FPI

Image source: The Motley Fool. Thursday, July 30, 2026, at 11 a.m. ET President and Chief Executive Officer - Luca Fabbri General Counsel - Christine Garrison Executive Chairman - Paul Pittman Chief Financial Officer - Susan Landi Operator: Hello, everyone. Thank you for joining us, and welcome to the Farmland Partners, Inc. Q2 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to Luca Fabbri, President and Chief Executive Officer. Luca, please go ahead. Luca Fabbri: Thank you, Erica, and good morning, and welcome to Farmland Partners Second Quarter 2026 Earnings Conference Call and Webcast. We fully appreciate you taking the time to join us for these calls because we see them as a very important opportunity to share with you our thinking and our strategy in a format less formal and more interactive than public filings and press releases. I will now turn over the call to our General Counsel, Christine Garrison, for some customary preliminary remarks. Christine? Christine Garrison: Thank you, Luca, and thank you to everyone on the call. The press release announcing our second quarter earnings was distributed after market closed yesterday. The supplemental package has been posted to the Investor Relations section of our website under the subheader Events and Presentations. For those who listen to the recording of this presentation, we remind you that the remarks made herein are as of today, July 30, 2026, and will not be updated subsequent to this call. During this call, we will make forward-looking statements, including statements related to the future performance of our portfolio, our identified and potential acquisitions and dispositions, impact of acquisitions, dispositions and financing activities, business development opportunities as well as comments on our outlook for our business, rents and the broader agricultural markets. We will also discuss certain non-GAAP financial measures including net operating income, FFO, adjusted FFO, EBITDAre and adjusted EBITDAre. Definitions of these non-GAAP measures as well as reconciliations to the most comparable GAAP measures are included in the company's press release announcing second quarter 2026 earnings, which is available on our website, farmlandpartners.com and is furnished as an exhibit to our current report on 8-K dated July 29, 2026. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations, and we advise listeners to review the risk factors discussed in our press release distributed yesterday and in documents we have filed with or furnished to the SEC. I would now like to turn the call to our Executive Chairman, Paul Pittman. Paul? Paul Pittman: Thank you, Christine. This was actually a pretty good quarter for us and frankly, a very mundane quarter. No real surprising events. Everything is kind of performing as expected and as projected. So you'll hear me back at the Q&A, but I'm going to turn it over to Luca, so we don't end up repeating the same things. Luca Fabbri: Thank you, Paul. This was a pretty strong quarter performance-wise to the extent that we actually even marginally adjusted guidance upwards on the low end for the remainder of the year for AFFO. But as Paul said, a relatively uneventful quarter as typically Q2 and Q3 of the year are in the middle of the year. We continue evaluating asset dispositions through the end of the year, especially noncore assets like in California. And we're also actively monitoring the conditions in our -- in the agriculture world as far as timing of our lease renewals. We have held back so far in pushing lease renewals for the next year because financial conditions are not ideal to say the least, in -- among our tenants. But we do have very, very strong tenants in our pool. So -- and this is not the first year of relatively middling performance in their financials. So there is nothing particularly new that we expect, but we are hoping for a little bit of better news before we kick off the lease renewal cycle in higher gear. And with that, I will now turn the call over to our CFO, Susan Landi, for her overview of the company's financial performance. Susan? Susan Landi: Thank you, Luca. I'm going to cover a few items today, including the summary of the 3 and 6 months ended June 30, 2026, a review of our capital structure and updated guidance for 2026. I'll be referring to the supplemental package, which is available in the Investor Relations section of our website under the subheader Events and Presentations. First, I want to share a few metrics that appear on Page 2. For the 3 months ended June 30, 2026, net income was $3.1 million or $0.07 per share available to common stockholders versus $7.8 million or $0.15 per share available to common stockholders for the same period in 2025. AFFO was $1.7 million or $0.04 per weighted average share compared to $1.3 million or $0.03 per weighted average share for the same period in 2025. For the 6 months ended June 30, 2026, net income was $3.8 million or $0.08 a share available to common stockholders versus $9.9 million or $0.18 a share available to common stockholders for the same period in 2025. AFFO was $3.8 million or $0.09 per weighted average share compared to $3.6 million and $0.08 per weighted average share for the same period of 2025. Page 5 shows a more comprehensive look at the main drivers of these changes year-over-year. On the revenue side, we were positively impacted by higher interest income, which is due to higher average balance on the loans under the FPI loan program and financing receivables, an increase in the amortization of points and higher proceeds from oil and gas royalties. These increases were partially offset by lower rental income due to asset dispositions occurring in the prior year. Operating expenses declined on a quarter-to-date and year-to-date basis over prior year. Some of these declines are to be expected with the property dispositions that occurred in the prior year, but there were also other reductions to G&A and legal fees, including a reduction in property impairment charges. These declines were partially offset by an increase in the provision for credit loss allowance related to loans under the FPI loan program. Overall, we saw a reduction in net income and EPS for both quarter-to-date and a year-to-date basis. The primary driver for the reduction relates to a decrease in the net gain on disposition of assets as a result of fewer property dispositions in the current year versus the prior year. AFFO per weighted average share is up by $0.01 for the 3 and 6 months ended period of the current year. On Page 12, there are a few capital structure items that I'd like to point out. The first is that we had undrawn capacity on the lines of credit of approximately $122 million at the end of Q2 2026. There were repayments of $8 million during the quarter, but no borrowings. We had one MetLife loan with a rate reset occurring during the second quarter. In addition, one loan was extended by 1 year. The average rate on these loans decreased from 5.64% to 5.25%. Moving on to Page 15. It will show you the updated outlook for 2026. The assumptions are listed at the bottom of the page. On the revenue side, changes from the April guidance include an increase in our outlook on variable lease payments. On the expense side, changes from the April guidance include increases as a result of additional provision for credit loss allowances on loans receivable and an increase in impairment related to updated market valuations in connection with one of our West Coast properties, and these were partially offset by a $3.6 million gain on a property disposition. The forecasted range of AFFO is $13.5 million to $15.3 million or $0.31 to $0.35 per share, which is an increase from the prior quarter on the low end of the range. The high end of the range remains unchanged. This summarizes where we stand today. We will keep you updated as we progress through the year. This does wrap up our comments for this morning. Thank you all for participating. Operator, you can now begin the Q&A session. Paul Pittman: So operator, while you're compiling that roster, this is Paul. I'm just going to chime in on a couple of questions that we got via e-mail and give those answers, and then we'll go to questions and answers from the audience. So we got a question regarding kind of how we're managing the building of reserves as it relates to credit losses. And while we, frankly, as a business matter, think we will collect 100% of all of our outstanding loans, our loan program, as you all know, is frankly a relatively high-risk program. We're making loans to people who are in distress. We're often getting 15% or 20% interest rates. And so we believe it's prudent to gradually build those reserves with a certain hope to reverse them. But it's better to build those reserves and reverse them later than, frankly, not to build any reserves and then get caught holding the bag. So it's really nothing unusual. The size of our loan program today is reasonably large, a little -- its about $60 million total. And so that's why you're seeing these reserves build. In this particular quarter, I don't think the additional reserve was particularly high. The other question we got in the -- over the Internet or I mean, over the e-mail was a question about legal expense, which shows up on the P&L, legal and accounting at about $312,000. And is that indicative of some significant litigation that's going on? And the answer to that question is no. That $312,000 is 2/3 either audit or tax fees, which show up in the second quarter. That's when we get those. And so that's really the bulk of it. The litigation was only about $25,000 of that $312,000. We continue to have a litigation on a farm in Louisiana with some prior tenant dispute. And we also have, of course, the litigation regarding Sabrepoint continues to go on. But as you can see from that $25,000 spend, there's not a whole lot happening right now in either of those cases. With that, we can go to whatever Q&A came in with you, operator. Operator: The first question comes from the line of Craig Kucera with Lucid Capital. Craig Kucera: I appreciate the color on the credit loss provision. But I'm curious, that was affiliated with one operator that I think you mentioned had some trouble. Was this for the same borrower or a different line? Paul Pittman: No, we're building it related to the same borrower for -- we evaluate every borrower, but the bulk of it is related to the same borrower we've talked about in the past. And we just -- we're continuing to monitor the situation. One of the things you're up against in any of these -- any sort of distressed situations, as long as the principal that we deal with, meaning the individual human beings that we're dealing with, keep control of the situation, we're making loans with some relatively steep terms with strong -- what we think is strong collateral and with people strong, strong intent to pay it back. And so far in our loan program, we've been doing this now a dozen years. We haven't had anybody not pay us. But the risk you face is that someone loses control of their situation to bankruptcy, for example, or something else. And then you're dealing with not a loan made to a person who we know, who has intent of paying us back, you're just kind of dealing with a nameless, faceless court process. And that's really where and why we feel it prudent to build reserves over time as we're watching these borrowers in some sort of trouble. Our fear is that they lose control of their situation and then our security position from a legal standpoint doesn't really change, but from a moral standpoint, if you will, does change. And that's what's going on here. Craig Kucera: Okay. That's helpful. I appreciate that. So I know you guys mentioned you're looking to do more dispositions out of California, but where was the disposition this quarter? Was that on the West Coast? Or was that elsewhere? Paul Pittman: Luca, do you want to take that one? Luca Fabbri: Yes. No, it was elsewhere. It was actually the strong gain was related to the fact that this is a solar development on the farm, and we actually sold the farm to the developer itself. And the value to them was much higher than the agricultural value. So we locked in that gain. Paul Pittman: That was in Illinois, correct? Luca Fabbri: That is correct. Paul Pittman: In Illinois farm. Craig Kucera: Okay. Now I was going to be impressed if you had booked a $3.5 million gain out of California. So I just wanted to double check that. Paul Pittman: We would have celebrated as well, trust me, Craig. Craig Kucera: Right. So there was an increase in your expectations regarding citrus and avocado revenue flowing through the guidance on variable payments. Is that more of a pricing or a volume situation that you're expecting? Luca Fabbri: The increase in variable rent is actually more related to almonds is -- and in particular, as the year moves along, we get better visibility on both yield and pricing. So we tend to be on variable rents, very cautious at the beginning of the year. We've had some pretty bad performances a couple of years ago on almonds, for example. And then as I said, as the year goes along, we have a little bit more visibility into the expected performance, and that's exactly what happened in this case. Operator: The next question comes from the line of John Massocca with B. Riley. John Massocca: Maybe sticking with the assets that have a little bit more of a variable revenue stream. Just to kind of clarify then, is the commentary around some of the citrus and avocado, what's driving the slight decrease in maybe expectations for crop sales and a little bit of crop insurance coming into the guidance? Luca Fabbri: Susan, do you want to chime in on the specific details because the big mover this quarter was on the almond side. Susan Landi: Yes. I mean, as far as the direct ops go, there was a little bit of a decline due to a softening market within the citrus and yields being down a little bit due to weather events in California. John Massocca: Okay. That makes sense. And then given the kind of capacity you have today with regards to kind of debt availability versus kind of how the stock has performed, how are you thinking about the buyback? Is that something that's more levered to disposition proceeds? Or would you be comfortable kind of using leverage to kind of reactivate that program? Paul Pittman: Our buyback program is first driven by stock price and then by cash availability. We can, at any point in time, enter the market for buybacks if we think the price is highly accretive to the remaining shares outstanding. At this price, we frankly think it is pretty accretive. But it's -- we -- the borrowing cost here is reasonably steep, mid-5s, give or take, a few basis points either way. And so we're always struggling with the -- you want to borrow money to buy back a stock that's yielding on the dividend 3.5% or something like that, maybe 3.4% versus a 5.5% borrowing. And so that's really the kind of challenge that we kind of face and struggle with there. So to answer your question specifically, we will borrow to kind of -- to run a disciplined buyback program from time to time. But we certainly -- even if we're technically borrowing to execute on a given day, we've really got to sell assets to backfill mentality because we don't want to run that negative spread for a long period of time. John Massocca: Okay. And then kind of bigger picture, I know we talked about this last quarter, but as some of the macroeconomic volatility and kind of the elevated energy prices have kind of persisted. How is that kind of impacting your tenants? You kind of mentioned that you're holding off a little bit on kind of pushing renewals given the financial situation in the broader farmer industry. But I didn't know if that's something that's changed at all since we last talked or become a little bit more negative since we last talked or if it's just kind of the same theme as maybe from, call it, March of this year? Paul Pittman: Yes, it's pretty much the same theme, but let me give you a little more context. So if we think that farmers are kind of rolling in dough and they're really happy and exuberant when you get to the, call it, early summer, we will aggressively pursue leasing in the summer. And the reason is you never know what's going to happen come fall. You suddenly have a huge bumper crop, prices go down. To be honest, farmers, even though they may make it back up on volume, they're depressed because corn prices and bean prices went down. Alternatively, if you find yourself in a situation in the early summer where the crop prices are kind of ho-hum, you kind of hang back and maintain your optionality. We think you're going to see -- we think that this isn't going to be the same kind of bumper crop we've seen in the last couple of years, basically due to weather going on in the United States as well as kind of worldwide weather shocks because it's a global market. So our tendency -- and don't take -- don't go trade commodities based on that statement. It's just we have a strong enough view about that, that we're not rushing to get the leasing process done. We don't -- we think there's a materially better chance of upside than downside. So why not hang back? I would expect that this year's leasing process is a lot like last year's. It will be a flat year in most cases. It may be up just a little bit. We often have cost of living adjustments in our leases over the term. And so even if you don't bump rent materially in the renegotiation, you leave the COLA clause in there, which gives you an increase over years. But that's what we think will happen right now with some hope that it actually turns out to be better than that, which is why we're not trying to lock in a kind of leases yet. But by the time we get around to September, we got to get started on it just because we run out of time otherwise. John Massocca: Okay. And then kind of with regards to some of the West Coast properties, particularly the tree nut assets, -- is there any read-through to kind of the increase in your variable rent expectations and maybe some thoughts that, that market is firming that could loosen up disposition opportunities specifically there? Or is that still kind of a challenged market from a transaction perspective? Paul Pittman: So it is a challenged market from a transaction perspective, but probably less challenged than it was 6 months ago. I think you've reached in California, I think a prior question -- set of questions kind of brought this up. California agriculture is in a terrible, terrible spot. I mean it's in the worst spot I've seen it, frankly, in my lifetime -- and I'm 64. It is a combination of, frankly, bad policy in the state, actual decline in water availability, but more so political decline in water availability and a state that is not supportive of how farm labor has to work. So the cost of farm labor are going up dramatically in the state. And so what you're seeing is a real pressure on everybody that owns land in California and the specialty crops in particular. So what you're seeing in terms of almond price adjustment is just simple supply/demand of this year's almond crop or international crops in the last 12 months. That -- I don't think that makes some big dramatic improvement in the market for tree nuts or citrus or anything else in California. But what it does is it certainly helps on the cash flow on those assets this year. Our perspective is that -- and we've been this way now for several years and compared to other fund managers, we frankly have quite a bit less exposure in California than most of them as a percentage of our total portfolio. So we're still on a process of gradually liquidating those properties in California because we are long-term bearish on California outlook, and we think it's just prudent to cut back our exposure and either use that money to buy back stock or reinvest, frankly, in the core of the Midwest. Operator: There are no further questions at this time. I will now turn the call back to Luca for closing remarks. Luca Fabbri: Thank you, Erica, and thank you, everybody. We appreciate your interest in our company and look forward to updating you on our activities and results in the coming quarters. Have a great rest of your day. Operator: This concludes today's call. Thank you for attending. 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Interested in Farmland Partners Inc.? Here are five stocks we like better. Second-quarter AFFO improved to $0.04 per share from $0.03 a year earlier, although net income fell to $3.1 million as the company completed fewer asset sales and recorded lower disposition gains. Farmland Partners raised the low end of its 2026 AFFO outlook to $13.5 million–$15.3 million, or $0.31–$0.35 per share, helped by stronger expected variable lease payments, particularly from almonds. Management is building loan-loss reserves and remains cautious on lease renewals and California assets, citing farm-sector financial pressure, challenged specialty-crop markets and plans to gradually reduce California exposure. How to invest in farmland: 7 simple ways Farmland Partners (NYSE:FPI) reported higher adjusted funds from operations per share in the second quarter of 2026 and modestly raised the low end of its full-year AFFO outlook, while management said it continues to evaluate non-core asset sales and remains cautious about agricultural lease renewals amid pressure on farm-sector finances. Executive Chairman Paul Pittman characterized the period as “a pretty good quarter” and “a very mundane quarter,” saying portfolio operations performed largely as expected without significant surprises. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now For the three months ended June 30, net income available to common stockholders was $3.1 million, or $0.07 per share, compared with $7.8 million, or $0.15 per share, a year earlier. AFFO rose to $1.7 million, or $0.04 per weighted-average share, from $1.3 million, or $0.03 per share, in the prior-year quarter. For the first six months of 2026, net income available to common shareholders totaled $3.8 million, or $0.08 per share, versus $9.9 million, or $0.18 per share, in the comparable 2025 period. AFFO increased to $3.8 million, or $0.09 per weighted-average share, from $3.6 million, or $0.08 per share. → Microsoft Just Flipped the AI Spending Narrative Overnight CFO Susan Landi said revenue benefited from higher interest income tied to higher average balances in the FPI loan program and financing receivables, increased amortization of points, and higher oil and gas royalty proceeds. Those gains were partly offset by lower rental income following property dispositions in the prior year. Operating expenses declined year over year, reflecting the impact of prior asset sales as well as reductions in general and administrative costs, legal fees and property impairment charges. The company also recorded a higher provision for credit losses related to FPI loan program receivables. → Carrier Earnings Could Send the Stock to a New All-Time High Landi said the decline in net income and earnings per share was driven primarily by lower gains on asset dispositions, as the company completed fewer property sales during 2026 than it did in the prior year. During the quarter, Farmland Partners sold an Illinois farm to a solar developer. President and CEO Luca Fabbri said the buyer placed greater value on the property because of its solar-development potential than its agricultural value, enabling the company to recognize a strong gain. Landi said the property disposition produced a $3.6 million gain. Farmland Partners raised the lower end of its 2026 AFFO forecast. The company now expects AFFO of $13.5 million to $15.3 million, or $0.31 to $0.35 per share. The low end increased from the company’s prior outlook, while the high end was unchanged. The revised outlook includes higher expectations for variable lease payments. Fabbri said the improvement was primarily tied to almonds, where visibility into yields and pricing improved as the year progressed. Management also cited higher credit-loss provisions on loans receivable and increased impairment associated with updated market valuations for a West Coast property. The $3.6 million gain on the Illinois property sale partly offset those costs. Direct operating income expectations for citrus and avocado properties were somewhat softer, according to Landi, reflecting a weaker citrus market and lower yields caused in part by California weather events. Pittman said the company is gradually building reserves against potential credit losses even though management believes it will ultimately collect all outstanding loans. He described the FPI loan program as a higher-risk business that lends to borrowers in distress, often at interest rates of 15% to 20%. The loan program totaled slightly more than $60 million, Pittman said. The bulk of the current reserve build relates to the same borrower the company has previously discussed. He said the company’s concern is that a distressed borrower could lose control of its situation through bankruptcy or another process, which could make collections more complicated despite Farmland Partners’ collateral position. “So far in our loan program, we’ve been doing this now a dozen years, we haven’t had anybody not pay us,” Pittman said. At the end of the second quarter, Farmland Partners had approximately $122 million of undrawn capacity on its credit lines. The company repaid $8 million during the quarter and made no new borrowings. One MetLife loan reset during the period and another was extended for a year, reducing the average rate on those loans to 5.25% from 5.64%. Pittman said the company could use borrowing to support a disciplined share repurchase program when management considers the stock price sufficiently attractive. However, he said the company generally expects to sell assets to replenish capital over time rather than maintain a negative spread between borrowing costs in the mid-5% range and the stock’s dividend yield. Management said it has not yet aggressively pursued lease renewals for the coming year, citing less-than-ideal financial conditions among tenants. Fabbri said the company has strong tenants and does not expect a materially new problem, but it is waiting for potentially better agricultural-market conditions before accelerating the renewal cycle. Pittman said the company expects leasing conditions to resemble last year, with rents generally flat or modestly higher. Many leases contain cost-of-living adjustment provisions that can provide increases over time even if rents are not raised materially in renewal negotiations. The company is continuing to evaluate dispositions of non-core assets, particularly in California. Pittman said California agricultural transaction markets remain challenged, although conditions may be less difficult than they were six months earlier. He cited reduced water availability, state policy and rising farm-labor costs as pressures on California specialty-crop agriculture. Farmland Partners remains “long-term bearish” on California, Pittman said, and intends to gradually reduce its exposure there. Proceeds could be used for stock repurchases or reinvestment in the company’s core Midwestern markets. Farmland Partners Inc is a real estate investment trust (REIT) that acquires and manages high-quality farmland in the United States. The company's primary business activity is the ownership of agricultural land, which it leases to farmers under various rental arrangements designed to generate stable cash rents and long-term capital appreciation. By focusing on farmland as a real asset, the company seeks to benefit from rising global demand for food, fiber and renewable fuels. Founded in 2013 and headquartered in Scottsdale, Arizona, Farmland Partners completed its initial public offering in June 2017 and began trading on the New York Stock Exchange under the ticker FPI. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Farmland Partners Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management characterized the quarter as 'mundane' and 'uneventful,' with performance largely meeting internal projections despite broader agricultural headwinds. The company is intentionally delaying the lease renewal cycle to maintain optionality, citing 'middling' financial performance among tenants and a hope for improved market conditions before locking in rates. Strategic dispositions remain a priority, particularly for non-core assets in California where management is 'long-term bearish' due to declining water availability, rising labor costs, and unsupportive state policies. A significant gain on sale in Illinois was driven by a solar development project where the farm was sold to a developer at a price exceeding its agricultural value. Management is maintaining a cautious stance on lease renewals, expecting a 'flat year' for rents while relying on existing cost-of-living adjustment clauses to provide modest growth. The company continues to shift its portfolio focus toward the Midwest core, viewing it as a more stable environment compared to the volatile specialty crop markets on the West Coast. AFFO guidance was marginally adjusted upward on the low end to a range of $13.5 million to $15.3 million, reflecting better visibility into variable lease payments. Management anticipates that this year's harvest will not be a 'bumper crop' due to domestic and global weather shocks, which supports their decision to delay lease negotiations for potential upside. The company expects to continue building credit loss reserves as a precautionary measure against distressed borrowers in its high-interest loan program. Capital allocation will prioritize stock buybacks when prices are highly accretive, though execution is balanced against the 'steep' mid-5% borrowing costs relative to dividend yields. Future disposition proceeds are earmarked for either debt reduction, share repurchases, or reinvestment into core Midwest farmland. A $3.6 million gain on a property disposition in Illinois partially offset increases in impairment charges and credit loss provisions. The FPI loan program, currently totaling about $60 million, is described as 'relatively high-risk,' targeting distressed borrowers with interest rates between 15% and 20%. Property impairment charges were recorded for a West Coast asset following updated market valuations, reflecting the ongoing challenges in the California agricultural sector. Legal and accounting expenses of $312,000 were primarily driven by seasonal audit and tax fees rather than significant new litigation activity. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained that while they expect 100% collection, they are building reserves because the program involves distressed borrowers. The primary risk identified is a borrower 'losing control' of their situation through bankruptcy, which shifts the recovery process from a personal relationship to a 'nameless, faceless court process.' The upward revision is primarily attributed to better visibility into almond yields and pricing as the year progresses. Management noted they typically start the year with very cautious estimates for variable rents due to past volatility in the almond market. The company faces a challenge where borrowing costs (approximately 5.5%) exceed the stock's dividend yield (approximately 3.4%). While they will use leverage for disciplined buybacks, the long-term strategy is to 'sell assets to backfill' those purchases to avoid a negative spread. Management described California agriculture as being in the 'worst spot' they have seen, citing a combination of bad policy, water scarcity, and high labor costs. They confirmed a strategy of gradually liquidating California exposure to reinvest in the Midwest, despite the market being 'challenged' for transactions.

Strong Performance Driven By Portfolio Improvement DENVER, July 29, 2026--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) ("FPI" or the "Company") today reported financial results for the quarter ended June 30, 2026. Selected Highlights For the quarter ended June 30, 2026, the Company: recorded net income of $3.1 million, or $0.07 per share available to common stockholders, compared to $7.8 million, or $0.15 per share available to common stockholders for the same period in 2025; recorded AFFO of $1.7 million, or $0.04 per share, compared to $1.3 million, or $0.03 per share, for the same period in 2025; recognized Net Operating Income ("NOI") of $7.1 million, an increase of 2.9%, compared to the same period in 2025 (a 4.7% increase year-to date compared to the same period in 2025); made repayments of $8.0 million against the Company’s lines of credit reducing debt as a percentage of gross book value to 35.5%; completed the disposition of one property for consideration of approximately $7.0 million and recognized a gain on sale of $3.5 million; and increased the low end of the 2026 AFFO per share guidance range to $0.31 from $0.30. The top end of the range remains at $0.35 per share. CEO Comments Luca Fabbri, President and Chief Executive Officer, commented: "We continue to deliver strong total returns to our shareholders by generating consistent cash flow from efficient operations and strong performance of our core business, aided by a resilient farm economy. We continue to evaluate further opportunities for asset disposals in the remainder of the year, generating proceeds that may be used to reduce debt or fund stock buybacks. Over the past several years, we have focused on creating a leaner corporate structure while streamlining our core business. Those efforts are translating into improved operating profitability and stronger cash flow from operations. We remain confident in both our business model and the enduring strength of farmland as a low-volatility, total-return asset class. We look forward to a strong remainder of the year." Financial and Operating Results The table below shows financial and operating results for the three and six months ended June 30, 2026 and 2025 (unaudited). See "Non-GAAP Financial Measures" below for complete definitions of AFFO, Adjusted EBITDAre, and NOI and the financial tables accompanying this press release for reconciliations of net income to AFFO, Adjusted EBITDAre and NOI. Acquisition and Disposition Activity During the six months ended June 30, 2026, the Company completed no acquisitions of properties. During the six months ended June 30, 2026, the Company completed dispositions consisting of two properties for approximately $16.4 million in aggregate consideration and recognized an aggregate net gain on sale of $3.3 million. Balance Sheet The Company had total debt outstanding of approximately $224.8 million at June 30, 2026 compared to total debt outstanding of approximately $161.6 million at December 31, 2025. The Company used approximately $68.2 million of debt in February 2026 to redeem all outstanding Series A preferred units. At June 30, 2026, the Company had access to liquidity of $133.8 million, consisting of $11.4 million in cash and $122.4 million in undrawn availability under its credit facilities. The Company’s estimated debt to enterprise value was approximately 35% at June 30, 2026. As of July 24, 2026, the Company had 43,923,735 shares of common stock outstanding on a fully diluted basis. Dividend Declarations On July 28, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock and Class A Common OP unit. The dividends are payable on October 15, 2026 to stockholders and common unit holders of record as of October 1, 2026. 2026 Earnings Guidance and Supplemental Package For the Company’s 2026 AFFO per share earnings guidance, please see page 15 of the supplemental package, which can be accessed through the Investor Relations section of the Company's website. Conference Call Information The Company has scheduled a conference call on July 30, 2026, at 11:00 a.m. (U.S. Eastern Time) to discuss the financial results and provide a company update. The call can be accessed live over the phone by dialing 1-833-461-5787 and using the conference ID 624079146. The conference call will also be available via a live listen-only webcast and can be accessed through the Investor Relations section of the Company's website, www.farmlandpartners.com. A replay of the webcast will also be accessible on the Investor Relations section of the Company's website for a limited time following the event. 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 third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets. As of June 30, 2026, the Company owned approximately 70,100 acres of farmland in 11 states, including Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West 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 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 (720) 452-3100. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements with respect to our outlook and the outlook for the farm economy generally, proposed and pending acquisitions and dispositions, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance, and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the ongoing wars in Ukraine and Iran and other geopolitical tensions and their impacts on the world agriculture market, world food supply, the farm economy generally, and our tenants’ businesses; changes in trade policies in the United States and other countries that import agricultural products from the United States, including the imposition of tariffs; high inflation and elevated interest rates; the onset of an economic recession in the United States and other countries that impact the farm economy; extreme weather events, such as droughts, tornadoes, hurricanes, wildfires or floods; the impact of future public health crises on our business and on the economy and capital markets generally; general volatility of the capital markets and the market price of the Company’s common stock; changes in the Company’s business strategy, availability, terms and deployment of capital; the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all; availability of qualified personnel; changes in the Company’s industry, interest rates or the general economy; adverse developments related to crop yields or crop prices; the degree and nature of the Company’s competition; the outcomes of ongoing litigation; the timing, price or amount of repurchases, if any, under the Company's share repurchase program; the ability to consummate acquisitions or dispositions under contract; and the other factors described in the section entitled "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. Non-GAAP Financial Measures The Company considers the following non-GAAP measures to be useful to investors as key supplemental measures of its performance: FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of the Company’s operating performance. FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre, as calculated by the Company, may not be comparable to other companies that do not define such terms in exactly the same way as the Company. FFO The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit. Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate related depreciation, depletion and amortization (excluding amortization of deferred financing costs), impairment write-downs of depreciated property, and adjustments associated with impairment write-downs for unconsolidated partnerships and joint ventures. Management presents FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from sales of depreciable operating properties, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. The Company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs. However, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO. AFFO The Company calculates AFFO by adjusting FFO to exclude the income and expenses that the Company believes are not reflective of the sustainability of the Company’s ongoing operating performance, including, but not limited to, real estate related acquisition and due diligence costs, stock-based compensation and incentive, deferred impact of interest rate swap terminations and distributions on the Company’s preferred units. Changes in GAAP accounting and reporting rules that were put in effect after the establishment of Nareit’s definition of FFO in 1999 result in the inclusion of a number of items in FFO that do not correlate with the sustainability of the Company’s operating performance. Therefore, in addition to FFO, the Company presents AFFO and AFFO per share, fully diluted, both of which are non-GAAP measures. Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company’s operational performance than FFO. AFFO is not intended to represent cash flow or liquidity for the period and is only intended to provide an additional measure of the Company’s operating performance. Even AFFO, however, does not properly capture the timing of cash receipts, especially in connection with full-year rent payments under lease agreements entered into in connection with newly acquired farms. Management considers AFFO per share, fully diluted to be a supplemental metric to GAAP earnings per share. AFFO per share, fully diluted provides additional insight into how the Company’s operating performance could be allocated to potential shares outstanding at a specific point in time. Management believes that AFFO is a widely recognized measure of the operations of REITs and presenting AFFO will enable investors to assess the Company’s performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and AFFO per share, fully diluted and, accordingly, the Company’s AFFO and AFFO per share, fully diluted may not always be comparable to AFFO and AFFO per share amounts calculated by other REITs. AFFO and AFFO per share, fully diluted should not be considered as an alternative to net income (loss) or earnings per share (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to net income (loss) earnings per share (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. EBITDAre and Adjusted EBITDAre The Company calculates Earnings Before Interest Taxes Depreciation and Amortization for real estate ("EBITDAre") in accordance with the standards established by Nareit in its September 2017 White Paper. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates. EBITDAre is a key financial measure used to evaluate the Company’s operating performance but should not be construed as an alternative to operating income, cash flows from operating activities or net income, in each case as determined in accordance with GAAP. The Company believes that EBITDAre is a useful performance measure commonly reported and will be widely used by analysts and investors in the Company’s industry. However, while EBITDAre is a performance measure widely used across the Company’s industry, the Company does not believe that it correctly captures the Company’s business operating performance because it includes non-cash expenses and recurring adjustments that are necessary to better understand the Company’s business operating performance. Therefore, in addition to EBITDAre, management uses Adjusted EBITDAre, a non-GAAP measure. The Company calculates Adjusted EBITDAre by adjusting EBITDAre for certain items such as stock-based compensation and incentive and real estate related acquisition and due diligence costs that the Company considers necessary to understand its operating performance. The Company believes that Adjusted EBITDAre provides useful supplemental information to investors regarding the Company’s ongoing operating performance that, when considered with net income and EBITDAre, is beneficial to an investor’s understanding of the Company’s operating performance. However, EBITDAre and Adjusted EBITDAre have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. In prior periods, the Company has presented EBITDA and Adjusted EBITDA. In accordance with Nareit’s recommendation, beginning with the Company’s reported results for the three months ended March 31, 2018, the Company is reporting EBITDAre and Adjusted EBITDAre in place of EBITDA and Adjusted EBITDA. Net Operating Income (NOI) The Company calculates net operating income (NOI) as total operating revenues (rental income, tenant reimbursements, crop sales and other revenue), less property operating expenses (direct property expenses and real estate taxes), less cost of goods sold. Since net operating income excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other income and losses and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and leasing farmland real estate, providing a perspective not immediately apparent from net income. However, net operating income should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other income and losses. View source version on businesswire.com: https://www.businesswire.com/news/home/20260729649558/en/ Contacts Susan [email protected]

Farmland Partners completed the cash redemption of its Series A preferred units—removing a significant overhang—and finished the quarter with about $114 million of undrawn capacity on its credit lines (borrowings during Q1 were mainly used for the redemption). Q1 results were largely in line with expectations: net income was $0.6 million (≈$0.01/share) and AFFO was $2.1 million (≈$0.05/share); management updated 2026 AFFO guidance to $13.2M–$15.2M (≈$0.30–$0.35/share), a downward revision from the prior quarter. Management raised the allowance for credit losses tied to the FPI loan program—citing one borrower with specific challenges—and said capital returned later in the year will be used primarily to deleverage the balance sheet while remaining opportunistic on share repurchases; the company is also trimming higher-risk exposure via dispositions (including in California). Interested in Farmland Partners Inc.? Here are five stocks we like better. How to invest in farmland: 7 simple ways Farmland Partners (NYSE:FPI) executives said first-quarter results were largely in line with internal expectations, while also addressing investor questions around the agricultural outlook amid geopolitical uncertainty and the company’s credit-loss reserves tied to its loan program. Executive Chairman Paul Pittman said the company delivered “all in all a pretty good quarter,” before spending much of his prepared remarks discussing questions the company has received about how the war in Iran could affect fertilizer availability, grain prices, and the broader farm economy. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss President and CEO Luca Fabbri said operational performance was “very much in line with expectations,” and highlighted the company’s recently completed redemption of its Series A preferred units as a key development that had been addressed previously. Fabbri said Farmland Partners completed the redemption of its Series A preferred units in cash, calling the preferred units “a significant overhang on the company” because of the possibility they could have been converted into common equity “at prices that we consider at a significant discount to our intrinsic value.” → Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall? Fabbri said the company had prepared for the redemption “for a long time by shoring up our liquidity reserves” and emphasized that the company still has what he described as a strong liquidity position. CFO Susan Landi reported that Farmland Partners ended the quarter with approximately $114 million of undrawn capacity on its lines of credit, and said borrowings during the quarter were primarily used to redeem the remaining Series A preferred units. Landi reported net income of $0.6 million, or $0.01 per share available to common stockholders, for the three months ended March 31, 2026, down from the prior-year period. Adjusted funds from operations (AFFO) totaled $2.1 million versus $2.3 million a year earlier, equating to $0.05 per weighted average share, which she said was unchanged from the first quarter of 2025. → Is Oracle Undervalued as Cloud Growth Accelerates? Discussing year-over-year drivers, Landi said revenue benefited from: Higher interest income due to a higher average balance on loans under the FPI Loan Program and financing receivables Increased amortization of points Higher proceeds from oil and gas royalties Those gains were partially offset by lower rental income due to asset dispositions, as well as the absence of auction brokerage and third-party management income following the sale of MWA in the fourth quarter of 2025, Landi said. On expenses, Landi said operating costs were “slightly higher” year over year due to an increase in the allowance for credit losses related to loans under the FPI Loan Program. She added that this was partially offset by lower property operating and depreciation expenses (attributed to dispositions) and savings on corporate and travel expenses following the MWA sale. For 2026, Landi provided updated guidance, citing changes since February. She said management fees and interest income assumptions increased due to “the amendment and extensions of loans under the FPI loan program,” while expense assumptions rose due to an increased provision for credit loss allowance stemming from “higher allowance on potential credit losses of loans.” The company’s updated AFFO outlook is $13.2 million to $15.2 million, or $0.30 to $0.35 per share. Landi said the range represents a decrease “from the prior quarter on both the high and low end of the range.” Fabbri said the company continues to “marginally improve the overall quality of our portfolio” and disclosed another California property disposition. He described California as a region the company views as “subject to volatility and to risks,” adding that management “welcome[s] the reduction to that kind of exposure.” Despite broader uncertainty, Fabbri said farmland “continues to demonstrate its strength and its resilience,” and reiterated management’s confidence in the asset class. During the Q&A, B. Riley Securities analyst John Massocca asked about the increase in loan-loss reserves and whether it reflected changing views on farm valuations. Pittman said the additional reserves were not driven by direct concerns about collection, but rather caution given the risk profile of the loan program. He added that one borrower “continues to have…critical challenges” and has faced a “negative news cycle.” Pittman said that while the company may feel secure about its specific loans, borrower complications with other lenders can make situations more complex and “in a non sort of defined way increases risk.” Pittman later clarified the issues were “very specific to that borrower” and “not a crop type issue.” Massocca also asked whether geopolitical events were affecting farmland transaction markets. Pittman said the conflict in the Middle East does not have a “direct line of sight impact” on farmland transactions. Instead, he pointed to a “somewhat challenging farm economy based on crop price versus cost of operation,” which can make farmers less aggressive bidders. Pittman emphasized that farmland values tend to move slowly, with “a very slow, steady upward march” driven by land scarcity and food demand. On the potential farm input impact from the war in Iran, Pittman said most U.S. fertilizer does not come from the Middle East or the Gulf, and he had not heard reports of fertilizer shortages. He did note that higher fertilizer prices could influence crop decisions, potentially favoring soybeans over corn. Pittman also referenced recent grain price increases, particularly in wheat, while attributing corn and wheat price strength at least partly to drought conditions in the southeastern U.S., which he described as “very, very significant.” Asked about diesel prices, Pittman said diesel is “a relatively small portion” of a farmer’s crop budget—estimating around 10% or less—and noted that many farmers hedge or pre-buy fuel, which can delay the impact of price increases on farm financials. Raymond James analyst Susie Hyde asked about capital allocation priorities as loan program repayments come in later in the year. Pittman said most returned capital is likely to be used for “continued deleveraging of the balance sheet,” though he said share repurchases could be considered depending on the stock price. Fabbri agreed, saying deleveraging is the current priority while the company remains “very, very opportunistic” regarding potential stock repurchases. Finally, Massocca asked about the expected rate on the repricing of the MetLife term loan number seven in June. Landi said the company expects it to be “fairly in line with what we did with the two that occurred in Q1.” Landi also said the rate locks “just before,” with Fabbri indicating the timing would be “late May, early June.” Farmland Partners Inc is a real estate investment trust (REIT) that acquires and manages high-quality farmland in the United States. The company's primary business activity is the ownership of agricultural land, which it leases to farmers under various rental arrangements designed to generate stable cash rents and long-term capital appreciation. By focusing on farmland as a real asset, the company seeks to benefit from rising global demand for food, fiber and renewable fuels. Founded in 2013 and headquartered in Scottsdale, Arizona, Farmland Partners completed its initial public offering in June 2017 and began trading on the New York Stock Exchange under the ticker FPI. The article "Farmland Partners Q1 Earnings Call Highlights" was originally published by MarketBeat.

Completed Redemption of Series A Preferred Units, Eliminating Dilution Risk DENVER, April 29, 2026--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) ("FPI" or the "Company") today reported financial results for the quarter ended March 31, 2026. Selected Highlights For the quarter ended March 31, 2026, the Company: recorded net income of $0.6 million, or $0.01 per share available to common stockholders, compared to $2.1 million, or $0.03 per share available to common stockholders for the same period in 2025; recorded AFFO of $2.1 million, or $0.05 per share, compared to $2.3 million, or $0.05 per share, for the same period in 2025; completed the disposition of one property in the West Coast region for consideration of $9.4 million, lessening our exposure in California; raised cash dividends by 50% to an annualized dividend of $0.36 per share, or $0.09 per quarter, of common stock and Class A Common OP unit from $0.24 per share, or $0.06 per quarter, of common stock and Class A Common OP unit; and redeemed all of the 68,000 Series A preferred units that remained outstanding, simplifying the balance sheet and eliminating the risk of dilutive conversion of Series A preferred units into common shares. Subsequent to March 31, 2026, the Company: made repayments of $8.0 million against the Company’s lines of credit. CEO Comments Luca Fabbri, President and Chief Executive Officer, commented: "The first quarter of 2026 was in line with expectations. We made progress this quarter in strengthening the quality and resilience of our portfolio, including the disposition of an additional West Coast property, which modestly reduced our exposure to higher-risk assets. We also simplified our balance sheet through the February redemption of our remaining Series A preferred units, eliminating potential dilution risk. Together, these actions position the Company with a stronger, more focused capital structure and enhanced financial flexibility going forward. In February, we raised our cash dividend by 50%, reinforcing our commitment to delivering enhanced value to shareholders. We reduced our guidance for the year due to non-cash allowances for potential loan losses under the FPI loan program. Looking ahead, we remain confident in the long-term fundamentals of the farmland REIT asset class and its ability to generate durable, attractive returns, despite ongoing disruptions and near-term volatility impacting the broader agriculture industry." Financial and Operating Results The table below shows financial and operating results for the three months ended March 31, 2026 and 2025 (unaudited). See "Non-GAAP Financial Measures" below for complete definitions of AFFO, Adjusted EBITDAre, and NOI and the financial tables accompanying this press release for reconciliations of net income to AFFO, Adjusted EBITDAre and NOI. Acquisition and Disposition Activity During the three months ended March 31, 2026, the Company completed no acquisitions of properties. During the three months ended March 31, 2026, the Company completed dispositions consisting of one property for approximately $9.4 million in consideration and recognized a loss on sale of $0.3 million. Balance Sheet The Company had total debt outstanding of approximately $232.8 million at March 31, 2026 compared to total debt outstanding of approximately $161.6 million at December 31, 2025. The Company used approximately $68.2 million of debt in February 2026 to redeem all outstanding Series A preferred units. At March 31, 2026, the Company had access to liquidity of $132.1 million, consisting of $17.7 million in cash and $114.4 million in undrawn availability under its credit facilities. The Company’s estimated debt to enterprise value was approximately 33% at March 31, 2026. As of April 24, 2026, the Company had 43,910,214 shares of common stock outstanding on a fully diluted basis. Dividend Declarations On April 28, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.09 per share of common stock and Class A Common OP unit. The dividends are payable on July 15, 2026 to stockholders and common unit holders of record as of July 1, 2026. 2026 Earnings Guidance and Supplemental Package The Company’s 2026 AFFO per share earnings guidance decreased compared to the prior quarter. For details, please see page 15 of the supplemental package, which can be accessed through the Investor Relations section of the Company's website. Conference Call Information The Company has scheduled a conference call on April 30, 2026, at 11:00 a.m. (U.S. Eastern Time) to discuss the financial results and provide a company update. The call can be accessed live over the phone by dialing 1-800-715-9871 and using the conference ID 5472282. The conference call will also be available via a live listen-only webcast that can be accessed through the Investor Relations section of the Company's website, www.farmlandpartners.com. A replay of the conference call will be available beginning shortly after the end of the event until May 10, 2026, which can be accessed by dialing 1-800-770-2030 and using the playback ID 5472282. A replay of the webcast will also be accessible on the Investor Relations section of the Company's website for a limited time following the event. 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 third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets. As of March 31, 2026, the Company owned approximately 70,400 acres of farmland in 11 states, including Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West 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 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 (720) 452-3100. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements with respect to our outlook and the outlook for the farm economy generally, proposed and pending acquisitions and dispositions, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance, and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the ongoing wars in Ukraine and Iran and other geopolitical tensions and their impacts on the world agriculture market, world food supply, the farm economy generally, and our tenants’ businesses; changes in trade policies in the United States and other countries that import agricultural products from the United States, including the imposition of tariffs; high inflation and elevated interest rates; the onset of an economic recession in the United States and other countries that impact the farm economy; extreme weather events, such as droughts, tornadoes, hurricanes, wildfires or floods; the impact of future public health crises on our business and on the economy and capital markets generally; general volatility of the capital markets and the market price of the Company’s common stock; changes in the Company’s business strategy, availability, terms and deployment of capital; the Company’s ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all; availability of qualified personnel; changes in the Company’s industry, interest rates or the general economy; adverse developments related to crop yields or crop prices; the degree and nature of the Company’s competition; the outcomes of ongoing litigation; the timing, price or amount of repurchases, if any, under the Company's share repurchase program; the ability to consummate acquisitions or dispositions under contract; and the other factors described in the section entitled "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. Non-GAAP Financial Measures The Company considers the following non-GAAP measures to be useful to investors as key supplemental measures of its performance: FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of the Company’s operating performance. FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre, as calculated by the Company, may not be comparable to other companies that do not define such terms in exactly the same way as the Company. FFO The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit. Nareit defines FFO as net income (loss) (calculated in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate related depreciation, depletion and amortization (excluding amortization of deferred financing costs), impairment write-downs of depreciated property, and adjustments associated with impairment write-downs for unconsolidated partnerships and joint ventures. Management presents FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company’s operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from sales of depreciable operating properties, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. The Company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the Company’s operating performance with that of other REITs. However, other equity REITs may not calculate FFO in accordance with the Nareit definition as the Company does, and, accordingly, the Company’s FFO may not be comparable to such other REITs’ FFO. AFFO The Company calculates AFFO by adjusting FFO to exclude the income and expenses that the Company believes are not reflective of the sustainability of the Company’s ongoing operating performance, including, but not limited to, real estate related acquisition and due diligence costs, stock-based compensation and incentive, deferred impact of interest rate swap terminations and distributions on the Company’s preferred units. Changes in GAAP accounting and reporting rules that were put in effect after the establishment of Nareit’s definition of FFO in 1999 result in the inclusion of a number of items in FFO that do not correlate with the sustainability of the Company’s operating performance. Therefore, in addition to FFO, the Company presents AFFO and AFFO per share, fully diluted, both of which are non-GAAP measures. Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company’s operational performance than FFO. AFFO is not intended to represent cash flow or liquidity for the period and is only intended to provide an additional measure of the Company’s operating performance. Even AFFO, however, does not properly capture the timing of cash receipts, especially in connection with full-year rent payments under lease agreements entered into in connection with newly acquired farms. Management considers AFFO per share, fully diluted to be a supplemental metric to GAAP earnings per share. AFFO per share, fully diluted provides additional insight into how the Company’s operating performance could be allocated to potential shares outstanding at a specific point in time. Management believes that AFFO is a widely recognized measure of the operations of REITs and presenting AFFO will enable investors to assess the Company’s performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and AFFO per share, fully diluted and, accordingly, the Company’s AFFO and AFFO per share, fully diluted may not always be comparable to AFFO and AFFO per share amounts calculated by other REITs. AFFO and AFFO per share, fully diluted should not be considered as an alternative to net income (loss) or earnings per share (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to net income (loss) earnings per share (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor are they indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. EBITDAre and Adjusted EBITDAre The Company calculates Earnings Before Interest Taxes Depreciation and Amortization for real estate ("EBITDAre") in accordance with the standards established by Nareit in its September 2017 White Paper. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity’s pro rata share of EBITDAre of unconsolidated affiliates. EBITDAre is a key financial measure used to evaluate the Company’s operating performance but should not be construed as an alternative to operating income, cash flows from operating activities or net income, in each case as determined in accordance with GAAP. The Company believes that EBITDAre is a useful performance measure commonly reported and will be widely used by analysts and investors in the Company’s industry. However, while EBITDAre is a performance measure widely used across the Company’s industry, the Company does not believe that it correctly captures the Company’s business operating performance because it includes non-cash expenses and recurring adjustments that are necessary to better understand the Company’s business operating performance. Therefore, in addition to EBITDAre, management uses Adjusted EBITDAre, a non-GAAP measure. The Company calculates Adjusted EBITDAre by adjusting EBITDAre for certain items such as stock-based compensation and incentive and real estate related acquisition and due diligence costs that the Company considers necessary to understand its operating performance. The Company believes that Adjusted EBITDAre provides useful supplemental information to investors regarding the Company’s ongoing operating performance that, when considered with net income and EBITDAre, is beneficial to an investor’s understanding of the Company’s operating performance. However, EBITDAre and Adjusted EBITDAre have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. In prior periods, the Company has presented EBITDA and Adjusted EBITDA. In accordance with Nareit’s recommendation, beginning with the Company’s reported results for the three months ended March 31, 2018, the Company is reporting EBITDAre and Adjusted EBITDAre in place of EBITDA and Adjusted EBITDA. Net Operating Income (NOI) The Company calculates net operating income (NOI) as total operating revenues (rental income, tenant reimbursements, crop sales and other revenue), less property operating expenses (direct property expenses and real estate taxes), less cost of goods sold. Since net operating income excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other income and losses and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and leasing farmland real estate, providing a perspective not immediately apparent from net income. However, net operating income should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other income and losses. View source version on businesswire.com: https://www.businesswire.com/news/home/20260429134723/en/ Contacts Susan Landi [email protected]