Farmland Partners: Squeezing Every Last Dollar From The Land

Farmland Partners Inc. is rated "Buy" with a $13.80 target, offering a 35% upside from the current $10.25 price, based on NAV support. The investment thesis emphasizes asset value over income, as AFFO does not cover the dividend and the stock trades at 31.1x AFFO. Key catalysts include noncore land sales, buybacks below NAV, lease renewals, and loan normalization, all supporting NAV realization and debt reduction.