Farmland Partners (FPI) 10-K 20 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 28, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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			$ 516,055,359
Entity Common Stock, Shares Outstanding		45,894,404
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	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Land, at cost	$ 645,592	$ 869,848
Grain facilities	7,714	12,222
Groundwater	11,033	11,472
Irrigation improvements	28,890	41,988
Drainage improvements	8,243	10,315
Permanent plantings	42,461	39,620
Other	3,983	4,696
Construction in progress	1,484	4,453
Real estate, at cost	749,400	994,614
Less accumulated depreciation	(31,557)	(33,083)
Total real estate, net	717,843	961,531
Deposits		426
Cash and cash equivalents	78,441	5,489
Assets held for sale	61	28
Loans and financing receivables, net	55,305	31,020
Right of use asset	194	399
Accounts receivable, net	3,199	7,743
Derivative asset	498	1,707
Inventory	2,659	2,335
Equity method investments	4,101	4,136
Intangible assets, net	1,374	2,035
Goodwill	2,706	2,706
Prepaid and other assets	2,179	2,447
TOTAL ASSETS	868,560	1,022,002
LIABILITIES
Mortgage notes and bonds payable, net	203,683	360,859
Lease liability	194	399
Dividends payable	57,253	13,286
Accrued interest	3,062	4,747
Accrued property taxes	1,650	1,898
Deferred revenue	65	2,149
Accrued expenses	6,096	7,854
Total liabilities	272,003	391,192
Commitments and contingencies (See Note 8)
Redeemable non-controlling interest in operating partnership, Series A preferred units	101,970	101,970
EQUITY
Common stock, $0.01 par value, 500,000,000 shares authorized; 45,931,827 shares issued and outstanding at December 31, 2024, and 48,002,716 shares issued and outstanding at December 31, 2023	459	482
Additional paid in capital	551,994	577,237
Retained earnings	88,352	31,411
Cumulative dividends	(160,406)	(95,939)
Other comprehensive income	1,512	2,691
Non-controlling interests in operating partnership	12,676	12,958
Total equity	494,587	528,840
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS IN OPERATING PARTNERSHIP AND EQUITY	$ 868,560	$ 1,022,002

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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	45,931,827	48,002,716
Common stock, shares outstanding	45,931,827	48,002,716

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
OPERATING REVENUES:
Rental income	$ 47,119	$ 49,185
Total operating revenues	58,226	57,466
OPERATING EXPENSES
Depreciation, depletion and amortization	5,588	7,499
Property operating expenses	7,368	8,660
Cost of goods sold	3,937	4,754
Acquisition and due diligence costs	28	17
General and administrative expenses	14,071	11,274
Legal and accounting	1,654	1,279
Impairment of assets	790	5,840
Other operating expenses	103	144
Total operating expenses	33,539	39,467
OTHER (INCOME) EXPENSE:
Other (income)	(123)	(39)
(Income) from equity method investment	(125)	(1)
(Gain) on disposition of assets, net	(54,148)	(36,133)
(Income) from forfeited deposits	(1,205)
Interest expense	18,854	22,657
Total other (income)	(36,747)	(13,516)
Net income before income tax benefit	61,434	31,515
Income tax benefit	(16)	(166)
NET INCOME	61,450	31,681
Net (income) attributable to non-controlling interests in operating partnership	(1,539)	(768)
Net income attributable to the Company	59,911	30,913
Distributions on Series A Preferred Units	(2,970)	(2,970)
Net income available to common stockholders of Farmland Partners Inc.	$ 56,428	$ 27,786
Basic and diluted per common share data:
Basic net income available to common stockholders	$ 1.19	$ 0.55
Diluted net income available to common stockholders	$ 1.06	$ 0.53
Basic weighted average common shares outstanding (in shares)	47,546	50,243
Diluted weighted average common shares outstanding (in shares)	55,987	58,292
Dividends declared per common share - regular and special	$ 1.39	$ 0.45
Performance Based Unvested Restricted Shares
OTHER (INCOME) EXPENSE:
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares	$ (53)
Time Based Unvested Restricted Shares
OTHER (INCOME) EXPENSE:
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares	(460)	$ (157)
Crop sales
OPERATING REVENUES:
Revenue	5,027	2,257
Other revenue
OPERATING REVENUES:
Revenue	$ 6,080	$ 6,024

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statements of Comprehensive Income
Net income	$ 61,450	$ 31,681
Amortization of other comprehensive income	(114)	198
Net change associated with current period hedging activities	(1,065)	(813)
Comprehensive income	60,271	31,066
Comprehensive (income) attributable to non-controlling interests	(1,539)	(768)
Comprehensive income attributable to Farmland Partners Inc.	$ 58,732	$ 30,298

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Paid in Capital	Retained Earnings	Cumulative Dividends	Other Comprehensive Income	Non-controlling Interests in Operating Partnership	Total
Balance at Dec. 31, 2022	$ 547	$ 647,330	$ 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					(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 interests resulting from changes in ownership of operating partnership		49				(49)
Balance at Dec. 31, 2023	$ 482	577,237	31,411	(95,939)	2,691	12,958	528,840
Balance (in shares) at Dec. 31, 2023	48,003
Increase (decrease) in shareholders' equity
Net income			59,911			1,539	61,450
Issuance of stock		34					34
Issuance of stock (in shares)	3
Grant of unvested restricted stock (in shares)	183
Shares withheld for income taxes on vesting of equity-based compensation		(185)					(185)
Shares withheld for income taxes on vesting of equity-based compensation (in shares)	(17)
Stock-based compensation		2,346					2,346
Dividends accrued and paid			(2,970)	(64,467)		(1,748)	(69,185)
Net change associated with current period hedging transactions					(1,179)		(1,179)
Repurchase and cancellation of shares	$ (23)	(27,511)					(27,534)
Repurchase and cancellation of shares (in shares)	(2,240)
Adjustments to non-controlling interests resulting from changes in ownership of operating partnership		73				(73)
Balance at Dec. 31, 2024	$ 459	$ 551,994	$ 88,352	$ (160,406)	$ 1,512	$ 12,676	$ 494,587
Balance (in shares) at Dec. 31, 2024	45,932

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 61,450	$ 31,681
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation, depletion and amortization	5,588	7,499
Amortization of deferred financing fees and discounts/premiums on debt	684	689
Amortization of net origination fees related to notes receivable	(341)	(19)
Stock-based compensation	2,346	1,853
(Gain) on disposition of assets, net	(54,148)	(36,133)
(Income) from forfeited deposits	(1,205)
(Income) from equity method investment	(125)	(1)
Bad debt expense		15
Current and expected credit losses	113	76
Impairment of assets	790	5,840
Amortization of dedesignated interest rate swap	(114)	198
Losses on modification and extinguishment of debt	891
Changes in operating assets and liabilities:
(Increase) Decrease in accounts receivable	2,932	865
(Increase) Decrease in interest receivable	(68)	(63)
(Increase) Decrease in other assets	1,205	112
(Increase) Decrease in inventory	(324)	473
Increase (Decrease) in accrued interest	(1,982)	611
Increase (Decrease) in accrued expenses	(561)	(1,509)
Increase (Decrease) in deferred revenue	(329)	564
Increase (Decrease) in accrued property taxes	(660)	136
Net cash and cash equivalents provided by operating activities	16,142	12,887
CASH FLOWS FROM INVESTING ACTIVITIES
Real estate acquisitions	(17,890)	(22,157)
Real estate and other improvements	(1,501)	(5,826)
Distributions from equity method investees	161	50
Collections of principal on loans	11,835	2,707
Issuance of loans and financing receivables	(35,823)	(11,800)
Proceeds from sale of property	311,972	195,487
Net cash and cash equivalents provided by investing activities	268,754	158,461
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from mortgage notes payable	81,001	79,501
Repayments on mortgage notes payable	(239,522)	(155,894)
Issuance of stock	34	155
Common stock repurchased	(27,534)	(72,173)
Payment of debt issuance costs	(155)	(312)
Payment of swap fees	(366)	(437)
Redemption of Series A preferred units		(8,100)
Redemption of common units		(432)
Dividends on common stock	(21,630)	(12,273)
Shares withheld for income taxes on vesting of equity-based compensation	(185)	(43)
Distributions on Series A preferred units	(2,970)	(3,210)
Distributions to non-controlling interests in operating partnership, common	(617)	(295)
Net cash and cash equivalents (used in) financing activities	(211,944)	(173,513)
Net increase (decrease) in cash and cash equivalents	72,952	(2,165)
Cash and cash equivalents, beginning of period	5,489	7,654
Cash and cash equivalents, end of period	78,441	5,489
Cash paid during period for interest	20,958	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	253	275
Origination fees included in notes receivable	2,595
Swap fees payable included in accrued interest	75	146
Prepaid property tax liability acquired in acquisitions	34	10
Right-of-use assets obtained in exchange for new operating lease liabilities	13	396
Common stock
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable, common stock	55,797	12,961
Common Unit Holders
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable, common units	1,456	325
Series A Preferred Units
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Dividend payable, common units	3,000
Distributions payable, Series A preferred units	$ 2,970	$ 2,970

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
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, 2024, FPI owned a 97.5% 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, 2024, the Operating Partnership owned a 9.97% equity interest in an unconsolidated equity method investment that holds 11 properties (see “Note 1—Organization and Significant Accounting Policies—Equity Method Investments”). References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership. ​ As of December 31, 2024, the Company owned a portfolio of approximately 93,500 acres of farmland, which is consolidated in these financial statements. In addition, as of December 31, 2024, 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 48,300 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, 2024, 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 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 and the ongoing conflicts in the Middle East, 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 Accounting Standards Codification (“ASC”) 360, Long-Lived Assets, or business combinations under ASC 805, Business Combinations, 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, 2024 and 2023, 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 ($167.4 million as of December 31, 2024), 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 and demonstrated ability to readily sell assets if necessary to fund any immediate liquidity needs. As of December 31, 2024, the Company had $203.7 million of mortgage and other debt against a portfolio of real estate assets with a net book value of $717.8 million. ​ 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 estimated fair value of the asset. During the quarter ended September 30, 2023, the Company was under contract to sell an asset for less than its carrying amount, resulting in an impairment of $3.8 million. The estimated fair value of this asset was $3.6 million. The asset was sold during the fourth quarter of 2023. During the quarter ended December 31, 2023, the Company determined that one of its assets had an estimated fair value of $9.8 million, resulting in an impairment of $2.0 million. This is considered a Level 3 measurement under the fair value hierarchy. Level 3 is defined as inputs to the valuation methodology that are unobservable, supported by little or no market activity and are significant to the fair value measurement. The asset was valued based upon a market assessment of similar properties. There was $0.2 million and $5.8 million of impairment recognized on real estate assets in the accompanying financial statements during the years ended December 31, 2024 and 2023, respectively. ​ Cash and Cash Equivalents ​ The Company’s cash and cash equivalents at December 31, 2024 and 2023 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. 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. 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, 2024 and 2023, 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: for each of the loans to be sufficient and in excess of the respective outstanding principal and accrued interest and no loans are currently on non-accrual status. ​ Sale-leaseback Transactions Accounted for as Financing Arrangements: ​ Current expected credit losses (“CECL”) ​ 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 less than $0.1 million in offering costs during the years ended December 31, 2024 and 2023, respectively. As of each of December 31, 2024 and 2023, the Company had $0.0 million 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 each of December 31, 2024 and 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 each of December 31, 2024 and 2023. 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. 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, 2024 and 2023, inventory consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2024 December 31, 2023 Harvested crop ​ $ 414 ​ $ 246 Growing crop ​ ​ 2,245 ​ ​ 2,089 ​ ​ $ 2,659 ​ $ 2,335 ​ 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. ​ 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, 2024 and 2023, 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. During the years ended December 31, 2024 and 2023, the Company recorded impairment of $0.6 million and $0.0 million, respectively, on intangible assets. The fair value of trade names was determined to be $1.2 million at December 31, 2024. The Company utilized the relief from royalties method to determine the present value of cash flows through 2049 and the present value of residual cash flows, utilizing a discount rate of 8.7% and an average long-term revenue growth rate range of 0-3% per year. This is considered a Level 3 measurement under the fair value hierarchy. Level 3 is defined as inputs to the valuation methodology that are unobservable, supported by little or no market activity and are significant to the fair value measurement. 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 2022, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax benefit totaling less than $0.1 million and $0.2 million, respectively, for the years ended December 31, 2024 and 2023. ​ 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 $0.4 million and $(2.5) million in taxable income (loss) from the TRS for the years ended December 31, 2024 and 2023, 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, 2024, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2023 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, 2024 and 2023. ​ 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”. Financial Accounting Standards Board (“FASB”)’s 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 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 compreh

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2024
Revenue Recognition.
Revenue Recognition	Note 2—Revenue Recognition ​ Fixed Rent: reasonably assured; or (4) possesses bargain renewal options for such periods. Payments received in advance are included in deferred revenue until they are earned. ​ 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, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, (in thousands) 2024 ​ 2023 Fixed Farm Rent ​ $ 32,236 ​ $ 33,739 Solar, Wind and Recreation Rent ​ ​ 2,617 ​ ​ 3,954 Tenant Reimbursements ​ 2,714 ​ 3,428 Variable Rent ​ 9,552 ​ 8,064 ​ ​ $ 47,119 ​ $ 49,185 ​ 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, Lease Accounting. ​ The following sets forth a summary of rental income recognized during the years ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income recognized ​ ​ For the years ended ​ ​ December 31, (in thousands) 2024 ​ 2023 Leases in effect at the beginning of the year ​ $ 40,978 ​ $ 45,863 Leases entered into during the year ​ 6,141 ​ 3,322 ​ ​ $ 47,119 ​ $ 49,185 ​ Future minimum fixed rent payments from tenants under all non-cancelable leases in place as of December 31, 2024, 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, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ Future rental Year Ending December 31, ​ ​ ​ ​ payments 2025 ​ ​ ​ ​ $ 42,900 2026 ​ ​ ​ ​ ​ 22,733 2027 ​ ​ ​ ​ 17,376 2028 ​ ​ ​ ​ ​ 12,043 2029 ​ ​ ​ ​ ​ 3,761 Thereafter ​ ​ ​ ​ ​ 48,002 ​ ​ ​ ​ ​ $ 146,815 ​ 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, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, (in thousands) 2024 ​ 2023 Auction and brokerage fees ​ $ 1,382 ​ $ 1,138 Crop insurance proceeds ​ ​ 821 ​ ​ 2,335 Property management income ​ 1,009 ​ 890 Other (e.g., interest income) ​ 2,868 ​ 1,661 ​ ​ $ 6,080 ​ $ 6,024 ​

Concentration Risk

Concentration Risk	12 Months Ended
	Dec. 31, 2024
Concentration Risk
Concentration Risk	Note 3—Concentration Risk ​ Credit Risk ​ For the years ended December 31, 2024 and 2023, 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) 2024 ​ 2023 2024 ​ 2023 ​ Tenant A (1) $ 10,309 ​ $ 6,702 ​ ​ 21.9 % ​ 13.6 % (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, 2024 and 2023, 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) 2024 ​ 2023 ​ 2024 ​ 2023 Corn Belt ​ 45.2 % ​ 33.6 % ​ 40.3 % ​ 37.7 % Delta and South ​ 9.6 % ​ 19.9 % ​ 8.4 % ​ 11.9 % High Plains ​ 22.3 % ​ 16.4 % ​ 6.0 % ​ 9.1 % Southeast ​ 10.9 % ​ 21.7 % ​ 15.7 % ​ 18.6 % West Coast ​ 12.0 % ​ 8.4 % ​ 29.6 % ​ 22.7 % ​ ​ 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, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas and Louisiana. High Plains includes farms located in Colorado, Kansas and Texas. Southeast includes farms located in South Carolina and West Virginia. West Coast includes farms located in California.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
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 incurred costs of $0.0 million and less than $0.1 million during the years ended December 31, 2024 and 2023, respectively, to American Ag Aviation for use of the aircraft in accordance with the lease agreement. Generally, 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. ​

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2024
Real Estate
Real Estate	Note 5—Real Estate ​ During the year ended December 31, 2024, the Company completed acquisitions consisting of four properties in the Corn Belt and Delta and South regions. Aggregate cash consideration for these acquisitions totaled $17.9 million. No intangible assets were acquired through these acquisitions. ​ 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, 2024, the Company completed dispositions consisting of 54 properties in the Corn Belt, Delta and South, High Plains and Southeast regions. The Company received $312.0 million in aggregate consideration, and recognized an aggregate gain on sale of $54.1 million. This gain includes $2.1 million in connection with dispositions of certain properties with seller financing sold in 2023, for which the gain was deferred until the Company collected the seller financing in 2024. On October 16, 2024, 46 of the 54 properties disposed of during the year, comprising 41,554 acres, were sold to Farmland Reserve, Inc., a Utah nonprofit corporation and an unrelated party, for total consideration of $289.0 million. The carrying amounts of the major classes of assets included in the disposal group as of the disposal date were as follows: ​ ​ ​ ​ ​ ​ ​ October 16, ($ in thousands) ​ 2024 Land, at cost ​ $ 223,963 Grain facilities ​ 4,654 Irrigation improvements ​ 11,836 Drainage improvements ​ 2,072 Other ​ ​ 693 Construction in progress ​ 18 Real estate, at cost ​ 243,236 Less accumulated depreciation ​ (5,016) Total real estate, net ​ 238,220 ​ The Company recognized a gain of $49.0 million on the sale of the portfolio, which is presented in (Gain) on disposition of assets, net in the Company’s Consolidated Statement of Operations. It is included within continuing operations in accordance with ASC 360-10-45-5. The net income before income tax benefit attributable to the disposed portfolio for the years ended December 31, 2024 (through the date of sale) and 2023 was $8.5 million and $8.4 million, respectively. The net income attributable to the Company (after non-controlling interests) for the years ended December 31, 2024 (through the date of sale) and 2023 was $8.3 million and $8.2 million, respectively. ​ 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, during the year ended December 31, 2023, the Company deferred an additional net gain on sale of $2.1 million in connection with dispositions of certain properties with seller financing. The gain was recognized during the year ended December 31, 2024, when the Company collected the seller financing.

Loans and Financing Receivables

Loans and Financing Receivables	12 Months Ended
	Dec. 31, 2024
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 primarily makes loans to third-party farmers (both tenant and non-tenant) and landowners to provide financing for property acquisitions, working capital requirements, operational farming activities, farming infrastructure projects and for other farming, agricultural and other 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 $1.0 million or more at fixed interest rates with maturities of up to six years. The Company expects the borrower to repay the loans in accordance with the loan agreements based on farming operations and access to other forms of capital, as permitted. ​ In addition to loans made under the FPI Loan Program, the Company, on certain occasions, makes short-term loans to tenants secured by collateral other than real estate, such as growing crops, equipment or inventory, when the Company believes such loans will ensure the orderly completion of farming operations on a property owned by the Company for a given crop year and other credit is not available to the borrower. ​ On November 18, 2022, the Company acquired land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro (the seller), under the John Deere brand. In accordance with ASC 842, Lease Accounting, control is not considered to have transferred to the Company under GAAP and these transactions are accounted for as financing arrangements under ASC 310, Receivables, rather than as investments in real estate subject to operating leases. The leases mature in November 2037 and contain renewal options for periods up to 20 years from the original maturity date. The discount rate used for the transactions was 6.15%. ​ On December 18, 2024, the Company purchased a property in West Virginia in a sale leaseback transaction containing a repurchase option. The Company determined that the repurchase option is reasonably certain to be exercised and, therefore, the transaction meets the definition of a sales type-lease and is accounted for as a financing arrangement. The lease matures on December 31, 2029. The discount rate used for the transaction was 10.0%. ​ As of December 31, 2024 and 2023, the Company held the following loans and financing receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ Outstanding as of ​ Maturity Loan Terms December 31, 2024 December 31, 2023 Date Loans under FPI Loan Program: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Note (1) ​ Principal & interest due at maturity ​ ​ ​ ​ ​ $ 207 ​ $ 210 ​ 12/7/2028 Mortgage Note (2) ​ Principal due at maturity & interest due quarterly ​ ​ ​ ​ ​ ​ 1,842 ​ ​ 1,900 ​ 3/3/2025 Mortgage Note (3) ​ Principal due at maturity & interest due quarterly ​ ​ ​ ​ ​ ​ 1,800 ​ ​ 1,800 ​ 11/17/2028 Mortgage Note (4) ​ Principal due at maturity & interest due semi-annually ​ ​ ​ ​ ​ ​ — ​ ​ 8,009 ​ 12/28/2024 Mortgage Note (5) ​ Principal due at maturity & interest due semi-annually ​ ​ ​ ​ ​ ​ — ​ ​ 1,491 ​ 12/28/2024 Mortgage Note (6) ​ Principal due at maturity & interest due monthly ​ ​ ​ ​ ​ ​ 500 ​ ​ 500 ​ 6/30/2025 Mortgage Note (7) ​ Principal & interest due at maturity ​ ​ ​ ​ ​ ​ 22,000 ​ ​ — ​ 1/31/2026 Mortgage Note (7) ​ Principal & interest due at maturity ​ ​ ​ ​ ​ ​ 6,380 ​ ​ — ​ 1/31/2026 Total outstanding principal ​ ​ ​ ​ ​ ​ ​ ​ 32,729 ​ ​ 13,910 ​ ​ Sale-leaseback transactions accounted for as financing arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing Receivable, net (8) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 5,947 ​ ​ 5,920 ​ 11/17/2037 Financing Receivable, net (8) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 4,497 ​ ​ 4,498 ​ 11/17/2037 Financing Receivable, net (8) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 3,565 ​ ​ 3,563 ​ 11/17/2037 Financing Receivable, net (8) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 3,231 ​ ​ 3,237 ​ 11/17/2037 Financing Receivable, net (9) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 7,826 ​ ​ — ​ 12/31/2029 Total financing receivable ​ ​ ​ ​ ​ ​ ​ ​ 25,066 ​ ​ 17,218 ​ ​ Interest receivable (net prepaid interest and points) ​ ​ ​ ​ ​ ​ ​ ​ (2,209) ​ ​ 60 ​ ​ Allowance for credit losses ​ ​ ​ ​ ​ ​ ​ ​ (281) ​ ​ (168) ​ ​ Provision for interest receivable ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ Total Loans and financing receivables, net ​ ​ ​ ​ ​ ​ ​ $ 55,305 ​ $ 31,020 ​ ​ 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 March 3, 2022, the Company entered into two loans with the same party secured against farmland. 3) On November 17, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. 4) On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. This loan was fully repaid in August 2024. 5) On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. This loan was fully repaid in August 2024. 6) On December 28, 2023, the Company entered into a loan agreement secured by farmland and a feedlot in connection with a property disposition . 7) On October 29, 2024 and December 20, 2024, the Company entered into loan agreements with the same party secured against properties. 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. 9) On December 18, 2024, the Company entered into a sale leaseback transaction accounted for as a financing transaction, with a lease term of five years . ​ 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 on its loan balances in accordance with ASC 326, Financial Instruments—Credit Losses, to be less than $0.1 million as of each of December 31, 2024 and 2023. Additionally, the Company has recorded an allowance for credit losses on its financing receivables of $0.2 million and $0.1 million as of December 31, 2024 and 2023, respectively. The Company recorded no credit loss expense related to receivables during the years ended December 31, 2024 and 2023, respectively. There were no charge-offs during the years ended December 31, 2024 and 2023 and less than $0.1 million and $0.0 million in recoveries for the years ended December 31, 2024 and 2023, respectively. In addition, as of December 31, 2024, all payments under loans and financing receivables have been received in accordance with the agreements. ​ The following tables detail the allowance for credit losses as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ($ in thousands) ​ Amortized Cost ​ Allowance ​ Loans and financing receivables, net ​ Allowance as a % of Amortized Cost ​ Loans under FPI Loan Program ​ $ 30,520 ​ $ (49) ​ $ 30,471 ​ ​ 0.16 % Financing Receivables ​ ​ 25,066 ​ ​ (232) ​ ​ 24,834 ​ ​ 0.93 % Totals ​ $ 55,586 ​ $ (281) ​ $ 55,305 ​ ​ 0.51 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 % ​ 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, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ($ in thousands) ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Balance at beginning of period ​ ​ ​ ​ ​ ​ ​ $ (168) ​ $ (92) Initial allowance for financing receivables ​ ​ ​ ​ ​ ​ ​ ​ (140) ​ ​ — Initial allowance for loan receivables ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ (76) Current period change in credit allowance ​ ​ ​ ​ ​ ​ ​ ​ 10 ​ ​ — Charge-offs ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — Recoveries ​ ​ ​ ​ ​ ​ ​ ​ 17 ​ ​ — Balance at end of period ​ ​ ​ ​ ​ ​ ​ $ (281) ​ $ (168) ​ A reconciliation of the carrying amount of loans receivable and financing receivables for the years ended December 31, 2024 and 2023 is set out below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ($ in thousands) ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Balance at beginning of year ​ ​ ​ ​ ​ ​ ​ $ 31,128 ​ $ 22,011 Additions during year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — Issuance of loans and financing receivables ​ ​ ​ ​ ​ ​ ​ ​ 35,823 ​ ​ 11,801 Interest accrued on financing receivables ​ ​ ​ ​ ​ ​ ​ ​ 1,116 ​ ​ 1,054 Origination fees included in notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 2,595 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ 70,662 ​ ​ 34,866 Deductions during year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collections of principal on loans ​ ​ ​ ​ ​ ​ ​ ​ 11,835 ​ ​ 2,707 Payments on financing receivables ​ ​ ​ ​ ​ ​ ​ ​ 1,032 ​ ​ 1,031 Balance at end of year ​ ​ ​ ​ ​ ​ ​ $ 57,795 ​ $ 31,128 ​ 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, 2024 and 2023, the estimated fair value of the loans and financing receivables was $48.7 million and $24.5 million, respectively.

Mortgage Notes, Lines of Credit

Mortgage Notes, Lines of Credit and Bonds Payable	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023, 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 2024 Terms Date 2024 2023 Date 2024 Farmer Mac Bond #6 ​ Semi-annual ​ 3.69% ​ Fixed ​ N/A ​ $ 13,827 ​ $ 13,827 ​ April 2025 ​ $ 5,069 Farmer Mac Bond #7 ​ Semi-annual ​ 3.68% ​ Fixed ​ N/A ​ ​ 11,160 ​ ​ 11,160 ​ April 2025 ​ ​ — Farmer Mac Facility ​ Monthly ​ 6.05% ​ SOFR + 1.50% ​ N/A ​ ​ — ​ ​ 30,000 ​ December 2025 ​ ​ 73,484 MetLife Term Loan #1 ​ Semi-annual ​ 5.55% ​ Fixed ​ N/A ​ ​ 67,086 ​ ​ 72,585 ​ March 2026 ​ ​ 102,171 MetLife Term Loan #4 ​ Semi-annual ​ 5.55% ​ Fixed for 3 years ​ March 2026 ​ ​ 1,550 ​ ​ 5,756 ​ June 2026 ​ ​ 3,366 MetLife Term Loan #5 ​ Semi-annual ​ 5.63% ​ Fixed for 3 years ​ January 2026 ​ ​ 1,827 ​ ​ 5,179 ​ January 2027 ​ ​ 7,378 MetLife Term Loan #6 ​ Semi-annual ​ 5.55% ​ Fixed for 3 years ​ February 2026 ​ ​ 16,226 ​ ​ 21,726 ​ February 2027 ​ ​ 26,230 MetLife Term Loan #7 ​ Semi-annual ​ 5.87% ​ Fixed for 3 years ​ June 2026 ​ ​ 6,934 ​ ​ 15,434 ​ June 2027 ​ ​ 12,120 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 ​ 6.37% ​ Fixed for 3 years ​ May 2027 ​ ​ 8,400 ​ ​ 16,800 ​ May 2028 ​ ​ 16,865 MetLife Term Loan #10 ​ Semi-annual ​ 6.36% ​ Fixed ​ N/A ​ ​ 21,806 ​ ​ 48,986 ​ October 2030 ​ ​ 36,711 MetLife Term Loan #11 ​ Semi-annual ​ 5.35% ​ Fixed for 3 years ​ N/A ​ ​ — ​ ​ 12,750 ​ October 2031 ​ ​ — MetLife Term Loan #12 ​ Semi-annual ​ 3.11% ​ Fixed for 3 years ​ N/A ​ ​ — ​ ​ 14,359 ​ December 2031 ​ ​ — MetLife Facility ​ Quarterly ​ 6.76% ​ SOFR + 2.10% ​ N/A ​ ​ — ​ ​ — ​ October 2027 ​ ​ 79,929 Rabobank (1) ​ Semi-annual ​ 6.37% ​ SOFR + 1.81% ​ March 2026 ⁽ ² ⁾ ​ ​ 11,758 ​ ​ 45,533 ​ March 2028 ​ ​ 30,688 Rutledge Facility ​ Quarterly ​ 6.06% ​ SOFR + 1.40% ​ N/A ​ ​ — ​ ​ 5,000 ​ February 2027 ​ ​ 176,877 Total outstanding principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 204,574 ​ ​ 363,095 ​ ​ ​ $ 680,930 Debt issuance costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (891) ​ ​ (2,236) ​ ​ ​ ​ ​ Unamortized premium ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Total mortgage notes and bonds payable, net ​ ​ ​ ​ ​ ​ ​ $ 203,683 ​ $ 360,859 ​ ​ ​ ​ ​ (1) As of December 31, 2024, the Company has an interest rate swap agreement with Rabobank for $11.8 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 3.81% (see “Note 10—Hedge Accounting”). After adjusting the $11.8 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 5.7% to 0.0% . (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, 2024 and 2023, the Operating Partnership had approximately $25.0 million and $55.0 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 $42.4 million and $43.1 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 loan-to-value ratio of not more than 60%. The Company was in compliance with all applicable covenants at December 31, 2024. 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 Debt ​ As of December 31, 2024 and 2023, the Company had $167.8 million and $257.6 million in aggregate principal amount outstanding, respectively, under the credit agreements between Metropolitan Life Insurance Company (“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 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 three-month term SOFR of credit entered into by the Operating Partnership with MetLife in October 2022 (the “MetLife Facility”). As of December 31, 2024, 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 and 4-9, 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. 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, 2024 and 2023, the Company and the Operating Partnership had $11.8 million and $45.5 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, 2024. The Rabobank Mortgage Note was amended in March 2024 to eliminate $2.1 million of annual amortization and did not impact the Company’s consolidated financial statements. ​ Rutledge Facility ​ As of December 31, 2024 and 2023, the Company and the Operating Partnership had $0.0 million and $5.0 million in aggregate principal amount, respectively, outstanding under a credit agreement (the “Rutledge Facility”) with Rutledge Investment Company (“Rutledge”). The credit agreement was amended in June 2024 to reduce the interest rate to three-month SOFR ​ The interest rate for the Rutledge Facility is based on three-month SOFR ​ 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. As of December 31, 2024, $75.0 million remained available under this facility and the Company was in compliance with all covenants under the loan agreements relating to the Rutledge Facility. ​ 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 that had exposure to LIBOR. ​ Debt Issuance Costs ​ During the years ended December 31, 2024 and 2023, the Company incurred $0.1 million and $0.3 million, respectively, in debt issuance costs. The Company recorded amortization expense of $0.7 million for each of the years ended December 31, 2024 and 2023, which is included in interest expense in the accompanying Consolidated Statements of Operations. Accumulated amortization of deferred financing fees was $2.6 million and $1.9 million as of December 31, 2024 and 2023, respectively. For more information on the Company’s accounting policies related to debt issuance costs, see “Note 1—Organization and Significant Accounting Policies—Debt Issuance Costs.” ​ Aggregate Maturities ​ As of December 31, 2024, aggregate maturities of long-term debt for the succeeding years are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, Future Maturities 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 24,987 ​ 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 68,636 ​ 2027 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24,987 ​ 2028 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20,158 ​ 2029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 65,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 204,574 ​ ​ 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, 2024 and 2023, the estimated fair value of the mortgage notes payable was $193.5 million and $349.1 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
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 ​ As of December 31 2024, the Company had seven leases in place for office space and office equipment with payments ranging between $206 and $13,711 per month and lease terms expiring between January 2025 and December 2025. The Company recognizes 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 6.47%, 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. The Company’s total lease cost during the years ended December 31, 2024 and 2023 was $0.3 million and $0.2 million, respectively. Minimum annual rental payments under these operating leases, reconciled to the lease liability included in our consolidated balance sheets, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ($ in thousands) Future rental Year Ending December 31, ​ payments 2025 ​ $ 221 ​ 2026 ​ ​ — ​ 2027 ​ ​ — ​ 2028 ​ — ​ 2029 ​ ​ — ​ Thereafter ​ ​ — ​ Total lease payments ​ ​ 221 ​ Less: imputed interest ​ ​ (27) ​ Lease liability ​ $ 194 ​ ​ 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. Sabrepoint filed a reply in support of its petition on January 25, 2024, and on February 16, 2024, the court requested a briefing on the merits. On January 16, 2025, the Texas Supreme Court held oral arguments, and Sabrepoint's appeal is now fully briefed and pending a decision by 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, 2024, the Company had an approximate aggregate net book value of $0.7 million related to assets with unexercised repurchase options. As of December 31, 2023, the Company had received payments totaling $3.5 million related to an exercised repurchase option on a property. Effective March 1, 2024, the repurchase option and the lease agreement were terminated by mutual agreement, whereby the Company received a lease termination fee of $0.8 million which was recorded within rental income and retained approximately $1.2 million which was recorded in income from forfeited deposits during the year ended December 31, 2024. ​ 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 Company’s 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 had an accrued liability for safe harbor contributions of less than $0.1 million as of each of December 31, 2024 and 2023.

Stockholders' Equity and Non-co

Stockholders' Equity and Non-controlling Interests	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023, FPI owned 97.5% and 97.6% of the outstanding interests, respectively, in the Operating Partnership, and the remaining 2.5% and 2.4% of the outstanding interests, respectively, were held in the form of Common units and comprised 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 the 12 month anniversary 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, 2024, there were no redemptions of Common units. During the year ended December 31, 2023, the Company redeemed 34,000 Common units in exchange for cash of approximately $0.4 million. There were approximately 1.2 million outstanding Common units eligible to be tendered for redemption as of each of December 31, 2024 and 2023. ​ 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 the 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 to the non-controlling interest in the Operating Partnership by less than $0.1 million during the each of the years ended December 31, 2024 and 2023, 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, 2024, 99,000 Series A preferred units were outstanding. The total liquidation value of such preferred units as of each of December 31, 2024 and 2023 was $102.0 million 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, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A Preferred Units ​ ​ ​ Redeemable ​ Redeemable ​ ​ ​ Preferred ​ non-controlling (in thousands) ​ units interests 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 ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2023 ​ ​ 99 ​ $ 101,970 Distribution paid to non-controlling interest ​ ​ — ​ ​ (2,970) Accrued distributions to non-controlling interest ​ ​ — ​ ​ 2,970 Redemption of Series A preferred units ​ ​ — ​ ​ — Balance at December 31, 2024 ​ ​ 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, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share/OP unit 2024 ​ December 12, 2023 ​ December 29, 2023 ​ January 12, 2024 ​ $ 0.2100 ​ ​ October 24, 2023 ​ January 2, 2024 ​ January 16, 2024 ​ $ 0.0600 ​ ​ February 27, 2024 ​ April 1, 2024 ​ April 15, 2024 ​ $ 0.0600 ​ ​ April 29, 2024 ​ July 1, 2024 ​ July 15, 2024 ​ $ 0.0600 ​ ​ July 23, 2024 ​ October 1, 2024 ​ October 15, 2024 ​ $ 0.0600 ​ ​ ​ ​ ​ ​ ​ ​ $ 0.4500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Additionally, as of December 31, 2024, the Company accrued $57.3 million in dividends payable to common stockholders and holders of Common units (paid in January 2025), including $54.4 million as a one-time special dividend of $1.15 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. In addition, 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, 2024 common stock dividends were $1.40 per share (which includes the $1.15 per share one-time special dividend mentioned above), of which 87.34% are considered capital gains per I.R.C. Section 857(b)(3) and 12.66% are considered ordinary income. ​ 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, 2024. 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 Company’s Board of Directors increased the authority under the share repurchase program by an aggregate of $30.0 million. On November 7, 2019, the Company’s 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. 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, 2024, the Company repurchased 2,240,295 shares of its common stock at a weighted average price of $12.25 per share. As of December 31, 2024, the Company had approximately $55.8 million of capacity remaining under the stock repurchase plan. ​ 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, 2024, there were 0.2 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 Company’s Board of Directors. ​ From time to time, the Company may award time-based and performance-based 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 and/or upon the achievement of certain performance conditions, as applicable, as determined by the compensation committee of the Company’s Board of Directors at the date of grant. Performance-based restricted shares are based upon the Company’s total shareholder return measured on an absolute basis, and relative to an index, and are subject to continued employment. The number of shares of common stock that may be ultimately earned following the end of the cumulative performance period ranges from 0% to 150% of the target number of performance-based restricted shares granted. 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, 2024 and 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-based ​ Performance-based ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Number of ​ average grant ​ Number of ​ average grant (shares in thousands) ​ shares date fair value shares date fair value 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested at December 31, 2023 ​ 347 ​ $ 11.15 — ​ $ — Granted ​ 183 ​ ​ 11.26 39 ​ ​ 7.36 Vested ​ (202) ​ ​ 11.25 — ​ ​ — Forfeited ​ — ​ ​ — — ​ ​ — Unvested at December 31, 2024 ​ 328 ​ $ 11.15 39 ​ $ 7.36 ​ The grant-date fair values of performance-based restricted shares were based on specified absolute and relative total stockholder return goals measured over a three-year performance period. The Company used Monte Carlo simulations, which use a probabilistic approach for estimating the fair values of the awards. Expected volatilities were derived from the volatility of the historical prices of the Company and the comparative index. The risk-free interest rate was determined using the yield available for zero-coupon U.S. government securities, with remaining terms corresponding to the service periods of the performance-based restricted shares. The dividend yield was based on historical dividend yields for the Company and the comparative index. ​ The Company recognized stock-based compensation and incentive expense related to restricted stock awards of $1.9 million during each of the years ended December 31, 2024 and 2023. As part of the November 2021 acquisition of Murray Wise Associates, LLC (“MWA”), the Company entered into an incentive compensation agreement providing for the issuance of up to $3.0 million in shares of common stock for the benefit of certain MWA employees, the issuance of which is tied to achieving certain profitability and asset-under-management objectives within three years following the closing of the transaction. The Company recognized $0.0 million of stock incentive expense during the each of the years ended December 31, 2024 and 2023. The incentive compensation agreement expired in November 2024. As of each of December 31, 2024 and 2023, there were $2.3 million of total unrecognized compensation costs related to nonvested stock awards, which are expected to be recognized over a weighted-average period of 1.6 years. ​ At-the-Market Offering Program ​ On May 6, 2022, the Company entered into equity distribution agreements under which the Company issued and sold 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”). The ATM Program expired on April 9, 2024 in connection with the expiration of the Company’s shelf registration statement on Form S-3 (File No. 333-254834) (the “2021 Shelf Registration Statement”) as described elsewhere in this Annual Report on Form 10-K. On May 8, 2024, the Company filed a new shelf registration statement on Form S-3 (File No. 333-279210), which was declared effective by the SEC on May 17, 2024 (the “2024 Shelf Registration Statement”), pursuant to which the Company may issue and sell additional equity or debt securities. The Company does not currently have an at-the-market offering program, but may enter into a new equity distribution agreement in the future pursuant to which sales may be made under the 2024 Shelf Registration Statement. ​ Earnings (Loss) per Share ​ The computation of basic and diluted earnings (loss) per share is shown below. Diluted earnings (loss) per share includes the impact of unvested restricted shares and Series A preferred units, if dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, (in thousands, except per share amounts) 2024 2023 Numerator for net income per share - basic: ​ ​ ​ ​ ​ ​ Net income available to common stockholders of Farmland Partners Inc. ​ $ 56,428 ​ $ 27,786 ​ ​ ​ ​ ​ ​ ​ Numerator for net income per share - diluted: ​ ​ ​ ​ ​ ​ Net income available to common stockholders of Farmland Partners Inc. ​ $ 56,428 ​ $ 27,786 Dividend equivalent rights allocated to performance-based unvested restricted shares ​ ​ — ​ ​ — Nonforfeitable distributions allocated to time-based unvested restricted shares ​ ​ — ​ ​ — Distributions on Series A preferred units ​ ​ 2,970 ​ ​ 2,970 Numerator for net income per share - diluted: ​ $ 59,398 ​ $ 30,756 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted-average number of common shares - basic ​ ​ 47,546 ​ ​ 50,243 Unvested time-based restricted shares ​ ​ — ​ — Unvested performance-based restricted shares ​ ​ — ​ — Redeemable non-controlling interest ​ 8,441 ​ 8,049 Weighted-average number of common shares - diluted (1) ​ 55,987 ​ 58,292 ​ ​ ​ ​ ​ ​ ​ Income per share attributable to common stockholders - basic ​ $ 1.19 ​ $ 0.55 Income per share attributable to common stockholders - diluted ​ $ 1.06 ​ $ 0.53 (1) 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 for each of the years ended December 31, 2024 and 2023. 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) may be subtracted, as applicable, from net income or loss attributable to common stockholders utilized in the basic and diluted earnings per share calculations. ​ Denominator: ​ 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 years ended December 31, 2024 and 2023, these shares were included in the diluted earnings per share calculation. ​ For the years ended December 31, 2024 and 2023, diluted weighted average common shares do not include the impact of unvested compensation-related shares, as they would have been anti-dilutive. ​ Outstanding Equity Awards and Units ​ The following equity awards and units were outstanding as of December 31, 2024 and 2023, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 Shares ​ ​ 45,604 ​ ​ 47,656 Common Units ​ ​ 1,203 ​ ​ 1,203 Unvested Restricted Stock Awards ​ ​ 328 ​ ​ 347 ​ ​ ​ 47,135 ​ ​ 49,206 ​

Hedge Accounting

Hedge Accounting	12 Months Ended
	Dec. 31, 2024
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, 2024 and 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). 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, 2024 and 2023 were $0.4 million, for each year. On October 17, 2024, as a result of the reduction in debt on our Rabobank Mortgage Note, the Company amended its existing swap agreement to adjust the total notional amount from $33.2 million to $11.8 million, effectively reducing our floating rate exposure to $0.0 million. No other terms of the existing swap agreement were amended. The amendment resulted in proportional partial de-designation of the existing swap. The fair value for the portion de-designated was $0.5 million on the amendment date. The Company will amortize this amount through Other Comprehensive Income utilizing a forward curve analysis over the remaining term of the swap. Amortization for the years ended December 31, 2024 and 2023 was $(0.1) million and $0.2 million, respectively. ​ 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. If the qualitative assessment indicates 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, 2024. ​ As of December 31, 2024, the total notional amount of the Company’s receive-variable/pay-fixed interest rate swap was $11.8 million. ​ The fair value of the Company’s derivative instrument on a recurring basis as of December 31, 2024, is set out below: ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ Instrument Balance sheet location Level 2 Fair Value Interest rate swap ​ Derivative asset ​ $ 498 ​ The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2024 and 2023 is set out below: ​ ​ ​ ​ Cash flow hedging relationships Location of Gain (Loss) reclassified from Accumulated OCI into income Interest rate contracts ​ Interest expense ​ The net change associated with current period hedging transactions was $(1.1) million and $(0.8) million for the years ended December 31, 2024 and 2023, respectively. The amortization of frozen Accumulated Other Comprehensive Income was $(0.1) million and $0.2 million for the years ended December 31, 2024 and 2023, respectively. ​ The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. Level 2 is defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. There were no transfers between ​ The following table outlines the movements in the other comprehensive income account as of December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ December 31, 2024 December 31, 2023 Beginning accumulated derivative instrument gain or loss ​ ​ ​ $ 2,691 ​ $ 3,306 Net change associated with current period hedging transactions ​ ​ ​ ​ (1,065) ​ ​ (813) Amortization of frozen AOCI on de-designated hedge ​ ​ ​ ​ (114) ​ ​ 198 Difference between a change in fair value of excluded components ​ ​ ​ ​ — ​ ​ — Closing accumulated derivative instrument gain or loss ​ ​ ​ $ 1,512 ​ $ 2,691 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
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, 2024 ​ December 31, 2023 United States ​ $ (338) ​ $ (2,722) International ​ ​ — ​ ​ — Total ​ $ (338) ​ $ (2,722) ​ The federal and state income tax provision (benefit) is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ($ in thousands) ​ December 31, 2024 ​ December 31, 2023 Current: ​ ​ ​ ​ ​ ​ Federal ​ $ 2 ​ $ (144) State ​ ​ — ​ ​ (41) Total Current Tax (Benefit) Expense ​ $ 2 ​ $ (185) Deferred: ​ ​ ​ ​ ​ ​ Federal ​ ​ (18) ​ ​ 19 Total Tax (Benefit) Expense ​ $ (16) ​ $ (166) ​ 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, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ December 31, 2024 ​ December 31, 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss ​ $ 1,986 ​ $ 1,996 Stock Compensation ​ ​ 12 ​ ​ 5 Deferred Revenue ​ ​ — ​ ​ 3 Charitable Contributions ​ ​ 5 ​ ​ 4 Total deferred tax assets ​ $ 2,003 ​ ​ 2,008 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Fixed assets ​ $ (13) ​ $ (15) Intangible Assets ​ ​ (86) ​ ​ (181) Total deferred tax liabilities ​ $ (99) ​ $ (196) Valuation Allowance ​ ​ (1,925) ​ ​ (1,851) Net deferred taxes ​ $ (21) ​ $ (39) ​ ASC 740, Income Taxes, 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 $0.1 million during the year ended December 31, 2024. 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 $0.0 million. ​ Net operating losses and tax credit carryforwards as of December 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ December 31, 2024 ​ Expiration Year Net operating losses, federal (Post-December 31, 2017) ​ $ 7,683 ​ ​ Does not expire Net operating losses, state ​ $ 5,386 ​ ​ Various ​ The effective tax rate of the TRS’s provision (benefit) for income taxes differs from the federal statutory rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax (Benefit) Expense ​ ​ ​ For the years ended December 31, ​ ($ in thousands ​ 2024 2023 ​ Statutory Rate ​ $ (71) ​ $ (571) ​ State Tax ​ ​ (19) ​ ​ (191) ​ Valuation Allowance ​ ​ 74 ​ ​ 596 ​ ​ ​ $ (16) ​ $ (166) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax Rate ​ ​ ​ For the years ended December 31, ​ ​ ​ 2024 2023 ​ Statutory Rate ​ ​ 21.00 % ​ 21.00 % State Tax ​ ​ 5.62 % ​ 7.02 % Valuation Allowance ​ ​ (21.89) % ​ (21.92) % ​ ​ ​ 4.73 % ​ 6.10 % ​

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2024
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, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ($ in thousands except per share data) ​ March 31, 2024 ​ June 30, 2024 ​ September 30, 2024 ​ December 31, 2024 Operating revenues $ 11,990 ​ $ 11,445 ​ $ 13,317 ​ $ 21,474 Operating expenses ​ ​ 6,843 ​ ​ 8,205 ​ ​ 8,094 ​ ​ 10,397 Other expenses (1) ​ ​ 3,720 ​ ​ 5,293 ​ ​ 3,374 ​ ​ (49,134) Net income (loss) before income tax expense ​ ​ 1,427 ​ ​ (2,053) ​ ​ 1,849 ​ ​ 60,211 Income tax expense ​ ​ (19) ​ ​ 1 ​ ​ (11) ​ ​ 45 Net income (loss) ​ $ 1,408 ​ $ (2,052) ​ $ 1,838 ​ $ 60,256 Net income (loss) available to common stockholders of Farmland Partners Inc. ​ $ 606 ​ $ (2,769) ​ $ 1,028 ​ $ 57,563 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share available to common stockholders (2) ​ $ 0.01 ​ $ (0.06) ​ $ 0.02 ​ $ 1.22 Diluted net income (loss) per share available to common stockholders (2) ​ $ 0.01 ​ $ (0.06) ​ $ 0.02 ​ $ 1.04 Basic weighted average common shares outstanding ​ ​ 47,704 ​ ​ 47,798 ​ ​ 47,839 ​ ​ 46,836 Diluted weighted average common shares outstanding ​ ​ 47,704 ​ ​ 47,798 ​ ​ 47,839 ​ ​ 55,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ 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 (1) Other expenses for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024 included $0.1 million, $0.0 million, $(2.0) million, ($52.2) million, respectively, related to gain on disposition of assets. 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 (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
	Dec. 31, 2024
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 18, 2025, 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, 2025 to stockholders and unitholders of record as of April 1, 2025. ​ Additionally, subsequent to December 31, 2024, the Company paid dividends totaling $57.2 million including $54.4 million as a one-time special dividend of $1.15 per share related to asset appreciation. These dividends were accrued as of December 31, 2024. ​ Share Repurchase Program ​ Subsequent to December 31, 2024, the Company repurchased 63,023 shares of common stock at a weighted average price of $11.74 per share. ​ Real Estate Dispositions ​ Subsequent to December 31, 2024, the Company completed one farm disposition in the West Coast region for $4.1 million in aggregate consideration, including $2.1 million in seller financing. ​ Repayments on Mortgage Notes Payable ​ In connection with the disposition mentioned above, the Company made principal repayments on MetLife Term Loan #9 of $2.0 million subsequent to December 31, 2024. ​ Issuances and Repayments of Loans under the FPI Loan Program ​ Subsequent to December 31, 2024, in addition to the $2.1 million in seller financing noted above, the Company issued two additional loans under the FPI Loan Program for an aggregate principal amount of approximately $3.1 million to third-party farmers (both tenant and non-tenant) and landowners. Total principal repayments on the FPI Loan Program subsequent to December 31, 2024 were $2.0 million. ​

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
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 ​ — ​ California (j) 33,482 — 33,482 ​ — — — ​ 33,482 — 33,482 — ​ 2017 ​ — ​ California (q) 19,925 11,521 31,446 ​ — 1,782 1,782 ​ 19,925 13,303 33,228 6,221 2017, 2019, 2022, 2023 2017 ​ 17 ​ Illinois (k), (l) 29,677 431 30,108 ​ — 2,593 2,593 ​ 29,677 3,024 32,701 727 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 26,230 664 2017, 2018, 2019, 2023 2017 ​ 26 ​ Louisiana ​ 24,882 128 25,010 ​ 131 195 326 ​ 25,013 323 25,336 73 2021, 2022 2021 ​ 6 ​ California (q) 7,647 11,518 19,165 ​ — 991 991 ​ 7,647 12,509 20,156 3,453 2017, 2018, 2020, 2021, 2022, 2024 2017 ​ 24 ​ California (q) 10,935 6,878 17,813 ​ — 409 409 ​ 10,935 7,287 18,222 2,792 2017, 2021, 2023, 2024 2017 ​ 28 ​ California (q) 9,998 8,116 18,114 ​ — (488) (488) ​ 9,998 7,628 17,626 3,131 2017, 2021 2017 ​ 19 ​ California (q) 8,326 6,075 14,401 ​ — 2,649 2,649 ​ 8,326 8,724 17,050 1,783 2017, 2018, 2019, 2021, 2022, 2024 2017 ​ 27 ​ California (q) 11,888 3,398 15,286 ​ — 789 789 ​ 11,888 4,187 16,075 1,739 2017, 2021, 2022, 2023, 2024 2017 ​ 20 ​ Illinois ​ 14,188 110 14,298 ​ — — — ​ 14,188 110 14,298 19 2024 2024 ​ 6 ​ Texas (d) 5,773 6,338 12,111 ​ — 312 312 ​ 5,773 6,650 12,423 980 2022, 2023, 2024 2022 ​ 11 ​ Colorado (p) 10,716 70 10,786 ​ — — — ​ 10,716 70 10,786 19 2014 2014 ​ 39 ​ California (q) 8,340 4,546 12,886 ​ — (2,345) (2,345) ​ 8,340 2,201 10,541 807 2017, 2020, 2021, 2023 2017 ​ 23 ​ California (q) 9,534 263 9,797 ​ — (31) (31) ​ 9,534 232 9,766 154 2017 2017 ​ 17 ​ California (q) 6,191 2,772 8,963 ​ — (70) (70) ​ 6,191 2,702 8,893 1,181 2017 2017 ​ 15 ​ South Carolina (l) 7,904 133 8,037 ​ — 72 72 ​ 7,904 205 8,109 40 2015, 2017, 2020, 2024 2015 ​ 23 ​ Illinois (e) 7,359 420 7,779 ​ 1 (350) (349) ​ 7,360 70 7,430 43 2016 2016 ​ 15 ​ Illinois (o) 6,097 — 6,097 ​ — 450 450 ​ 6,097 450 6,547 78 2018 2016 ​ 40 ​ Missouri (d) 6,493 15 6,508 ​ — — — ​ 6,493 15 6,508 6 2021 2021 ​ 15 ​ Illinois (o) 6,429 — 6,429 ​ — — — ​ 6,429 — 6,429 — ​ 2016 ​ — ​ Illinois (e) 5,502 — 5,502 ​ — 338 338 ​ 5,502 338 5,840 279 2016 2016 ​ 10 ​ California (d) 5,446 390 5,836 ​ — — — ​ 5,446 390 5,836 148 2021, 2023 2021 ​ 11 ​ California (q) 3,559 3,317 6,876 ​ — (1,122) (1,122) ​ 3,559 2,195 5,754 641 2017 2017 ​ 27 ​ Colorado (d) 3,388 147 3,535 ​ — 2,179 2,179 ​ 3,388 2,326 5,714 499 2021 2021 ​ 21 ​ Colorado (g) 793 4,731 5,524 ​ — 173 173 ​ 793 4,904 5,697 643 2016, 2017, 2019, 2021, 2022, 2024 2016 ​ 22 ​ Illinois (e) 5,463 105 5,568 ​ — 7 7 ​ 5,463 112 5,575 37 2016 2016 ​ 23 ​ Colorado (i) 4,156 1,280 5,436 ​ — (6) (6) ​ 4,156 1,274 5,430 408 2017 2017 ​ 28 ​ Arkansas (d) 5,169 185 5,354 ​ — — — ​ 5,169 185 5,354 114 2017 2017 ​ 15 ​ Illinois (e) 4,928 4 4,932 ​ — 148 148 ​ 4,928 152 5,080 23 2017 2016 ​ 50 ​ Illinois (d) 4,819 20 4,839 ​ — — — ​ 4,819 20 4,839 10 2022 2022 ​ 5 ​ 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 4,433 436 2017, 2018, 2022, 2023 2017 ​ 20 ​ Illinois (o) 4,358 — 4,358 ​ — — — ​ 4,358 — 4,358 — ​ 2016 ​ — ​ Colorado (p) 3,566 359 3,925 ​ — 130 130 ​ 3,566 489 4,055 167 2014, 2016, 2017, 2018, 2021 2014 ​ 20 ​ Illinois (o) 3,818 — 3,818 ​ 1 — 1 ​ 3,819 — 3,819 — ​ 2016 ​ — ​ Illinois (d) 2,981 — 2,981 ​ — 634 634 ​ 2,981 634 3,615 315 2015 2014 ​ 38 ​ 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 3,489 806 2015, 2017 2014 ​ 38 ​ Illinois (o) 3,476 — 3,476 ​ — 4 4 ​ 3,476 4 3,480 3 2016 2016 ​ 12 ​ Illinois (d) 3,401 16 3,417 ​ — — — ​ 3,401 16 3,417 4 2022 2022 ​ 10 ​ Illinois (o) 3,002 68 3,070 ​ — 253 253 ​ 3,002 321 3,323 258 2016, 2018 2016 ​ 16 ​ Illinois (e) 3,218 — 3,218 ​ — 95 95 ​ 3,218 95 3,313 17 2018 2016 ​ 40 ​ Illinois (o) 3,282 — 3,282 ​ — — — ​ 3,282 — 3,282 — ​ 2016 ​ — ​ 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 31 2022 2022 ​ 7 ​ Illinois (o) 2,687 — 2,687 ​ 3 204 207 ​ 2,690 204 2,894 31 2017 2016 ​ 50 ​ Illinois (e) 2,875 42 2,917 ​ — (42) (42) ​ 2,875 — 2,875 — 2016 2016 ​ — ​ Illinois (d) 2,572 — 2,572 ​ — 236 236 ​ 2,572 236 2,808 38 2017 2014 ​ 50 ​ Illinois (o) 2,723 — 2,723 ​ — — — ​ 2,723 — 2,723 — ​ 2016 ​ — ​ Illinois (d) 2,661 — 2,661 ​ — — — ​ 2,661 — 2,661 — ​ 2021 ​ — ​ California (q) 967 1,357 2,324 ​ — 333 333 ​ 967 1,690 2,657 510 2017, 2018, 2024 2017 ​ 27 ​ South Carolina (i) 1,321 91 1,412 ​ 246 997 1,243 ​ 1,567 1,088 2,655 156 2017, 2018, 2020, 2023, 2024 2017 ​ 32 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Colorado (b) 1,995 84 2,079 ​ — 504 504 ​ 1,995 588 2,583 246 2015, 2016, 2017, 2018 2015 ​ 17 ​ Illinois (o) 2,547 — 2,547 ​ — — — ​ 2,547 — 2,547 — ​ 2016 ​ — ​ Illinois (i) 2,525 — 2,525 ​ — — — ​ 2,525 — 2,525 — ​ 2017 ​ — ​ Illinois (d) 2,416 22 2,438 ​ — — — ​ 2,416 22 2,438 3 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 ​ — ​ Illinois (e) 2,028 28 2,056 ​ — 225 225 ​ 2,028 253 2,281 44 2018 2016 ​ 40 ​ Illinois (o) 2,019 — 2,019 ​ — 216 216 ​ 2,019 216 2,235 38 2016, 2019 2016 ​ 34 ​ Illinois (e) 2,104 — 2,104 ​ — 98 98 ​ 2,104 98 2,202 20 2018 2016 ​ 40 ​ South Carolina (k) 1,090 — 1,090 ​ 230 847 1,077 ​ 1,320 847 2,167 145 2018, 2019, 2021 2018 ​ 39 ​ Illinois ​ 2,128 34 2,162 ​ — — — ​ 2,128 34 2,162 10 2022 2022 ​ 7 ​ Illinois ​ 2,146 — 2,146 ​ — — — ​ 2,146 — 2,146 — ​ 2023 ​ — ​ Indiana ​ 2,125 — 2,125 ​ — — — ​ 2,125 — 2,125 — ​ 2022 ​ — ​ Illinois (d) 1,700 — 1,700 ​ — 346 346 ​ 1,700 346 2,046 97 2017 2014 ​ 35 ​ Illinois ​ 2,041 — 2,041 ​ — — — ​ 2,041 — 2,041 — ​ 2022 ​ — ​ Colorado (g) 1,760 — 1,760 ​ — 248 248 ​ 1,760 248 2,008 67 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 37 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 ​ — ​ Colorado (p) 1,810 210 2,020 ​ — (129) (129) ​ 1,810 81 1,891 30 2014, 2016, 2021 2014 ​ 18 ​ Illinois (e) 1,863 — 1,863 ​ — — — ​ 1,863 — 1,863 — ​ 2016 ​ — ​ 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 17 2017 2016 ​ 50 ​ South Carolina (l) 1,303 225 1,528 ​ — 265 265 ​ 1,303 490 1,793 93 2016, 2017, 2020, 2023, 2024 2016 ​ 34 ​ Illinois (o) 1,772 — 1,772 ​ — — — ​ 1,772 — 1,772 — ​ 2016 ​ — ​ Illinois (d) 1,750 — 1,750 ​ — — — ​ 1,750 — 1,750 — ​ 2014 ​ — ​ Nebraska (p) 1,608 32 1,640 ​ — 98 98 ​ 1,608 130 1,738 40 2014, 2015, 2024 2014 ​ 23 ​ 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 34 2016 2016 ​ 23 ​ Illinois (o) 1,721 — 1,721 ​ — — — ​ 1,721 — 1,721 — ​ 2016 ​ — ​ Illinois (o) 1,617 94 1,711 ​ — — — ​ 1,617 94 1,711 36 2016 2016 ​ 23 ​ 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 6 2023 2021 ​ 30 ​ Illinois (o) 1,526 — 1,526 ​ — 126 126 ​ 1,526 126 1,652 19 2017 2016 ​ 50 ​ Arkansas ​ 1,575 60 1,635 ​ — — — ​ 1,575 60 1,635 — 2024 2024 ​ 10 ​ Illinois (o) 1,623 — 1,623 ​ — — — ​ 1,623 — 1,623 — ​ 2016 ​ — ​ Illinois (o) 1,606 — 1,606 ​ — — — ​ 1,606 — 1,606 — ​ 2016 ​ — ​ Illinois (e) 1,591 — 1,591 ​ — — — ​ 1,591 — 1,591 — ​ 2016 ​ — ​ Illinois (p) 1,500 — 1,500 ​ — 26 26 ​ 1,500 26 1,526 5 2015 2014 ​ 50 ​ Illinois (d) 1,423 60 1,483 ​ — 38 38 ​ 1,423 98 1,521 71 ​ 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 ​ — ​ Illinois (e) 1,231 — 1,231 ​ — 116 116 ​ 1,231 116 1,347 20 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 14 2016, 2022 2016 ​ 30 ​ Illinois (p) 801 97 898 ​ — 364 364 ​ 801 461 1,262 69 2016, 2023 2014 ​ 40 ​ Illinois (e) 1,261 — 1,261 ​ — — — ​ 1,261 — 1,261 — ​ 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 (b) 1,120 — 1,120 ​ — 138 138 ​ 1,120 138 1,258 25 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 11 2016 2014 ​ 50 ​ Illinois (e) 1,173 — 1,173 ​ — — — ​ 1,173 — 1,173 — ​ 2016 ​ — ​ 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 18 2016, 2018 2016 ​ 20 ​ Illinois (e) 1,077 — 1,077 ​ — 70 70 ​ 1,077 70 1,147 12 2018 2016 ​ 40 ​ Illinois (e) 1,128 44 1,172 ​ — (37) (37) ​ 1,128 7 1,135 2 2016 2016 ​ 30 ​ Illinois ​ 1,128 — 1,128 ​ — — — ​ 1,128 — 1,128 — ​ 2024 ​ — ​ 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 19 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 13 2018 2016 ​ 40 ​ Illinois (e) 1,060 — 1,060 ​ — — — ​ 1,060 — 1,060 — ​ 2016 ​ — ​ Illinois (e) 997 — 997 ​ — 58 58 ​ 997 58 1,055 9 2017 2016 ​ 50 ​ Illinois (e) 1,065 27 1,092 ​ — (44) (44) ​ 1,065 (17) 1,048 — ​ 2016 ​ — ​ Colorado (l) 809 141 950 ​ 10 62 72 ​ 819 203 1,022 65 2015 2015 ​ 31 ​ Illinois (e) 1,007 — 1,007 ​ — — — ​ 1,007 — 1,007 — ​ 2016 ​ — ​ Illinois (e) 952 40 992 ​ — — — ​ 952 40 992 11 2016 2016 ​ 32 ​ Illinois (e) 982 — 982 ​ — — — ​ 982 — 982 — ​ 2016 ​ — ​ Illinois (e) 977 — 977 ​ — — — ​ 977 — 977 — ​ 2016 ​ — ​ Illinois (e) 974 — 974 ​ — — — ​ 974 — 974 — ​ 2016 ​ — ​ Illinois (e) 970 — 970 ​ — — — ​ 970 — 970 — ​ 2016 ​ — ​ Illinois (e) 846 — 846 ​ — 112 112 ​ 846 112 958 14 2019 2016 ​ 40 ​ Illinois (d) 923 53 976 ​ — (29) (29) ​ 923 24 947 6 ​ 2014 ​ 50 ​ Illinois (e) 940 — 940 ​ — — — ​ 940 — 940 — ​ 2016 ​ — ​ Illinois ​ 878 33 911 ​ — — — ​ 878 33 911 7 2022 2022 ​ 13 ​ Illinois (e) 847 63 910 ​ — — — ​ 847 63 910 28 2016 2016 ​ 22 ​ Illinois (e) 881 — 881 ​ — 4 4 ​ 881 4 885 2 2016 2016 ​ 20 ​ Illinois (l) 866 18 884 ​ — — — ​ 866 18 884 2 2020 2020 ​ 48 ​ Illinois (f) 815 — 815 ​ — 60 60 ​ 815 60 875 10 2017 2015 ​ 50 ​ Illinois (e) 865 — 865 ​ — — — ​ 865 — 865 — ​ 2016 ​ — ​ Illinois (e) 856 55 911 ​ — (47) (47) ​ 856 8 864 2 2016 2016 ​ 30 ​ Illinois (e) 858 — 858 ​ — — — ​ 858 — 858 — ​ 2016 ​ — ​ Illinois (e) 855 — 855 ​ — — — ​ 855 — 855 — ​ 2016 ​ — ​ Illinois (d) 644 93 737 ​ — 115 115 ​ 644 208 852 56 2015, 2022, 2023 2014 ​ 42 ​ Illinois (b) 700 110 810 ​ — 20 20 ​ 700 130 830 46 2015 2014 ​ 50 ​ Illinois ​ 829 — 829 ​ — — — ​ 829 — 829 — ​ 2024 ​ — ​ Illinois (i) 825 — 825 ​ — — — ​ 825 — 825 — ​ 2017 ​ — ​ Illinois (e) 776 47 823 ​ — — — ​ 776 47 823 17 2016 2016 ​ 25 ​ Other (r) 43,651 1,642 45,293 ​ (6,507) 495 (6,012) ​ 37,142 1,888 39,030 478 ​ ​ ​ ​ ​ Totals ​ $ 651,440 $ 82,137 $ 733,577 ​ ($ 5,846) $ 20,327 $ 14,481 ​ $ 645,592 $ 102,215 $ 747,807 $ 31,501 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 $0.0 million Farmer Mac Facility. ​ ​ ​ ​ ​ ​ ​ ​ ​ Farmer Mac Facility ​ — (e) Properties denoted with (e) are part of a collateral pool for the $67.1 million MetLife Term Loan #1. ​ ​ ​ ​ ​ ​ ​ ​ ​ MetLife Term Loan #1 ​ 67,086 (f) Properties denoted with (f) are part of a collateral pool for the $1.6 million MetLife Term Loan #4. ​ ​ ​ ​ ​ ​ ​ ​ ​ MetLife Term Loan #4 ​ 1,550 (g) Properties denoted with (g) are part of a collateral pool for the $1.8 million MetLife Term Loan #5. ​ ​ ​ ​ ​ ​ ​ ​ ​ MetLife Term Loan #5 ​ 1,827 (h) Properties denoted with (h) are part of a collateral pool for the $16.2 million MetLife Term Loan #6. ​ ​ ​ ​ ​ ​ ​ ​ ​ MetLife Term Loan #6 ​ 16,226 (i) Properties denoted with (i) are part of a collateral pool for the $6.9 million MetLife Term Loan #7. ​ ​ ​ ​ ​ ​ ​ ​ ​ MetLife Term Loan #7 ​ 6,934 (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 $8.4 million MetLife Term Loan #9. ​ ​ ​ ​ ​ ​ ​ ​ ​ MetLife Term Loan #9 ​ 8,400 (l) Properties denoted with (l) are part of a collateral pool for the $21.8 million MetLife Term Loan #10. ​ ​ ​ ​ ​ ​ ​ ​ ​ MetLife Term Loan #10 ​ 21,806 (m) Properties denoted with (m) are part of a collateral pool for the $0.0 million MetLife Term Loan #11. ​ ​ ​ ​ ​ ​ ​ ​ ​ MetLife Term Loan #11 ​ — (n) Properties denoted with (n) are part of a collateral pool for the $0.0 million MetLife Term Loan #12. ​ ​ ​ ​ ​ ​ ​ ​ ​ MetLife Term Loan #12 ​ — (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 $11.8 million Rabobank. ​ ​ ​ ​ ​ ​ ​ ​ ​ Rabobank ​ 11,758 (q) Properties denoted with (q) are part of a collateral pool for the $0.0 million Rutledge Facility. ​ ​ ​ ​ ​ ​ ​ ​ ​ Rutledge Facility ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 204,574 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (r) Other category is comprised of 83 farms in 6 states that on an aggregate basis make up less than 5% of gross total land plus improvements as of December 31, 2024. ​ Approximately $0.4 million is part of a collateral pool for Farmer Mac Bond #6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approximately $6.8 million is part of a collateral pool for the Farmer Mac Facility ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approximately $15.1 million is part of a collateral pool for MetLife Term Loan #1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approximately $2.5 million is part of a collateral pool for MetLife Term Loan #4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approximately $1.3 million is part of a collateral pool for MetLife Term Loan #5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approximately $3.7 million is part of a collateral pool for the Rabo Agrifinance Note ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Approximately $4.1 million is part of a collateral pool for the Rutledge Facility ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 $648.9 million as of December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2024 ​ 2023 ​ Real Estate: ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ 990,052 ​ $ 1,129,485 ​ Additions during period ​ ​ ​ ​ ​ ​ ​ Additions through construction of improvements ​ ​ 4,305 ​ ​ 10,424 ​ Disposition of property and improvements ​ ​ (264,291) ​ ​ (165,335) ​ Acquisitions through business combinations and/or asset acquisitions ​ ​ 17,891 ​ ​ 22,171 ​ Impairment of assets ​ ​ (150) ​ ​ (6,693) ​ Balance at end of year ​ $ 747,807 ​ $ 990,052 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated Depreciation: ​ ​ ​ ​ ​ ​ ​ Balance at beginning of year ​ $ 33,048 ​ $ 38,433 ​ Disposition of improvements ​ ​ (7,114) ​ ​ (12,010) ​ Additions charged to costs and expenses ​ ​ 5,567 ​ ​ 7,478 ​ Impairment of assets ​ ​ — ​ ​ (853) ​ Balance at end of year ​ $ 31,501 ​ $ 33,048 ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate balance per schedule ​ $ 747,807 ​ $ 990,052 ​ Construction in progress ​ ​ 1,484 ​ ​ 4,453 ​ Other non-real estate ​ ​ 109 ​ ​ 109 ​ Balance per consolidated balance sheet ​ $ 749,400 ​ $ 994,614 ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation per schedule ​ $ 31,501 ​ $ 33,048 ​ Other non-real estate ​ ​ 56 ​ ​ 35 ​ Balance per consolidated balance sheet ​ $ 31,557 ​ $ 33,083 ​ ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 59,911	$ 30,913

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy Consistent with overall risk management policies and practices, the Company’s cybersecurity program focuses on the following areas: ● Vigilance: The Company employs tools to identify, prevent and mitigate cybersecurity threats and respond to cybersecurity incidents in accordance with our internal cybersecurity policies and controls. ● Systems Safeguards: The Company and its third party vendors deploy systems safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved on an ongoing basis. ● Third-Party Risk Management : The Company ensures that all third party vendors that process or have access to sensitive information have appropriate cybersecurity risk controls in place. ● Training: The Company communicates regularly with employees to increase awareness around phishing and spoofing attempts and other cybersecurity schemes. Employees are encouraged to report suspicious emails or incidents to the General Counsel or the President and Chief Executive Officer. ● Incident Response Policies: The Company has established and maintains incident response policies that address the Company’s response to a cybersecurity incident. ● Communication, Coordination and Disclosure: The Company promotes awareness and surveillance over cybersecurity risk at all levels of the organization, including staff, senior management and our Board of Directors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	While the nature of the Company’s business and the data it processes inherently limit the Company’s exposure to cybersecurity risk, the Company has implemented and maintains controls, policies, procedures and safeguards to maintain and protect confidential information as well as the integrity, continuous operation, redundancy and security of all information technology systems and data used in connection with the Company’s business. The Company generally approaches cybersecurity threats through a comprehensive approach, with the specific goals of: (i) identifying, preventing and mitigating cybersecurity threats to the Company; (ii) preserving the confidentiality, security and availability of the information that we collect and store to use in our business; (iii) protecting the Company’s intellectual property; (iv) maintaining the confidence of our customers, clients and business partners; and (v) providing appropriate public disclosure of cybersecurity risks and incidents when required.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our Board of Directors oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats. Our Board of Directors receives presentations on cybersecurity issues and developments as needed. Our Board of Directors also will receive prompt and timely information regarding any cybersecurity incident that meets established reporting materiality thresholds, as well as ongoing updates regarding such incident until it has been addressed. The Company evaluates the materiality of a cybersecurity incident based on the overall impact of the event, which depends on a number of factors including, but not limited to, the financial impact of the incident and the type of information involved. At least once each year, our Board of Directors discusses the Company’s approach to cybersecurity risk management with the Company’s President and Chief Executive Officer and General Counsel. The Company’s President and Chief Executive Officer, Luca Fabbri, is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program and incident reporting, in partnership with other business leaders across the Company. In the event there is a material cybersecurity breach or incident, Mr. Fabbri works in coordination with the Company’s General Counsel, Christine Garrison, to assess and respond, including by reporting the breach or incident to our Board of Directors and/or applicable regulatory authorities, as necessary or required. Mr. Fabbri has a high level of exposure to cybersecurity oversight through his current and previous work in the technology sector. Mr. Fabbri has served in various roles in information technology and information security for over 30 years, including serving as a consultant with Elk Creek Ventures Inc. from 2003 to 2012, through which he provided consulting services in technology, and serving as co-founder and vice president of engineering of Co3 Systems Inc., an enterprise software company in the cybersecurity space that is now part of IBM, from 2010 to 2011. Mr. Fabbri also co-founded a software company called HomeSphere, for which he served as senior vice president and chief financial officer from 2000 to 2002, and currently serves on the board of directors of Basil Systems Inc., a healthcare software company. Mr. Fabbri, Ms. Garrison and the Company’s Chief Financial Officer each hold degrees in their respective fields, and each have over 15 years of experience with managing risks at the Company and in environments similar to the Company’s, including risks arising from cybersecurity threats. Mr. Fabbri, in coordination with our Board of Directors, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. Mr. Fabbri and Ms. Garrison monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to our Board of Directors and applicable regulatory authorities when appropriate. The Company has in the past experienced cyberattacks on its computer networks and, although none to date have been material, the Company expects that additional cyberattacks will occur in the future. Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and are not reasonably likely to affect the Company, including its business strategy, results of operations, or financial condition.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company’s management implements to address risks from cybersecurity threats. Our Board of Directors receives presentations on cybersecurity issues and developments as needed. Our Board of Directors also will receive prompt and timely information regarding any cybersecurity incident that meets established reporting materiality thresholds, as well as ongoing updates regarding such incident until it has been addressed. The Company evaluates the materiality of a cybersecurity incident based on the overall impact of the event, which depends on a number of factors including, but not limited to, the financial impact of the incident and the type of information involved. At least once each year, our Board of Directors discusses the Company’s approach to cybersecurity risk management with the Company’s President and Chief Executive Officer and General Counsel.
Cybersecurity Risk Role of Management [Text Block]	The Company’s President and Chief Executive Officer, Luca Fabbri, is the member of the Company’s management that is principally responsible for overseeing the Company’s cybersecurity risk management program and incident reporting, in partnership with other business leaders across the Company. In the event there is a material cybersecurity breach or incident, Mr. Fabbri works in coordination with the Company’s General Counsel, Christine Garrison, to assess and respond, including by reporting the breach or incident to our Board of Directors and/or applicable regulatory authorities, as necessary or required.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Company’s President and Chief Executive Officer, Luca Fabbri
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Mr. Fabbri has a high level of exposure to cybersecurity oversight through his current and previous work in the technology sector. Mr. Fabbri has served in various roles in information technology and information security for over 30 years, including serving as a consultant with Elk Creek Ventures Inc. from 2003 to 2012, through which he provided consulting services in technology, and serving as co-founder and vice president of engineering of Co3 Systems Inc., an enterprise software company in the cybersecurity space that is now part of IBM, from 2010 to 2011. Mr. Fabbri also co-founded a software company called HomeSphere, for which he served as senior vice president and chief financial officer from 2000 to 2002, and currently serves on the board of directors of Basil Systems Inc., a healthcare software company. Mr. Fabbri, Ms. Garrison and the Company’s Chief Financial Officer each hold degrees in their respective fields, and each have over 15 years of experience with managing risks at the Company and in environments similar to the Company’s, including risks arising from cybersecurity threats.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Mr. Fabbri, in coordination with our Board of Directors, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. Mr. Fabbri and Ms. Garrison monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to our Board of Directors and applicable regulatory authorities when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
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, 2024, FPI owned a 97.5% 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, 2024, the Operating Partnership owned a 9.97% equity interest in an unconsolidated equity method investment that holds 11 properties (see “Note 1—Organization and Significant Accounting Policies—Equity Method Investments”). References to the “Company,” “we,” “us,” or “our” mean collectively FPI and its consolidated subsidiaries, including the Operating Partnership. ​ As of December 31, 2024, the Company owned a portfolio of approximately 93,500 acres of farmland, which is consolidated in these financial statements. In addition, as of December 31, 2024, 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 48,300 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, 2024, 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 Consolidation	Principles of 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 and the ongoing conflicts in the Middle East, 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 Accounting Standards Codification (“ASC”) 360, Long-Lived Assets, or business combinations under ASC 805, Business Combinations, 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, 2024 and 2023, 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 ($167.4 million as of December 31, 2024), 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 and demonstrated ability to readily sell assets if necessary to fund any immediate liquidity needs. As of December 31, 2024, the Company had $203.7 million of mortgage and other debt against a portfolio of real estate assets with a net book value of $717.8 million.
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 estimated fair value of the asset. During the quarter ended September 30, 2023, the Company was under contract to sell an asset for less than its carrying amount, resulting in an impairment of $3.8 million. The estimated fair value of this asset was $3.6 million. The asset was sold during the fourth quarter of 2023. During the quarter ended December 31, 2023, the Company determined that one of its assets had an estimated fair value of $9.8 million, resulting in an impairment of $2.0 million. This is considered a Level 3 measurement under the fair value hierarchy. Level 3 is defined as inputs to the valuation methodology that are unobservable, supported by little or no market activity and are significant to the fair value measurement. The asset was valued based upon a market assessment of similar properties. There was $0.2 million and $5.8 million of impairment recognized on real estate assets in the accompanying financial statements during the years ended December 31, 2024 and 2023, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ The Company’s cash and cash equivalents at December 31, 2024 and 2023 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. 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. 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, 2024 and 2023, 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: for each of the loans to be sufficient and in excess of the respective outstanding principal and accrued interest and no loans are currently on non-accrual status. ​ Sale-leaseback Transactions Accounted for as Financing Arrangements: ​ Current expected credit losses (“CECL”)
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 less than $0.1 million in offering costs during the years ended December 31, 2024 and 2023, respectively. As of each of December 31, 2024 and 2023, the Company had $0.0 million 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 each of December 31, 2024 and 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 each of December 31, 2024 and 2023. 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. 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, 2024 and 2023, inventory consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) December 31, 2024 December 31, 2023 Harvested crop ​ $ 414 ​ $ 246 Growing crop ​ ​ 2,245 ​ ​ 2,089 ​ ​ $ 2,659 ​ $ 2,335
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.
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, 2024 and 2023, 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. During the years ended December 31, 2024 and 2023, the Company recorded impairment of $0.6 million and $0.0 million, respectively, on intangible assets. The fair value of trade names was determined to be $1.2 million at December 31, 2024. The Company utilized the relief from royalties method to determine the present value of cash flows through 2049 and the present value of residual cash flows, utilizing a discount rate of 8.7% and an average long-term revenue growth rate range of 0-3% per year. This is considered a Level 3 measurement under the fair value hierarchy. Level 3 is defined as inputs to the valuation methodology that are unobservable, supported by little or no market activity and are significant to the fair value measurement. 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 2022, any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company recorded income tax benefit totaling less than $0.1 million and $0.2 million, respectively, for the years ended December 31, 2024 and 2023. ​ 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 $0.4 million and $(2.5) million in taxable income (loss) from the TRS for the years ended December 31, 2024 and 2023, 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, 2024, the Company did not identify any uncertain tax positions. The Company did not identify any uncertain tax positions related to the 2023 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, 2024 and 2023.
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”. Financial Accounting Standards Board (“FASB”)’s 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 majority of the Company’s revenue is derived from owning and managing properties leased to tenants. All assets and operations of the Company are located in the United States. The Company’s chief operating decision makers (“CODMs”) (Paul Pittman, Executive Chairman, and Luca Fabri, President and Chief Executive Officer) do not evaluate performance on a farm-specific or transactional basis and do not distinguish the Company’s principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company has identified a single operating segment which is the entire entity for reporting purposes in accordance with GAAP and no aggregation of segments was required. ​ The CODMs assess performance and make decisions regarding the allocation of resources on a consolidated basis using Adjusted Funds from Operations (“AFFO”) and AFFO per share, which are Non-GAAP measures. The CODMs use AFFO and AFFO per share to monitor budget versus actual results and evaluate performance of the segment in deciding whether to repay indebtedness, repurchase shares, fund and maintain our assets and operations, acquire new properties that we believe are accretive to long-term value creation, make distributions to our stockholders and unitholders, and fund other general business needs. ​ As the single operating segment is the Company in its entirety and the accounting policies for this segment are the same as the Company’s accounting policies described in Note 1—Organization and Significant Accounting Policies, there are no differences between the measurements of the Company’s single operating segment and the consolidated financial statements. Therefore, information about the profit or loss, assets, investments, expenditures and all other significant items of the Company’s single reportable segment can be found on the Company’s consolidated financial statements or in the reconciliation of net income (loss) to AFFO and AFFO per share below. In addition, there are no changes from prior period in the measurement methods used to determine segment information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, (in thousands except per share amounts) 2024 2023 Net income ​ $ 61,450 ​ $ 31,681 (Gain) on disposition of assets, net ​ ​ (54,148) ​ ​ (36,133) Depreciation, depletion and amortization ​ 5,588 ​ ​ 7,499 Impairment of assets ​ 790 ​ ​ 5,840 FFO (1) ​ $ 13,680 ​ $ 8,887 ​ ​ ​ ​ ​ ​ ​ Stock-based compensation and incentive ​ 1,963 ​ ​ 2,008 Deferred impact of interest rate swap terminations ​ ​ — 198 Real estate related acquisition and due diligence costs ​ ​ 28 ​ ​ 17 Distributions on Preferred units and stock ​ ​ (2,970) ​ ​ (2,970) Severance expense ​ ​ 1,373 ​ ​ — AFFO (1) ​ $ 14,074 ​ $ 8,140 ​ ​ ​ ​ ​ ​ ​ AFFO per diluted weighted average share data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO weighted average common shares ​ 49,127 ​ 51,810 ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders of Farmland Partners Inc. ​ $ 1.19 ​ $ 0.55 Income available to redeemable non-controlling interest and non-controlling interest in operating partnership ​ ​ 0.07 0.08 Depreciation, depletion and amortization ​ 0.11 ​ 0.14 Impairment of assets ​ 0.02 ​ 0.11 Stock-based compensation and incentive ​ 0.04 ​ 0.04 (Gain) on disposition of assets, net ​ ​ (1.10) ​ ​ (0.70) Distributions on Preferred units and stock ​ (0.07) ​ ​ (0.06) Severance expense ​ ​ 0.03 ​ ​ 0.00 AFFO per diluted weighted average share (1) ​ $ 0.29 ​ $ 0.16 (1) The year ended December 31, 2024 includes approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement . ​ For more information about the Company’s revenue disaggregated by source and major customers, please refer to Note 2—Revenue Recognition and Note 3—Concentration Risk, respectively.
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 our 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 Issued Accounting Standards	Recently Issued Accounting Standards ​ In December 2023, the FASB issued Accounting Standards Update (“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. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures. ​ The FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40) in November 2024. The purpose of the ASU is to improve the disclosures about an entity’s expenses and to address requests from investors for more transparent information about certain types of expenses (including purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion) included within expense captions presented on the face of the income statement (such as cost of sales, SG&A, and research and development). The new standard requires these disclosures to be presented in tabular format within the notes to the financial statements and does not change the requirements for the presentation of expenses on the face of the income statement. The ASU is effective for public business entities for annual periods beginning after December 15, 2026. The Company is in the process of assessing the effect of this update on the consolidated financial statement disclosures.

Organization and Significant _3

Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 December 31, 2023 Harvested crop ​ $ 414 ​ $ 246 Growing crop ​ ​ 2,245 ​ ​ 2,089 ​ ​ $ 2,659 ​ $ 2,335
Schedule of reconciliation of net income (loss) to AFFO and AFFO per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, (in thousands except per share amounts) 2024 2023 Net income ​ $ 61,450 ​ $ 31,681 (Gain) on disposition of assets, net ​ ​ (54,148) ​ ​ (36,133) Depreciation, depletion and amortization ​ 5,588 ​ ​ 7,499 Impairment of assets ​ 790 ​ ​ 5,840 FFO (1) ​ $ 13,680 ​ $ 8,887 ​ ​ ​ ​ ​ ​ ​ Stock-based compensation and incentive ​ 1,963 ​ ​ 2,008 Deferred impact of interest rate swap terminations ​ ​ — 198 Real estate related acquisition and due diligence costs ​ ​ 28 ​ ​ 17 Distributions on Preferred units and stock ​ ​ (2,970) ​ ​ (2,970) Severance expense ​ ​ 1,373 ​ ​ — AFFO (1) ​ $ 14,074 ​ $ 8,140 ​ ​ ​ ​ ​ ​ ​ AFFO per diluted weighted average share data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO weighted average common shares ​ 49,127 ​ 51,810 ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders of Farmland Partners Inc. ​ $ 1.19 ​ $ 0.55 Income available to redeemable non-controlling interest and non-controlling interest in operating partnership ​ ​ 0.07 0.08 Depreciation, depletion and amortization ​ 0.11 ​ 0.14 Impairment of assets ​ 0.02 ​ 0.11 Stock-based compensation and incentive ​ 0.04 ​ 0.04 (Gain) on disposition of assets, net ​ ​ (1.10) ​ ​ (0.70) Distributions on Preferred units and stock ​ (0.07) ​ ​ (0.06) Severance expense ​ ​ 0.03 ​ ​ 0.00 AFFO per diluted weighted average share (1) ​ $ 0.29 ​ $ 0.16 (1) The year ended December 31, 2024 includes approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement .

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue Recognition.
Schedule of other revenue disaggregated by revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, (in thousands) 2024 ​ 2023 Fixed Farm Rent ​ $ 32,236 ​ $ 33,739 Solar, Wind and Recreation Rent ​ ​ 2,617 ​ ​ 3,954 Tenant Reimbursements ​ 2,714 ​ 3,428 Variable Rent ​ 9,552 ​ 8,064 ​ ​ $ 47,119 ​ $ 49,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, (in thousands) 2024 ​ 2023 Auction and brokerage fees ​ $ 1,382 ​ $ 1,138 Crop insurance proceeds ​ ​ 821 ​ ​ 2,335 Property management income ​ 1,009 ​ 890 Other (e.g., interest income) ​ 2,868 ​ 1,661 ​ ​ $ 6,080 ​ $ 6,024 ​
Summary of rental income recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income recognized ​ ​ For the years ended ​ ​ December 31, (in thousands) 2024 ​ 2023 Leases in effect at the beginning of the year ​ $ 40,978 ​ $ 45,863 Leases entered into during the year ​ 6,141 ​ 3,322 ​ ​ $ 47,119 ​ $ 49,185
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 2025 ​ ​ ​ ​ $ 42,900 2026 ​ ​ ​ ​ ​ 22,733 2027 ​ ​ ​ ​ 17,376 2028 ​ ​ ​ ​ ​ 12,043 2029 ​ ​ ​ ​ ​ 3,761 Thereafter ​ ​ ​ ​ ​ 48,002 ​ ​ ​ ​ ​ $ 146,815

Concentration Risk (Tables)

Concentration Risk (Tables)	12 Months Ended
	Dec. 31, 2024
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) 2024 ​ 2023 2024 ​ 2023 ​ Tenant A (1) $ 10,309 ​ $ 6,702 ​ ​ 21.9 % ​ 13.6 % (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) 2024 ​ 2023 ​ 2024 ​ 2023 Corn Belt ​ 45.2 % ​ 33.6 % ​ 40.3 % ​ 37.7 % Delta and South ​ 9.6 % ​ 19.9 % ​ 8.4 % ​ 11.9 % High Plains ​ 22.3 % ​ 16.4 % ​ 6.0 % ​ 9.1 % Southeast ​ 10.9 % ​ 21.7 % ​ 15.7 % ​ 18.6 % West Coast ​ 12.0 % ​ 8.4 % ​ 29.6 % ​ 22.7 % ​ ​ 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, Missouri and eastern Nebraska. Delta and South includes farms located in Arkansas and Louisiana. High Plains includes farms located in Colorado, Kansas and Texas. Southeast includes farms located in South Carolina and West Virginia. West Coast includes farms located in California.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate
Schedule of major classes of assets included in the disposal group	​ ​ ​ ​ ​ ​ ​ October 16, ($ in thousands) ​ 2024 Land, at cost ​ $ 223,963 Grain facilities ​ 4,654 Irrigation improvements ​ 11,836 Drainage improvements ​ 2,072 Other ​ ​ 693 Construction in progress ​ 18 Real estate, at cost ​ 243,236 Less accumulated depreciation ​ (5,016) Total real estate, net ​ 238,220

Loans and Financing Receivabl_2

Loans and Financing Receivables (Tables)	12 Months Ended
	Dec. 31, 2024
Loans and Financing Receivables
Schedule of loans and financing receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ Outstanding as of ​ Maturity Loan Terms December 31, 2024 December 31, 2023 Date Loans under FPI Loan Program: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Note (1) ​ Principal & interest due at maturity ​ ​ ​ ​ ​ $ 207 ​ $ 210 ​ 12/7/2028 Mortgage Note (2) ​ Principal due at maturity & interest due quarterly ​ ​ ​ ​ ​ ​ 1,842 ​ ​ 1,900 ​ 3/3/2025 Mortgage Note (3) ​ Principal due at maturity & interest due quarterly ​ ​ ​ ​ ​ ​ 1,800 ​ ​ 1,800 ​ 11/17/2028 Mortgage Note (4) ​ Principal due at maturity & interest due semi-annually ​ ​ ​ ​ ​ ​ — ​ ​ 8,009 ​ 12/28/2024 Mortgage Note (5) ​ Principal due at maturity & interest due semi-annually ​ ​ ​ ​ ​ ​ — ​ ​ 1,491 ​ 12/28/2024 Mortgage Note (6) ​ Principal due at maturity & interest due monthly ​ ​ ​ ​ ​ ​ 500 ​ ​ 500 ​ 6/30/2025 Mortgage Note (7) ​ Principal & interest due at maturity ​ ​ ​ ​ ​ ​ 22,000 ​ ​ — ​ 1/31/2026 Mortgage Note (7) ​ Principal & interest due at maturity ​ ​ ​ ​ ​ ​ 6,380 ​ ​ — ​ 1/31/2026 Total outstanding principal ​ ​ ​ ​ ​ ​ ​ ​ 32,729 ​ ​ 13,910 ​ ​ Sale-leaseback transactions accounted for as financing arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing Receivable, net (8) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 5,947 ​ ​ 5,920 ​ 11/17/2037 Financing Receivable, net (8) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 4,497 ​ ​ 4,498 ​ 11/17/2037 Financing Receivable, net (8) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 3,565 ​ ​ 3,563 ​ 11/17/2037 Financing Receivable, net (8) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 3,231 ​ ​ 3,237 ​ 11/17/2037 Financing Receivable, net (9) ​ Monthly payments in accordance with lease agreement ​ ​ ​ ​ ​ ​ 7,826 ​ ​ — ​ 12/31/2029 Total financing receivable ​ ​ ​ ​ ​ ​ ​ ​ 25,066 ​ ​ 17,218 ​ ​ Interest receivable (net prepaid interest and points) ​ ​ ​ ​ ​ ​ ​ ​ (2,209) ​ ​ 60 ​ ​ Allowance for credit losses ​ ​ ​ ​ ​ ​ ​ ​ (281) ​ ​ (168) ​ ​ Provision for interest receivable ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ Total Loans and financing receivables, net ​ ​ ​ ​ ​ ​ ​ $ 55,305 ​ $ 31,020 ​ ​ 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 March 3, 2022, the Company entered into two loans with the same party secured against farmland. 3) On November 17, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. 4) On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. This loan was fully repaid in August 2024. 5) On December 28, 2023, the Company entered into a loan agreement secured by farmland in connection with a property disposition. This loan was fully repaid in August 2024. 6) On December 28, 2023, the Company entered into a loan agreement secured by farmland and a feedlot in connection with a property disposition . 7) On October 29, 2024 and December 20, 2024, the Company entered into loan agreements with the same party secured against properties. 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, 2024 ​ ($ in thousands) ​ Amortized Cost ​ Allowance ​ Loans and financing receivables, net ​ Allowance as a % of Amortized Cost ​ Loans under FPI Loan Program ​ $ 30,520 ​ $ (49) ​ $ 30,471 ​ ​ 0.16 % Financing Receivables ​ ​ 25,066 ​ ​ (232) ​ ​ 24,834 ​ ​ 0.93 % Totals ​ $ 55,586 ​ $ (281) ​ $ 55,305 ​ ​ 0.51 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 %
Schedule of roll-forward of allowance for credit losses for loans and financing receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ($ in thousands) ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Balance at beginning of period ​ ​ ​ ​ ​ ​ ​ $ (168) ​ $ (92) Initial allowance for financing receivables ​ ​ ​ ​ ​ ​ ​ ​ (140) ​ ​ — Initial allowance for loan receivables ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ (76) Current period change in credit allowance ​ ​ ​ ​ ​ ​ ​ ​ 10 ​ ​ — Charge-offs ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — Recoveries ​ ​ ​ ​ ​ ​ ​ ​ 17 ​ ​ — Balance at end of period ​ ​ ​ ​ ​ ​ ​ $ (281) ​ $ (168)
Reconciliation of carrying amount of mortgage loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ($ in thousands) ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Balance at beginning of year ​ ​ ​ ​ ​ ​ ​ $ 31,128 ​ $ 22,011 Additions during year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — Issuance of loans and financing receivables ​ ​ ​ ​ ​ ​ ​ ​ 35,823 ​ ​ 11,801 Interest accrued on financing receivables ​ ​ ​ ​ ​ ​ ​ ​ 1,116 ​ ​ 1,054 Origination fees included in notes receivable ​ ​ ​ ​ ​ ​ ​ ​ 2,595 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ 70,662 ​ ​ 34,866 Deductions during year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collections of principal on loans ​ ​ ​ ​ ​ ​ ​ ​ 11,835 ​ ​ 2,707 Payments on financing receivables ​ ​ ​ ​ ​ ​ ​ ​ 1,032 ​ ​ 1,031 Balance at end of year ​ ​ ​ ​ ​ ​ ​ $ 57,795 ​ $ 31,128

Mortgage Notes, Lines of Cred_2

Mortgage Notes, Lines of Credit and Bonds Payable (Tables)	12 Months Ended
	Dec. 31, 2024
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 2024 Terms Date 2024 2023 Date 2024 Farmer Mac Bond #6 ​ Semi-annual ​ 3.69% ​ Fixed ​ N/A ​ $ 13,827 ​ $ 13,827 ​ April 2025 ​ $ 5,069 Farmer Mac Bond #7 ​ Semi-annual ​ 3.68% ​ Fixed ​ N/A ​ ​ 11,160 ​ ​ 11,160 ​ April 2025 ​ ​ — Farmer Mac Facility ​ Monthly ​ 6.05% ​ SOFR + 1.50% ​ N/A ​ ​ — ​ ​ 30,000 ​ December 2025 ​ ​ 73,484 MetLife Term Loan #1 ​ Semi-annual ​ 5.55% ​ Fixed ​ N/A ​ ​ 67,086 ​ ​ 72,585 ​ March 2026 ​ ​ 102,171 MetLife Term Loan #4 ​ Semi-annual ​ 5.55% ​ Fixed for 3 years ​ March 2026 ​ ​ 1,550 ​ ​ 5,756 ​ June 2026 ​ ​ 3,366 MetLife Term Loan #5 ​ Semi-annual ​ 5.63% ​ Fixed for 3 years ​ January 2026 ​ ​ 1,827 ​ ​ 5,179 ​ January 2027 ​ ​ 7,378 MetLife Term Loan #6 ​ Semi-annual ​ 5.55% ​ Fixed for 3 years ​ February 2026 ​ ​ 16,226 ​ ​ 21,726 ​ February 2027 ​ ​ 26,230 MetLife Term Loan #7 ​ Semi-annual ​ 5.87% ​ Fixed for 3 years ​ June 2026 ​ ​ 6,934 ​ ​ 15,434 ​ June 2027 ​ ​ 12,120 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 ​ 6.37% ​ Fixed for 3 years ​ May 2027 ​ ​ 8,400 ​ ​ 16,800 ​ May 2028 ​ ​ 16,865 MetLife Term Loan #10 ​ Semi-annual ​ 6.36% ​ Fixed ​ N/A ​ ​ 21,806 ​ ​ 48,986 ​ October 2030 ​ ​ 36,711 MetLife Term Loan #11 ​ Semi-annual ​ 5.35% ​ Fixed for 3 years ​ N/A ​ ​ — ​ ​ 12,750 ​ October 2031 ​ ​ — MetLife Term Loan #12 ​ Semi-annual ​ 3.11% ​ Fixed for 3 years ​ N/A ​ ​ — ​ ​ 14,359 ​ December 2031 ​ ​ — MetLife Facility ​ Quarterly ​ 6.76% ​ SOFR + 2.10% ​ N/A ​ ​ — ​ ​ — ​ October 2027 ​ ​ 79,929 Rabobank (1) ​ Semi-annual ​ 6.37% ​ SOFR + 1.81% ​ March 2026 ⁽ ² ⁾ ​ ​ 11,758 ​ ​ 45,533 ​ March 2028 ​ ​ 30,688 Rutledge Facility ​ Quarterly ​ 6.06% ​ SOFR + 1.40% ​ N/A ​ ​ — ​ ​ 5,000 ​ February 2027 ​ ​ 176,877 Total outstanding principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 204,574 ​ ​ 363,095 ​ ​ ​ $ 680,930 Debt issuance costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (891) ​ ​ (2,236) ​ ​ ​ ​ ​ Unamortized premium ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Total mortgage notes and bonds payable, net ​ ​ ​ ​ ​ ​ ​ $ 203,683 ​ $ 360,859 ​ ​ ​ ​ ​ (1) As of December 31, 2024, the Company has an interest rate swap agreement with Rabobank for $11.8 million notional of fixed SOFR at 2.114% until March 2026 for a weighted average rate of approximately 3.81% (see “Note 10—Hedge Accounting”). After adjusting the $11.8 million of swapped Rabobank debt as fixed rate debt, the ratio of floating rate debt to total debt decreased from 5.7% to 0.0% . (2) The adjustment date included in the table above is for the spread noted under “Interest Rate Terms.”
Schedule of aggregate maturities of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, Future Maturities 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 24,987 ​ 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 68,636 ​ 2027 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24,987 ​ 2028 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20,158 ​ 2029 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 65,806 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 204,574 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies.
Schedule of future rental payments	​ ​ ​ ​ ​ ​ ($ in thousands) Future rental Year Ending December 31, ​ payments 2025 ​ $ 221 ​ 2026 ​ ​ — ​ 2027 ​ ​ — ​ 2028 ​ — ​ 2029 ​ ​ — ​ Thereafter ​ ​ — ​ Total lease payments ​ ​ 221 ​ Less: imputed interest ​ ​ (27) ​ Lease liability ​ $ 194 ​

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
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, 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 ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2023 ​ ​ 99 ​ $ 101,970 Distribution paid to non-controlling interest ​ ​ — ​ ​ (2,970) Accrued distributions to non-controlling interest ​ ​ — ​ ​ 2,970 Redemption of Series A preferred units ​ ​ — ​ ​ — Balance at December 31, 2024 ​ ​ 99 ​ $ 101,970
Schedule of declaration and payment of distribution	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal Year Declaration Date Record Date Payment Date Distributions per Common Share/OP unit 2024 ​ December 12, 2023 ​ December 29, 2023 ​ January 12, 2024 ​ $ 0.2100 ​ ​ October 24, 2023 ​ January 2, 2024 ​ January 16, 2024 ​ $ 0.0600 ​ ​ February 27, 2024 ​ April 1, 2024 ​ April 15, 2024 ​ $ 0.0600 ​ ​ April 29, 2024 ​ July 1, 2024 ​ July 15, 2024 ​ $ 0.0600 ​ ​ July 23, 2024 ​ October 1, 2024 ​ October 15, 2024 ​ $ 0.0600 ​ ​ ​ ​ ​ ​ ​ ​ $ 0.4500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Summary of non-vested shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-based ​ Performance-based ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Number of ​ average grant ​ Number of ​ average grant (shares in thousands) ​ shares date fair value shares date fair value 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested at December 31, 2023 ​ 347 ​ $ 11.15 — ​ $ — Granted ​ 183 ​ ​ 11.26 39 ​ ​ 7.36 Vested ​ (202) ​ ​ 11.25 — ​ ​ — Forfeited ​ — ​ ​ — — ​ ​ — Unvested at December 31, 2024 ​ 328 ​ $ 11.15 39 ​ $ 7.36
Schedule of computation of basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ​ ​ December 31, (in thousands, except per share amounts) 2024 2023 Numerator for net income per share - basic: ​ ​ ​ ​ ​ ​ Net income available to common stockholders of Farmland Partners Inc. ​ $ 56,428 ​ $ 27,786 ​ ​ ​ ​ ​ ​ ​ Numerator for net income per share - diluted: ​ ​ ​ ​ ​ ​ Net income available to common stockholders of Farmland Partners Inc. ​ $ 56,428 ​ $ 27,786 Dividend equivalent rights allocated to performance-based unvested restricted shares ​ ​ — ​ ​ — Nonforfeitable distributions allocated to time-based unvested restricted shares ​ ​ — ​ ​ — Distributions on Series A preferred units ​ ​ 2,970 ​ ​ 2,970 Numerator for net income per share - diluted: ​ $ 59,398 ​ $ 30,756 ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ Weighted-average number of common shares - basic ​ ​ 47,546 ​ ​ 50,243 Unvested time-based restricted shares ​ ​ — ​ — Unvested performance-based restricted shares ​ ​ — ​ — Redeemable non-controlling interest ​ 8,441 ​ 8,049 Weighted-average number of common shares - diluted (1) ​ 55,987 ​ 58,292 ​ ​ ​ ​ ​ ​ ​ Income per share attributable to common stockholders - basic ​ $ 1.19 ​ $ 0.55 Income per share attributable to common stockholders - diluted ​ $ 1.06 ​ $ 0.53 (1) 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 for each of the years ended December 31, 2024 and 2023.
Schedule of equity awards and units outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 Shares ​ ​ 45,604 ​ ​ 47,656 Common Units ​ ​ 1,203 ​ ​ 1,203 Unvested Restricted Stock Awards ​ ​ 328 ​ ​ 347 ​ ​ ​ 47,135 ​ ​ 49,206 ​

Hedge Accounting (Tables)

Hedge Accounting (Tables) - Designated as Hedging Instrument - Cash Flow Hedging	12 Months Ended
	Dec. 31, 2024
Derivative Contracts
Schedule of fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ Instrument Balance sheet location Level 2 Fair Value Interest rate swap ​ Derivative asset ​ $ 498
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, 2024 December 31, 2023 Beginning accumulated derivative instrument gain or loss ​ ​ ​ $ 2,691 ​ $ 3,306 Net change associated with current period hedging transactions ​ ​ ​ ​ (1,065) ​ ​ (813) Amortization of frozen AOCI on de-designated hedge ​ ​ ​ ​ (114) ​ ​ 198 Difference between a change in fair value of excluded components ​ ​ ​ ​ — ​ ​ — Closing accumulated derivative instrument gain or loss ​ ​ ​ $ 1,512 ​ $ 2,691 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes
Schedule of TRS income (loss) before provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ($ in thousands) ​ December 31, 2024 ​ December 31, 2023 United States ​ $ (338) ​ $ (2,722) International ​ ​ — ​ ​ — Total ​ $ (338) ​ $ (2,722)
Schedule of federal and state income tax provision (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended ($ in thousands) ​ December 31, 2024 ​ December 31, 2023 Current: ​ ​ ​ ​ ​ ​ Federal ​ $ 2 ​ $ (144) State ​ ​ — ​ ​ (41) Total Current Tax (Benefit) Expense ​ $ 2 ​ $ (185) Deferred: ​ ​ ​ ​ ​ ​ Federal ​ ​ (18) ​ ​ 19 Total Tax (Benefit) Expense ​ $ (16) ​ $ (166)
Schedule of TRS deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ December 31, 2024 ​ December 31, 2023 Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss ​ $ 1,986 ​ $ 1,996 Stock Compensation ​ ​ 12 ​ ​ 5 Deferred Revenue ​ ​ — ​ ​ 3 Charitable Contributions ​ ​ 5 ​ ​ 4 Total deferred tax assets ​ $ 2,003 ​ ​ 2,008 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Fixed assets ​ $ (13) ​ $ (15) Intangible Assets ​ ​ (86) ​ ​ (181) Total deferred tax liabilities ​ $ (99) ​ $ (196) Valuation Allowance ​ ​ (1,925) ​ ​ (1,851) Net deferred taxes ​ $ (21) ​ $ (39)
Summary of net operating losses and tax credit carryforwards	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ December 31, 2024 ​ Expiration Year Net operating losses, federal (Post-December 31, 2017) ​ $ 7,683 ​ ​ Does not expire Net operating losses, state ​ $ 5,386 ​ ​ Various
Schedule of components of income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax (Benefit) Expense ​ ​ ​ For the years ended December 31, ​ ($ in thousands ​ 2024 2023 ​ Statutory Rate ​ $ (71) ​ $ (571) ​ State Tax ​ ​ (19) ​ ​ (191) ​ Valuation Allowance ​ ​ 74 ​ ​ 596 ​ ​ ​ $ (16) ​ $ (166) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax Rate ​ ​ ​ For the years ended December 31, ​ ​ ​ 2024 2023 ​ Statutory Rate ​ ​ 21.00 % ​ 21.00 % State Tax ​ ​ 5.62 % ​ 7.02 % Valuation Allowance ​ ​ (21.89) % ​ (21.92) % ​ ​ ​ 4.73 % ​ 6.10 % ​

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2024
Quarterly Financial Information (unaudited)
Quarterly results of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ($ in thousands except per share data) ​ March 31, 2024 ​ June 30, 2024 ​ September 30, 2024 ​ December 31, 2024 Operating revenues $ 11,990 ​ $ 11,445 ​ $ 13,317 ​ $ 21,474 Operating expenses ​ ​ 6,843 ​ ​ 8,205 ​ ​ 8,094 ​ ​ 10,397 Other expenses (1) ​ ​ 3,720 ​ ​ 5,293 ​ ​ 3,374 ​ ​ (49,134) Net income (loss) before income tax expense ​ ​ 1,427 ​ ​ (2,053) ​ ​ 1,849 ​ ​ 60,211 Income tax expense ​ ​ (19) ​ ​ 1 ​ ​ (11) ​ ​ 45 Net income (loss) ​ $ 1,408 ​ $ (2,052) ​ $ 1,838 ​ $ 60,256 Net income (loss) available to common stockholders of Farmland Partners Inc. ​ $ 606 ​ $ (2,769) ​ $ 1,028 ​ $ 57,563 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share available to common stockholders (2) ​ $ 0.01 ​ $ (0.06) ​ $ 0.02 ​ $ 1.22 Diluted net income (loss) per share available to common stockholders (2) ​ $ 0.01 ​ $ (0.06) ​ $ 0.02 ​ $ 1.04 Basic weighted average common shares outstanding ​ ​ 47,704 ​ ​ 47,798 ​ ​ 47,839 ​ ​ 46,836 Diluted weighted average common shares outstanding ​ ​ 47,704 ​ ​ 47,798 ​ ​ 47,839 ​ ​ 55,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ 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 (1) Other expenses for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024 included $0.1 million, $0.0 million, $(2.0) million, ($52.2) million, respectively, related to gain on disposition of assets. 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 (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)		1 Months Ended	12 Months Ended
	Nov. 18, 2022 item	Nov. 30, 2022 item	Dec. 31, 2024 a item property $ / shares	Dec. 31, 2023 $ / shares
Organization and Significant Accounting Policies
Area of real estate property			93,500
Area of real estate property company serves as property manager			48,300
Number of agriculture equipment dealerships | item	4	4	4
Common stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Operating Partnership
Organization and Significant Accounting Policies
Ownership interest (as a percent)			97.50%	97.60%
Limited partner | Operating Partnership
Organization and Significant Accounting Policies
Ownership interest (as a percent)			97.50%
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			11

Organization and Significant _5

Organization and Significant Accounting Policies - Additional disclosures (Details)		1 Months Ended		3 Months Ended		12 Months Ended
	Nov. 18, 2022 item	Nov. 30, 2022 item	Mar. 31, 2021 USD ($) item	Dec. 31, 2023 USD ($) Institution	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) item Institution	Dec. 31, 2023 USD ($) item Institution
Liquidity Policy
Mortgage and other debt						$ 203,700,000
Net book value				$ 961,531,000		717,843,000	$ 961,531,000
Impairment
Impairment of real estate assets				2,000,000	$ 3,800,000	$ 200,000	5,800,000
Estimated fair value				$ 9,800,000	$ 3,600,000		$ 9,800,000
Cash
Number of financial institutions in which custody of cash was held | Institution				5		5	5
Loans and Financing Receivables
Number of agriculture equipment dealerships | item	4	4				4
Deferred Financing Fees
Deferred offering costs incurred						$ 0
Deferred offering costs				$ 0		0	$ 0
Assets Held for Sale
Assets classified as held for sale				28,000		61,000	28,000
Goodwill impairment
Goodwill impairment						0	0
Intangible assets
Intangible assets impairment						$ 600,000	$ 0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]						Asset Impairment Charges	Asset Impairment Charges
Discount rate for cash flow projections						8.70%
Non-controlling Interests
Non controlling interest holding period						1 year
Trade names
Intangible assets
Fair value of intangible assets						$ 1,200,000
Promised Land Opportunity Zone Farms I, LLC
Equity Method Investments (Convertible Notes Receivable)
Number of farms sold | item			10
Convertible notes receivable			$ 2,400,000
Minimum
Intangible assets
Long term revenue growth rate						0%
Minimum | Customer relationships
Intangible assets
Amortization period						10 years
Maximum
Deferred Financing Fees
Deferred offering costs incurred							$ 100,000
Assets Held for Sale
Assets classified as held for sale				100,000		$ 100,000	100,000
Accounts Receivable
Allowance for doubtful accounts				100,000		$ 100,000	100,000
Intangible assets
Long term revenue growth rate						3%
Maximum | Customer relationships
Intangible assets
Intangible assets amortization						$ 100,000	$ 100,000
Amortization period						12 years
FPI Loan Program
Loans and Financing Receivables
Number of notes outstanding | item						6	6
Farmer Mac Facility
Liquidity Policy
Remaining borrowing capacity				$ 43,100,000		$ 42,400,000	$ 43,100,000
Farmer Mac MetLife And Rutledge | Term Loan
Liquidity Policy
Remaining borrowing capacity						167,400,000
OZ Fund, Private Investment Fund
Equity Method Investments (Convertible Notes Receivable)
Additional capital contributions						$ 4,300,000

Organization and Significant _6

Organization and Significant Accounting Policies - Estimated useful lives (Details)	Dec. 31, 2024
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

Organization and Significant _7

Organization and Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization and Significant Accounting Policies
Harvested crop	$ 414	$ 246
Growing crop	2,245	2,089
Total inventory	$ 2,659	$ 2,335

Organization and Significant _8

Organization and Significant Accounting Policies - Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Organization and Significant Accounting Policies
Income tax benefit	$ 45	$ (11)	$ 1	$ (19)	$ (12)	$ 191	$ (4)	$ (9)	$ 16	$ 166
Required holding period									5 years
Deferred tax liability, built in gain									$ 0
Deferred tax asset or liability	$ 0				$ 0				0	0
TRS
Organization and Significant Accounting Policies
Taxable income (loss) attributable to TRS									400	(2,500)
Maximum
Organization and Significant Accounting Policies
Income tax benefit									$ 100	$ 200

Organization and Significant _9

Organization and Significant Accounting Policies - Segment reporting (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net income	$ 60,256	$ 1,838	$ (2,052)	$ 1,408	$ 17,754	$ 4,315	$ 7,898	$ 1,714	$ 61,450	$ 31,681
(Gain) on disposition of assets, net									(54,148)	(36,133)
Impairment of assets									790	5,840
Real estate related acquisition and due diligence costs									$ 28	$ 17
AFFO per diluted weighted average share data:
Income per share attributable to common stockholders - basic	$ 1.22	$ 0.02	$ (0.06)	$ 0.01	$ 0.35	$ 0.07	$ 0.14	$ 0.02	$ 1.19	$ 0.55
(Income) from forfeited deposits									$ (1,205)
Single reportable segment
Segment Reporting Information [Line Items]
Net income									61,450	$ 31,681
(Gain) on disposition of assets, net									(54,148)	(36,133)
Depreciation, depletion and amortization									5,588	7,499
Impairment of assets									790	5,840
FFO									13,680	8,887
Stock-based compensation and incentive									1,963	2,008
Deferred impact of interest rate swap terminations										(198)
Real estate related acquisition and due diligence costs									28	17
Distributions on Preferred units and stock									(2,970)	(2,970)
Severance expense									1,373
AFFO									$ 14,074	$ 8,140
AFFO per diluted weighted average share data:
AFFO weighted average common shares									49,127	51,810
Income per share attributable to common stockholders - basic									$ 1.19	$ 0.55
Income available to redeemable non-controlling interest and non-controlling interest in operating partnership									0.07	0.08
Depreciation, depletion and amortization									0.11	0.14
Impairment of assets									0.02	0.11
Stock-based compensation and incentive									0.04	0.04
(Gain) on disposition of assets, net									(1.1)	(0.7)
Distributions on Preferred units and stock									(0.07)	(0.06)
Severance expense									0.03	0
AFFO per diluted weighted average share									$ 0.29	$ 0.16

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 16, 2024 property	Dec. 31, 2023 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue Recognition
Deferred revenue		$ 2,149	$ 65	$ 2,149
Deferred gain on sale		$ 2,100		2,100
Number of properties sold | property	54	2
Seller financing in real estate		$ 9,500
Gain on sale of seller financing			2,100
Revenues from the sale of harvested crops			5,000	2,300
Cost of harvested crops sold			$ 3,900	$ 4,800
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%
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, 2024	Dec. 31, 2023
Revenue Recognition
Rental income	$ 47,119	$ 49,185
Fixed Farm Rent
Revenue Recognition
Rental income	32,236	33,739
Solar, Wind and Recreation Rent
Revenue Recognition
Rental income	2,617	3,954
Tenant Reimbursements
Revenue Recognition
Rental income	2,714	3,428
Variable Rent
Revenue Recognition
Rental income	$ 9,552	$ 8,064

Revenue Recognition - Rental _2

Revenue Recognition - Rental income recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition.
Leases in effect at the beginning of the year	$ 40,978	$ 45,863
Leases entered into during the year	6,141	3,322
Rental income recognized	$ 47,119	$ 49,185

Revenue Recognition - Future mi

Revenue Recognition - Future minimum fixed rent payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Future minimum fixed rent payments
2025	$ 42,900
2026	22,733
2027	17,376
2028	12,043
2029	3,761
Thereafter	48,002
Total future minimum lease payments	$ 146,815

Revenue Recognition - Other Rev

Revenue Recognition - Other Revenues disaggregated by revenue source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other revenue
Revenue Recognition
Total other revenue	$ 6,080	$ 6,024
Auction and brokerage fees
Revenue Recognition
Total other revenue	1,382	1,138
Crop insurance proceeds
Revenue Recognition
Total other revenue	821	2,335
Property management income
Revenue Recognition
Total other revenue	1,009	890
Other (e.g., interest income)
Revenue Recognition
Total other revenue	$ 2,868	$ 1,661

Concentration Risk - Credit Ris

Concentration Risk - Credit Risk (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Concentration Risk
Rental income recognized		$ 47,119	$ 49,185
Tenant A
Concentration Risk
Rental income recognized	[1]	$ 10,309	$ 6,702
Approximate Percentage (%) of rental income	[1]	21.90%	13.60%
[1] The Company has numerous permanent crop leases with major farming companies located in California.

Concentration Risk - Geographic

Concentration Risk - Geographic Risk (Details) - Geographic concentration		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Approximate total acres
Concentration Risk
Concentration risk (as a percent)		100%	100%
Approximate total acres | Corn belt
Concentration Risk
Concentration risk (as a percent)		45.20%	33.60%
Approximate total acres | Delta and South
Concentration Risk
Concentration risk (as a percent)		9.60%	19.90%
Approximate total acres | High Plains
Concentration Risk
Concentration risk (as a percent)		22.30%	16.40%
Approximate total acres | Southeast
Concentration Risk
Concentration risk (as a percent)		10.90%	21.70%
Approximate total acres | West Coast
Concentration Risk
Concentration risk (as a percent)		12%	8.40%
Rental income
Concentration Risk
Concentration risk (as a percent)	[1]	100%	100%
Rental income | Corn belt
Concentration Risk
Concentration risk (as a percent)	[1]	40.30%	37.70%
Rental income | Delta and South
Concentration Risk
Concentration risk (as a percent)	[1]	8.40%	11.90%
Rental income | High Plains
Concentration Risk
Concentration risk (as a percent)	[1]	6%	9.10%
Rental income | Southeast
Concentration Risk
Concentration risk (as a percent)	[1]	15.70%	18.60%
Rental income | West Coast
Concentration Risk
Concentration risk (as a percent)	[1]	29.60%	22.70%
[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.

Related Party Transactions (Det

Related Party Transactions (Details) - American Agriculture Aviation, LLC - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jul. 21, 2015
Lease agreements
Related Party Transactions
Related party, transaction amount	$ 0
Lease agreements | Maximum
Related Party Transactions
Related party, transaction amount		$ 0.1
American Agriculture Corporation | Mr.Pittman
Related Party Transactions
Related party transaction, percentage of ownership interest held by related party			100%

Real Estate (Details)

Real Estate (Details) $ in Millions		3 Months Ended	12 Months Ended
	Oct. 16, 2024 USD ($) a property	Dec. 31, 2023 USD ($) property	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
Repurchase Options
Number of properties sold | property	54	2
Seller financing in real estate		$ 9.5
Deferred gain on sale		2.1		$ 2.1
Disposal group
Repurchase Options
Gain on sale			$ 49
Net income before income tax benefit attributable to disposed portfolio			$ 8.5	$ 8.4
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]			Gain (Loss) on Disposition of Assets	Gain (Loss) on Disposition of Assets
Net income			$ 8.3	$ 8.2
Corn Belt and Delta and South regions
Repurchase Options
Number of properties acquired | property			4	4
Aggregate purchase price			$ 17.9	$ 22.2
Intangible assets		0	$ 0	$ 0
Corn Belt And Delta And South And Southeast regions
Repurchase Options
Number of properties sold | property			54
Disposition of real estate			$ 312
Aggregate gain on sale			54.1
Deferred gain on sale			$ 2.1
Corn Belt, Delta and South, High Plains, Southeast and West Coast regions
Repurchase Options
Number of properties sold | property				74
Disposition of real estate				$ 195.5
Seller financing in real estate				11.8
Aggregate gain on sale				36.1
Deferred gain on sale		$ 2.1		$ 2.1
Farmland Reserve
Repurchase Options
Number of properties sold | property	46
Proceeds from sale of real estate	$ 289
Area of real estate property sold | a	41,554

Real Estate - Schedule of dispo

Real Estate - Schedule of disposal group (Details) - Disposal group $ in Thousands	Oct. 16, 2024 USD ($)
Land, at cost	$ 223,963
Grain facilities	4,654
Irrigation improvements	11,836
Drainage improvements	2,072
Other	693
Construction in progress	18
Real estate, at cost	243,236
Less accumulated depreciation	(5,016)
Total real estate, net	$ 238,220

Loans and Financing Receivabl_3

Loans and Financing Receivables (Details) $ in Thousands			1 Months Ended		12 Months Ended
	Nov. 18, 2022 item	Mar. 03, 2022 loan	Nov. 30, 2022 item	Aug. 31, 2015 USD ($)	Dec. 31, 2024 USD ($) item	Dec. 18, 2024	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest receivable (net prepaid interest and points)					$ (2,209)		$ 60
Allowance for credit losses					(281)		(168)	$ (92)
Total Loans and financing receivables, net					$ 55,305		31,020
Number of agriculture equipment dealerships | item	4		4		4
Renewal term	20 years
Discount percentage	6.15%
Discount rate						10%
Provision for loan receivable					$ 0		0
Notes receivable					48,700		24,500
Ohio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Renewal term	20 years
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					32,729		13,910
Allowance for credit losses					(49)		(76)
FPI Loan Program | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses					(100)		(100)
FPI Loan Program | Mortgage Note Maturing on 12/7/2028
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal					207		210
FPI Loan Program | Mortgage Note Maturing on 3/3/2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					1,842		1,900
Number of loans | loan		2
FPI Loan Program | Mortgage Note Maturing on 11/17/2028
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					1,800		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 financing receivable					500		500
FPI Loan Program | Mortgage Note Maturing on 1/31/2026
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal					22,000
FPI Loan Program | Mortgage Note Maturing on 1/31/2026 - 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total outstanding principal					6,380
Financing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					25,066		17,218
Allowance for credit losses					(232)		(92)
Financing Receivables | Ohio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of agriculture equipment dealerships | item	4
Financing Receivables | Financing Receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					5,947		5,920
Financing Receivables | Financing Receivable, net - 1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					4,497		4,498
Financing Receivables | Financing Receivable, net - 2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					3,565		3,563
Financing Receivables | Financing Receivable, net - 3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					3,231		$ 3,237
Financing Receivables | Financing Receivable, net maturing on 12/31/2029
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total financing receivable					$ 7,826
Renewal term						5 years

Loans and Financing Receivabl_4

Loans and Financing Receivables - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses
Amortized Cost	$ 55,586	$ 31,188
Allowance for credit losses	(281)	(168)	$ (92)
Loans and financing receivables, net	$ 55,305	$ 31,020
Allowance as a % of Amortized Cost	0.51%	0.54%
Loans under FPI Loan Program
Allowance for credit losses
Amortized Cost	$ 30,520	$ 13,970
Allowance for credit losses	(49)	(76)
Loans and financing receivables, net	$ 30,471	$ 13,894
Allowance as a % of Amortized Cost	0.16%	0.54%
Financing Receivables
Allowance for credit losses
Amortized Cost	$ 25,066	$ 17,218
Allowance for credit losses	(232)	(92)
Loans and financing receivables, net	$ 24,834	$ 17,126
Allowance as a % of Amortized Cost	0.93%	0.53%

Loans and Financing Receivabl_5

Loans and Financing Receivables - Allowance for Credit Loss Roll-Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Roll-forward of the allowance for credit losses
Balance at beginning of period	$ (168)	$ (92)
Initial allowance for financing / loan receivables	(140)	(76)
Current period change in credit allowance	10
Charge-offs	0	0
Recoveries	17
Balance at end of period	(281)	(168)
Maximum
Roll-forward of the allowance for credit losses
Recoveries	$ 100	$ 0

Loans and Financing Receivabl_6

Loans and Financing Receivables - Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Mortgage loan
Balance at beginning of year	$ 31,128	$ 22,011
Additions during year:
Issuance of loans and financing receivables	35,823	11,801
Interest accrued on financing receivables	1,116	1,054
Origination fees included in notes receivable	2,595
Additions during year (including opening balance)	70,662	34,866
Deductions during year:
Collections of principal on loans	11,835	2,707
Payments on financing receivables	1,032	1,031
Balance at end of year	$ 57,795	$ 31,128

Mortgage Notes, Lines of Cred_3

Mortgage Notes, Lines of Credit and Bonds Payable (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Oct. 17, 2024	Oct. 16, 2024
Mortgage notes payable
Principal outstanding			$ 204,574,000	$ 363,095,000
Book Value of Collateral			680,930,000
Debt issuance costs			(891,000)	(2,236,000)
Mortgage notes and bonds payable, net			203,683,000	360,859,000
Recognized non-cash loss			891,000
Debt issuance costs incurred			100,000	300,000
Accumulated amortization of deferred financing fees			2,600,000	1,900,000
Interest expense
Mortgage notes payable
Amortization expense			700,000	700,000
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument
Mortgage notes payable
Notional amount			$ 11,800,000
Farmer Mac Facility
Mortgage notes payable
Interest Rate (as a percent)			6.05%
Principal outstanding				30,000,000
Book Value of Collateral			$ 73,484,000
Remaining borrowing capacity			$ 42,400,000	43,100,000
Margin added to reference rate (as a percent)			1.50%
Additional bond purchase amount			$ 200
Farmer Mac Facility | Secured notes
Mortgage notes payable
Outstanding debt			$ 25,000,000	55,000,000
Margin added to reference rate (as a percent)			1.50%
Commitment fee percentage			0.20%
Farmer Mac Facility | Secured notes | Maximum
Mortgage notes payable
Loan-to-value ratio (as a percent)			60%
MetLife Facility
Mortgage notes payable
Interest Rate (as a percent)			6.76%
Book Value of Collateral			$ 79,929,000
Margin added to reference rate (as a percent)			2.10%
MetLife Facility | Term Loan
Mortgage notes payable
Outstanding debt			$ 167,800,000	257,600,000
Remaining borrowing capacity			$ 50,000,000
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
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Margin added to reference rate (as a percent)			210%
Amount borrowed			$ 50,000,000
Rutledge Credit Facilities
Mortgage notes payable
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Outstanding debt			$ 0	5,000,000
Remaining borrowing capacity			$ 75,000,000
Margin added to reference rate (as a percent)	140%		140%
Commitment fee percentage	0.20%
Elimination of annual reduction (in percent)	2.50%
Maximum borrowing capacity	$ 75,000,000
Recognized non-cash loss			$ 60,000
Farmer Mac Bond #6
Mortgage notes payable
Interest Rate (as a percent)			3.69%
Principal outstanding			$ 13,827,000	13,827,000
Book Value of Collateral			$ 5,069,000
Farmer Mac Bond #7
Mortgage notes payable
Interest Rate (as a percent)			3.68%
Principal outstanding			$ 11,160,000	11,160,000
MetLife Term Loan #1
Mortgage notes payable
Interest Rate (as a percent)			5.55%
Principal outstanding			$ 67,086,000	72,585,000
Book Value of Collateral			$ 102,171,000
MetLife Term Loan #4
Mortgage notes payable
Interest Rate (as a percent)			5.55%
Interest Rate Terms			3 years
Principal outstanding			$ 1,550,000	5,756,000
Book Value of Collateral			$ 3,366,000
MetLife Term Loan #5
Mortgage notes payable
Interest Rate (as a percent)			5.63%
Interest Rate Terms			3 years
Principal outstanding			$ 1,827,000	5,179,000
Book Value of Collateral			$ 7,378,000
MetLife Term Loan #6
Mortgage notes payable
Interest Rate (as a percent)			5.55%
Interest Rate Terms			3 years
Principal outstanding			$ 16,226,000	21,726,000
Book Value of Collateral			$ 26,230,000
MetLife Term Loan #7
Mortgage notes payable
Interest Rate (as a percent)			5.87%
Interest Rate Terms			3 years
Principal outstanding			$ 6,934,000	15,434,000
Book Value of Collateral			$ 12,120,000
MetLife Term Loan #8
Mortgage notes payable
Interest Rate (as a percent)			4.12%
Interest Rate Terms			10 years
Principal outstanding			$ 44,000,000	44,000,000
Book Value of Collateral			$ 110,042,000
Metlife Term Loan #9
Mortgage notes payable
Interest Rate (as a percent)			6.37%
Interest Rate Terms			3 years
Principal outstanding			$ 8,400,000	16,800,000
Book Value of Collateral			$ 16,865,000
Metlife Term Loan #10
Mortgage notes payable
Interest Rate (as a percent)			6.36%
Principal outstanding			$ 21,806,000	48,986,000
Book Value of Collateral			$ 36,711,000
Metlife Term Loan #11
Mortgage notes payable
Interest Rate (as a percent)			5.35%
Interest Rate Terms			3 years
Principal outstanding				12,750,000
Metlife Term Loan #12
Mortgage notes payable
Interest Rate (as a percent)			3.11%
Interest Rate Terms			3 years
Principal outstanding				14,359,000
Rabobank
Mortgage notes payable
Interest Rate (as a percent)			6.37%
Principal outstanding			$ 11,758,000	$ 45,533,000
Book Value of Collateral			$ 30,688,000
Margin added to reference rate (as a percent)			1.81%
Rabobank | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument
Mortgage notes payable
Notional amount			$ 11,800,000		$ 11,800,000	$ 33,200,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Derivative basis spread on variable rate			2.114%
Weighted average rate percentage			3.81%
Adjustment amount of notional amount			$ 11,800,000
Ratio of floating rate debt to total debt (as percent)			0%	5.70%
Rabobank | Secured notes
Mortgage notes payable
Outstanding debt			$ 11,800,000	$ 45,500,000
Amortization expense		$ 2,100,000
Rutledge Facility
Mortgage notes payable
Interest Rate (as a percent)			6.06%
Principal outstanding				$ 5,000,000
Book Value of Collateral			$ 176,877,000
Margin added to reference rate (as a percent)			1.40%

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, 2024	Dec. 31, 2023
Aggregate maturities of long-term debt
2025	$ 24,987
2026	68,636
2027	24,987
2028	20,158
Thereafter	65,806
Total	204,574
Level 3 | Mortgage notes payable | Fair value
Aggregate maturities of long-term debt
Fair value of debt	$ 193,500	$ 349,100

Commitments and Contingencies_2

Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)
Office Leases
Total lease cost	$ 300,000	$ 200,000
2025	221,000
Total lease payments	221,000
Less: imputed interest	(27,000)
Lease liability	194,000	399,000
Repurchase Options
Net book value of assets with unexercised options	700,000
Amount received from repurchase option on a property		3,500,000
Lease termination fee	800,000
Income from forfeited deposits	1,205,000
Safe Harbor plan
Employee Retirement Plan (401(k) Plan)
Accrued liability for safe harbor contributions	$ 100,000	$ 100,000
Minimum
Office Leases
Operating lease discount rate	3.35%
Maximum
Office Leases
Operating lease discount rate	6.47%
Office space and office equipment
Office Leases
Number of leases in place | lease	7
Office space and office equipment | Minimum
Office Leases
Amount of monthly payments	$ 206
Office space and office equipment | Maximum
Office Leases
Amount of monthly payments	$ 13,711

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-controlling Interests - Ownership Interests (Details) - Operating Partnership	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Parent ownership interest (as a percent)	97.50%	97.60%
Pittman Hough Farms
Noncontrolling Interest [Line Items]
Noncontrolling ownership interest (as a percent)	2.50%	2.40%

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-controlling Interests - Common Units in Operating Partnership (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Common stock | Share repurchase
Shareholders' Equity
Common stock upon redemption (in shares) | shares	0	34,000
Value of common stock upon redemption | $		$ 0.4
Noncontrolling interest | Maximum | Operating Partnership
Shareholders' Equity
Increase (decrease) to non-controlling interest | $	$ (0.1)	$ (0.1)
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 | shares	1,200,000	1,200,000

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-controlling Interests - Redeemable non-controlling interest (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	May 31, 2023 USD ($) shares	Sep. 01, 2022 USD ($) shares	May 19, 2022 USD ($) shares	Mar. 02, 2016 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Change in redeemable non-controlling interest
Opening balance					$ 101,970
Ending balance					$ 101,970	$ 101,970
Dividend paid (in dollars per share) | $ / shares					$ 0.45	$ 0.24
Redeemable Preferred OP Units | Preferred Share
Change in redeemable non-controlling interest
Opening balance					$ 101,970	$ 110,210
Opening balance (in shares) | shares					99,000	107,000
Distributions paid to non-controlling interest					$ (2,970)	$ (3,210)
Accrued distributions to non-controlling interest					2,970	$ 2,970
Redemption of preferred units (in shares) | shares						(8,000)
Redemption of preferred units						$ (8,000)
Ending balance					$ 101,970	$ 101,970
Ending balance (in shares) | shares					99,000	99,000
Series A Preferred Units
Stockholders' Equity and Non-controlling Interests
Liquidation preference | $ / shares				$ 1,000
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
Number of trading days					20 days
Ratio of OP units redeemable into common stock					1
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
Series A Preferred Units | Farm acquisitions
Stockholders' Equity and Non-controlling Interests
Liquidation value					$ 102,000	$ 102,000
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

Stockholders' Equity and Non-_6

Stockholders' Equity and Non-controlling Interests - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Stockholders' Equity and Non-controlling Interests
Dividends declared per common share									$ 1.39	$ 0.45
Dividend paid (in dollars per share)									$ 0.45	$ 0.24
Dividends Payable				$ 13,286					$ 57,253	$ 13,286
One-time special dividend 2023
Stockholders' Equity and Non-controlling Interests
Declaration Date				Dec. 12, 2023
Record Date				Dec. 29, 2023
Payment Date				Jan. 12, 2024
Dividend paid (in dollars per share)				$ 0.21
Q4 2023 ordinary dividends
Stockholders' Equity and Non-controlling Interests
Declaration Date				Oct. 24, 2023
Record Date				Jan. 02, 2024
Payment Date				Jan. 16, 2024
Dividend paid (in dollars per share)				$ 0.06
Q1 2024 ordinary dividends
Stockholders' Equity and Non-controlling Interests
Declaration Date			Feb. 27, 2024
Record Date			Apr. 01, 2024
Payment Date			Apr. 15, 2024
Dividend paid (in dollars per share)			$ 0.06
Q2 2024 ordinary dividends
Stockholders' Equity and Non-controlling Interests
Declaration Date		Apr. 29, 2024
Record Date		Jul. 01, 2024
Payment Date		Jul. 15, 2024
Dividend paid (in dollars per share)		$ 0.06
Q3 2024 ordinary dividends
Stockholders' Equity and Non-controlling Interests
Declaration Date	Jul. 23, 2024
Record Date	Oct. 01, 2024
Payment Date	Oct. 15, 2024
Dividend paid (in dollars per share)	$ 0.06
Q4 2022 ordinary dividends
Stockholders' Equity and Non-controlling Interests
Declaration Date								Oct. 24, 2022
Record Date								Jan. 02, 2023
Payment Date								Jan. 17, 2023
Dividend paid (in dollars per share)								$ 0.06
Q1 2023 ordinary dividends
Stockholders' Equity and Non-controlling Interests
Declaration Date							Feb. 21, 2023
Record Date							Apr. 03, 2023
Payment Date							Apr. 17, 2023
Dividend paid (in dollars per share)							$ 0.06
Q2 2023 ordinary dividends
Stockholders' Equity and Non-controlling Interests
Declaration Date						May 03, 2023
Record Date						Jul. 03, 2023
Payment Date						Jul. 17, 2023
Dividend paid (in dollars per share)						$ 0.06
Q3 2023 ordinary dividends
Stockholders' Equity and Non-controlling Interests
Declaration Date					Jul. 25, 2023
Record Date					Oct. 02, 2023
Payment Date					Oct. 16, 2023
Dividend paid (in dollars per share)					$ 0.06
Series A Preferred Units
Stockholders' Equity and Non-controlling Interests
Percentage of cumulative preferential dividends									3%
Distributions payable									$ 3,000
Common Units
Stockholders' Equity and Non-controlling Interests
Dividends declared per common share									$ 1.4
Dividends Payable									$ 57,300
Capital gain									87.34%
Ordinary income									12.66%
Common Units | One-time special dividend 2024
Stockholders' Equity and Non-controlling Interests
Dividends declared per common share									$ 1.15
Dividends Payable									$ 54,400

Stockholders' Equity and Non-_7

Stockholders' Equity and Non-controlling Interests - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Nov. 01, 2023	May 03, 2023	Nov. 07, 2019	Aug. 01, 2018	Dec. 31, 2024	Mar. 15, 2017
Stockholders' Equity and Non-controlling Interests
Increase in stock repurchase plan			$ 50
Share repurchase
Stockholders' Equity and Non-controlling Interests
Amount approved for share repurchase program	$ 85
Increase in stock repurchase plan	40	$ 75		$ 30
Stock Repurchase Program, Authorized Amount	$ 85
Share repurchase | Common stock
Stockholders' Equity and Non-controlling Interests
Shares repurchased (in shares)					2,240,295
Shares repurchased, weighted average price (in dollars per share)					$ 12.25
Amount of capacity under stock repurchase plan					$ 55.8
Maximum | Share repurchase
Stockholders' Equity and Non-controlling Interests
Amount approved for share repurchase program						$ 25
Stock Repurchase Program, Authorized Amount						$ 25

Stockholders' Equity and Non-_8

Stockholders' Equity and Non-controlling Interests - Equity Incentive Plan (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	May 06, 2022 USD ($)	May 07, 2021 shares
Weighted Average Grant Date Fair Value
Stock offering, maximum sales value | $			$ 100
Murray Wise Associates, LLC ("MWA")
Shareholders' Equity
Share-based compensation expense | $	$ 0	$ 0
MVA employees | Murray Wise Associates, LLC ("MWA")
Shareholders' Equity
Aggregate grant date fair value of shares issued | $	$ 3
Asset-under-management objectives	3 years
Restricted shares
Shareholders' Equity
Share-based compensation expense | $	$ 1.9	1.9
Weighted Average Grant Date Fair Value
Total unrecognized compensation costs related to non-vested stock awards | $	$ 2.3	$ 2.3
Weighted average period over which unrecognized compensation costs is expected to be recognized	1 year 7 months 6 days	1 year 7 months 6 days
Performance Based Unvested Restricted Shares
Number of Shares
Granted (in shares)	39
Unvested at the end of the period (in shares)	39
Weighted Average Grant Date Fair Value
Granted (in dollars per share) | $ / shares	$ 7.36
Unvested at the end of the period (in dollars per share) | $ / shares	$ 7.36
Performance period	3 years
Performance Based Unvested Restricted Shares | Maximum
Shareholders' Equity
Cumulative performance period ranges	150%
Performance Based Unvested Restricted Shares | Minimum
Shareholders' Equity
Cumulative performance period ranges	0%
Time Based Unvested Restricted Shares
Shareholders' Equity
Forfeited (in shares)		1
Number of Shares
Unvested at the beginning of the period (in shares)	347	260
Granted (in shares)	183	226
Vested (in shares)	(202)	(138)
Forfeited (in shares)		(1)
Unvested at the end of the period (in shares)	328	347
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 11.15	$ 10.88
Granted (in dollars per share) | $ / shares	11.26	10.92
Vested (in dollars per share) | $ / shares	11.25	10.28
Forfeited (in dollars per share) | $ / shares		12.26
Unvested at the end of the period (in dollars per share) | $ / shares	$ 11.15	$ 11.15
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
Number of shares available for future grant	200

Stockholders' Equity and Non-_9

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, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income available to common stockholders of Farmland Partners Inc. - basic	$ 57,563	$ 1,028	$ (2,769)	$ 606	$ 16,482	$ 3,446	$ 7,001	$ 857	$ 56,428	$ 27,786
Net income available to common stockholders of Farmland Partners Inc. - diluted									56,428	27,786
Distributions on Series A Preferred Units									2,970	2,970
Numerator for net income per share - diluted:									$ 59,398	$ 30,756
Denominator:
Weighted-average number of common shares - basic (in shares)	46,836	47,839	47,798	47,704	47,762	48,432	50,860	54,007	47,546	50,243
Redeemable non-controlling interest									8,441	8,049
Weighted-average number of common shares - diluted (in shares)	55,093	47,839	47,798	47,704	55,635	48,432	59,112	54,007	55,987	58,292
Income per share attributable to common stockholders - basic	$ 1.22	$ 0.02	$ (0.06)	$ 0.01	$ 0.35	$ 0.07	$ 0.14	$ 0.02	$ 1.19	$ 0.55
Income per share attributable to common stockholders - diluted	$ 1.04	$ 0.02	$ (0.06)	$ 0.01	$ 0.3	$ 0.07	$ 0.12	$ 0.02	$ 1.06	$ 0.53
Performance Based Unvested Restricted Shares
Numerator:
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares									$ 53
Time Based Unvested Restricted Shares
Numerator:
Dividend equivalent rights or nonforfeitable distributions allocated to unvested restricted shares									$ 460	$ 157

Stockholders' Equity and Non_10

Stockholders' Equity and Non-controlling Interests - Units held by the non-controlling interest (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Partnership
Excluded from diluted earnings per share calculation
Weighted average number of units	1.2	1.2

Stockholders' Equity and Non_11

Stockholders' Equity and Non-controlling Interests - Equity awards and units outstanding (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Equity awards and units outstanding	47,135	49,206
Unvested Restricted Stock Awards
Class of Stock [Line Items]
Equity awards and units outstanding	328	347
Common stock
Class of Stock [Line Items]
Equity awards and units outstanding	45,604	47,656
Common stock | Limited partner
Class of Stock [Line Items]
Equity awards and units outstanding	1,203	1,203

Hedge Accounting (Details)

Hedge Accounting (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item	Oct. 17, 2024 USD ($)	Oct. 16, 2024 USD ($)
Derivative Contracts
Fair value of derivative instruments	$ 498,000	$ 1,707,000
Amortization of OCI	114,000	(198,000)
Transfers Level 1 to Level 2	0
Transfers Level 2 to Level 1	0
Fair value transfers, net	0
Designated as Hedging Instrument | Interest rate contract
Derivative Contracts
Hedging transactions, net change	(1,100,000)	(800,000)
Amortization of frozen AOCI	$ (100,000)	$ 200,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative Contracts
Number of interest rate derivatives held | item	1	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	$ 2,600,000
Hedge termination fees	400,000	$ 400,000
Notional amount	11,800,000
Fair value of derivative instruments	498,000
Amortization of OCI	(100,000)	$ 200,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | Rabobank
Derivative Contracts
Terminated hedge fair value			$ 500,000
Notional amount	$ 11,800,000		11,800,000	$ 33,200,000
Floating rate exposure			$ 0

Hedge Accounting - Movements in

Hedge Accounting - Movements in Other Comprehensive Income Account (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Movements in other comprehensive income
Beginning accumulated derivative instrument gain or loss	$ 2,691	$ 3,306
Net change associated with current period hedging transactions	(1,065)	(813)
Amortization of frozen AOCI on de-designated hedge	(114)	198
Closing accumulated derivative instrument gain or loss	$ 1,512	$ 2,691

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, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Net income before income tax benefit	$ 60,211	$ 1,849	$ (2,053)	$ 1,427	$ 17,766	$ 4,124	$ 7,902	$ 1,723	$ 61,434	$ 31,515
TRS
Income Taxes
United States									(338)	(2,722)
Net income before income tax benefit									$ (338)	$ (2,722)

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, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Deferred:
Total Tax (Benefit) Expense	$ (45)	$ 11	$ (1)	$ 19	$ 12	$ (191)	$ 4	$ 9	$ (16)	$ (166)
TRS
Current:
Federal									2	(144)
State										(41)
Total Current Tax (Benefit) Expense									2	(185)
Deferred:
Federal									(18)	19
Total Tax (Benefit) Expense									$ (16)	$ (166)

Income Taxes - Schedule of TRS

Income Taxes - Schedule of TRS net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss	$ 1,986	$ 1,996
Stock Compensation	12	5
Deferred Revenue		3
Charitable Contributions	5	4
Total deferred tax assets	2,003	2,008
Deferred tax liabilities:
Fixed assets	(13)	(15)
Intangible Assets	(86)	(181)
Total deferred tax liabilities	(99)	(196)
Valuation Allowance	(1,925)	(1,851)
Net deferred taxes	$ (21)	$ (39)

Income Taxes - Additional infor

Income Taxes - Additional information (Details) - TRS $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Income Taxes
Increase in valuation allowance	$ 0.1
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, 2024 USD ($)
Federal | Tax Year 2017
Income Taxes
Net operating losses	$ 7,683
State
Income Taxes
Net operating losses	$ 5,386

Income Taxes - Components of in

Income Taxes - Components of income tax rate (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Total Tax (Benefit) Expense	$ (45)	$ 11	$ (1)	$ 19	$ 12	$ (191)	$ 4	$ 9	$ (16)	$ (166)
TRS
Income Taxes
Statutory Rate									(71)	(571)
State Tax									(19)	(191)
Valuation Allowance									74	596
Total Tax (Benefit) Expense									$ (16)	$ (166)
Statutory Rate									21%	21%
State Tax									5.62%	7.02%
Valuation Allowance									(21.89%)	(21.92%)
Total									4.73%	6.10%

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, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Operating revenues	$ 21,474	$ 13,317	$ 11,445	$ 11,990	$ 21,592	$ 11,618	$ 11,584	$ 12,672	$ 58,226	$ 57,466
Operating expenses	10,397	8,094	8,205	6,843	11,201	11,603	8,828	7,835	33,539	39,467
Other expenses	(49,134)	3,374	5,293	3,720	(7,375)	(4,109)	(5,146)	3,114	(36,747)	(13,516)
Net income (loss) before income tax expense	60,211	1,849	(2,053)	1,427	17,766	4,124	7,902	1,723	61,434	31,515
Income tax expense	45	(11)	1	(19)	(12)	191	(4)	(9)	16	166
NET INCOME	60,256	1,838	(2,052)	1,408	17,754	4,315	7,898	1,714	61,450	31,681
Net income available to common stockholders of Farmland Partners Inc. - basic	$ 57,563	$ 1,028	$ (2,769)	$ 606	$ 16,482	$ 3,446	$ 7,001	$ 857	$ 56,428	$ 27,786
Basic net income (loss) per share available to common stockholders	$ 1.22	$ 0.02	$ (0.06)	$ 0.01	$ 0.35	$ 0.07	$ 0.14	$ 0.02	$ 1.19	$ 0.55
Diluted net income (loss) per share available to common stockholders	$ 1.04	$ 0.02	$ (0.06)	$ 0.01	$ 0.3	$ 0.07	$ 0.12	$ 0.02	$ 1.06	$ 0.53
Basic weighted average common shares outstanding (in shares)	46,836	47,839	47,798	47,704	47,762	48,432	50,860	54,007	47,546	50,243
Diluted weighted average common shares outstanding (in shares)	55,093	47,839	47,798	47,704	55,635	48,432	59,112	54,007	55,987	58,292
Gain (loss) on disposition of assets									$ 54,148	$ 36,133
Other Expense
Gain (loss) on disposition of assets	$ (52,200)	$ (2,000)	$ 0	$ 100	$ 12,900	$ 10,300	$ 11,100	$ 1,800

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Feb. 18, 2025 $ / shares	Jan. 01, 2025 USD ($) loan item $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares
Subsequent Events
Paid dividends				$ 21,630	$ 12,273
Dividend paid (in dollars per share) | $ / shares				$ 0.45	$ 0.24
Seller financing in real estate			$ 9,500
Total principal repayments		$ 2,000
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | Rabobank
Subsequent Events
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				us-gaap:SecuredOvernightFinancingRateSofrMember
Share repurchase | Common stock
Subsequent Events
Shares repurchased | shares				2,240,295
Shares repurchased, weighted average price (in dollars per share) | $ / shares				$ 12.25
Subsequent event
Subsequent Events
Paid dividends		57,200
Seller financing in real estate		2,100
Proceeds from sale of real estate		$ 4,100
Number of dispositions | item		1
Number of loans | loan		2
Total outstanding principal		$ 3,100
Subsequent event | Metlife Term Loan #9
Subsequent Events
Repayments of long-term debt		$ 2,000
Subsequent event | Share repurchase | Common stock
Subsequent Events
Shares repurchased | shares		63,023
Shares repurchased, weighted average price (in dollars per share) | $ / shares		$ 11.74
Loans under FPI Loan Program
Subsequent Events
Total outstanding principal			$ 13,910	$ 32,729	$ 13,910
One-time special dividend 2024 | Subsequent event
Subsequent Events
Paid dividends		$ 54,400
Dividend paid (in dollars per share) | $ / shares		$ 1.15
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, 2024 USD ($) a item
Real estate and accumulated depreciation
Encumbrances	$ 204,574
Initial Cost to Company
Land	651,440
Improvements	82,137
Total	733,577
Cost Capitalized Subsequent to Acquisition
Land	(5,846)
Improvements	20,327
Total	14,481
Gross Amount at Which Carried at Close of Period
Land	645,592
Improvements	102,215
Total	747,807
Accumulated depreciation	$ 31,501
Area of real estate property | a	93,500
Other.
Initial Cost to Company
Land	$ 43,651
Improvements	1,642
Total	45,293
Cost Capitalized Subsequent to Acquisition
Land	(6,507)
Improvements	495
Total	(6,012)
Gross Amount at Which Carried at Close of Period
Land	37,142
Improvements	1,888
Total	39,030
Accumulated depreciation	$ 478
SEC Schedule III Real Estate Number of Farms | item	83
SEC Schedule III Real Estate Number of States | item	6
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	400
Farmer Mac Bond #7.
Real estate and accumulated depreciation
Encumbrances	11,160
Farmer Mac Facility
Real estate and accumulated depreciation
Encumbrances	0
Farmer Mac Facility | Other.
Real estate and accumulated depreciation
Encumbrances	6,800
MetLife Term Loan #1
Real estate and accumulated depreciation
Encumbrances	67,086
MetLife Term Loan #1 | Other.
Real estate and accumulated depreciation
Encumbrances	15,100
MetLife Term Loan #4
Real estate and accumulated depreciation
Encumbrances	1,550
MetLife Term Loan #4 | Other.
Real estate and accumulated depreciation
Encumbrances	2,500
MetLife Term Loan #5
Real estate and accumulated depreciation
Encumbrances	1,827
MetLife Term Loan #5 | Other.
Real estate and accumulated depreciation
Encumbrances	1,300
MetLife Term Loan #6
Real estate and accumulated depreciation
Encumbrances	16,226
MetLife Term Loan #7
Real estate and accumulated depreciation
Encumbrances	6,934
MetLife Term Loan #8
Real estate and accumulated depreciation
Encumbrances	44,000
Metlife Term Loan #9
Real estate and accumulated depreciation
Encumbrances	8,400
Metlife Term Loan #10
Real estate and accumulated depreciation
Encumbrances	21,806
Metlife Term Loan #11
Real estate and accumulated depreciation
Encumbrances	0
Metlife Term Loan #12
Real estate and accumulated depreciation
Encumbrances	0
Met Life Facility
Real estate and accumulated depreciation
Encumbrances	0
Rabobank
Real estate and accumulated depreciation
Encumbrances	11,758
Rutledge Facility
Real estate and accumulated depreciation
Encumbrances	0
Rutledge Facility | Other.
Real estate and accumulated depreciation
Encumbrances	4,100
Rabo Agrifinance Note | Other.
Real estate and accumulated depreciation
Encumbrances	3,700
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	$ 6
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	312
Total	312
Gross Amount at Which Carried at Close of Period
Land	5,773
Improvements	6,650
Total	12,423
Accumulated depreciation	$ 980
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	2,593
Total	2,593
Gross Amount at Which Carried at Close of Period
Land	29,677
Improvements	3,024
Total	32,701
Accumulated depreciation	$ 727
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	$ 664
Life on Which Depreciation in Latest Income Statements is Computed	26 years
Illinois | Farm three
Initial Cost to Company
Land	$ 14,188
Improvements	110
Total	14,298
Gross Amount at Which Carried at Close of Period
Land	14,188
Improvements	110
Total	14,298
Accumulated depreciation	$ 19
Life on Which Depreciation in Latest Income Statements is Computed	6 years
Illinois | Farm four
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	$ 43
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Illinois | Farm five
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	$ 78
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois | Farm six
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 seven
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	$ 279
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Illinois | Farm eight
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	$ 37
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois | Farm nine
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	$ 23
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm ten
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	$ 10
Life on Which Depreciation in Latest Income Statements is Computed	5 years
Illinois | Farm eleven
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 twelve
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 thirteen
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 fourteen
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 fifteen
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	$ 315
Life on Which Depreciation in Latest Income Statements is Computed	38 years
Illinois | Farm sixteen
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 seventeen
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	$ 806
Life on Which Depreciation in Latest Income Statements is Computed	38 years
Illinois | Farm eighteen
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	$ 3
Life on Which Depreciation in Latest Income Statements is Computed	12 years
Illinois | Farm nineteen
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	$ 4
Life on Which Depreciation in Latest Income Statements is Computed	10 years
Illinois | Farm twenty
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	$ 258
Life on Which Depreciation in Latest Income Statements is Computed	16 years
Illinois | Farm twenty one
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	$ 17
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois | Farm twenty two
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 three
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 four
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 five
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 six
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	$ 31
Life on Which Depreciation in Latest Income Statements is Computed	7 years
Illinois | Farm twenty seven
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	$ 31
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm twenty eight
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
Illinois | Farm twenty nine
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	$ 38
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm thirty
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 one
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 two
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 three
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 four
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	$ 3
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Illinois | Farm thirty five
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 six
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 seven
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	$ 44
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois | Farm thirty eight
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	$ 38
Life on Which Depreciation in Latest Income Statements is Computed	34 years
Illinois | Farm thirty nine
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	$ 20
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois | Farm forty
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	$ 10
Life on Which Depreciation in Latest Income Statements is Computed	7 years
Illinois | Farm forty one
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 two
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	$ 97
Life on Which Depreciation in Latest Income Statements is Computed	35 years
Illinois | Farm forty three
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 four
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 five
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	$ 37
Life on Which Depreciation in Latest Income Statements is Computed	25 years
Illinois | Farm forty six
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 seven
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 eight
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 nine
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 fifty
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 one
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 two
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 three
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 four
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	$ 17
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm fifty five
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 six
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 seven
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 eight
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 nine
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	$ 34
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois | Farm sixty
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 one
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	$ 36
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Illinois | Farm sixty two
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 three
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
Accumulated depreciation	$ 6
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Illinois | Farm sixty four
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	$ 19
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm sixty five
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 six
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 seven
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 eight
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	$ 5
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm sixty nine
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	$ 71
Life on Which Depreciation in Latest Income Statements is Computed	35 years
Illinois | Farm seventy
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 one
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 two
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 three
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 four
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 five
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 six
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	$ 20
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois | Farm seventy seven
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 eight
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 nine
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	$ 14
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Illinois | Farm eighty
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	$ 69
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois | Farm eighty one
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 two
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	$ 25
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm eighty three
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 four
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 five
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	$ 11
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm eighty six
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 seven
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 eight
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	$ 18
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Illinois | Farm eighty nine
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	$ 12
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois | Farm ninety
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 one
Initial Cost to Company
Land	$ 1,128
Total	1,128
Gross Amount at Which Carried at Close of Period
Land	1,128
Total	1,128
Illinois | Farm ninety two
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 three
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 four
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	$ 13
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois | Farm ninety five
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 six
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	$ 9
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm ninety seven
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 eight
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 nine
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	$ 11
Life on Which Depreciation in Latest Income Statements is Computed	32 years
Illinois | Farm one hundred
Initial Cost to Company
Land	$ 982
Total	982
Gross Amount at Which Carried at Close of Period
Land	982
Total	982
Illinois | Farm one hundred and one
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 and two
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 three
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 four
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	$ 14
Life on Which Depreciation in Latest Income Statements is Computed	40 years
Illinois | Farm one hundred and five
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 six
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 seven
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	$ 7
Life on Which Depreciation in Latest Income Statements is Computed	13 years
Illinois | Farm one hundred and eight
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	$ 28
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Illinois | Farm one hundred and nine
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	$ 2
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Illinois | Farm one hundred and ten
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	$ 2
Life on Which Depreciation in Latest Income Statements is Computed	48 years
Illinois | Farm one hundred and eleven
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	$ 10
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and twelve
Initial Cost to Company
Land	$ 865
Total	865
Gross Amount at Which Carried at Close of Period
Land	865
Total	865
Illinois | Farm one hundred and thirteen
Initial Cost to Company
Land	856
Improvements	55
Total	911
Cost Capitalized Subsequent to Acquisition
Improvements	(47)
Total	(47)
Gross Amount at Which Carried at Close of Period
Land	856
Improvements	8
Total	864
Accumulated depreciation	$ 2
Life on Which Depreciation in Latest Income Statements is Computed	30 years
Illinois | Farm one hundred and fourteen
Initial Cost to Company
Land	$ 858
Total	858
Gross Amount at Which Carried at Close of Period
Land	858
Total	858
Illinois | Farm one hundred and fifteen
Initial Cost to Company
Land	855
Total	855
Gross Amount at Which Carried at Close of Period
Land	855
Total	855
Illinois | Farm one hundred and sixteen
Initial Cost to Company
Land	644
Improvements	93
Total	737
Cost Capitalized Subsequent to Acquisition
Improvements	115
Total	115
Gross Amount at Which Carried at Close of Period
Land	644
Improvements	208
Total	852
Accumulated depreciation	$ 56
Life on Which Depreciation in Latest Income Statements is Computed	42 years
Illinois | Farm one hundred and seventeen
Initial Cost to Company
Land	$ 700
Improvements	110
Total	810
Cost Capitalized Subsequent to Acquisition
Improvements	20
Total	20
Gross Amount at Which Carried at Close of Period
Land	700
Improvements	130
Total	830
Accumulated depreciation	$ 46
Life on Which Depreciation in Latest Income Statements is Computed	50 years
Illinois | Farm one hundred and eighteen
Initial Cost to Company
Land	$ 829
Total	829
Gross Amount at Which Carried at Close of Period
Land	829
Total	829
Illinois | Farm one hundred and nineteen
Initial Cost to Company
Land	825
Total	825
Gross Amount at Which Carried at Close of Period
Land	825
Total	825
Illinois | Farm one hundred and twenty
Initial Cost to Company
Land	776
Improvements	47
Total	823
Gross Amount at Which Carried at Close of Period
Land	776
Improvements	47
Total	823
Accumulated depreciation	$ 17
Life on Which Depreciation in Latest Income Statements is Computed	25 years
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	$ 73
Life on Which Depreciation in Latest Income Statements is Computed	6 years
South Carolina | Farm one
Initial Cost to Company
Land	$ 7,904
Improvements	133
Total	8,037
Cost Capitalized Subsequent to Acquisition
Improvements	72
Total	72
Gross Amount at Which Carried at Close of Period
Land	7,904
Improvements	205
Total	8,109
Accumulated depreciation	$ 40
Life on Which Depreciation in Latest Income Statements is Computed	23 years
South Carolina | Farm two
Initial Cost to Company
Land	$ 1,321
Improvements	91
Total	1,412
Cost Capitalized Subsequent to Acquisition
Land	246
Improvements	997
Total	1,243
Gross Amount at Which Carried at Close of Period
Land	1,567
Improvements	1,088
Total	2,655
Accumulated depreciation	$ 156
Life on Which Depreciation in Latest Income Statements is Computed	32 years
South Carolina | Farm three
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	$ 145
Life on Which Depreciation in Latest Income Statements is Computed	39 years
South Carolina | Farm four
Initial Cost to Company
Land	$ 1,303
Improvements	225
Total	1,528
Cost Capitalized Subsequent to Acquisition
Improvements	265
Total	265
Gross Amount at Which Carried at Close of Period
Land	1,303
Improvements	490
Total	1,793
Accumulated depreciation	$ 93
Life on Which Depreciation in Latest Income Statements is Computed	34 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	$ 19
Life on Which Depreciation in Latest Income Statements is Computed	39 years
Colorado | Farm two
Initial Cost to Company
Land	$ 3,388
Improvements	147
Total	3,535
Cost Capitalized Subsequent to Acquisition
Improvements	2,179
Total	2,179
Gross Amount at Which Carried at Close of Period
Land	3,388
Improvements	2,326
Total	5,714
Accumulated depreciation	$ 499
Life on Which Depreciation in Latest Income Statements is Computed	21 years
Colorado | Farm three
Initial Cost to Company
Land	$ 793
Improvements	4,731
Total	5,524
Cost Capitalized Subsequent to Acquisition
Improvements	173
Total	173
Gross Amount at Which Carried at Close of Period
Land	793
Improvements	4,904
Total	5,697
Accumulated depreciation	$ 643
Life on Which Depreciation in Latest Income Statements is Computed	22 years
Colorado | Farm four
Initial Cost to Company
Land	$ 4,156
Improvements	1,280
Total	5,436
Cost Capitalized Subsequent to Acquisition
Improvements	(6)
Total	(6)
Gross Amount at Which Carried at Close of Period
Land	4,156
Improvements	1,274
Total	5,430
Accumulated depreciation	$ 408
Life on Which Depreciation in Latest Income Statements is Computed	28 years
Colorado | Farm five
Initial Cost to Company
Land	$ 3,566
Improvements	359
Total	3,925
Cost Capitalized Subsequent to Acquisition
Improvements	130
Total	130
Gross Amount at Which Carried at Close of Period
Land	3,566
Improvements	489
Total	4,055
Accumulated depreciation	$ 167
Life on Which Depreciation in Latest Income Statements is Computed	20 years
Colorado | Farm six
Initial Cost to Company
Land	$ 1,995
Improvements	84
Total	2,079
Cost Capitalized Subsequent to Acquisition
Improvements	504
Total	504
Gross Amount at Which Carried at Close of Period
Land	1,995
Improvements	588
Total	2,583
Accumulated depreciation	$ 246
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	1,760
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	$ 67
Life on Which Depreciation in Latest Income Statements is Computed	23 years
Colorado | Farm nine
Initial Cost to Company
Land	$ 1,810
Improvements	210
Total	2,020
Cost Capitalized Subsequent to Acquisition
Improvements	(129)
Total	(129)
Gross Amount at Which Carried at Close of Period
Land	1,810
Improvements	81
Total	1,891
Accumulated depreciation	$ 30
Life on Which Depreciation in Latest Income Statements is Computed	18 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	$ 19
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
Land	10
Improvements	62
Total	72
Gross Amount at Which Carried at Close of Period
Land	819
Improvements	203
Total	1,022
Accumulated depreciation	$ 65
Life on Which Depreciation in Latest Income Statements is Computed	31 years
Indiana | Farm twenty five
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
Arkansas | Farm one
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	$ 114
Life on Which Depreciation in Latest Income Statements is Computed	15 years
Arkansas | Farm two
Initial Cost to Company
Land	$ 1,575
Improvements	60
Total	1,635
Gross Amount at Which Carried at Close of Period
Land	1,575
Improvements	60
Total	$ 1,635
Life on Which Depreciation in Latest Income Statements is Computed	10 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	1,782
Total	1,782
Gross Amount at Which Carried at Close of Period
Land	19,925
Improvements	13,303
Total	33,228
Accumulated depreciation	$ 6,221
Life on Which Depreciation in Latest Income Statements is Computed	17 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	991
Total	991
Gross Amount at Which Carried at Close of Period
Land	7,647
Improvements	12,509
Total	20,156
Accumulated depreciation	$ 3,453
Life on Which Depreciation in Latest Income Statements is Computed	24 years
California | Farm six
Initial Cost to Company
Land	$ 10,935
Improvements	6,878
Total	17,813
Cost Capitalized Subsequent to Acquisition
Improvements	409
Total	409
Gross Amount at Which Carried at Close of Period
Land	10,935
Improvements	7,287
Total	18,222
Accumulated depreciation	$ 2,792
Life on Which Depreciation in Latest Income Statements is Computed	28 years
California | Farm seven
Initial Cost to Company
Land	$ 9,998
Improvements	8,116
Total	18,114
Cost Capitalized Subsequent to Acquisition
Improvements	(488)
Total	(488)
Gross Amount at Which Carried at Close of Period
Land	9,998
Improvements	7,628
Total	17,626
Accumulated depreciation	$ 3,131
Life on Which Depreciation in Latest Income Statements is Computed	19 years
California | Farm eight
Initial Cost to Company
Land	$ 8,326
Improvements	6,075
Total	14,401
Cost Capitalized Subsequent to Acquisition
Improvements	2,649
Total	2,649
Gross Amount at Which Carried at Close of Period
Land	8,326
Improvements	8,724
Total	17,050
Accumulated depreciation	$ 1,783
Life on Which Depreciation in Latest Income Statements is Computed	27 years
California | Farm nine
Initial Cost to Company
Land	$ 11,888
Improvements	3,398
Total	15,286
Cost Capitalized Subsequent to Acquisition
Improvements	789
Total	789
Gross Amount at Which Carried at Close of Period
Land	11,888
Improvements	4,187
Total	16,075
Accumulated depreciation	$ 1,739
Life on Which Depreciation in Latest Income Statements is Computed	20 years
California | Farm ten
Initial Cost to Company
Land	$ 8,340
Improvements	4,546
Total	12,886
Cost Capitalized Subsequent to Acquisition
Improvements	(2,345)
Total	(2,345)
Gross Amount at Which Carried at Close of Period
Land	8,340
Improvements	2,201
Total	10,541
Accumulated depreciation	$ 807
Life on Which Depreciation in Latest Income Statements is Computed	23 years
California | Farm eleven
Initial Cost to Company
Land	$ 9,534
Improvements	263
Total	9,797
Cost Capitalized Subsequent to Acquisition
Improvements	(31)
Total	(31)
Gross Amount at Which Carried at Close of Period
Land	9,534
Improvements	232
Total	9,766
Accumulated depreciation	$ 154
Life on Which Depreciation in Latest Income Statements is Computed	17 years
California | Farm twelve
Initial Cost to Company
Land	$ 6,191
Improvements	2,772
Total	8,963
Cost Capitalized Subsequent to Acquisition
Improvements	(70)
Total	(70)
Gross Amount at Which Carried at Close of Period
Land	6,191
Improvements	2,702
Total	8,893
Accumulated depreciation	$ 1,181
Life on Which Depreciation in Latest Income Statements is Computed	15 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	$ 148
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	$ 641
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	$ 436
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	333
Total	333
Gross Amount at Which Carried at Close of Period
Land	967
Improvements	1,690
Total	2,657
Accumulated depreciation	$ 510
Life on Which Depreciation in Latest Income Statements is Computed	27 years
Nebraska | Farm one
Initial Cost to Company
Land	$ 1,608
Improvements	32
Total	1,640
Cost Capitalized Subsequent to Acquisition
Improvements	98
Total	98
Gross Amount at Which Carried at Close of Period
Land	1,608
Improvements	130
Total	1,738
Accumulated depreciation	$ 40
Life on Which Depreciation in Latest Income Statements is Computed	23 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, 2024	Dec. 31, 2023
Real estate:
Balance at beginning of year	$ 990,052	$ 1,129,485
Additions during period
Additions through construction of improvements	4,305	10,424
Disposition of property and improvements	(264,291)	(165,335)
Acquisitions through business combinations and/or asset acquisitions	17,891	22,171
Impairment of assets	(150)	(6,693)
Balance at end of year	747,807	990,052
Accumulated depreciation:
Balance at beginning of year	33,048	38,433
Disposition of improvements	(7,114)	(12,010)
Additions charged to costs and expenses	5,567	7,478
Impairment of assets		(853)
Balance at end of year	31,501	33,048
Real Estate and Accumulated Depreciation balance per consolidated balance sheet
Real Estate balance per schedule	747,807	990,052
Construction in progress	1,484	4,453
Other non-real estate	109	109
Balance per consolidated balance sheet	749,400	994,614
Accumulated depreciation per schedule	31,501	33,048
Other non-real estate	56	35
Balance per consolidated balance sheet	$ 31,557	$ 33,083