Farmland Partners (FPI) investor relations material

Portfolio overview

• Owns approximately 70,100 acres across 11 states, with over 180 properties and 0% vacancy as of June 30, 2026.

• Gross real estate book value exceeds $620 million, with an equity market cap of about $420 million.

• Portfolio includes both row crop (90% of acres) and permanent crop farms (10% of acres), diversified across key agricultural regions.

• Over 300 properties acquired since IPO in 2014, including an equity method investment in an Opportunity Zone fund.

Market dynamics and investment rationale

• Rising global food demand and shrinking supply of farmland drive long-term value.

• Farmland offers stable, steady returns with low volatility and low correlation to other asset classes.

• Institutional ownership of U.S. farmland remains below 1%, presenting significant growth potential.

• Farmland is less exposed to obsolescence and capital expenditure risks compared to traditional real estate.

Financial performance and capital structure

• Net income for the six months ended June 30, 2026, was $3.8 million, down 61.8% year-over-year.

• Adjusted funds from operations (AFFO) for the same period totaled $3.8 million, up 5.2% year-over-year.

• Total debt outstanding as of June 30, 2026, was $224.8 million, with a weighted average cost of debt at 5.2%.

• Estimated enterprise value stands at $638.5 million, with 43.9 million fully diluted shares outstanding.