Farmland Partners (FPI) Investor presentation summary

Portfolio overview

• Owns approximately 71,600 acres across 11 states, with over 188 properties and 0% vacancy as of February 2026.

• Gross real estate book value exceeds $640 million, with an equity market cap of about $550 million.

• Portfolio includes both row crop and permanent crop farms, with 90% of acres in row crops and 10% in permanent crops by acreage.

• Equity method investment in an Opportunity Zone fund with over $58 million in gross real estate book value.

• Over 300 properties acquired since IPO in 2014.

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 high Sharpe ratio compared to other asset classes.

• U.S. farmland sector is large (~$3.8 trillion) but has low institutional ownership (<1%).

• Near-zero vacancy rates and upfront lease payments create reliable cash flows.

• Land scarcity is increasing due to alternative uses and water scarcity.

Financial performance and capital structure

• 2025 net income was $32.2 million, down 47.6% from 2024; AFFO was $17.9 million, up 27%.

• Total operating revenues for 2025 were $52.2 million, a 10.4% decrease from 2024.

• Total debt outstanding as of December 31, 2025, was $161.6 million, with a weighted average cost of debt of 5.34%.

• Equity market capitalization at year-end 2025 was $424.8 million, with an estimated enterprise value of $647.7 million.

• Adjusted EBITDAre for 2025 was $30.1 million.