Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets. As of December 31, 2025, the Company owned and/or managed approximately 71,600 acres of farmland in 11 states, …
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Competitive advantage assessment
Key strengths
Conservative LeverageLeverage is conservative (score 0.85), providing refinancing flexibility.
Strong NOI MarginsNOI margins are strong (score 0.74), demonstrating rent pricing power.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Farmland Partners Inc. ranks #5 of 21
scored companies in REIT - Specialty by moat score — the top 24%.
The widest moat in the group is Gaming and Leisure Properties, (GLPI)
at 85/100.
Moat scores for companies ranked near FPI in REIT - Specialty
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 53
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 90
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 50
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 61
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 56
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
Farmland Partners Inc. (FPI) scores 64 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #5 of 21 scored companies in REIT - Specialty, the top 24%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Specialty. Its strongest defense is Balance Sheet & Cost of Capital (90/100) and its weakest is Capital Recycling & Growth (50/100).
How does Farmland Partners Inc. compare with other REIT - Specialty companies?
Farmland Partners Inc. ranks #5 of 21 scored companies in REIT - Specialty by moat score. The widest moat in REIT - Specialty is Gaming and Leisure Properties, (GLPI) at 84/100. The companies ranked closest are Equinix, Inc. (EQIX) at 66 just above it and EPR Properties (EPR) at 63 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Specialty. The defenses are then weighted to produce the overall score out of 100.
Why is Farmland Partners Inc. scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Farmland Partners Inc.?
The REIT Specialized template measures 6 defenses, and FPI scores: Rent Pricing Power (70), AFFO Strength (53), Balance Sheet & Cost of Capital (90), Capital Recycling & Growth (50), Operational Efficiency (61), Portfolio Quality & Diversification (56). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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