentration Risk
Summary of concentrations	Rental income recognized Approximate % of rental income For the years ended December 31, For the years ended December 31, ($ in thousands) 2023 2022 2023 2022 Tenant A (1) $ 6,702 $ 8,291 13.6 % 17.0 % (1) The Company has numerous permanent crop leases with major farming companies located in California.
Geographic concentration
Concentration Risk
Summary of concentrations	Approximate % Rental Income (1) of total acres For the years ended As of December 31, December 31, Location of Farm (2) 2023 2022 2023 2022 Corn Belt 33.6 % 28.7 % 37.7 % 34.3 % Delta and South 19.9 % 19.9 % 11.9 % 12.5 % High Plains 16.4 % 20.0 % 9.1 % 8.4 % Southeast 21.7 % 24.4 % 18.6 % 19.2 % West Coast 8.4 % 7.0 % 22.7 % 25.6 % 100.0 % 100.0 % 100.0 % 100.0 % (1) Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are more relevant for full years than quarters or partial years. (2) Corn Belt includes farms located in Illinois, Indiana, Iowa, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas, Louisiana, Mississippi and Oklahoma. High Plains includes farms located in Colorado, Kansas and Texas. Southeast includes farms located in Florida, North Carolina and South Carolina. West Coast includes farms located in California.

Loans and Financing Receivabl_2

Loans and Financing Receivables (Tables)	12 Months Ended
Loans and Financing Receivables (Tables)	Dec. 31, 2023
Loans and Financing Receivables
Schedule of loans and financing receivables	($ in thousands) Outstanding as of Maturity Loan Terms December 31, 2023 December 31, 2022 Date Loans under FPI Loan Program: Mortgage Note (1) Principal & interest due at maturity $ 210 $ 217 12/7/2028 Mortgage Note (2) Principal due at maturity & interest due semi-annually — 2,100 8/18/2023 Mortgage Note (3) Principal due at maturity & interest due quarterly 1,900 2,500 3/3/2025 Mortgage Note (4) Principal due at maturity & interest due quarterly 1,800 — 11/17/2028 Mortgage Note (5) Principal due at maturity & interest due semi-annually 8,009 — 12/28/2024 Mortgage Note (6) Principal due at maturity & interest due semi-annually 1,491 — 12/28/2024 Mortgage Note (7) Principal due at maturity & interest due monthly 500 — 6/30/2025 Total outstanding principal 13,910 4,817 Sale-leaseback transactions accounted for as financing arrangements: Financing Receivable, net (8) Monthly payments in accordance with lease agreement 5,920 5,894 11/17/2037 Financing Receivable, net (8) Monthly payments in accordance with lease agreement 4,498 4,498 11/17/2037 Financing Receivable, net (8) Monthly payments in accordance with lease agreement 3,563 3,561 11/17/2037 Financing Receivable, net (8) Monthly payments in accordance with lease agreement 3,237 3,241 11/17/2037 Total financing receivable 17,218 17,194 Interest receivable (net prepaid interest and points) 60 2 Allowance for credit losses (168) (92) Provision for interest receivable — — Total Loans and financing receivables, net $ 31,020 $ 21,921 1) 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 note is secured against farmland properties. 2) On August 18, 2021, the Company entered into a loan secured against farmland. The loan was repaid in full in September 2023. 3) On March 3, 2022, the Company entered into two loans with the same party secured against farmland. 4) On November 17, 2023, the Company entered into a loan agreement secured by farmland. 5) On December 28, 2023, the Company entered into a loan agreement secured by farmland. 6) On December 28, 2023, the Company entered into a loan agreement secured by farmland. 7) On December 28, 2023, the Company entered into a loan agreement secured by farmland and a feedlot. 8) On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio, accounted for as financing transactions. The leases may be extended beyond the stated maturity date, for up to an additional 20 years , at the option of the tenant.
Schedule of allowance for credit losses details	December 31, 2023 ($ in thousands) Amortized Cost Allowance Loans and financing receivables, net Allowance as a % of Amortized Cost Loans under FPI Loan Program $ 13,970 $ (76) $ 13,894 0.54 % Financing Receivables 17,218 (92) 17,126 0.53 % Totals $ 31,188 $ (168) $ 31,020 0.54 % December 31, 2022 ($ in thousands) Amortized Cost Allowance Loans and financing receivables, net Allowance as a % of Amortized Cost Loans under FPI Loan Program $ 4,819 $ — $ 4,819 — % Financing Receivables 17,194 (92) 17,102 0.54 % Totals $ 22,013 $ (92) $ 21,921 0.42 %
Schedule of roll-forward of allowance for credit losses for loans and financing receivables	Years ended December 31, ($ in thousands) 2023 2022 Balance at beginning of year $ (92) $ — Initial allowance for financing receivables — (92) Initial allowance for loan receivables (76) — Current period change in credit allowance — — Charge-offs — — Recoveries — — Balance at end of year $ (168) $ (92)
Reconciliation of carrying amount of mortgage loans	Years ended December 31, ($ in thousands) 2023 2022 Balance at beginning of year $ 22,011 $ 6,029 Additions during year: Issuance of loans and financing receivables 11,801 20,781 Interest accrued on financing receivables 1,054 122 34,866 26,932 Deductions during year: Collections of principal on loans 2,707 2,786 Payments on financing receivables 1,031 — Expiration of repurchase option — 2,135 Balance at end of year $ 31,128 $ 22,011

Mortgage Notes, Lines of Cred_2

Mortgage Notes, Lines of Credit and Bonds Payable (Tables)	12 Months Ended
Mortgage Notes, Lines of Credit and Bonds Payable (Tables)	Dec. 31, 2023
Mortgage Notes, Lines of Credit and Bonds Payable
Schedule of indebtedness outstanding	Book Annual Value of ($ in thousands) Interest Principal Collateral Rate as of Next Outstanding as of as of Interest December 31, Interest Rate Adjustment December 31, December 31, Maturity December 31, Loan Payment Terms 2023 Terms Date 2023 2022 Date 2023 Farmer Mac Bond #6 Semi-annual 3.69% Fixed N/A $ 13,827 $ 13,827 April 2025 $ 19,478 Farmer Mac Bond #7 Semi-annual 3.68% Fixed N/A 11,160 11,160 April 2025 8,258 Farmer Mac Facility Monthly 6.84% SOFR + 1.50% N/A 30,000 75,000 December 2025 92,672 MetLife Term Loan #1 Semi-annual 5.55% Fixed N/A 72,585 72,623 March 2026 102,171 MetLife Term Loan #4 Semi-annual 5.55% Fixed for 3 years March 2026 5,756 9,880 June 2026 9,534 MetLife Term Loan #5 Semi-annual 5.63% Fixed for 3 years January 2026 5,179 5,179 January 2027 7,383 MetLife Term Loan #6 Semi-annual 5.55% Fixed for 3 years February 2026 21,726 21,726 February 2027 26,230 MetLife Term Loan #7 Semi-annual 5.87% Fixed for 3 years June 2026 15,434 15,699 June 2027 29,684 MetLife Term Loan #8 Semi-annual 4.12% Fixed for 10 years December 2027 44,000 44,000 December 2042 110,042 MetLife Term Loan #9 Semi-annual 3.20% Fixed for 3 years May 2024 16,800 16,800 May 2028 33,720 MetLife Term Loan #10 Semi-annual 6.36% Fixed N/A 48,986 48,985 October 2030 94,737 MetLife Term Loan #11 Semi-annual 2.85% Fixed for 3 years October 2024 12,750 12,750 October 2031 27,497 MetLife Term Loan #12 Semi-annual 3.11% Fixed for 3 years December 2024 14,359 14,359 December 2031 14,784 MetLife Facility Quarterly 7.50% SOFR + 2.10% N/A — — October 2027 112,466 Rabobank (1) Semi-annual 7.16% SOFR + 1.81% March 2024 (2) 45,533 59,500 March 2028 90,234 Rutledge Facility Quarterly 7.19% SOFR + 1.80% April 2024 (2) 5,000 18,000 March 2027 180,332 Total outstanding principal 363,095 439,488 $ 959,222 Debt issuance costs (2,236) (2,613) Unamortized premium — — Total mortgage notes and bonds payable, net $ 360,859 $ 436,875 (1) The Company has an interest rate swap agreement with Rabobank for $33.2 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 4.7% (see “Note 10—Hedge Accounting”). After adjusting the $33.2 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 22.2% to 13.0% . (2) The adjustment date included in the table above is for the spread noted under “Interest Rate Terms.”
Schedule of aggregate maturities of long-term debt	($ in thousands) Year Ending December 31, Future Maturities 2024 $ 2,100 2025 57,087 2026 80,441 2027 49,439 2028 53,933 Thereafter 120,095 $ 363,095

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2023
Commitments and Contingencies.
Schedule of future rental payments	($ in thousands) Future rental Year Ending December 31, payments 2024 $ 247 2025 205 2026 — 2027 — 2028 — Thereafter — Total lease payments 452 Less: imputed interest (53) Lease liability $ 399

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-controlling Interests (Tables)	12 Months Ended
Stockholders' Equity and Non-controlling Interests (Tables)	Dec. 31, 2023
Stockholders' Equity and Non-controlling Interests
Schedule of changes in redeemable non-controlling interest in operating partnership	Series A Preferred Units Redeemable Redeemable Preferred non-controlling (in thousands) units interests Balance at December 31, 2021 117 $ 120,510 Distribution paid to non-controlling interest — (3,510) Accrued distributions to non-controlling interest — 3,210 Redemption of Series A preferred units (10) (10,000) Balance at December 31, 2022 107 $ 110,210 Balance at December 31, 2022 107 $ 110,210 Distribution paid to non-controlling interest — (3,210) Accrued distributions to non-controlling interest — 2,970 Redemption of Series A preferred units (8) (8,000) Balance at December 31, 2023 99 $ 101,970
Schedule of declaration and payment of distribution	Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share/OP unit 2023 October 24, 2022 January 2, 2023 January 17, 2023 $ 0.0600 February 21, 2023 April 3, 2023 April 17, 2023 $ 0.0600 May 3, 2023 July 3, 2023 July 17, 2023 $ 0.0600 July 25, 2023 October 2, 2023 October 16, 2023 $ 0.0600 $ 0.2400 2022 October 26, 2021 January 3, 2022 January 18, 2022 $ 0.0500 February 22, 2022 April 1, 2022 April 15, 2022 $ 0.0500 May 2, 2022 July 1, 2022 July 15, 2022 $ 0.0600 July 26, 2022 October 1, 2022 October 17, 2022 $ 0.0600 $ 0.2200
Summary of non-vested shares	Weighted Number of average grant (shares in thousands) shares date fair value Unvested at December 31, 2021 297 $ 8.87 Granted 150 11.78 Vested (177) 8.22 Forfeited (10) 11.24 Unvested at December 31, 2022 260 $ 10.88 Unvested at December 31, 2022 260 $ 10.88 Granted 226 10.92 Vested (138) 10.28 Forfeited (1) 12.26 Unvested at December 31, 2023 347 $ 11.15
Schedule of computation of basic and diluted earnings (loss) per share	For the years ended December 31, (in thousands, except per share amounts) 2023 2022 Numerator: Net income attributable to Farmland Partners Inc. $ 30,913 $ 11,674 Less: Nonforfeitable distributions allocated to unvested restricted shares (157) (63) Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred (2,970) (3,210) Net income attributable to common stockholders $ 27,786 $ 8,401 Denominator: Weighted-average number of common shares - basic 50,243 50,953 Unvested restricted shares (1) — — Redeemable non-controlling interest (2) 8,049 — Weighted-average number of common shares - diluted 58,292 50,953 Income per share attributable to common stockholders - basic $ 0.55 $ 0.16 Income per share attributable to common stockholders - diluted $ 0.53 $ 0.16 1) Anti-dilutive for the years ended December 31, 2023 and 2022. 2) Dilutive for the year ended December 31, 2023 and anti-dilutive for the year ended December 31, 2022.
Schedule of equity awards and units outstanding	December 31, 2023 December 31, 2022 Shares 47,656 54,058 Common Units 1,203 1,237 Unvested Restricted Stock Awards 347 260 49,206 55,555

Hedge Accounting (Tables)

Hedge Accounting (Tables) - Designated as Hedging Instrument - Cash Flow Hedging	12 Months Ended
	Dec. 31, 2023
Derivative Contracts
Schedule of fair value of derivative instruments	($ in thousands) Instrument Balance sheet location Level 2 Fair Value Interest rate swap Derivative asset $ 1,707
Schedule of effect of derivative instruments on the consolidated statement of operations	Cash flow hedging relationships Location of Gain (Loss) reclassified from Accumulated OCI into income Interest rate contracts Interest expense
Schedule of movement in other comprehensive income	($ in thousands) December 31, 2023 December 31, 2022 Beginning accumulated derivative instrument gain or loss $ 3,306 $ 279 Net change associated with current period hedging transactions (813) 2,433 Amortization of frozen AOCI on de-designated hedge 198 594 Difference between a change in fair value of excluded components — — Closing accumulated derivative instrument gain or loss $ 2,691 $ 3,306

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Taxes
Schedule of TRS income (loss) before provision for income taxes	The TRS income/(loss) before provision for income taxes consisted of the following: For the years ended ($ in thousands) December 31, 2023 December 31, 2022 United States $ (2,722) $ 3,212 International — — Total $ (2,722) $ 3,212
Schedule of federal and state income tax provision (benefit)	The federal and state income tax provision (benefit) is summarized as follows: For the years ended ($ in thousands) December 31, 2023 December 31, 2022 Current: Federal $ (144) $ 189 State (41) 43 Total Current Tax (Benefit) Expense $ (185) $ 232 Deferred: Federal 19 (5) Total Tax (Benefit) Expense $ (166) $ 227
Schedule of TRS deferred tax assets	($ in thousands) December 31, 2023 December 31, 2022 Deferred tax assets: Net operating loss $ 1,996 $ 434 Realized capital losses — 76 Stock Compensation 5 — Deferred Revenue 3 — Charitable Contributions 4 — Total deferred tax assets $ 2,008 510 Deferred tax liabilities: Fixed assets $ (15) $ (18) Intangible Assets (181) (32) Total deferred tax liabilities $ (196) $ (50) Valuation Allowance (1,851) (480) Net deferred taxes $ (39) $ (20)
Summary of net operating losses and tax credit carryforwards	($ in thousands) December 31, 2023 Expiration Year Net operating losses, federal (Post-December 31, 2017) $ 7,703 Does not expire Net operating losses, state $ 5,433 Various
Schedule of components of income tax rate	($ in thousands) December 31, 2023 December 31, 2022 Statutory Rate $ (571) 21.00 % $ 675 21.00 % State Tax (191) 7.02 % 110 3.43 % Valuation Allowance 596 (21.92) % (558) (17.37) % Total $ (166) 6.10 % $ 227 7.07 %

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
Quarterly Financial Information (unaudited) (Tables)	Dec. 31, 2023
Quarterly Financial Information (unaudited)
Quarterly results of operations	Quarter Ended ($ in thousands except per share data) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 Operating revenues $ 12,672 $ 11,584 $ 11,618 $ 21,592 Operating expenses 7,835 8,828 11,603 11,201 Other expenses (1) 3,114 (5,146) (4,109) (7,375) Net income before income tax expense 1,723 7,902 4,124 17,766 Income tax expense (9) (4) 191 (12) Net income $ 1,714 $ 7,898 $ 4,315 $ 17,754 Net income available to common stockholders of Farmland Partners Inc. $ 857 $ 7,001 $ 3,446 $ 16,482 Basic net income (loss) per share available to common stockholders (2) $ 0.02 $ 0.14 $ 0.07 $ 0.35 Diluted net income (loss) per share available to common stockholders (2) $ 0.02 $ 0.12 $ 0.07 $ 0.30 Basic weighted average common shares outstanding 54,007 50,860 48,432 47,762 Diluted weighted average common shares outstanding 54,007 59,112 48,432 55,635 Quarter Ended March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Operating revenues $ 13,890 $ 12,357 $ 13,140 $ 21,823 Operating expenses 9,570 8,902 8,415 9,349 Other expenses (1) 3,181 366 3,573 5,667 Net income before income tax expense 1,139 3,089 1,152 6,807 Income tax expense — (96) (33) (98) Net income $ 1,139 $ 2,993 $ 1,119 $ 6,709 Net income available to common stockholders of Farmland Partners Inc. $ 213 $ 2,060 $ 350 $ 5,778 Basic net income (loss) per share available to common stockholders (2) $ 0.00 $ 0.04 $ 0.01 $ 0.11 Diluted net income (loss) per share available to common stockholders (2) $ 0.00 $ 0.04 $ 0.01 $ 0.09 Basic weighted average common shares outstanding 45,781 50,362 53,495 54,056 Diluted weighted average common shares outstanding 45,781 50,362 53,495 62,633 (1) Other expenses for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023 included $1.8 million, $11.1 million, $10.3 million, $12.9 million, respectively, related to gain on disposition of assets. Other expenses for the quarters ended March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 included $0.7 million, $3.3 million, ($0.1) million, ($1.3) million, respectively, related to gain (loss) on disposition of assets. (2) The basic and diluted net (loss) income for the quarters do not equal full year results due to issuance of common stock throughout the year and rounding.

Organization and Significant _4

Organization and Significant Accounting Policies (Details) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Nov. 18, 2022 item	Nov. 30, 2022 item	Dec. 31, 2023 USD ($) a item property $ / shares	Dec. 31, 2022 $ / shares
Organization and Significant Accounting Policies
Area of real estate property			132,800
Area of real estate property company serves as property manager			38,300
Number of agriculture equipment dealerships \| item	4	4	4
Common stock, par value (in dollars per share) \| $ / shares			$ 0.01	$ 0.01
Term Loan \| Farmer Mac MetLife And Rutledge
Organization and Significant Accounting Policies
Remaining borrowing capacity \| $			$ 201.1
Operating Partnership
Organization and Significant Accounting Policies
Ownership interest (as a percent)			97.60%	97.80%
Limited partner \| Operating Partnership
Organization and Significant Accounting Policies
Ownership interest (as a percent)			97.60%
TRS.
Organization and Significant Accounting Policies
Area of real estate property			2,103
OZ Fund, Private Investment Fund
Organization and Significant Accounting Policies
Equity interest			9.97%
Number of properties \| property			12

Organization and Significant _5

Organization and Significant Accounting Policies - Additional disclosures (Details) $ in Thousands	1 Months Ended	3 Months Ended							12 Months Ended
	Mar. 31, 2021 USD ($) item	Dec. 31, 2023 USD ($) Institution	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Institution	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) item Institution	Dec. 31, 2022 USD ($) Institution item
Impairment
Impairments recognized on real estate assets									$ 5,840	$ 0
Cash
Number of financial institutions in which custody of cash was held \| Institution		5				5			5	5
Deferred Financing Fees
Deferred Offering Costs Incurred									$ 0	$ 100
Debt issuance costs		$ 300				$ 1,000			300	1,000
Convertible Notes Receivable
Amount available from shelf registration									100,000
Mortgage and other debt		360,900							360,900
Net book value		961,531				1,105,916			961,531	1,105,916
Assets Held for Sale
Assets classified as held for sale		28				33			28	33
Accounts Receivable
Allowance for doubtful accounts		100				100			100	100
Inventory
Harvested crop		246							246
Growing crop		2,089				2,808			2,089	2,808
Cost of harvested crop included in property operating expenses									4,800	6,000
Total inventory		2,335				2,808			2,335	2,808
Income tax
Income tax (benefit) expense		12	$ (191)	$ 4	$ 9	98	$ 33	$ 96	(166)	227
Deferred tax assets		$ 0				$ 0			$ 0	0
Required holding period									5 years
Deferred tax liability, built in gain									$ 0
Non-controlling Interests
Non controlling interest holding period									1 year
ATM Program
Convertible Notes Receivable
Net proceeds									$ 50,500
Promised Land Opportunity Zone Farms I, LLC
Convertible Notes Receivable
Number of farms sold \| item	10
Convertible notes receivable	$ 2,400
Minimum
Intangible assets
Amortization period		10 years							10 years
Maximum
Assets Held for Sale
Assets classified as held for sale		$ 100							$ 100
Intangible assets
Amortization period		12 years							12 years
Intangible assets amortization									$ 100	100
Interest Expense
Deferred Financing Fees
Amortization expense									700	400
TRS.
Income tax
Taxable income attributable to TRS									$ (2,500)	$ 4,000
FPI Loan Program
Deferred Financing Fees
Number of notes outstanding \| item									6	3

Organization and Significant _6

Organization and Significant Accounting Policies - Estimated useful lives (Details)	Dec. 31, 2023
Grain facilities \| Minimum
Real Estate
Estimated useful lives	10 years
Grain facilities \| Maximum
Real Estate
Estimated useful lives	40 years
Irrigation improvements \| Minimum
Real Estate
Estimated useful lives	2 years
Irrigation improvements \| Maximum
Real Estate
Estimated useful lives	40 years
Drainage improvements \| Minimum
Real Estate
Estimated useful lives	20 years
Drainage improvements \| Maximum
Real Estate
Estimated useful lives	65 years
Groundwater. \| Minimum
Real Estate
Estimated useful lives	3 years
Groundwater. \| Maximum
Real Estate
Estimated useful lives	50 years
Permanent plantings \| Minimum
Real Estate
Estimated useful lives	13 years
Permanent plantings \| Maximum
Real Estate
Estimated useful lives	40 years
Other \| Minimum
Real Estate
Estimated useful lives	5 years
Other \| Maximum
Real Estate
Estimated useful lives	40 years

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Deferred revenue	$ 2,149	$ 44
Leases in effect at the beginning of the year	45,863	40,015
Leases entered into during the year	3,322	8,864
Rental income recognized	49,185	48,879
Revenues from the sale of harvested crops	2,300	5,400
Cost of harvested crop included in property operating expenses	4,800	6,000
Future minimum fixed rent payments
2024	33,095
2025	20,637
2026	13,336
2027	7,262
2028	2,941
Thereafter	30,539
Total future minimum lease payments	$ 107,810
Minimum
Revenue Recognition
Percent annual rent received during first quarter of the year	50%
Percentage of annual lease due in the second half of the year	50%
Maximum
Revenue Recognition
Deferred revenue		$ 100
Lease in place
Revenue Recognition
Terms of farm leases	40 years
Lease in place \| Minimum
Revenue Recognition
Terms of farm leases	1 year
Lease in place \| Maximum
Revenue Recognition
Terms of farm leases	3 years

Revenue Recognition - Rental in

Revenue Recognition - Rental income disaggregated by revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Rental income	$ 49,185	$ 48,879
Fixed Farm Rent
Revenue Recognition
Rental income	33,739	32,878
Solar Wind And Recreation Rent
Revenue Recognition
Rental income	3,954	2,647
Tenant reimbursements
Revenue Recognition
Rental income	3,428	3,264
Variable Rent
Revenue Recognition
Rental income	$ 8,064	$ 10,090

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated by revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other revenue
Revenue Recognition
Total other revenue	$ 6,024	$ 6,959
Auction and brokerage fees
Revenue Recognition
Total other revenue	1,138	2,806
Crop insurance proceeds
Revenue Recognition
Total other revenue	2,335	2,609
Property management income
Revenue Recognition
Total other revenue	890	730
Other (e.g., interest income)
Revenue Recognition
Total other revenue	$ 1,661	$ 814

Concentration Risk (Details)

Concentration Risk (Details) - USD ($) $ in Thousands	12 Months Ended
Concentration Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk
Rental income recognized	$ 49,185	$ 48,879
Tenant A
Concentration Risk
Rental income recognized	$ 6,702	$ 8,291
Percentage of rental income	13.60%	17%
Approximate total acres \| Geographic concentration
Concentration Risk
Concentration risk (as a percent)	100%	100%
Approximate total acres \| Geographic concentration \| Cornbelt
Concentration Risk
Concentration risk (as a percent)	33.60%	28.70%
Approximate total acres \| Geographic concentration \| Delta and South
Concentration Risk
Concentration risk (as a percent)	19.90%	19.90%
Approximate total acres \| Geographic concentration \| High Plains
Concentration Risk
Concentration risk (as a percent)	16.40%	20%
Approximate total acres \| Geographic concentration \| Southeast
Concentration Risk
Concentration risk (as a percent)	21.70%	24.40%
Approximate total acres \| Geographic concentration \| West Coast
Concentration Risk
Concentration risk (as a percent)	8.40%	7%
Rental income \| Geographic concentration
Concentration Risk
Concentration risk (as a percent)	100%	100%
Rental income \| Geographic concentration \| Cornbelt
Concentration Risk
Concentration risk (as a percent)	37.70%	34.30%
Rental income \| Geographic concentration \| Delta and South
Concentration Risk
Concentration risk (as a percent)	11.90%	12.50%
Rental income \| Geographic concentration \| High Plains
Concentration Risk
Concentration risk (as a percent)	9.10%	8.40%
Rental income \| Geographic concentration \| Southeast
Concentration Risk
Concentration risk (as a percent)	18.60%	19.20%
Rental income \| Geographic concentration \| West Coast
Concentration Risk
Concentration risk (as a percent)	22.70%	25.60%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended		23 Months Ended	35 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2023	Jul. 21, 2015
Related Party Transactions
Aggregate distributions	$ 50
Management fee	500	$ 400
American Agriculture Aviation, LLC \| Lease agreements
Related Party Transactions
Related party, transaction amount	$ 30	$ 110
Opportunity Zone Fund LLC
Related Party Transactions
Noncontrolling ownership interest (as a percent)	9.97%	9.97%	9.97%	9.97%
OZ Fund, Private Investment Fund
Related Party Transactions
Aggregate equity method investment	$ 4,100	$ 4,200	$ 4,200	$ 4,100
Aggregate capital contributions	1,700	$ 1,700
Aggregate distributions			$ 0
Additional capital contributions	$ 4,300
OZ Fund, Private Investment Fund \| Maximum
Related Party Transactions
Aggregate distributions				$ 100
American Agriculture Corporation \| Mr.Pittman \| American Agriculture Aviation, LLC
Related Party Transactions
Related party transaction, percentage of ownership interest held by related party					100%

Real Estate (Details)

Real Estate (Details) $ in Thousands		1 Months Ended	12 Months Ended
Real Estate (Details) $ in Thousands	Nov. 18, 2022 item	Nov. 30, 2022 item	Dec. 31, 2023 USD ($) item property	Dec. 31, 2022 USD ($) item
Farms acquired and allocation of purchase price
Number of agriculture equipment dealerships \| item	4	4	4
Deferred gain on sale			$ 2,107
Corn Belt and Delta and South regions
Farms acquired and allocation of purchase price
Number of properties acquired \| property			4
Intangible assets			$ 0
Asset acquisition consideration transferred			22,200
Corn Belt and High Plains regions
Farms acquired and allocation of purchase price
Aggregate purchase price				$ 54,400
Intangible assets				$ 0
Corn Belt, Delta and South, High Plains, Southeast and West Coast regions
Farms acquired and allocation of purchase price
Deferred gain on sale			$ 2,100
Number of properties sold \| property			74
Disposition of real estate			$ 195,500
seller financing in real estate			11,800
Aggregate gain on sale			$ 36,100
Corn Belt, High Plains and Southeast regions
Farms acquired and allocation of purchase price
Number of dispositions \| item				5
Number of properties sold \| item				5
Proceeds from sale of real estate				$ 17,000
Aggregate gain on sale				$ 2,600
John Deere brand \| Corn Belt and High Plains regions
Farms acquired and allocation of purchase price
Number of acquisitions \| item				17
Number of properties acquired \| item				20
Number of agriculture equipment dealerships \| item				4
Asset acquisition consideration transferred				$ 17,300

Loans and Financing Receivabl_3

Loans and Financing Receivables (Details) $ in Thousands			1 Months Ended		12 Months Ended
Loans and Financing Receivables (Details) $ in Thousands	Nov. 18, 2022 item	Mar. 03, 2022 loan	Nov. 30, 2022 item	Aug. 31, 2015 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of agriculture equipment dealerships \| item	4		4		4
Provision for loan receivable					$ 0	$ 0
Interest receivable (net prepaid interest and points)					60	2
Allowance for credit losses					(76)	(92)
Allowance for credit losses					(168)	(92)
Total Loans and financing receivables, net					31,020	21,921
Number of loans \| loan		2
Renewal term	20 years
Discount percentage	6.15%
Notes receivable					24,500	19,600
FPI Loan Program \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable				$ 1,000
FPI Loan Program \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, term				6 years
FPI Loan Program
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal					13,910	4,817
Allowance for credit losses					(76)	0
FPI Loan Program \| Mortgage Note Maturing on 12/7/2028
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal					210	217
FPI Loan Program \| Mortgage Note Maturing on 8/18/2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal						2,100
FPI Loan Program \| Mortgage Note Maturing on 3/3/2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					1,900	2,500
FPI Loan Program \| Mortgage Note Maturing on 11/17/2028
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					1,800
FPI Loan Program \| Mortgage Note Maturing on 12/28/2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					8,009
FPI Loan Program \| Mortgage Note Maturing on 12/28/2024 -2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					1,491
FPI Loan Program \| Mortgage Note Maturing on 6/30/2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal					500
Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					17,218	17,194
Allowance for credit losses					(92)	(92)
Financing Receivables \| Financing Receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					5,920	5,894
Financing Receivables \| Financing Receivable, net - 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					4,498	4,498
Financing Receivables \| Financing Receivable, net - 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					3,563	3,561
Financing Receivables \| Financing Receivable, net - 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					$ 3,237	$ 3,241

Loans and Financing Receivabl_4

Loans and Financing Receivables - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses
Total outstanding principal	$ 31,188	$ 22,013
Allowance for credit losses	(168)	(92)
Loans and financing receivables, Net	$ 31,020	$ 21,921
Allowance as a % of Amortized Cost	0.54%	0.42%
Loans under FPI Loan Program
Allowance for credit losses
Total outstanding principal	$ 13,970	$ 4,819
Allowance for credit losses	(76)	0
Loans and financing receivables, Net	$ 13,894	4,819
Allowance as a % of Amortized Cost	0.54%
Financing Receivables
Allowance for credit losses
Total outstanding principal	$ 17,218	17,194
Allowance for credit losses	(92)	(92)
Loans and financing receivables, Net	$ 17,126	$ 17,102
Allowance as a % of Amortized Cost	0.53%	0.54%

Loans and Financing Receivabl_5

Loans and Financing Receivables - Allowance for Credit Loss Roll-Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Roll-forward of the allowance for credit losses
Balance at beginning of period	$ (92)
Initial allowance for financing / loan receivables	(76)	$ (92)
Charge-offs	0	0
Recoveries	0	0
Balance at end of period	$ (168)	$ (92)

Loans and Financing Receivabl_6

Loans and Financing Receivables - Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Mortgage loan
Balance at beginning of year	$ 22,011	$ 6,029
Issuance of loans and financing receivables	11,801	20,781
Interest accrued on financing receivables	1,054	122
Additions during year	34,866	26,932
Collection of loans	2,707	2,786
Payments on financing receivables	1,031
Expiration of repurchase option		2,135
Balance at end of year	$ 31,128	$ 22,011

Mortgage Notes, Lines of Cred_3

Mortgage Notes, Lines of Credit and Bonds Payable (Details) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Mortgage notes payable
Principal outstanding		$ 363,095,000	$ 439,488,000
Debt issuance costs		(2,236,000)	(2,613,000)
Mortgage notes and bonds payable, net		360,859,000	436,875,000
Book value of collateral		959,222,000
Accumulated amortization of deferred financing fees		1,900,000	1,200,000
Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Mortgage notes payable
Notional amount		33,200,000
Farmer Mac Facility
Mortgage notes payable
Principal outstanding		$ 30,000,000	75,000,000
Interest Rate (as a percent)		6.84%
Book value of collateral		$ 92,672,000
Remaining borrowing capacity		43,100,000	0
Additional bond purchase amount		$ 200
Farmer Mac Facility \| Secured notes
Mortgage notes payable
Margin added to reference rate (as a percent)		1.50%
Outstanding debt		$ 55,000,000	100,000,000
Commitment fee percentage		0.20%
Farmer Mac Facility \| Secured notes \| Maximum
Mortgage notes payable
Leverage ratio (as a percent)		60%
MetLife Facility
Mortgage notes payable
Interest Rate (as a percent)		7.50%
Book value of collateral		$ 112,466,000
MetLife Facility \| Term Loan
Mortgage notes payable
Outstanding debt		257,600,000	262,000,000
Remaining borrowing capacity		$ 75,000,000
Maximum loan to value ratio		60%
MetLife Facility \| Term Loan \| Minimum
Mortgage notes payable
Percentage of prepayment equal to unpaid principal balance		20%
MetLife Facility \| Term Loan \| Maximum
Mortgage notes payable
Percentage of prepayment equal to unpaid principal balance		50%
MetLife Facility \| Term Loan
Mortgage notes payable
Outstanding debt		$ 75,000,000
Amount borrowed		0
Rutledge Credit Facilities
Mortgage notes payable
Maximum borrowing capacity		88,000,000
Outstanding debt		$ 5,000,000	18,000,000
Percentage of decrease in debt		2.50%
Remaining borrowing capacity		$ 83,000,000
SOFR \| Minimum
Mortgage notes payable
Margin added to reference rate (as a percent)		1.80%
SOFR \| Maximum
Mortgage notes payable
Margin added to reference rate (as a percent)		2.25%
SOFR \| Farmer Mac Facility
Mortgage notes payable
Margin added to reference rate (as a percent)		1.50%
SOFR \| MetLife Facility
Mortgage notes payable
Margin added to reference rate (as a percent)		2.10%
SOFR \| MetLife Facility \| Term Loan
Mortgage notes payable
Margin added to reference rate (as a percent)		210%
SOFR \| Rutledge Credit Facilities
Mortgage notes payable
Margin added to reference rate (as a percent)	1.80%
Farmer Mac Bond #6
Mortgage notes payable
Principal outstanding		$ 13,827,000	13,827,000
Interest Rate (as a percent)		3.69%
Book value of collateral		$ 19,478,000
Farmer Mac Bond #7
Mortgage notes payable
Principal outstanding		$ 11,160,000	11,160,000
Interest Rate (as a percent)		3.68%
Book value of collateral		$ 8,258,000
MetLife Term Loan #1
Mortgage notes payable
Principal outstanding		$ 72,585,000	72,623,000
Interest Rate (as a percent)		5.55%
Book value of collateral		$ 102,171,000
MetLife Term Loan #4
Mortgage notes payable
Principal outstanding		$ 5,756,000	9,880,000
Interest Rate (as a percent)		5.55%
Interest Rate Terms		3 years
Book value of collateral		$ 9,534,000
MetLife Term Loan #5
Mortgage notes payable
Principal outstanding		$ 5,179,000	5,179,000
Interest Rate (as a percent)		5.63%
Interest Rate Terms		3 years
Book value of collateral		$ 7,383,000
MetLife Term Loan #6
Mortgage notes payable
Principal outstanding		$ 21,726,000	21,726,000
Interest Rate (as a percent)		5.55%
Interest Rate Terms		3 years
Book value of collateral		$ 26,230,000
MetLife Term Loan #7
Mortgage notes payable
Principal outstanding		$ 15,434,000	15,699,000
Interest Rate (as a percent)		5.87%
Interest Rate Terms		3 years
Book value of collateral		$ 29,684,000
MetLife Term Loan #8
Mortgage notes payable
Principal outstanding		$ 44,000,000	44,000,000
Interest Rate (as a percent)		4.12%
Interest Rate Terms		10 years
Book value of collateral		$ 110,042,000
Metlife Term Loan #9
Mortgage notes payable
Principal outstanding		$ 16,800,000	16,800,000
Interest Rate (as a percent)		3.20%
Interest Rate Terms		3 years
Book value of collateral		$ 33,720,000
Metlife Term Loan #10
Mortgage notes payable
Principal outstanding		$ 48,986,000	48,985,000
Interest Rate (as a percent)		6.36%
Book value of collateral		$ 94,737,000
Metlife Term Loan #11
Mortgage notes payable
Principal outstanding		$ 12,750,000	12,750,000
Interest Rate (as a percent)		2.85%
Interest Rate Terms		3 years
Book value of collateral		$ 27,497,000
Metlife Term Loan #11 \| Minimum \| U.S. Treasury
Mortgage notes payable
Margin added to reference rate (as a percent)		2.20%
Metlife Term Loan #11 \| Maximum \| U.S. Treasury
Mortgage notes payable
Margin added to reference rate (as a percent)		2.85%
Metlife Term Loan #11 \| Three-year U.S. Treasury rate
Mortgage notes payable
Adjustment term for interest rate		3 years
Metlife Term Loan #12
Mortgage notes payable
Principal outstanding		$ 14,359,000	14,359,000
Interest Rate (as a percent)		3.11%
Interest Rate Terms		3 years
Book value of collateral		$ 14,784,000
Metlife Term Loan #12 \| Minimum \| U.S. Treasury
Mortgage notes payable
Margin added to reference rate (as a percent)		2.10%
Metlife Term Loan #12 \| Maximum \| U.S. Treasury
Mortgage notes payable
Margin added to reference rate (as a percent)		2.75%
Metlife Term Loan #12 \| Three-year U.S. Treasury rate
Mortgage notes payable
Adjustment term for interest rate		3 years
Rabobank
Mortgage notes payable
Principal outstanding		$ 45,533,000	$ 59,500,000
Interest Rate (as a percent)		7.16%
Book value of collateral		$ 90,234,000
Rabobank \| Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Mortgage notes payable
Adjustment amount of notional amount		$ 33,200,000
Ratio of floating rate debt to total debt (as percent)		13%	22.20%
Rabobank \| Secured notes
Mortgage notes payable
Outstanding debt		$ 45,500,000	$ 59,500,000
Rabobank \| SOFR
Mortgage notes payable
Margin added to reference rate (as a percent)		1.81%
Rabobank \| SOFR \| Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Mortgage notes payable
Notional amount		$ 33,200,000
Derivative basis spread on variable rate		2.114%
Weighted average rate percentage		4.70%
Rutledge Facility
Mortgage notes payable
Principal outstanding		$ 5,000,000	$ 18,000,000
Interest Rate (as a percent)		7.19%
Book value of collateral		$ 180,332,000
Rutledge Facility \| SOFR
Mortgage notes payable
Margin added to reference rate (as a percent)		1.80%

Mortgage Notes, Lines of Cred_4

Mortgage Notes, Lines of Credit and Bonds Payable - Aggregate Maturities and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Aggregate maturities of long-term debt
2024	$ 2,100
2025	57,087
2026	80,441
2027	49,439
2028	53,933
Thereafter	120,095
Total	363,095
Level 3 \| Mortgage notes payable \| Fair value
Aggregate maturities of long-term debt
Fair value of debt	$ 349,100	$ 405,000

Commitments and Contingencies_2

Commitments and Contingencies (Details)		12 Months Ended
Commitments and Contingencies (Details)	Sep. 04, 2020 a property	Dec. 31, 2023 USD ($) lease	Dec. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Total lease cost		$ 230,000	$ 240,000
2024		247,000
2025		205,000
Total future rental payments		452,000
Less: imputed interest		(53,000)
Lease Liability		399,000	325,000
Farms acquired and allocation of purchase price
Net book value of assets with unexercised options		5,100,000
Net book value of assets with exercised repurchase options		$ 15,700,000
Minimum
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Operating lease discount rate		3.35%
Maximum
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Operating lease discount rate		7.56%
Office Space
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Number of leases in place \| lease		5
Office Space \| Minimum
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Amount of monthly payments		$ 800
Office Space \| Maximum
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Amount of monthly payments		13,711
Repurchase option agreement
Farms acquired and allocation of purchase price
Number of sellers property exercised \| property	1
Number of acres sold \| a	2,860
Received non-refundable initial payment		3,500,000
Safe Harbor plan
401(k) Plan
Company's contributions in Safe Harbor plan		$ 100,000	$ 200,000

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-controlling Interests - Distributions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Shareholders' Equity
Value of common stock upon redemption \| $	$ 432
Operating Partnership
Shareholders' Equity
Parent ownership interest (as a percent)	97.60%	97.80%
Limited partner \| Operating Partnership
Shareholders' Equity
Parent ownership interest (as a percent)	97.60%
Common stock
Shareholders' Equity
Common stock issued (in shares)		120,000
Common stock upon redemption (in shares)		120,000
Common stock \| Share repurchase
Shareholders' Equity
Common stock upon redemption (in shares)	34,000
Value of common stock upon redemption \| $	$ 400
Non-controlling Interests in Operating Partnership \| Operating Partnership
Shareholders' Equity
Increase (decrease) to non-controlling interest in the Operating Partnership \| $	$ (100)	$ 800
Pittman Hough Farms \| Operating Partnership
Shareholders' Equity
Noncontrolling ownership interest (as a percent)	2.40%	2.20%
Pittman Hough Farms \| Common stock \| Operating Partnership
Shareholders' Equity
Ratio for conversion into common shares	1
Redeemable Common Units \| Limited partner
Shareholders' Equity
OP units outstanding for redemption	1,200,000	1,200,000

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest (Details) $ / shares in Units, $ in Thousands													9 Months Ended		12 Months Ended
	Oct. 16, 2023 $ / shares	Jul. 17, 2023 $ / shares	May 31, 2023 USD ($) shares	Apr. 17, 2023 $ / shares	Jan. 17, 2023 $ / shares	Oct. 17, 2022 $ / shares	Sep. 01, 2022 USD ($) shares	Jul. 15, 2022 $ / shares	May 19, 2022 USD ($) shares	Apr. 15, 2022 $ / shares	Jan. 18, 2022 $ / shares	Mar. 02, 2016 $ / shares shares	Oct. 16, 2023 $ / shares	Oct. 17, 2022 $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Jan. 31, 2024 USD ($)
Change in redeemable non-controlling interest
Opening balance															$ 110,210
Accrued distributions to non-controlling interest															(2,970)	$ (3,210)
Ending balance															101,970	110,210
Dividend payable to common stock															$ 13,286	$ 3,333
Dividends declared per common share \| $ / shares	$ 0.0600	$ 0.0600		$ 0.0600	$ 0.0600	$ 0.0600		$ 0.0600		$ 0.0500	$ 0.0500		$ 0.2400	$ 0.2200	$ 0.24	$ 0.23
Dividends declared per common share \| $ / shares	$ 0.0600	$ 0.0600		$ 0.0600	$ 0.0600	$ 0.0600		$ 0.0600		$ 0.0500	$ 0.0500		$ 0.2400	$ 0.2200	$ 0.24	$ 0.23
Common stock
Stockholders' Equity and Non-controlling Interests
Redeemed preferred units \| shares																120,000
Change in redeemable non-controlling interest
Common stock upon redemption (in shares) \| shares																120,000
Dividends payable to common stockholders															$ 12,961	$ 3,259
Redeemable Preferred OP Units \| Preferred Share
Change in redeemable non-controlling interest
Opening balance															$ 110,210	$ 120,510
Opening balance (in shares) \| shares															107,000	117,000
Distributions paid to non-controlling interest															$ (3,210)	$ (3,510)
Accrued distributions to non-controlling interest															$ 2,970	$ (3,210)
Redemption of preferred units (in shares) \| shares															(8,000)	(10,000)
Redemption of preferred units															$ (8,000)	$ (10,000)
Ending balance															$ 101,970	$ 110,210
Ending balance (in shares) \| shares															99,000	107,000
Series A Preferred Units
Stockholders' Equity and Non-controlling Interests
Percentage of preferential cash distribution												3%
Redeemed preferred units \| shares			8,000				5,000
Redeemed preferred units, value			$ 8,000				$ 5,000
Payments for repurchase of Preferred stock			$ 8,100				$ 5,100
Preferred stock, shares outstanding \| shares															99,000
Liquidation preference \| $ / shares												$ 1,000
Ratio of OP units redeemable into common stock															1
Number of trading days															20 days
Change in redeemable non-controlling interest
Redemption of preferred units (in shares) \| shares									5,000
Redemption of preferred units									$ 5,000
Repurchase of redeemable noncontrolling interest									$ 5,100
Common stock upon redemption (in shares) \| shares			8,000				5,000
Percentage of cumulative preferential dividends															3%
Distributions payable															$ 3,000
Series A Preferred Units \| Farm acquisitions
Stockholders' Equity and Non-controlling Interests
Liquidation value															102,000	$ 110,200
Series A Preferred Units \| Farm acquisitions \| Illinois
Stockholders' Equity and Non-controlling Interests
Issuance of Common units as partial consideration for asset acquisition (in shares) \| shares												117,000
Common Units
Change in redeemable non-controlling interest
Dividend payable to common stock															$ 13,300		$ 10,300
Special dividend paid per share related to asset appreciation \| $ / shares															$ 0.21
Dividends declared per common share \| $ / shares															0.41
Special dividend per share declared \| $ / shares															0.21
Dividends declared per common share \| $ / shares															$ 0.41

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-controlling Interests - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Nov. 01, 2023	May 03, 2023	Nov. 07, 2019	Aug. 01, 2018	Dec. 31, 2023	Dec. 31, 2022	Mar. 15, 2017
Stockholders' Equity and Non-controlling Interests
Increase in stock repurchase plan			$ 50,000	$ 30,000
Value of common stock upon redemption					$ 432
Common stock
Stockholders' Equity and Non-controlling Interests
Common stock upon redemption (in shares)						120,000
Share repurchase
Stockholders' Equity and Non-controlling Interests
Amount approved for share repurchase program	$ 85,000	$ 88,000
Increase in stock repurchase plan	$ 40,000	$ 75,000
Share repurchase \| Common stock
Stockholders' Equity and Non-controlling Interests
Shares repurchased (in shares)					6,551,087
Shares repurchased, weighted average price (in dollars per share)					$ 11
Amount of capacity under stock repurchase plan					$ 83,300
Common stock upon redemption (in shares)					34,000
Value of common stock upon redemption					$ 400
Maximum \| Share repurchase
Stockholders' Equity and Non-controlling Interests
Amount approved for share repurchase program							$ 25,000

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-controlling Interests - Equity Incentive Plan (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	May 06, 2022 USD ($)	May 07, 2021 shares
Weighted Average Grant Date Fair Value
Stock offering, maximum sales value \| $			$ 100
ATM Program
Weighted Average Grant Date Fair Value
Issuance of stock (in shares)	0
Net proceeds \| $	$ 50.5
Murray Wise Associates, LLC ("MWA")
Shareholders' Equity
Share-based compensation expense \| $	$ 0	$ 0.4
Restricted shares
Shareholders' Equity
Forfeited (in shares)	1,000	10,000
Share-based compensation expense \| $	$ 1.9	$ 2
Number of Shares
Unvested at the beginning of the period (in shares)	260,000	297,000
Granted (in shares)	226,000	150,000
Vested (in shares)	(138,000)	(177,000)
Forfeited (in shares)	(1,000)	(10,000)
Unvested at the end of the period (in shares)	347,000	260,000
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) \| $ / shares	$ 10.88	$ 8.87
Granted (in dollars per share) \| $ / shares	10.92	11.78
Vested (in dollars per share) \| $ / shares	10.28	8.22
Forfeited (in dollars per share) \| $ / shares	12.26	11.24
Unvested at the end of the period (in dollars per share) \| $ / shares	$ 11.15	$ 10.88
Total unrecognized compensation costs related to non-vested stock awards \| $	$ 2.3	$ 1.7
Weighted average period over which unrecognized compensation costs is expected to be recognized	1 year 8 months 12 days
Third Amended Plan
Shareholders' Equity
Conversion ratio	1
Third Amended Plan \| Restricted shares
Shareholders' Equity
Maximum shares of common stock to be issued				1,900,000
Number of shares available for future grant	400,000

Stockholders' Equity and Non-_7

Stockholders' Equity and Non-controlling Interests - Earnings (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to Farmland Partners Inc.									$ 30,913	$ 11,674
Less: Nonforfeitable distributions allocated to unvested restricted shares									(157)	(63)
Less: Distributions on redeemable non-controlling interests in Operating Partnership, preferred									(2,970)	(3,210)
Net income available to common stockholders of Farmland Partners Inc.	$ 16,482	$ 3,446	$ 7,001	$ 857	$ 5,778	$ 350	$ 2,060	$ 213	$ 27,786	$ 8,401
Denominator:
Weighted-average number of common shares - basic (in shares)	47,762	48,432	50,860	54,007	54,056	53,495	50,362	45,781	50,243	50,953
Redeemable non-controlling interest									8,049
Weighted-average number of common shares - diluted (in shares)	55,635	48,432	59,112	54,007	62,633	53,495	50,362	45,781	58,292	50,953
Income per share attributable to common stockholders - basic	$ 0.35	$ 0.07	$ 0.14	$ 0.02	$ 0.11	$ 0.01	$ 0.04	$ 0	$ 0.55	$ 0.16
Income per share attributable to common stockholders - diluted	$ 0.30	$ 0.07	$ 0.12	$ 0.02	$ 0.09	$ 0.01	$ 0.04	$ 0	$ 0.53	$ 0.16

Stockholders' Equity and Non-_8

Stockholders' Equity and Non-controlling Interests - Units held by the non-controlling interest (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Compensation-related shares
Excluded from diluted earnings per share calculation
Anti-dilutive compensation-related shares outstanding	0.3	0.3
Operating Partnership
Excluded from diluted earnings per share calculation
Weighted average number of units	1.2	1.3

Stockholders' Equity and Non-_9

Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Equity awards and units outstanding	49,206	55,555
Unvested Restricted Stock Awards
Class of Stock [Line Items]
Equity awards and units outstanding	347	260
Common stock
Class of Stock [Line Items]
Equity awards and units outstanding	47,656	54,058
Common stock \| Limited partner
Class of Stock [Line Items]
Equity awards and units outstanding	1,203	1,237

Hedge Accounting (Details)

Hedge Accounting (Details) $ in Thousands	12 Months Ended
Hedge Accounting (Details) $ in Thousands	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Derivative Contracts
Fair value of derivative instruments	$ 1,707	$ 2,084
Movements in other comprehensive income
Beginning accumulated derivative instrument gain or loss	3,306	279
Net change associated with current period hedging transactions	(813)	2,433
Amortization of frozen AOCI on de-designated hedge	198	594
Closing accumulated derivative instrument gain or loss	2,691	3,306
Designated as Hedging Instrument \| Interest rate contract
Derivative Contracts
Amount of noncash loss recognized	1,700	2,100
Hedging transactions, net change	(800)	3,000
Amortization of AOCI	$ 200	600
Designated as Hedging Instrument \| Interest Rate Swap
Derivative Contracts
Number of interest rate derivatives held \| item	1
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap
Derivative Contracts
Derivative term of contract	6 years
Percentage of debt outstanding amount covered by hedging	50%
Terminated hedge fair value	$ 2,600
Hedge termination fees	400	400
Notional amount	33,200
Fair value of derivative instruments	1,707
Movements in other comprehensive income
Amortization of frozen AOCI on de-designated hedge	$ 200	$ 600

Income Taxes - TRS income (loss

Income Taxes - TRS income (loss) before provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Net income before income tax (benefit) expense	$ 17,766	$ 4,124	$ 7,902	$ 1,723	$ 6,807	$ 1,152	$ 3,089	$ 1,139	$ 31,515	$ 12,187
TRS
Income Taxes
United States									(2,722)	3,212
Net income before income tax (benefit) expense									$ (2,722)	$ 3,212

Income Taxes - Schedule of fede

Income Taxes - Schedule of federal and state income tax provision (benefit) (Details) - USD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Deferred:
Total Tax (Benefit) Expense	$ 12	$ (191)	$ 4	$ 9	$ 98	$ 33	$ 96	$ (166)	$ 227
TRS
Current:
Federal								(144)	189
State								(41)	43
Total Current Tax (Benefit) Expense								(185)	232
Deferred:
Federal								19	(5)
Total Tax (Benefit) Expense								$ (166)	$ 227

Income Taxes - Schedule of TRS

Income Taxes - Schedule of TRS net deferred tax assets (Details) - TRS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss	$ 1,996	$ 434
Realized capital losses		76
Stock Compensation	5
Deferred Revenue	3
Charitable Contributions	4
Total deferred tax assets	2,008	510
Deferred tax liabilities:
Fixed assets	(15)	(18)
Intangible Assets	(181)	(32)
Total deferred tax liabilities	(196)	(50)
Valuation Allowance	(1,851)	(480)
Net deferred taxes	$ (39)	$ (20)

Income Taxes - Additional infor

Income Taxes - Additional information (Details) - TRS $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Income Taxes [Line Items]
Increase in valuation allowance	$ 1.4
Unrecognized tax due pertaining to uncertain tax positions	$ 0

Income Taxes - Net operating lo

Income Taxes - Net operating losses and tax credit carryforwards (Details) - TRS $ in Thousands	Dec. 31, 2023 USD ($)
Tax Year 2017
Income Taxes
Net operating losses	$ 7,703
State
Income Taxes
Net operating losses	$ 5,433

Income Taxes - Components of in

Income Taxes - Components of income tax rate (Details) - USD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Total Tax (Benefit) Expense	$ 12	$ (191)	$ 4	$ 9	$ 98	$ 33	$ 96	$ (166)	$ 227
TRS
Income Taxes [Line Items]
Statutory Rate								(571)	675
State Tax								(191)	110
Valuation Allowance								596	(558)
Total Tax (Benefit) Expense								$ (166)	$ 227
Statutory Rate								21%	21%
State Tax								7.02%	3.43%
Valuation Allowance								(21.92%)	(17.37%)
Total								6.10%	7.07%

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Operating revenues	$ 21,592	$ 11,618	$ 11,584	$ 12,672	$ 21,823	$ 13,140	$ 12,357	$ 13,890	$ 57,466	$ 61,210
Operating expenses	11,201	11,603	8,828	7,835	9,349	8,415	8,902	9,570	39,467	36,236
Other expenses	(7,375)	(4,109)	(5,146)	3,114	5,667	3,573	366	3,181	(13,516)	12,787
Net income before income tax expense	17,766	4,124	7,902	1,723	6,807	1,152	3,089	1,139	31,515	12,187
Income tax expense	(12)	191	(4)	(9)	(98)	(33)	(96)		166	(227)
NET INCOME	17,754	4,315	7,898	1,714	6,709	1,119	2,993	1,139	31,681	11,960
Net income available to common stockholders of Farmland Partners Inc.	$ 16,482	$ 3,446	$ 7,001	$ 857	$ 5,778	$ 350	$ 2,060	$ 213	$ 27,786	$ 8,401
Basic net income (loss) per share available to common stockholders	$ 0.35	$ 0.07	$ 0.14	$ 0.02	$ 0.11	$ 0.01	$ 0.04	$ 0	$ 0.55	$ 0.16
Diluted net income (loss) per share available to common stockholders	$ 0.30	$ 0.07	$ 0.12	$ 0.02	$ 0.09	$ 0.01	$ 0.04	$ 0	$ 0.53	$ 0.16
Basic weighted average common shares outstanding (in shares)	47,762	48,432	50,860	54,007	54,056	53,495	50,362	45,781	50,243	50,953
Diluted weighted average common shares outstanding (in shares)	55,635	48,432	59,112	54,007	62,633	53,495	50,362	45,781	58,292	50,953
Gain (loss) on disposition of assets									$ 36,133	$ 2,641
Other Expense
Gain (loss) on disposition of assets	$ 12,900	$ 10,300	$ 11,100	$ 1,800	$ (1,300)	$ (100)	$ 3,300	$ 700

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Feb. 29, 2024 USD ($) item	Feb. 27, 2024 $ / shares	Dec. 31, 2023 $ / shares shares
Share repurchase \| Common stock
Subsequent Events
Shares repurchased (in shares) \| shares			6,551,087
Shares repurchased, weighted average price (in dollars per share) \| $ / shares			$ 11
Subsequent event
Subsequent Events
Number of acquisitions \| item	2
Purchase consideration \| $	$ 15.2
Subsequent event \| Credit Facility
Subsequent Events
Outstanding debt \| $	$ 25
Limited partner \| Subsequent event
Subsequent Events
Dividend declared (per share) \| $ / shares		$ 0.06

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 item
Real estate and accumulated depreciation
Encumbrances	$ 363,095
Aggregate cost of land and depreciable property	891,800,000
Initial Cost to Company
Land	864,178
Improvements	87,479
Total	951,657
Cost Capitalized Subsequent to Acquisition
Land	5,673
Improvements	32,857
Total	38,530
Gross Amount at Which Carried at Close of Period
Land	869,848
Improvements	120,204
Total	990,052
Accumulated depreciation	$ 33,048
Area of real estate property \| a	132,800
Other.
Initial Cost to Company
Land	$ 46,995
Improvements	1,313
Total	48,308
Cost Capitalized Subsequent to Acquisition
Land	10
Improvements	1,230
Total	1,240
Gross Amount at Which Carried at Close of Period
Land	47,002
Improvements	2,411
Total	49,413
Accumulated depreciation	607
SEC Schedule III Real Estate Number of Farms \| item		92
SEC Schedule III Real Estate Number of States \| item		7
SEC Schedule III Real Estate Maximum Percentage of Gross Total Land Plus Improvements		5%
Farmer Mac Bond #6.
Real estate and accumulated depreciation
Encumbrances	13,827
Farmer Mac Bond #6. \| Other.
Real estate and accumulated depreciation
Encumbrances	3,300
Farmer Mac Bond #7.
Real estate and accumulated depreciation
Encumbrances	11,160
Farmer Mac Bond #7. \| Other.
Real estate and accumulated depreciation
Encumbrances	500
Farmer Mac Facility
Real estate and accumulated depreciation
Encumbrances	30,000
Farmer Mac Facility \| Other.
Real estate and accumulated depreciation
Encumbrances	7,600
MetLife Term Loan #1
Real estate and accumulated depreciation
Encumbrances	72,585
MetLife Term Loan #1 \| Other.
Real estate and accumulated depreciation
Encumbrances	18,500
MetLife Term Loan #4
Real estate and accumulated depreciation
Encumbrances	5,756
MetLife Term Loan #4 \| Other.
Real estate and accumulated depreciation
Encumbrances	2,500
MetLife Term Loan #5
Real estate and accumulated depreciation
Encumbrances	5,179
MetLife Term Loan #5 \| Other.
Real estate and accumulated depreciation
Encumbrances	1,300
MetLife Term Loan #6
Real estate and accumulated depreciation
Encumbrances	21,726
MetLife Term Loan #7
Real estate and accumulated depreciation
Encumbrances	15,434
MetLife Term Loan #7 \| Other.
Real estate and accumulated depreciation
Encumbrances	1,500
MetLife Term Loan #8
Real estate and accumulated depreciation
Encumbrances	44,000
Metlife Term Loan #9
Real estate and accumulated depreciation
Encumbrances	16,800
Metlife Term Loan #9 \| Other.
Real estate and accumulated depreciation
Encumbrances	2,000
Metlife Term Loan #10
Real estate and accumulated depreciation
Encumbrances	48,986
Metlife Term Loan #11
Real estate and accumulated depreciation
Encumbrances	12,750
Metlife Term Loan #12
Real estate and accumulated depreciation
Encumbrances	14,359
Met Life Facility
Real estate and accumulated depreciation
Encumbrances	0
Met Life Facility \| Other.
Real estate and accumulated depreciation
Encumbrances	2,900
Rabobank
Real estate and accumulated depreciation
Encumbrances	45,533
Rutledge Facility
Real estate and accumulated depreciation
Encumbrances	5,000
Rabo Agrifinance Note \| Other.
Real estate and accumulated depreciation
Encumbrances	4,700
North Carolina \| Farm one
Initial Cost to Company
Land	41,906
Total	41,906
Cost Capitalized Subsequent to Acquisition
Land	1,187
Improvements	5
Total	1,192
Gross Amount at Which Carried at Close of Period
Land	43,093
Improvements	5
Total	43,098
Accumulated depreciation	$ 1
Life on Which Depreciation in Latest Income Statements is Computed	40 years
North Carolina \| Farm two
Initial Cost to Company
Land	$ 17,627
Total	17,627
Gross Amount at Which Carried at Close of Period
Land	17,627
Total	17,627
North Carolina \| Farm three
Initial Cost to Company
Land	7,223
Total	7,223
Gross Amount at Which Carried at Close of Period
Land	7,223
Total	7,223
North Carolina \| Farm four
Initial Cost to Company
Land	5,750
Total	5,750
Cost Capitalized Subsequent to Acquisition
Land	29
Total	29
Gross Amount at Which Carried at Close of Period
Land	5,779
Total	5,779
North Carolina \| Farm five
Initial Cost to Company
Land	4,242
Total	4,242
Cost Capitalized Subsequent to Acquisition
Land	14
Total	14
Gross Amount at Which Carried at Close of Period
Land	4,256
Total	4,256
North Carolina \| Farm six
Initial Cost to Company
Land	2,768
Total	2,768
Gross Amount at Which Carried at Close of Period
Land	2,768
Total	2,768
North Carolina \| Farm seven
Initial Cost to Company
Land	2,177
Total	2,177
Gross Amount at Which Carried at Close of Period
Land	2,177
Total	2,177
North Carolina \| Farm eight
Initial Cost to Company
Land	1,770
Total	1,770
Cost Capitalized Subsequent to Acquisition
Land	25
Total	25
Gross Amount at Which Carried at Close of Period
Land	1,795
Total	1,795
North Carolina \| Farm nine
Initial Cost to Company
Land	1,161
Total	1,161
Gross Amount at Which Carried at Close of Period
Land	1,161
Total	1,161
North Carolina \| Farm ten
Initial Cost to Company
Land	936
Total	936
Cost Capitalized Subsequent to Acquisition
Land	9
Total	9
Gross Amount at Which Carried at Close of Period
Land	945
Total	945
Missouri \| Farm one
Initial Cost to Company
Land	6,493
Improvements	15
Total	6,508
Gross Amount at Which Carried at Close of Period
Land	6,493
Improvements	15
Total	6,508
Accumulated depreciation	$ 4
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Texas \| Farm one
Initial Cost to Company
Land	$ 5,773
Improvements	6,338
Total	12,111
Cost Capitalized Subsequent to Acquisition
Improvements	63
Total	63
Gross Amount at Which Carried at Close of Period
Land	5,773
Improvements	6,401
Total	12,174
Accumulated depreciation	$ 501
Life on Which Depreciation in Latest Income Statements is Computed	11 years
Illinois \| Farm one
Initial Cost to Company
Land	$ 29,677
Improvements	431
Total	30,108
Cost Capitalized Subsequent to Acquisition
Improvements	2,429
Total	2,429
Gross Amount at Which Carried at Close of Period
Land	29,677
Improvements	2,860
Total	32,537
Accumulated depreciation	$ 592
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Illinois \| Farm two
Initial Cost to Company
Land	$ 22,887
Improvements	1,484
Total	24,371
Cost Capitalized Subsequent to Acquisition
Land	39
Improvements	1,820
Total	1,859
Gross Amount at Which Carried at Close of Period
Land	22,926
Improvements	3,304
Total	26,230
Accumulated depreciation	$ 562
Life on Which Depreciation in Latest Income Statements is Computed	26 years
Illinois \| Farm three
Initial Cost to Company
Land	$ 7,359
Improvements	420
Total	7,779
Cost Capitalized Subsequent to Acquisition
Land	1
Improvements	(350)
Total	(349)
Gross Amount at Which Carried at Close of Period
Land	7,360
Improvements	70
Total	7,430
Accumulated depreciation	$ 38
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Illinois \| Farm four
Initial Cost to Company
Land	$ 6,097
Total	6,097
Cost Capitalized Subsequent to Acquisition
Improvements	450
Total	450
Gross Amount at Which Carried at Close of Period
Land	6,097
Improvements	450
Total	6,547
Accumulated depreciation	$ 67
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois \| Farm five
Initial Cost to Company
Land	$ 6,429
Total	6,429
Gross Amount at Which Carried at Close of Period
Land	6,429
Total	6,429
Illinois \| Farm six
Initial Cost to Company
Land	5,502
Total	5,502
Cost Capitalized Subsequent to Acquisition
Improvements	338
Total	338
Gross Amount at Which Carried at Close of Period
Land	5,502
Improvements	338
Total	5,840
Accumulated depreciation	$ 245
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Illinois \| Farm seven
Initial Cost to Company
Land	$ 5,463
Improvements	105
Total	5,568
Cost Capitalized Subsequent to Acquisition
Improvements	7
Total	7
Gross Amount at Which Carried at Close of Period
Land	5,463
Improvements	112
Total	5,575
Accumulated depreciation	$ 33
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois \| Farm eight
Initial Cost to Company
Land	$ 4,928
Improvements	4
Total	4,932
Cost Capitalized Subsequent to Acquisition
Improvements	148
Total	148
Gross Amount at Which Carried at Close of Period
Land	4,928
Improvements	152
Total	5,080
Accumulated depreciation	$ 20
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm nine
Initial Cost to Company
Land	$ 4,819
Improvements	20
Total	4,839
Gross Amount at Which Carried at Close of Period
Land	4,819
Improvements	20
Total	4,839
Accumulated depreciation	$ 6
Life on Which Depreciation in Latest Income Statements is Computed	5 years
Illinois \| Farm ten
Initial Cost to Company
Land	$ 4,575
Total	4,575
Gross Amount at Which Carried at Close of Period
Land	4,575
Total	4,575
Illinois \| Farm eleven
Initial Cost to Company
Land	4,530
Improvements	4
Total	4,534
Gross Amount at Which Carried at Close of Period
Land	4,530
Improvements	4
Total	4,534
Accumulated depreciation	$ 3
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Illinois \| Farm twelve
Initial Cost to Company
Land	$ 4,358
Total	4,358
Gross Amount at Which Carried at Close of Period
Land	4,358
Total	4,358
Illinois \| Farm thirteen
Initial Cost to Company
Land	3,818
Total	3,818
Cost Capitalized Subsequent to Acquisition
Land	1
Total	1
Gross Amount at Which Carried at Close of Period
Land	3,819
Total	3,819
Illinois \| Farm fourteen
Initial Cost to Company
Land	2,981
Total	2,981
Cost Capitalized Subsequent to Acquisition
Improvements	634
Total	634
Gross Amount at Which Carried at Close of Period
Land	2,981
Improvements	634
Total	3,615
Accumulated depreciation	$ 293
Life on Which Depreciation in Latest Income Statements is Computed	38 years
Illinois \| Farm fifteen
Initial Cost to Company
Land	$ 3,547
Total	3,547
Gross Amount at Which Carried at Close of Period
Land	3,547
Total	3,547
Illinois \| Farm sixteen
Initial Cost to Company
Land	1,290
Total	1,290
Cost Capitalized Subsequent to Acquisition
Improvements	2,199
Total	2,199
Gross Amount at Which Carried at Close of Period
Land	1,290
Improvements	2,199
Total	3,489
Accumulated depreciation	$ 736
Life on Which Depreciation in Latest Income Statements is Computed	38 years
Illinois \| Farm seventeen
Initial Cost to Company
Land	$ 3,476
Total	3,476
Cost Capitalized Subsequent to Acquisition
Improvements	4
Total	4
Gross Amount at Which Carried at Close of Period
Land	3,476
Improvements	4
Total	3,480
Accumulated depreciation	$ 2
Life on Which Depreciation in Latest Income Statements is Computed	12 years
Illinois \| Farm eighteen
Initial Cost to Company
Land	$ 3,401
Improvements	16
Total	3,417
Gross Amount at Which Carried at Close of Period
Land	3,401
Improvements	16
Total	3,417
Accumulated depreciation	$ 3
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Illinois \| Farm nineteen
Initial Cost to Company
Land	$ 3,002
Improvements	68
Total	3,070
Cost Capitalized Subsequent to Acquisition
Improvements	253
Total	253
Gross Amount at Which Carried at Close of Period
Land	3,002
Improvements	321
Total	3,323
Accumulated depreciation	$ 227
Life on Which Depreciation in Latest Income Statements is Computed	16 years
Illinois \| Farm twenty
Initial Cost to Company
Land	$ 3,218
Total	3,218
Cost Capitalized Subsequent to Acquisition
Improvements	95
Total	95
Gross Amount at Which Carried at Close of Period
Land	3,218
Improvements	95
Total	3,313
Accumulated depreciation	$ 14
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois \| Farm twenty one
Initial Cost to Company
Land	$ 3,282
Total	3,282
Gross Amount at Which Carried at Close of Period
Land	3,282
Total	3,282
Illinois \| Farm twenty two
Initial Cost to Company
Land	3,163
Total	3,163
Gross Amount at Which Carried at Close of Period
Land	3,163
Total	3,163
Illinois \| Farm twenty three
Initial Cost to Company
Land	3,063
Total	3,063
Gross Amount at Which Carried at Close of Period
Land	3,063
Total	3,063
Illinois \| Farm twenty four
Initial Cost to Company
Land	3,036
Total	3,036
Gross Amount at Which Carried at Close of Period
Land	3,036
Total	3,036
Illinois \| Farm twenty five
Initial Cost to Company
Land	2,912
Improvements	89
Total	3,001
Gross Amount at Which Carried at Close of Period
Land	2,912
Improvements	89
Total	3,001
Accumulated depreciation	$ 17
Life on Which Depreciation in Latest Income Statements is Computed	7 years
Illinois \| Farm twenty six
Initial Cost to Company
Land	$ 2,687
Total	2,687
Cost Capitalized Subsequent to Acquisition
Land	3
Improvements	204
Total	207
Gross Amount at Which Carried at Close of Period
Land	2,690
Improvements	204
Total	2,894
Accumulated depreciation	$ 27
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm twenty seven
Initial Cost to Company
Land	$ 2,875
Improvements	42
Total	2,917
Cost Capitalized Subsequent to Acquisition
Improvements	(42)
Total	(42)
Gross Amount at Which Carried at Close of Period
Land	2,875
Total	$ 2,875
Life on Which Depreciation in Latest Income Statements is Computed	12 years
Illinois \| Farm twenty eight
Initial Cost to Company
Land	$ 2,572
Total	2,572
Cost Capitalized Subsequent to Acquisition
Improvements	236
Total	236
Gross Amount at Which Carried at Close of Period
Land	2,572
Improvements	236
Total	2,808
Accumulated depreciation	$ 33
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm twenty nine
Initial Cost to Company
Land	$ 2,723
Total	2,723
Gross Amount at Which Carried at Close of Period
Land	2,723
Total	2,723
Illinois \| Farm thirty
Initial Cost to Company
Land	2,661
Total	2,661
Gross Amount at Which Carried at Close of Period
Land	2,661
Total	2,661
Illinois \| Farm thirty one
Initial Cost to Company
Land	2,547
Total	2,547
Gross Amount at Which Carried at Close of Period
Land	2,547
Total	2,547
Illinois \| Farm thirty two
Initial Cost to Company
Land	2,525
Total	2,525
Gross Amount at Which Carried at Close of Period
Land	2,525
Total	2,525
Illinois \| Farm thirty three
Initial Cost to Company
Land	2,416
Improvements	22
Total	2,438
Gross Amount at Which Carried at Close of Period
Land	2,416
Improvements	22
Total	2,438
Accumulated depreciation	$ 2
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Illinois \| Farm thirty four
Initial Cost to Company
Land	$ 2,428
Total	2,428
Gross Amount at Which Carried at Close of Period
Land	2,428
Total	2,428
Illinois \| Farm thirty five
Initial Cost to Company
Land	2,406
Total	2,406
Gross Amount at Which Carried at Close of Period
Land	2,406
Total	2,406
Illinois \| Farm thirty six
Initial Cost to Company
Land	2,028
Improvements	28
Total	2,056
Cost Capitalized Subsequent to Acquisition
Improvements	225
Total	225
Gross Amount at Which Carried at Close of Period
Land	2,028
Improvements	253
Total	2,281
Accumulated depreciation	$ 38
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois \| Farm thirty seven
Initial Cost to Company
Land	$ 2,019
Total	2,019
Cost Capitalized Subsequent to Acquisition
Improvements	216
Total	216
Gross Amount at Which Carried at Close of Period
Land	2,019
Improvements	216
Total	2,235
Accumulated depreciation	$ 32
Life on Which Depreciation in Latest Income Statements is Computed	34 years
Illinois \| Farm thirty eight
Initial Cost to Company
Land	$ 2,104
Total	2,104
Cost Capitalized Subsequent to Acquisition
Improvements	98
Total	98
Gross Amount at Which Carried at Close of Period
Land	2,104
Improvements	98
Total	2,202
Accumulated depreciation	$ 17
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois \| Farm thirty nine
Initial Cost to Company
Land	$ 2,128
Improvements	34
Total	2,162
Gross Amount at Which Carried at Close of Period
Land	2,128
Improvements	34
Total	2,162
Accumulated depreciation	$ 5
Life on Which Depreciation in Latest Income Statements is Computed	7 years
Illinois \| Farm forty
Initial Cost to Company
Land	$ 2,146
Total	2,146
Gross Amount at Which Carried at Close of Period
Land	2,146
Total	2,146
Illinois \| Farm forty one
Initial Cost to Company
Land	1,700
Total	1,700
Cost Capitalized Subsequent to Acquisition
Improvements	346
Total	346
Gross Amount at Which Carried at Close of Period
Land	1,700
Improvements	346
Total	2,046
Accumulated depreciation	$ 86
Life on Which Depreciation in Latest Income Statements is Computed	35 years
Illinois \| Farm forty two
Initial Cost to Company
Land	$ 2,041
Total	2,041
Gross Amount at Which Carried at Close of Period
Land	2,041
Total	2,041
Illinois \| Farm forty three
Initial Cost to Company
Land	1,999
Total	1,999
Gross Amount at Which Carried at Close of Period
Land	1,999
Total	1,999
Illinois \| Farm forty four
Initial Cost to Company
Land	1,877
Improvements	105
Total	1,982
Gross Amount at Which Carried at Close of Period
Land	1,877
Improvements	105
Total	1,982
Accumulated depreciation	$ 33
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Illinois \| Farm forty five
Initial Cost to Company
Land	$ 1,975
Total	1,975
Gross Amount at Which Carried at Close of Period
Land	1,975
Total	1,975
Illinois \| Farm forty six
Initial Cost to Company
Land	1,960
Total	1,960
Gross Amount at Which Carried at Close of Period
Land	1,960
Total	1,960
Illinois \| Farm forty seven
Initial Cost to Company
Land	1,949
Total	1,949
Gross Amount at Which Carried at Close of Period
Land	1,949
Total	1,949
Illinois \| Farm forty eight
Initial Cost to Company
Land	1,905
Total	1,905
Gross Amount at Which Carried at Close of Period
Land	1,905
Total	1,905
Illinois \| Farm forty nine
Initial Cost to Company
Land	1,863
Total	1,863
Gross Amount at Which Carried at Close of Period
Land	1,863
Total	1,863
Illinois \| Farm fifty
Initial Cost to Company
Land	1,856
Total	1,856
Gross Amount at Which Carried at Close of Period
Land	1,856
Total	1,856
Illinois \| Farm fifty one
Initial Cost to Company
Land	1,825
Total	1,825
Gross Amount at Which Carried at Close of Period
Land	1,825
Total	1,825
Illinois \| Farm fifty two
Initial Cost to Company
Land	1,815
Total	1,815
Gross Amount at Which Carried at Close of Period
Land	1,815
Total	1,815
Illinois \| Farm fifty three
Initial Cost to Company
Land	1,696
Total	1,696
Cost Capitalized Subsequent to Acquisition
Improvements	109
Total	109
Gross Amount at Which Carried at Close of Period
Land	1,696
Improvements	109
Total	1,805
Accumulated depreciation	$ 15
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm fifty four
Initial Cost to Company
Land	$ 1,772
Total	1,772
Gross Amount at Which Carried at Close of Period
Land	1,772
Total	1,772
Illinois \| Farm fifty five
Initial Cost to Company
Land	1,750
Total	1,750
Gross Amount at Which Carried at Close of Period
Land	1,750
Total	1,750
Illinois \| Farm fifty six
Initial Cost to Company
Land	1,735
Total	1,735
Gross Amount at Which Carried at Close of Period
Land	1,735
Total	1,735
Illinois \| Farm fifty seven
Initial Cost to Company
Land	1,734
Total	1,734
Gross Amount at Which Carried at Close of Period
Land	1,734
Total	1,734
Illinois \| Farm fifty eight
Initial Cost to Company
Land	1,646
Improvements	88
Total	1,734
Gross Amount at Which Carried at Close of Period
Land	1,646
Improvements	88
Total	1,734
Accumulated depreciation	$ 30
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois \| Farm fifty nine
Initial Cost to Company
Land	$ 1,721
Total	1,721
Gross Amount at Which Carried at Close of Period
Land	1,721
Total	1,721
Illinois \| Farm sixty
Initial Cost to Company
Land	1,617
Improvements	94
Total	1,711
Gross Amount at Which Carried at Close of Period
Land	1,617
Improvements	94
Total	1,711
Accumulated depreciation	$ 32
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois \| Farm sixty one
Initial Cost to Company
Land	$ 1,678
Improvements	4
Total	1,682
Cost Capitalized Subsequent to Acquisition
Improvements	(4)
Total	(4)
Gross Amount at Which Carried at Close of Period
Land	1,678
Total	1,678
Illinois \| Farm sixty two
Initial Cost to Company
Land	1,496
Total	1,496
Cost Capitalized Subsequent to Acquisition
Improvements	159
Total	159
Gross Amount at Which Carried at Close of Period
Land	1,496
Improvements	159
Total	$ 1,655
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Illinois \| Farm sixty three
Initial Cost to Company
Land	$ 1,526
Total	1,526
Cost Capitalized Subsequent to Acquisition
Improvements	126
Total	126
Gross Amount at Which Carried at Close of Period
Land	1,526
Improvements	126
Total	1,652
Accumulated depreciation	$ 17
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm sixty four
Initial Cost to Company
Land	$ 1,623
Total	1,623
Gross Amount at Which Carried at Close of Period
Land	1,623
Total	1,623
Illinois \| Farm sixty five
Initial Cost to Company
Land	1,606
Total	1,606
Gross Amount at Which Carried at Close of Period
Land	1,606
Total	1,606
Illinois \| Farm sixty six
Initial Cost to Company
Land	1,591
Total	1,591
Gross Amount at Which Carried at Close of Period
Land	1,591
Total	1,591
Illinois \| Farm sixty seven
Initial Cost to Company
Land	1,500
Total	1,500
Cost Capitalized Subsequent to Acquisition
Improvements	26
Total	26
Gross Amount at Which Carried at Close of Period
Land	1,500
Improvements	26
Total	1,526
Accumulated depreciation	$ 4
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm sixty eight
Initial Cost to Company
Land	$ 1,423
Improvements	60
Total	1,483
Cost Capitalized Subsequent to Acquisition
Improvements	38
Total	38
Gross Amount at Which Carried at Close of Period
Land	1,423
Improvements	98
Total	1,521
Accumulated depreciation	$ 68
Life on Which Depreciation in Latest Income Statements is Computed	35 years
Illinois \| Farm sixty nine
Initial Cost to Company
Land	$ 1,484
Total	1,484
Gross Amount at Which Carried at Close of Period
Land	1,484
Total	1,484
Illinois \| Farm seventy
Initial Cost to Company
Land	1,475
Total	1,475
Gross Amount at Which Carried at Close of Period
Land	1,475
Total	1,475
Illinois \| Farm seventy one
Initial Cost to Company
Land	1,471
Total	1,471
Gross Amount at Which Carried at Close of Period
Land	1,471
Total	1,471
Illinois \| Farm seventy two
Initial Cost to Company
Land	1,438
Total	1,438
Gross Amount at Which Carried at Close of Period
Land	1,438
Total	1,438
Illinois \| Farm seventy three
Initial Cost to Company
Land	1,437
Total	1,437
Gross Amount at Which Carried at Close of Period
Land	1,437
Total	1,437
Illinois \| Farm seventy four
Initial Cost to Company
Land	1,403
Total	1,403
Gross Amount at Which Carried at Close of Period
Land	1,403
Total	1,403
Illinois \| Farm seventy five
Initial Cost to Company
Land	1,231
Total	1,231
Cost Capitalized Subsequent to Acquisition
Improvements	116
Total	116
Gross Amount at Which Carried at Close of Period
Land	1,231
Improvements	116
Total	1,347
Accumulated depreciation	$ 17
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois \| Farm seventy six
Initial Cost to Company
Land	$ 1,322
Total	1,322
Gross Amount at Which Carried at Close of Period
Land	1,322
Total	1,322
Illinois \| Farm seventy seven
Initial Cost to Company
Land	1,321
Total	1,321
Gross Amount at Which Carried at Close of Period
Land	1,321
Total	1,321
Illinois \| Farm seventy eight
Initial Cost to Company
Land	1,132
Improvements	35
Total	1,167
Cost Capitalized Subsequent to Acquisition
Improvements	103
Total	103
Gross Amount at Which Carried at Close of Period
Land	1,132
Improvements	138
Total	1,270
Accumulated depreciation	$ 9
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Illinois \| Farm seventy nine
Initial Cost to Company
Land	$ 801
Improvements	97
Total	898
Cost Capitalized Subsequent to Acquisition
Improvements	364
Total	364
Gross Amount at Which Carried at Close of Period
Land	801
Improvements	461
Total	1,262
Accumulated depreciation	$ 57
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois \| Farm eighty
Initial Cost to Company
Land	$ 1,261
Total	1,261
Gross Amount at Which Carried at Close of Period
Land	1,261
Total	1,261
Illinois \| Farm eighty one
Initial Cost to Company
Land	1,120
Total	1,120
Cost Capitalized Subsequent to Acquisition
Improvements	138
Total	138
Gross Amount at Which Carried at Close of Period
Land	1,120
Improvements	138
Total	1,258
Accumulated depreciation	$ 22
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm eighty two
Initial Cost to Company
Land	$ 1,256
Total	1,256
Gross Amount at Which Carried at Close of Period
Land	1,256
Total	1,256
Illinois \| Farm eighty three
Initial Cost to Company
Land	1,221
Total	1,221
Gross Amount at Which Carried at Close of Period
Land	1,221
Total	1,221
Illinois \| Farm eighty four
Initial Cost to Company
Land	1,147
Total	1,147
Cost Capitalized Subsequent to Acquisition
Improvements	60
Total	60
Gross Amount at Which Carried at Close of Period
Land	1,147
Improvements	60
Total	1,207
Accumulated depreciation	$ 9
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm eighty five
Initial Cost to Company
Land	$ 1,173
Total	1,173
Gross Amount at Which Carried at Close of Period
Land	1,173
Total	1,173
Illinois \| Farm eighty six
Initial Cost to Company
Land	1,160
Total	1,160
Gross Amount at Which Carried at Close of Period
Land	1,160
Total	1,160
Illinois \| Farm eighty seven
Initial Cost to Company
Land	1,117
Improvements	28
Total	1,145
Cost Capitalized Subsequent to Acquisition
Improvements	9
Total	9
Gross Amount at Which Carried at Close of Period
Land	1,117
Improvements	37
Total	1,154
Accumulated depreciation	$ 16
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Illinois \| Farm eighty eight
Initial Cost to Company
Land	$ 1,077
Total	1,077
Cost Capitalized Subsequent to Acquisition
Improvements	70
Total	70
Gross Amount at Which Carried at Close of Period
Land	1,077
Improvements	70
Total	1,147
Accumulated depreciation	$ 10
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois \| Farm eighty nine
Initial Cost to Company
Land	$ 1,128
Improvements	44
Total	1,172
Cost Capitalized Subsequent to Acquisition
Improvements	(37)
Total	(37)
Gross Amount at Which Carried at Close of Period
Land	1,128
Improvements	7
Total	1,135
Accumulated depreciation	$ 2
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Illinois \| Farm ninety
Initial Cost to Company
Land	$ 1,121
Total	1,121
Gross Amount at Which Carried at Close of Period
Land	1,121
Total	1,121
Illinois \| Farm ninety one
Initial Cost to Company
Land	1,082
Total	1,082
Gross Amount at Which Carried at Close of Period
Land	1,082
Total	1,082
Illinois \| Farm ninety two
Initial Cost to Company
Land	991
Total	991
Cost Capitalized Subsequent to Acquisition
Improvements	77
Total	77
Gross Amount at Which Carried at Close of Period
Land	991
Improvements	77
Total	1,068
Accumulated depreciation	$ 11
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois \| Farm ninety three
Initial Cost to Company
Land	$ 1,060
Total	1,060
Gross Amount at Which Carried at Close of Period
Land	1,060
Total	1,060
Illinois \| Farm ninety four
Initial Cost to Company
Land	997
Total	997
Cost Capitalized Subsequent to Acquisition
Improvements	58
Total	58
Gross Amount at Which Carried at Close of Period
Land	997
Improvements	58
Total	1,055
Accumulated depreciation	$ 8
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm ninety five
Initial Cost to Company
Land	$ 1,065
Improvements	27
Total	1,092
Cost Capitalized Subsequent to Acquisition
Improvements	(44)
Total	(44)
Gross Amount at Which Carried at Close of Period
Land	1,065
Improvements	(17)
Total	1,048
Illinois \| Farm ninety six
Initial Cost to Company
Land	1,007
Total	1,007
Gross Amount at Which Carried at Close of Period
Land	1,007
Total	1,007
Illinois \| Farm ninety seven
Initial Cost to Company
Land	952
Improvements	40
Total	992
Gross Amount at Which Carried at Close of Period
Land	952
Improvements	40
Total	992
Accumulated depreciation	$ 10
Life on Which Depreciation in Latest Income Statements is Computed	32 years
Illinois \| Farm ninety eight
Initial Cost to Company
Land	$ 982
Total	982
Gross Amount at Which Carried at Close of Period
Land	982
Total	982
Illinois \| Farm ninety nine
Initial Cost to Company
Land	977
Total	977
Gross Amount at Which Carried at Close of Period
Land	977
Total	977
Illinois \| Farm one hundred
Initial Cost to Company
Land	974
Total	974
Gross Amount at Which Carried at Close of Period
Land	974
Total	974
Illinois \| Farm one hundred and one
Initial Cost to Company
Land	970
Total	970
Gross Amount at Which Carried at Close of Period
Land	970
Total	970
Illinois \| Farm one hundred and two
Initial Cost to Company
Land	846
Total	846
Cost Capitalized Subsequent to Acquisition
Improvements	112
Total	112
Gross Amount at Which Carried at Close of Period
Land	846
Improvements	112
Total	958
Accumulated depreciation	$ 11
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois \| Farm one hundred and three
Initial Cost to Company
Land	$ 923
Improvements	53
Total	976
Cost Capitalized Subsequent to Acquisition
Improvements	(29)
Total	(29)
Gross Amount at Which Carried at Close of Period
Land	923
Improvements	24
Total	947
Accumulated depreciation	$ 6
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm one hundred and four
Initial Cost to Company
Land	$ 940
Total	940
Gross Amount at Which Carried at Close of Period
Land	940
Total	940
Illinois \| Farm one hundred and five
Initial Cost to Company
Land	847
Improvements	63
Total	910
Gross Amount at Which Carried at Close of Period
Land	847
Improvements	63
Total	910
Accumulated depreciation	$ 25
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Illinois \| Farm one hundred and six
Initial Cost to Company
Land	$ 878
Improvements	33
Total	911
Gross Amount at Which Carried at Close of Period
Land	878
Improvements	33
Total	911
Accumulated depreciation	$ 4
Life on Which Depreciation in Latest Income Statements is Computed	13 years
Illinois \| Farm one hundred and seven
Initial Cost to Company
Land	$ 881
Total	881
Cost Capitalized Subsequent to Acquisition
Improvements	4
Total	4
Gross Amount at Which Carried at Close of Period
Land	881
Improvements	4
Total	885
Accumulated depreciation	$ 1
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Illinois \| Farm one hundred and eight
Initial Cost to Company
Land	$ 866
Improvements	18
Total	884
Gross Amount at Which Carried at Close of Period
Land	866
Improvements	18
Total	884
Accumulated depreciation	$ 1
Life on Which Depreciation in Latest Income Statements is Computed	48 years
Illinois \| Farm one hundred and nine
Initial Cost to Company
Land	$ 815
Total	815
Cost Capitalized Subsequent to Acquisition
Improvements	60
Total	60
Gross Amount at Which Carried at Close of Period
Land	815
Improvements	60
Total	875
Accumulated depreciation	$ 8
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois \| Farm one hundred and ten
Initial Cost to Company
Land	$ 865
Total	865
Gross Amount at Which Carried at Close of Period
Land	865
Total	865
Louisiana \| Farm one
Initial Cost to Company
Land	24,882
Improvements	128
Total	25,010
Cost Capitalized Subsequent to Acquisition
Land	131
Improvements	195
Total	326
Gross Amount at Which Carried at Close of Period
Land	25,013
Improvements	323
Total	25,336
Accumulated depreciation	$ 51
Life on Which Depreciation in Latest Income Statements is Computed	6 years
Louisiana \| Farm two
Initial Cost to Company
Land	$ 10,771
Total	10,771
Cost Capitalized Subsequent to Acquisition
Improvements	237
Total	237
Gross Amount at Which Carried at Close of Period
Land	10,771
Improvements	237
Total	11,008
Accumulated depreciation	$ 7
Life on Which Depreciation in Latest Income Statements is Computed	9 years
Louisiana \| Farm three
Initial Cost to Company
Land	$ 5,100
Improvements	52
Total	5,152
Cost Capitalized Subsequent to Acquisition
Improvements	282
Total	282
Gross Amount at Which Carried at Close of Period
Land	5,100
Improvements	334
Total	5,434
Accumulated depreciation	$ 124
Life on Which Depreciation in Latest Income Statements is Computed	17 years
Louisiana \| Farm four
Initial Cost to Company
Land	$ 3,612
Improvements	20
Total	3,632
Cost Capitalized Subsequent to Acquisition
Improvements	165
Total	165
Gross Amount at Which Carried at Close of Period
Land	3,612
Improvements	185
Total	3,797
Accumulated depreciation	$ 18
Life on Which Depreciation in Latest Income Statements is Computed	19 years
Mississippi \| Farm one
Initial Cost to Company
Land	$ 4,330
Improvements	133
Total	4,463
Cost Capitalized Subsequent to Acquisition
Improvements	(35)
Total	(35)
Gross Amount at Which Carried at Close of Period
Land	4,330
Improvements	98
Total	4,428
Accumulated depreciation	$ 37
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Mississippi \| Farm two
Initial Cost to Company
Land	$ 3,471
Improvements	41
Total	3,512
Cost Capitalized Subsequent to Acquisition
Improvements	63
Total	63
Gross Amount at Which Carried at Close of Period
Land	3,471
Improvements	104
Total	3,575
Accumulated depreciation	$ 26
Life on Which Depreciation in Latest Income Statements is Computed	35 years
South Carolina \| Farm one
Initial Cost to Company
Land	$ 12,057
Improvements	1,474
Total	13,531
Cost Capitalized Subsequent to Acquisition
Land	53
Improvements	6,079
Total	6,132
Gross Amount at Which Carried at Close of Period
Land	12,110
Improvements	7,553
Total	19,663
Accumulated depreciation	$ 1,798
Life on Which Depreciation in Latest Income Statements is Computed	25 years
South Carolina \| Farm two
Initial Cost to Company
Land	$ 14,866
Improvements	906
Total	15,772
Cost Capitalized Subsequent to Acquisition
Improvements	228
Total	228
Gross Amount at Which Carried at Close of Period
Land	14,866
Improvements	1,134
Total	16,000
Accumulated depreciation	$ 252
Life on Which Depreciation in Latest Income Statements is Computed	27 years
South Carolina \| Farm three
Initial Cost to Company
Land	$ 7,904
Improvements	133
Total	8,037
Cost Capitalized Subsequent to Acquisition
Improvements	62
Total	62
Gross Amount at Which Carried at Close of Period
Land	7,904
Improvements	195
Total	8,099
Accumulated depreciation	$ 31
Life on Which Depreciation in Latest Income Statements is Computed	24 years
South Carolina \| Farm four
Initial Cost to Company
Land	$ 1,959
Improvements	344
Total	2,303
Cost Capitalized Subsequent to Acquisition
Improvements	970
Total	970
Gross Amount at Which Carried at Close of Period
Land	1,959
Improvements	1,314
Total	3,273
Accumulated depreciation	$ 258
Life on Which Depreciation in Latest Income Statements is Computed	34 years
South Carolina \| Farm five
Initial Cost to Company
Land	$ 1,321
Improvements	91
Total	1,412
Cost Capitalized Subsequent to Acquisition
Land	246
Improvements	955
Total	1,201
Gross Amount at Which Carried at Close of Period
Land	1,567
Improvements	1,046
Total	2,613
Accumulated depreciation	$ 123
Life on Which Depreciation in Latest Income Statements is Computed	34 years
South Carolina \| Farm six
Initial Cost to Company
Land	$ 1,090
Total	1,090
Cost Capitalized Subsequent to Acquisition
Land	230
Improvements	847
Total	1,077
Gross Amount at Which Carried at Close of Period
Land	1,320
Improvements	847
Total	2,167
Accumulated depreciation	$ 122
Life on Which Depreciation in Latest Income Statements is Computed	39 years
South Carolina \| Farm seven
Initial Cost to Company
Land	$ 1,303
Improvements	225
Total	1,528
Cost Capitalized Subsequent to Acquisition
Improvements	175
Total	175
Gross Amount at Which Carried at Close of Period
Land	1,303
Improvements	400
Total	1,703
Accumulated depreciation	$ 88
Life on Which Depreciation in Latest Income Statements is Computed	34 years
South Carolina \| Farm eight
Initial Cost to Company
Land	$ 1,032
Improvements	170
Total	1,202
Cost Capitalized Subsequent to Acquisition
Land	13
Improvements	389
Total	402
Gross Amount at Which Carried at Close of Period
Land	1,045
Improvements	559
Total	1,604
Accumulated depreciation	$ 105
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Oklahoma \| Farm one
Initial Cost to Company
Land	$ 8,181
Total	8,181
Cost Capitalized Subsequent to Acquisition
Improvements	681
Total	681
Gross Amount at Which Carried at Close of Period
Land	8,181
Improvements	681
Total	8,862
Accumulated depreciation	$ 32
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Colorado \| Farm one
Initial Cost to Company
Land	$ 10,716
Improvements	70
Total	10,786
Gross Amount at Which Carried at Close of Period
Land	10,716
Improvements	70
Total	10,786
Accumulated depreciation	$ 17
Life on Which Depreciation in Latest Income Statements is Computed	39 years
Colorado \| Farm two
Initial Cost to Company
Land	$ 793
Improvements	4,731
Total	5,524
Cost Capitalized Subsequent to Acquisition
Improvements	178
Total	178
Gross Amount at Which Carried at Close of Period
Land	793
Improvements	4,909
Total	5,702
Accumulated depreciation	$ 585
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Colorado \| Farm three
Initial Cost to Company
Land	$ 3,388
Improvements	147
Total	3,535
Cost Capitalized Subsequent to Acquisition
Improvements	2,068
Total	2,068
Gross Amount at Which Carried at Close of Period
Land	3,388
Improvements	2,215
Total	5,603
Accumulated depreciation	$ 340
Life on Which Depreciation in Latest Income Statements is Computed	7 years
Colorado \| Farm four
Initial Cost to Company
Land	$ 4,156
Improvements	1,280
Total	5,436
Cost Capitalized Subsequent to Acquisition
Improvements	(3)
Total	(3)
Gross Amount at Which Carried at Close of Period
Land	4,156
Improvements	1,277
Total	5,433
Accumulated depreciation	$ 358
Life on Which Depreciation in Latest Income Statements is Computed	26 years
Colorado \| Farm five
Initial Cost to Company
Land	$ 3,566
Improvements	359
Total	3,925
Cost Capitalized Subsequent to Acquisition
Improvements	94
Total	94
Gross Amount at Which Carried at Close of Period
Land	3,566
Improvements	453
Total	4,019
Accumulated depreciation	$ 142
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Colorado \| Farm six
Initial Cost to Company
Land	$ 1,995
Improvements	84
Total	2,079
Cost Capitalized Subsequent to Acquisition
Improvements	466
Total	466
Gross Amount at Which Carried at Close of Period
Land	1,995
Improvements	550
Total	2,545
Accumulated depreciation	$ 216
Life on Which Depreciation in Latest Income Statements is Computed	17 years
Colorado \| Farm seven
Initial Cost to Company
Land	$ 2,328
Total	2,328
Gross Amount at Which Carried at Close of Period
Land	2,328
Total	2,328
Colorado \| Farm eight
Initial Cost to Company
Land	1,810
Improvements	210
Total	2,020
Cost Capitalized Subsequent to Acquisition
Improvements	21
Total	21
Gross Amount at Which Carried at Close of Period
Land	1,810
Improvements	231
Total	2,041
Accumulated depreciation	$ 170
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Colorado \| Farm nine
Initial Cost to Company
Land	$ 1,760
Total	1,760
Cost Capitalized Subsequent to Acquisition
Improvements	248
Total	248
Gross Amount at Which Carried at Close of Period
Land	1,760
Improvements	248
Total	2,008
Accumulated depreciation	$ 58
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Colorado \| Farm ten
Initial Cost to Company
Land	$ 1,030
Improvements	170
Total	1,200
Cost Capitalized Subsequent to Acquisition
Improvements	(87)
Total	(87)
Gross Amount at Which Carried at Close of Period
Land	1,030
Improvements	83
Total	1,113
Accumulated depreciation	$ 16
Life on Which Depreciation in Latest Income Statements is Computed	24 years
Colorado \| Farm eleven
Initial Cost to Company
Land	$ 1,105
Total	1,105
Gross Amount at Which Carried at Close of Period
Land	1,105
Total	1,105
Colorado \| Farm twelve
Initial Cost to Company
Land	809
Improvements	141
Total	950
Cost Capitalized Subsequent to Acquisition
Improvements	62
Total	62
Gross Amount at Which Carried at Close of Period
Land	809
Improvements	203
Total	1,012
Accumulated depreciation	$ 58
Life on Which Depreciation in Latest Income Statements is Computed	31 years
Colorado \| Farm thirteen
Initial Cost to Company
Land	$ 819
Improvements	94
Total	913
Cost Capitalized Subsequent to Acquisition
Improvements	58
Total	58
Gross Amount at Which Carried at Close of Period
Land	819
Improvements	152
Total	971
Accumulated depreciation	$ 73
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Colorado \| Farm fourteen
Initial Cost to Company
Land	$ 527
Improvements	373
Total	900
Cost Capitalized Subsequent to Acquisition
Improvements	(2)
Total	(2)
Gross Amount at Which Carried at Close of Period
Land	527
Improvements	371
Total	898
Accumulated depreciation	$ 323
Life on Which Depreciation in Latest Income Statements is Computed	17 years
Indiana \| Farm one
Initial Cost to Company
Land	$ 2,125
Total	2,125
Gross Amount at Which Carried at Close of Period
Land	2,125
Total	2,125
Florida \| Farm one
Initial Cost to Company
Land	9,295
Improvements	202
Total	9,497
Cost Capitalized Subsequent to Acquisition
Land	3,439
Improvements	2,531
Total	5,970
Gross Amount at Which Carried at Close of Period
Land	12,734
Improvements	2,733
Total	15,467
Accumulated depreciation	$ 387
Life on Which Depreciation in Latest Income Statements is Computed	37 years
Florida \| Farm two
Initial Cost to Company
Land	$ 935
Improvements	67
Total	1,002
Gross Amount at Which Carried at Close of Period
Land	935
Improvements	67
Total	1,002
Accumulated depreciation	$ 16
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Arkansas \| Farm one
Initial Cost to Company
Land	$ 6,914
Improvements	287
Total	7,201
Cost Capitalized Subsequent to Acquisition
Land	16
Improvements	224
Total	240
Gross Amount at Which Carried at Close of Period
Land	6,930
Improvements	511
Total	7,441
Accumulated depreciation	$ 141
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Arkansas \| Farm two
Initial Cost to Company
Land	$ 5,924
Improvements	244
Total	6,168
Gross Amount at Which Carried at Close of Period
Land	5,924
Improvements	244
Total	6,168
Accumulated depreciation	$ 105
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Arkansas \| Farm three
Initial Cost to Company
Land	$ 5,532
Improvements	101
Total	5,633
Cost Capitalized Subsequent to Acquisition
Land	15
Improvements	41
Total	56
Gross Amount at Which Carried at Close of Period
Land	5,547
Improvements	142
Total	5,689
Accumulated depreciation	$ 70
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Arkansas \| Farm four
Initial Cost to Company
Land	$ 5,169
Improvements	185
Total	5,354
Gross Amount at Which Carried at Close of Period
Land	5,169
Improvements	185
Total	5,354
Accumulated depreciation	$ 99
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Arkansas \| Farm five
Initial Cost to Company
Land	$ 4,536
Improvements	50
Total	4,586
Cost Capitalized Subsequent to Acquisition
Land	27
Improvements	81
Total	108
Gross Amount at Which Carried at Close of Period
Land	4,563
Improvements	131
Total	4,694
Accumulated depreciation	$ 54
Life on Which Depreciation in Latest Income Statements is Computed	17 years
Arkansas \| Farm six
Initial Cost to Company
Land	$ 2,808
Improvements	184
Total	2,992
Cost Capitalized Subsequent to Acquisition
Land	88
Improvements	100
Total	188
Gross Amount at Which Carried at Close of Period
Land	2,896
Improvements	284
Total	3,180
Accumulated depreciation	$ 88
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Arkansas \| Farm seven
Initial Cost to Company
Land	$ 2,666
Improvements	40
Total	2,706
Cost Capitalized Subsequent to Acquisition
Improvements	46
Total	46
Gross Amount at Which Carried at Close of Period
Land	2,666
Improvements	86
Total	2,752
Accumulated depreciation	$ 41
Life on Which Depreciation in Latest Income Statements is Computed	18 years
Arkansas \| Farm eight
Initial Cost to Company
Land	$ 2,153
Improvements	165
Total	2,318
Cost Capitalized Subsequent to Acquisition
Land	97
Improvements	162
Total	259
Gross Amount at Which Carried at Close of Period
Land	2,250
Improvements	327
Total	2,577
Accumulated depreciation	$ 137
Life on Which Depreciation in Latest Income Statements is Computed	26 years
Arkansas \| Farm nine
Initial Cost to Company
Land	$ 2,358
Improvements	82
Total	2,440
Cost Capitalized Subsequent to Acquisition
Improvements	4
Total	4
Gross Amount at Which Carried at Close of Period
Land	2,358
Improvements	86
Total	2,444
Accumulated depreciation	$ 28
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Arkansas \| Farm ten
Initial Cost to Company
Land	$ 2,316
Total	2,316
Cost Capitalized Subsequent to Acquisition
Improvements	3
Total	3
Gross Amount at Which Carried at Close of Period
Land	2,316
Improvements	3
Total	$ 2,319
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Arkansas \| Farm eleven
Initial Cost to Company
Land	$ 2,006
Improvements	96
Total	2,102
Cost Capitalized Subsequent to Acquisition
Improvements	31
Total	31
Gross Amount at Which Carried at Close of Period
Land	2,006
Improvements	127
Total	2,133
Accumulated depreciation	$ 52
Life on Which Depreciation in Latest Income Statements is Computed	24 years
California \| Farm one
Initial Cost to Company
Land	$ 44,994
Total	44,994
Gross Amount at Which Carried at Close of Period
Land	44,994
Total	44,994
California \| Farm two
Initial Cost to Company
Land	33,482
Total	33,482
Gross Amount at Which Carried at Close of Period
Land	33,482
Total	33,482
California \| Farm three
Initial Cost to Company
Land	19,925
Improvements	11,521
Total	31,446
Cost Capitalized Subsequent to Acquisition
Improvements	1,765
Total	1,765
Gross Amount at Which Carried at Close of Period
Land	19,925
Improvements	13,286
Total	33,211
Accumulated depreciation	$ 5,387
Life on Which Depreciation in Latest Income Statements is Computed	16 years
California \| Farm four
Initial Cost to Company
Land	$ 31,567
Total	31,567
Gross Amount at Which Carried at Close of Period
Land	31,567
Total	31,567
California \| Farm five
Initial Cost to Company
Land	7,647
Improvements	11,518
Total	19,165
Cost Capitalized Subsequent to Acquisition
Improvements	859
Total	859
Gross Amount at Which Carried at Close of Period
Land	7,647
Improvements	12,377
Total	20,024
Accumulated depreciation	$ 2,987
Life on Which Depreciation in Latest Income Statements is Computed	25 years
California \| Farm six
Initial Cost to Company
Land	$ 9,998
Improvements	8,116
Total	18,114
Cost Capitalized Subsequent to Acquisition
Improvements	163
Total	163
Gross Amount at Which Carried at Close of Period
Land	9,998
Improvements	8,279
Total	18,277
Accumulated depreciation	$ 3,377
Life on Which Depreciation in Latest Income Statements is Computed	16 years
California \| Farm seven
Initial Cost to Company
Land	$ 10,935
Improvements	6,878
Total	17,813
Cost Capitalized Subsequent to Acquisition
Improvements	243
Total	243
Gross Amount at Which Carried at Close of Period
Land	10,935
Improvements	7,121
Total	18,056
Accumulated depreciation	$ 2,424
Life on Which Depreciation in Latest Income Statements is Computed	27 years
California \| Farm eight
Initial Cost to Company
Land	$ 11,888
Improvements	3,398
Total	15,286
Cost Capitalized Subsequent to Acquisition
Improvements	741
Total	741
Gross Amount at Which Carried at Close of Period
Land	11,888
Improvements	4,139
Total	16,027
Accumulated depreciation	$ 1,482
Life on Which Depreciation in Latest Income Statements is Computed	20 years
California \| Farm nine
Initial Cost to Company
Land	$ 8,326
Improvements	6,075
Total	14,401
Cost Capitalized Subsequent to Acquisition
Improvements	33
Total	33
Gross Amount at Which Carried at Close of Period
Land	8,326
Improvements	6,108
Total	14,434
Accumulated depreciation	$ 1,480
Life on Which Depreciation in Latest Income Statements is Computed	27 years
California \| Farm ten
Initial Cost to Company
Land	$ 8,340
Improvements	4,546
Total	12,886
Cost Capitalized Subsequent to Acquisition
Improvements	(2,072)
Total	(2,072)
Gross Amount at Which Carried at Close of Period
Land	8,340
Improvements	2,474
Total	10,814
Accumulated depreciation	$ 967
Life on Which Depreciation in Latest Income Statements is Computed	18 years
California \| Farm eleven
Initial Cost to Company
Land	$ 9,534
Improvements	263
Total	9,797
Cost Capitalized Subsequent to Acquisition
Improvements	(29)
Total	(29)
Gross Amount at Which Carried at Close of Period
Land	9,534
Improvements	234
Total	9,768
Accumulated depreciation	$ 137
Life on Which Depreciation in Latest Income Statements is Computed	16 years
California \| Farm twelve
Initial Cost to Company
Land	$ 6,191
Improvements	2,772
Total	8,963
Cost Capitalized Subsequent to Acquisition
Improvements	(94)
Total	(94)
Gross Amount at Which Carried at Close of Period
Land	6,191
Improvements	2,678
Total	8,869
Accumulated depreciation	$ 1,028
Life on Which Depreciation in Latest Income Statements is Computed	14 years
California \| Farm thirteen
Initial Cost to Company
Land	$ 5,446
Improvements	390
Total	5,836
Gross Amount at Which Carried at Close of Period
Land	5,446
Improvements	390
Total	5,836
Accumulated depreciation	$ 99
Life on Which Depreciation in Latest Income Statements is Computed	11 years
California \| Farm fourteen
Initial Cost to Company
Land	$ 3,559
Improvements	3,317
Total	6,876
Cost Capitalized Subsequent to Acquisition
Improvements	(1,122)
Total	(1,122)
Gross Amount at Which Carried at Close of Period
Land	3,559
Improvements	2,195
Total	5,754
Accumulated depreciation	$ 560
Life on Which Depreciation in Latest Income Statements is Computed	27 years
California \| Farm fifteen
Initial Cost to Company
Land	$ 2,461
Improvements	1,974
Total	4,435
Cost Capitalized Subsequent to Acquisition
Improvements	(2)
Total	(2)
Gross Amount at Which Carried at Close of Period
Land	2,461
Improvements	1,972
Total	4,433
Accumulated depreciation	$ 372
Life on Which Depreciation in Latest Income Statements is Computed	20 years
California \| Farm sixteen
Initial Cost to Company
Land	$ 967
Improvements	1,357
Total	2,324
Cost Capitalized Subsequent to Acquisition
Improvements	175
Total	175
Gross Amount at Which Carried at Close of Period
Land	967
Improvements	1,532
Total	2,499
Accumulated depreciation	$ 443
Life on Which Depreciation in Latest Income Statements is Computed	28 years
Nebraska \| Farm one
Initial Cost to Company
Land	$ 11,325
Improvements	309
Total	11,634
Cost Capitalized Subsequent to Acquisition
Improvements	171
Total	171
Gross Amount at Which Carried at Close of Period
Land	11,325
Improvements	480
Total	11,805
Accumulated depreciation	$ 93
Life on Which Depreciation in Latest Income Statements is Computed	8 years
Nebraska \| Farm two
Initial Cost to Company
Land	$ 1,882
Improvements	55
Total	1,937
Cost Capitalized Subsequent to Acquisition
Improvements	1,422
Total	1,422
Gross Amount at Which Carried at Close of Period
Land	1,882
Improvements	1,477
Total	3,359
Accumulated depreciation	$ 563
Life on Which Depreciation in Latest Income Statements is Computed	35 years
Nebraska \| Farm three
Initial Cost to Company
Land	$ 2,601
Improvements	114
Total	2,715
Cost Capitalized Subsequent to Acquisition
Improvements	133
Total	133
Gross Amount at Which Carried at Close of Period
Land	2,601
Improvements	247
Total	2,848
Accumulated depreciation	$ 60
Life on Which Depreciation in Latest Income Statements is Computed	29 years
Nebraska \| Farm four
Initial Cost to Company
Land	$ 2,473
Improvements	120
Total	2,593
Cost Capitalized Subsequent to Acquisition
Improvements	5
Total	5
Gross Amount at Which Carried at Close of Period
Land	2,473
Improvements	125
Total	2,598
Accumulated depreciation	$ 26
Life on Which Depreciation in Latest Income Statements is Computed	12 years
Nebraska \| Farm five
Initial Cost to Company
Land	$ 2,539
Improvements	78
Total	2,617
Cost Capitalized Subsequent to Acquisition
Improvements	(23)
Total	(23)
Gross Amount at Which Carried at Close of Period
Land	2,539
Improvements	55
Total	2,594
Accumulated depreciation	$ 21
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Nebraska \| Farm six
Initial Cost to Company
Land	$ 2,316
Improvements	126
Total	2,442
Cost Capitalized Subsequent to Acquisition
Improvements	(126)
Total	(126)
Gross Amount at Which Carried at Close of Period
Land	2,316
Total	2,316
Nebraska \| Farm seven
Initial Cost to Company
Land	1,986
Improvements	36
Total	2,022
Gross Amount at Which Carried at Close of Period
Land	1,986
Improvements	36
Total	2,022
Accumulated depreciation	$ 11
Life on Which Depreciation in Latest Income Statements is Computed	5 years
Nebraska \| Farm eight
Initial Cost to Company
Land	$ 1,608
Improvements	32
Total	1,640
Cost Capitalized Subsequent to Acquisition
Improvements	80
Total	80
Gross Amount at Which Carried at Close of Period
Land	1,608
Improvements	112
Total	1,720
Accumulated depreciation	$ 35
Life on Which Depreciation in Latest Income Statements is Computed	28 years
Nebraska \| Farm nine
Initial Cost to Company
Land	$ 1,637
Improvements	46
Total	1,683
Cost Capitalized Subsequent to Acquisition
Improvements	9
Total	9
Gross Amount at Which Carried at Close of Period
Land	1,637
Improvements	55
Total	1,692
Accumulated depreciation	$ 15
Life on Which Depreciation in Latest Income Statements is Computed	31 years
Nebraska \| Farm ten
Initial Cost to Company
Land	$ 1,539
Total	1,539
Cost Capitalized Subsequent to Acquisition
Improvements	70
Total	70
Gross Amount at Which Carried at Close of Period
Land	1,539
Improvements	70
Total	1,609
Accumulated depreciation	$ 16
Life on Which Depreciation in Latest Income Statements is Computed	45 years
Nebraska \| Farm eleven
Initial Cost to Company
Land	$ 1,244
Improvements	69
Total	1,313
Cost Capitalized Subsequent to Acquisition
Improvements	269
Total	269
Gross Amount at Which Carried at Close of Period
Land	1,244
Improvements	338
Total	1,582
Accumulated depreciation	$ 81
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Nebraska \| Farm twelve
Initial Cost to Company
Land	$ 1,100
Improvements	28
Total	1,128
Cost Capitalized Subsequent to Acquisition
Improvements	243
Total	243
Gross Amount at Which Carried at Close of Period
Land	1,100
Improvements	271
Total	1,371
Accumulated depreciation	$ 44
Life on Which Depreciation in Latest Income Statements is Computed	29 years
Nebraska \| Farm thirteen
Initial Cost to Company
Land	$ 1,149
Total	1,149
Cost Capitalized Subsequent to Acquisition
Improvements	202
Total	202
Gross Amount at Which Carried at Close of Period
Land	1,149
Improvements	202
Total	1,351
Accumulated depreciation	$ 35
Life on Which Depreciation in Latest Income Statements is Computed	33 years
Nebraska \| Farm fourteen
Initial Cost to Company
Land	$ 1,109
Improvements	40
Total	1,149
Gross Amount at Which Carried at Close of Period
Land	1,109
Improvements	40
Total	1,149
Accumulated depreciation	$ 22
Life on Which Depreciation in Latest Income Statements is Computed	20 years

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation - FP Land LLC - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Real estate:
Balance at beginning of year	$ 1,129,485	$ 1,092,693
Additions during period
Additions through construction of improvements	10,424	729
Disposition of property and improvements	(165,335)	(23,387)
Acquisitions through business combinations and/or asset acquisitions	22,171	59,450
Impairment of assets	(6,693)
Balance at end of year	990,052	1,129,485
Accumulated depreciation:
Balance at beginning of year	38,433	38,254
Disposition of improvements	(12,010)	(6,771)
Additions charged to costs and expenses	7,478	6,950
Impairment of assets	(853)
Balance at end of year	33,048	38,433
Real Estate and Accumulated Depreciation balance per consolidated balance sheet
Real Estate balance per schedule	990,052	1,129,485
Construction in progress	4,453	14,810
Other non-real estate	109	68
Balance per consolidated balance sheet	994,614	1,144,363
Accumulated depreciation per schedule	33,048	38,433
Other non-real estate	35	14
Balance per consolidated balance sheet	$ 33,083	$ 38,447

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 30,913	$ 11,674

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false