Farmland Partners (FPI) investor relations material

Executive summary

• Q2 2025 net income was $7.8 million ($0.15 per share), reversing a prior year loss, driven by gains on asset sales, operational efficiency, and lower interest expense, despite $16.8 million in impairments on California properties due to crop and water issues.

• Completed $71.6–$81.6 million in property sales, realizing $24.2–$25.0 million in gains, and repurchased over 2.2 million shares YTD.

• Stock repurchases totaled $24.3–$26 million, reducing fully diluted shares by 5%.

• Maintained strong liquidity and reduced leverage through asset sales and debt repayments.

• CEO emphasized confidence in farmland as a stable, appreciating asset class.

Financial highlights

• Q2 2025 net income: $7.8 million ($0.15/share), AFFO: $1.3 million ($0.03/share), both up year-over-year.

• Six-month net income: $9.9 million ($0.18/share), AFFO: $3.58 million, both up from prior year.

• Total operating revenues for Q2 2025 were $9.96 million, down 13% year-over-year; NOI: $6.89 million, down 21.8%.

• Aggregate consideration from 34 property sales in 2025 was $81.6 million, resulting in a $25 million net gain.

• Interest expense decreased by $2.8 million for the quarter and $5.2 million year-to-date versus prior year.

Outlook and guidance

• 2025 AFFO per share guidance is $0.28–$0.34, with full-year AFFO forecast of $12.8M–$15.5M.

• Revenue guidance reflects lower fixed farm rent and solar/wind/recreation rent due to dispositions, offset by higher management fees and interest income.

• Management expects continued value creation through asset sales, capital redeployment, and selective acquisitions.

• Anticipates future Federal Reserve rate cuts could further reduce borrowing costs.

• Expense guidance includes increased impairments for West Coast properties and lower interest expense from debt repayments.