Farmland Partners vs Innovative Industrial Properties
Innovative Industrial Properties is the larger business, with $266m of revenue in fiscal 2025 against $52.2m for Farmland Partners (5.1 times as much). Farmland Partners grew faster (-10.4% against -13.8%). Farmland Partners kept more of each dollar of sales as profit: a net margin of 60.5% against 44.5%. Innovative Industrial Properties carries less debt relative to equity (21.3% against 34.6%).
| Latest fiscal year | Farmland PartnersFPI, 2025 | Innovative Industrial PropertiesIIPR, 2025 |
|---|---|---|
| Revenue | $52.2m | $266m |
| Revenue growth | -10.4% | -13.8% |
| Net income | $31.5m | $118m |
| Operating margin | — | 46.7% |
| Net margin | 60.5% | 44.5% |
| Return on equity | 6.6% | 6.2% |
| Free cash flow | — | $198m |
| Cash | $9.3m | $47.6m |
| Total debt | $162m | $394m |
| Debt to equity | 34.6% | 21.3% |
| Dividend per share | — | — |
| Dividend yield | 6.0% | 14.4% |
| Share buybacks | $37.8m | $20.1m |
| Employees | 12 | 23 |
| Market value | $360m | $1.50bn |
| Price vs our value range | — | Below our value range |
| Moat score | 54 (Moderate) | 64 (Moderate) |
| Insider trades, 12 months | 4 buys, 1 sales | 6 buys, 1 sales |