Farmland Partners Announces Several Asset Dispositions at a 17% Gain, and a Farm Acquisition

Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today announced that it finalized numerous transactions over the third quarter of 2023, including the disposition of more than 13,500 acres in California, Colorado, Georgia, Illinois, Louisiana, and Kansas, and the purchase of a 1,523-acre farm in Morehouse Parish, Louisiana.

The sales cumulatively totaled more than $70 million and represented a gain on sale of approximately 17%. The acquisition in Louisiana is nearby other FPI farmland and primarily produces corn and soybeans. It was purchased for approximately $11 million.

“We sold more than 30 farms this summer – many of which were in water challenged areas – and captured strong asset appreciation returns for our shareholders,” said Luca Fabbri, FPI’s President and CEO. “These sales show the continued strength of the farmland market and enabled us to create value for our shareholders through stock repurchases at a discount to their underlying value, and to redeploy capital on other priorities like debt repayment and new acquisitions in more sustainable locations.”

Through September 2023, FPI has disposed of more than $120 million of farmland, representing a total gain on sale of approximately $23 million. The Company’s currently projected asset sales for the year total $170 million.

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 178,000 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].