Farmland Partners Declares $1.15 per Share Special Dividend After Strong Year

Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today announced that its Board of Directors has declared a one-time dividend of $1.15 per share of common stock and Class A Common OP Unit, payable in cash on January 8, 2025 to shareholders of record on December 23, 2024.

The announcement comes at the end of a year that saw the Company sell farmland and related assets for consideration totaling approximately $308 million, generating a total gain for FPI of approximately $51 million, or approximately 20 percent over the aggregate net book value.

“This year has been good for FPI,” said Luca Fabbri, FPI’s President and CEO. “The Company achieved sizeable profits on dispositions, trimmed operational expenses, reduced debt exposure, and increased rental rates on the farmland still within its portfolio – which is some of the best farmland in the world. This special dividend gives us an opportunity to share these successes in a meaningful way with our shareholders, further demonstrating the strength of farmland as an investment class and its historically consistent appreciation.”

The special dividend is required for FPI to remain in compliance with U.S. federal income tax rules for real estate investment trusts (“REITs”). The amount of the special dividend has been calculated based on estimates of operating performance for the year ending December 31, 2024, sales expected to be completed by year end, and book-to-tax adjustments.

The special dividend is in addition to the quarterly dividend of $0.06 per share of common stock and Class A Common OP Unit that FPI declared on October 29, 2024. For more details on the quarterly dividend, please see “Note 12—Subsequent Events” of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as filed with the U.S. Securities and Exchange Commission on October 31, 2024.

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 owned and/or managed approximately 136,000 acres of farmland in 15 states, including Arkansas, California, Colorado, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Ohio, South Carolina, and Texas. 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 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].