FPI Provides Update on Recent Storms (No Significant Damage), Strong Lease Renewals, and Increased Sale Transactions for 2023

Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today provided business updates on several topics, including recent storms in California and the Southeast, the status of lease renewals, and updated disposition expectations for 2023.

Hurricane Idalia (Southeast) and Tropical Storm Hilary (California):

While there was substantial rain on the Company’s farms in the areas affected by Hurricane Idalia and Tropical Storm Hilary, there was no significant damage that would impair productivity. Many farmers, businesses, and residents in both areas were not so fortunate, and we wish them a speedy recovery.

Lease Renewals:

• Leases to renew in 2023: Approximately 14% of total revenue.
• Renewals already completed: Approximately 50% by acres.
• Rental rates: Average increases more than 15%.

Lease renewals signed in the fall of 2023 generally commence in Q4 and, accordingly, contribute to revenue to a greater extent in 2024 and beyond than in 2023.

Identified Transactions:

When reporting earnings for the quarter ended June 30, 2023, the Company estimated that it would sell up to $135 million of assets in 2023. As of the date of this release, the total identified transactions have increased to approximately $190 million.

FPI intends to provide an update on these and other developments during its next quarterly earnings call.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages more than 187,000 acres in 20 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, Texas, and Virginia. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company has approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or [phone].