Farmland Partners Inc. (FPI)

REITs trade at large discounts to their net asset values. They are increasingly becoming targets for activists and private equity. I discuss 3 REITs that are likely buyout targets.

Farmland Partners (FPI) is deeply undervalued, trading at a significant discount to its estimated asset value of $13–$20 per share. FPI's fundamentals remain strong: farmland values and AFFO per share are rising, while the stock price has dropped due to short-term market fears. Recent asset sales funded accretive share buybacks, debt reduction, and special dividends, further enhancing FPI's value for shareholders.

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Farmland Partners is undergoing a major transformation, shifting from owning farmland to focusing on management and reducing leverage. FPI has aggressively sold acreage to pay down debt, but revenue and profitability remain volatile, largely driven by asset sales rather than core operations. Despite management's progress, FPI trades at high valuation multiples, making the stock appear expensive relative to its underlying assets and earnings.

Farmland Partners gets a hold/neutral rating for my initial coverage, agreeing with today's consensus from analysts and the quant rating. This farmland REIT's upside potential is in its diversified national portfolio and potential future land values, but also low vacancy rates and scarcity of arable farmland for producing food. Other positives were FFO and operating cash flow growth, and a low debt-to-equity, but EBITDA margin and dividend growth could improve.

Farmland Partners offers modest regular dividends but consistently supplements returns with special dividends from profitable land sales, differentiating it from peers. FPI's Q3 2025 results showed stable AFFO growth, significant debt reduction, and ongoing share buybacks, with management raising full-year AFFO guidance. Unlike Gladstone Land, FPI's strategy relies on asset sales and value unlocks, making its total yield higher than the headline dividend suggests.

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Asset Management One Co. Ltd. lowered its stake in Farmland Partners Inc. (NYSE: FPI) by 11.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,469 shares of the financial services provider's stock after selling 7,136 shares during the period.

Farmland Partners Inc. ( FPI ) Q3 2025 Earnings Call October 30, 2025 11:00 AM EDT Company Participants Luca Fabbri - CEO, President & Non-Independent Director Christine Garrison - General Counsel & Secretary Paul Pittman - Executive Chairman Susan Landi - CFO & Treasurer Conference Call Participants Robert Stevenson - Janney Montgomery Scott LLC, Research Division Craig Kucera - Lucid Capital Markets, LLC, Research Division John Massocca - B. Riley Securities, Inc., Research Division Tousley Hyde - Raymond James & Associates, Inc., Research Division Presentation Operator Good day, everyone, and thank you for joining this Farmland Partners Inc. Q3 2025 Earnings Call.

Farmland Partners (FPI) came out with quarterly funds from operations (FFO) of $0.07 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to FFO of $0.03 per share a year ago.

DENVER--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial results for the quarter ended September 30, 2025. Selected Highlights During the quarter ended September 30, 2025, the Company: recorded net income of $0.5 million, or $0.00 per share available to common stockholders, compared to $1.8 million, or $0.02 per share available to common stockholders for the same period in 2024; recorded AFFO of $2.9 million, or $0.07 per share, compared to $.

DENVER--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (the “Company”) today announced it will release its financial results for the quarter ended September 30, 2025, after 5 p.m. (Eastern Time) on Wednesday, October 29, 2025, and will host a conference call the following day, Thursday, October 30, 2025, at 11:00 a.m. (Eastern Time) to discuss the financial results and provide a company update. The call can be accessed live over the phone by dialing 1-800-715-9871 and using the conference.

Transaction includes transition of select farmland assets for management by Peoples Company; Acquisition reflects broader industry trend toward specialized farm management solutions CLIVE, Iowa , Oct. 22, 2025 /PRNewswire/ -- Peoples Company, a recognized leader in integrated land management, brokerage, appraisal, and energy solutions with offices across the nation, today announced the pending acquisition of Murray Wise Associates, LLC (MWA) from Farmland Partners Inc (NYSE: FPI). The transaction, effective November 15, 2025, includes the engagement of Peoples Company for the ongoing management of select non-core farmland assets.

Share buybacks do not always move the needle. But some REITs are aggressively selling assets to fund large buybacks. These REITs are creating a lot of value that could lead to significant upside over the coming years.

The Dividend Power strategy highlights 35 high-yield stocks, with 12 'safer' picks offering free cash flow yields above dividend yields and fair valuations. Top five 'safer' Dividend Power stocks for September are Carlyle Secured Lending (CGBD), Stellus Capital (SCM), Blue Owl Capital (OBDC), SLR Investment (SLRC), and Seven Hills Realty (SEVN). Analyst projections suggest the top ten Dividend Power stocks could deliver average net gains of 43.3% by September 2026, though risk and volatility vary.

M&A activity in REITs is accelerating due to deep discounts to NAV, strong property fundamentals, and abundant capital from PE and large REITs. High-performing, discounted REITs are prime buyout targets, especially in industrial, shopping center, and multifamily sectors where transaction volumes are rising. To capture buyout upside, I focus on large NAV discounts, high-quality properties, and special situations offering synergy or enhanced value to buyers.