Farmland Partners is an internally managed REIT that owns and leases farmland across the U.S., functioning purely as a landlord — tenants conduct all farming operations. The company owns approximately 71,600 acres across 11 states, concentrated in the Illinois Corn Belt, with additional holdings in California, the Delta and South, High Plains, and Southeast. The portfolio is split roughly 60% primary crops (corn, soybeans, wheat, rice, and cotton) and 40% specialty crops (almonds, pistachios, citrus, and avocados) by value. Most leases run one to three years, with fixed rents renegotiated at expiration. Beyond core leasing, Farmland Partners also directly farms approximately 1,845 acres in California through its taxable REIT subsidiary, runs a loan program to landowners and farmers secured by farmland and agricultural assets, leases land for renewable energy production, and owns real estate leased to four John Deere dealerships in Ohio. The company has been actively shrinking and simplifying its portfolio for several years — selling lower-quality or water-challenged assets, particularly in California and Colorado — while concentrating owned holdings in Illinois, which management views as the highest-quality and most liquid farmland market. Capital from asset sales is deployed into share buybacks and special dividends, as management believes the stock trades at a meaningful discount to NAV. The FPI Loan Program has been intentionally grown to generate higher current yield and cover fixed overhead as the owned portfolio contracts.