Farmland Partners (FPI) investor relations material

Executive summary

• Q3 net loss was $15.5 million, or $0.36 per share, including $12.0 million of asset impairments; credit reserves and litigation costs also weighed on results.

• Core farmland portfolio performance was described as strong, with holdings increasingly concentrated in the Midwest.

• Farm conditions were mixed: favorable yields and crop prices were offset by elevated operating costs pressuring farmer profitability and lease renewals.

Financial highlights

• Q3 revenue fell 13.1% YoY to $9.8 million; rental income was $5.6 million, crop sales $1.5 million and other revenue $2.6 million.

• Q3 NOI declined 18.0% YoY to $6.6 million; Q3 operating expenses rose mainly due to credit-loss reserves and litigation loss contingency.

• 9M revenue declined 7.0% to $29.3 million; rental income fell 7.0% and crop sales 43.1%, while other revenue rose 18.1%.

• 9M net loss was $11.7 million versus net income of $10.4 million in 9M 2025; 9M AFFO was $1.7 million, or $0.04 per share, versus $6.5 million, or $0.14.

• 9M operating cash flow was $2.9 million; investing activities provided $25.5 million and financing activities used $29.8 million.

Outlook and guidance

• FY 2026 AFFO guidance was reduced to $8.9 million–$10.7 million, or $0.21–$0.25 per share; two non-recurring charges drove 9.5 cents of the 10-cent reduction from July guidance.

• About one-third of lease renewals were completed; rates so far were flat to slightly higher, with the aggregate outcome uncertain.

• No further loan-loss reserve was anticipated in Q4, subject to subsequent facts and circumstances.

• Strategy remains focused on selective farmland acquisitions and asset sales when proceeds can be redeployed to improve stockholder returns.

• A $0.09-per-share quarterly dividend was declared, payable January 15, 2027, to holders of record January 4, 2027.