Concentration Risk (Tables)

9 Months Ended

Sep. 30, 2024

Geographic concentration

Concentration Risk

Summary of concentrations

	Approximate %				Rental Income (1)
	of total acres				For the three months ended				For the nine months ended
	As of September 30,				September 30,				September 30,
Location of Farm (2)	2024		2023		2024		2023		2024		2023
Corn Belt	34.5	%	30.9	%	49.2	%	32.1	%	48.7	%	43.9	%
Delta and South (3)	19.6	%	22.9	%	10.4	%	16.4	%	10.5	%	14.1	%
High Plains	16.2	%	16.4	%	9.1	%	13.7	%	7.4	%	10.9	%
Southeast (3)	21.4	%	22.2	%	18.3	%	22.5	%	20.0	%	23.0	%
West Coast	8.3	%	7.6	%	13.0	%	15.3	%	13.4	%	8.1	%
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

⁽¹⁾ Due to regional disparities in the use of leases with variable rent and seasonal variations in the recognition of variable rent revenue, regional comparisons by rental income are not fully representative of each region’s income-producing capacity until a full year is taken into account.

⁽²⁾ Corn Belt includes farms located in Illinois, Indiana, Iowa, Missouri, eastern Nebraska and Ohio. Delta and South includes farms located in Arkansas, Louisiana, Mississippi and Oklahoma. High Plains includes farms located in Colorado, Kansas and Texas. Southeast includes farms located in Florida, North Carolina and South Carolina. West Coast includes farms located in California.

⁽³⁾ Subsequent to September 30, 2024, the Company sold 46,316 acres of farmland under two transactions. The acres sold were primarily in the Delta and South and Southeast regions.