Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36405 FARMLAND PARTNERS INC. (Exact Name of Registrant as Specified in its Charter) Maryland 46-3769850 (State ...

Financial Data and Key Metrics Changes - For Q2 2025, net income was $7.8 million or $0.15 per share, an increase from the same period in 2024, primarily due to gains on the sale of 32 properties and lower general and administrative costs [21][22] - Adjusted Funds from Operations (AFFO) was $1.3 million or $0.03 per share, higher than the same period in 2024, positively impacted by lower interest expenses and increased interest income [22][23] - Year-to-date net income was $9.9 million or $0.18 per share, also higher than the prior year, driven by 34 property dispositions and significant debt reductions [22][23] Business Line Data and Key Metrics Changes - The gain on asset dispositions was higher due to the sale of 34 properties in 2025, resulting in a net gain of $25 million compared to a loss in 2024 [23] - Fixed farm rent decreased due to property dispositions, while solar, wind, and recreation revenues increased due to a solar revenue-sharing arrangement [25][26] Market Data and Key Metrics Changes - Land values in the Midwest remained strong, contributing to gains from asset sales [5] - California faced challenges, leading to write-downs on several farms due to water issues and regulatory concerns [6][20] Company Strategy and Development Direction - The company is focused on long-term investments and is cautious about acquisitions, preferring to buy back stock and reduce debt [30][31] - The strategy includes exiting markets with long-term concerns, such as Colorado, while concentrating on stable regions like the Midwest [5][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in farmland as a reliable long-term investment despite short-term challenges in specific regions [19][20] - The company anticipates continued demand for farmland as an asset class, supported by high-net-worth individuals investing in this sector [18][19] Other Important Information - The company recorded impairments totaling $16.8 million on two farms in California, primarily due to regulatory water access issues [20][21] - The company has undrawn capacity on lines of credit of approximately $160 million as of June 30, 2025, with no debt subject to interest rate resets [24] Q&A Session Summary Question: How much more can the company sell in 2025 given the multiyear disposition program? - The company has four more transactions planned and is relying on the safe harbor based on seven transactions rather than the dollar amount [28] Question: Will the company need to pay a special dividend at the end of the year? - It is difficult to predict as it depends on the dynamics between GAAP accounting and tax accounting [29] Question: How is the company thinking about acquisitions versus repaying debt and buying back stock? - The company is disciplined in its acquisition strategy and is currently more focused on stock buybacks [30][31] Question: What is driving the increase in legal and accounting guidance? - An ongoing tenant dispute in Louisiana is driving the increase in legal and accounting expenses [33][34] Question: What are the thoughts on the preferred units eligible for conversion? - The company is unlikely to convert preferred units into shares and plans to pay them off with cash from asset sales or borrowings [35] Question: What is the outlook on variable payments and crop sales? - Variable payments increased due to improved crop yield expectations, while crop sales were adjusted based on crop type performance [37][56] Question: Are there any other farms at risk of water access issues? - Currently, there are no immediate needs for further write-downs, but the regulatory environment remains a concern [62] Question: How is the company utilizing its cash balance? - The company is optimizing its cash balance for stock repurchases and debt repayment while currently earning a positive spread on cash [67][68]

Q2 2025 Supplemental Package Farmland Partners Inc. (NYSE: FPI) is an internally managed real estate company that owns and seeks to acquire high-quality farmland throughout North America addressing the global demand for food, feed, fiber and fuel. www.farmlandpartners.com | 4600 S Syracuse St Suite #1450 Denver CO 80237 | 720.452.3100 Table of Contents | Earnings Release | 1 | | --- | --- | | Consolidated Balance Sheets | 4 | | Consolidated Statements of Operations | 5 | | Reconciliation of Non-GAAP Measure ...

Farmland Partners (FPI) came out with quarterly funds from operations (FFO) of $0.03 per share, missing the Zacks Consensus Estimate of $0.04 per share. This compares to FFO of $0.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -25.00%. A quarter ago, it was expected that this real estate investment trust specializing in farmland would post FFO of $0.06 per share when it actually produced FFO of $0.05, delivering a surprise of - ...

Exhibit 99.1 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 recognizing significant gains on the strategic sale of appreciated farmland assets. In the first half of 2025, we realized meaningful gains on over $80 million of farm sales—clear evidence of asset appreciation and value creation for our shareholders. We are redeploying sale proceeds to repur ...

Company Overview - Farmland Partners Inc. (NYSE: FPI) has significantly improved its financial figures since initiating a deleveraging process [1] - The company has successfully reduced interest expenses, leading to better financial health [1] - Revenues per acre have shown improvement, indicating enhanced operational efficiency [1] - The value of the company's land is steadily rising, contributing to overall asset appreciation [1] Investment Strategy - Triba Research aims to identify high-quality businesses capable of delivering sustainable, double-digit returns over the long term [2] - The firm's strategy emphasizes companies with strong competitive advantages, operating in growing markets, and maintaining low debt levels [2] - A skilled and aligned management team is a key focus for Triba Research in its investment evaluations [2] - The firm prioritizes long-term value creation while staying informed about the latest market developments [2]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Q1 2025 financial statements show total assets at $810.5 million, net income of $2.1 million driven by asset gains and lower interest expense, and operating cash flow of $6.4 million [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $810.5 million due to reduced cash, while total liabilities fell to $218.5 million primarily from lower dividends payable, with equity stable at $492.2 million Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$810,465** | **$868,560** | | Cash and cash equivalents | $21,650 | $78,441 | | Total real estate, net | $714,095 | $717,843 | | **Total Liabilities** | **$218,518** | **$272,003** | | Mortgage notes and bonds payable, net | $201,803 | $203,683 | | Dividends payable | $2,890 | $57,253 | | **Total Equity** | **$492,204** | **$494,587** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 net income increased to $2.1 million despite lower revenues, driven by a $0.8 million gain on asset disposition and a $2.4 million reduction in interest expense, resulting in $0.03 EPS Q1 2025 vs. Q1 2024 Operating Results (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total operating revenues | $10,252 | $11,990 | | Rental income | $6,970 | $10,207 | | Total operating expenses | $6,399 | $6,843 | | (Gain) loss on disposition of assets, net | $(763) | $86 | | Interest expense | $2,638 | $5,036 | | **Net Income** | **$2,093** | **$1,408** | | Net income available to common stockholders | $1,272 | $606 | | **Basic and Diluted EPS** | **$0.03** | **$0.01** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw $6.4 million cash from operations, $0.1 million from investing activities, and a $63.3 million use in financing, primarily for dividends, leading to a $56.8 million net cash decrease Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash from Operating Activities | $6,370 | $11,897 | | Net cash from Investing Activities | $99 | $(14,497) | | Net cash from Financing Activities | $(63,260) | $3,339 | | **Net (decrease) in cash** | **$(56,791)** | **$739** | | Cash at end of period | $21,650 | $6,228 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's REIT structure, its 92,400-acre farmland portfolio, revenue recognition, $201.8 million debt, ongoing litigation, FPI Loan Program, share repurchases, and hedging strategies - As of March 31, 2025, the Company owned a portfolio of approximately **92,400 acres** of farmland and managed an additional **46,800 acres**[26](index=26&type=chunk) - The company has a single operating segment, and its chief operating decision makers assess performance using Adjusted Funds from Operations (AFFO), a non-GAAP measure[41](index=41&type=chunk)[42](index=42&type=chunk) - The company has **$167.4 million** available under its lines of credit as of March 31, 2025, and manages liquidity through cash balances, credit lines, and potential asset sales[36](index=36&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 net income growth driven by asset gains and lower interest expense, the company's farmland acquisition strategy, key market factors, strong liquidity with $167.4 million credit availability, and non-GAAP measures like AFFO of $2.3 million - The company's primary strategic objective is to be a leading institutional owner and manager of high-quality North American farmland, delivering returns through cash dividends and asset appreciation[152](index=152&type=chunk) - Key factors influencing future results include global food demand, farmland supply constraints, inflation, interest rates, and international trade policies[167](index=167&type=chunk)[168](index=168&type=chunk)[192](index=192&type=chunk) - Net income for Q1 2025 was primarily affected by dispositions, higher crop sales, increased interest income, proceeds from a solar lease, and lower interest expense, offset by lower income from forfeited deposits[197](index=197&type=chunk) Q1 2025 vs Q1 2024 Key Metrics (in thousands) | Metric | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Rental income | $6,970 | $10,207 | $(3,237) | (31.7)% | | Total operating revenues | $10,252 | $11,990 | $(1,738) | (14.5)% | | Interest expense | $2,638 | $5,036 | $(2,398) | (47.6)% | | **Net Income** | **$2,093** | **$1,408** | **$685** | **48.7%** | [Results of Operations](index=59&type=section&id=Results%20of%20Operations) Q1 2025 saw rental income decrease by $3.2 million due to asset sales, offset by a $1.3 million rise in other revenue and a $2.4 million reduction in interest expense, alongside a $0.8 million gain on asset dispositions - Rental income decreased by **$3.2 million (31.7%)** in Q1 2025 compared to Q1 2024, primarily due to dispositions that occurred in 2024[198](index=198&type=chunk) - Other revenue increased by **$1.3 million**, mainly due to higher interest income from a larger average balance on loans under the FPI Loan Program[199](index=199&type=chunk) - Interest expense decreased by **$2.4 million (47.6%)** due to lower outstanding debt and a reduction in exposure to variable interest rates[207](index=207&type=chunk) - A net gain on asset disposition of **$0.8 million** was recorded in Q1 2025, compared to a net loss of **$0.1 million** in Q1 2024[205](index=205&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity with $21.7 million cash and $167.4 million credit availability, with Q1 2025 cash flows showing $6.4 million from operations, $0.1 million from investing, and $63.3 million used in financing, including $55.7 million in dividends - As of March 31, 2025, the company had **$167.4 million** in undrawn availability under its lines of credit[210](index=210&type=chunk) - During Q1 2025, the company repurchased **63,023 shares** of common stock for approximately **$0.7 million**, with **$55.0 million** remaining under the repurchase authorization[213](index=213&type=chunk)[243](index=243&type=chunk) Sources and Uses of Cash (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash from Operating Activities | $6,370 | $11,897 | | Net cash from Investing Activities | $99 | $(14,497) | | Net cash from Financing Activities | $(63,260) | $3,339 | [Non-GAAP Financial Measures](index=65&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like FFO and AFFO, reporting Q1 2025 FFO at $2.5 million and AFFO at $2.3 million ($0.05 per share), alongside EBITDAre of $5.2 million Reconciliation of Net Income to FFO and AFFO (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income | $2,093 | $1,408 | | (Gain) loss on disposition of assets, net | $(763) | $86 | | Depreciation, depletion and amortization | $1,173 | $1,481 | | **FFO** | **$2,503** | **$2,975** | | Stock-based compensation | $519 | $525 | | Distributions on Series A Preferred Units | $(743) | $(743) | | **AFFO** | **$2,284** | **$2,784** | AFFO Per Share | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | AFFO per diluted weighted average share | $0.05 | $0.06 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=71&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, which is managed by an interest rate swap effectively converting its $11.8 million variable-rate debt to a fixed rate - The company's primary market risk is interest rate risk, which it manages through fixed-rate financing and derivative instruments like interest rate swaps[234](index=234&type=chunk) - As of March 31, 2025, the company's **$11.8 million** of variable-rate debt is covered by an interest rate swap, effectively reducing its floating rate exposure to zero[235](index=235&type=chunk) [Item 4. Controls and Procedures](index=71&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[237](index=237&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[239](index=239&type=chunk) [PART II. OTHER INFORMATION](index=71&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=71&type=section&id=Item%201.%20Legal%20Proceedings) The company is pursuing ongoing litigation against Sabrepoint regarding an alleged 2018 'short and distort' scheme, with the case recently remanded for further proceedings after a favorable appellate decision - The company is pursuing a lawsuit against Sabrepoint related to an alleged "short and distort" scheme from 2018. On April 25, 2025, the Texas Supreme Court affirmed a lower court's decision that the company's claims are not barred, remanding the case for further proceedings[95](index=95&type=chunk)[240](index=240&type=chunk) [Item 1A. Risk Factors](index=73&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 were reported - No material changes from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 were reported[241](index=241&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=73&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2025, the company repurchased 87,000 shares of common stock at an average price of $11.71, with $55.0 million remaining under the repurchase program and no unregistered sales Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased (thousands) | Average Price Paid per Share | Approx. Value Remaining in Program (thousands) | | :--- | :--- | :--- | :--- | | Jan 2025 | 67 | $11.72 | $55,011 | | Feb 2025 | 8 | $11.90 | $55,011 | | Mar 2025 | 12 | $11.56 | $55,011 | | **Total** | **87** | **$11.71** | **$55,011** | - As of March 31, 2025, the company had **$55.0 million** of capacity remaining under its share repurchase program[243](index=243&type=chunk) [Item 3. Defaults Upon Senior Securities](index=73&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[247](index=247&type=chunk) [Item 4. Mine Safety Disclosures](index=75&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[248](index=248&type=chunk) [Item 5. Other Information](index=75&type=section&id=Item%205.%20Other%20Information) The company reported no adoptions or modifications of Rule 10b5-1 plans during the period - None[249](index=249&type=chunk) [Item 6. Exhibits](index=75&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - The report includes CEO and CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906, as well as Inline XBRL data files for the financial statements[251](index=251&type=chunk)

Financial Data and Key Metrics Changes - For Q1 2025, net income was $2.1 million, or $0.03 per share, an increase compared to the same period in 2024, driven by higher interest income and lower interest expenses [29] - Adjusted Funds from Operations (AFFO) was $2.3 million, or $0.05 per weighted average share, which was lower than the same period in 2024 [29] - Interest expense decreased by $2.4 million due to a reduction in debt of $189.4 million in Q4 2024 [30] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions in 2024, while solar, wind, and recreation revenues increased due to a solar lease arrangement [32] - Management fees and interest income rose due to increased loan issuances under the FPI loan program [32] - Direct operations revenue increased due to higher walnut prices, offset by increased costs for water and maintenance [32] Market Data and Key Metrics Changes - The portfolio's NAV is estimated to be in the mid-$14 range, reflecting a decrease due to dividend payouts [19] - The market for row crop land values remains stable, with no significant frothiness observed [45] - California land values are not recovering, with some capitulation among sellers indicating potential market stabilization [16][18] Company Strategy and Development Direction - The company plans to continue selective capital deployment, focusing on small acquisitions and loan programs [27] - There is an emphasis on stock buybacks due to the perceived undervaluation of the company's shares compared to farmland values [52] - The company aims to maintain liquidity and flexibility in capital deployment strategies [62] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of farmland, particularly in the context of global food demand and population growth [26] - The potential impact of tariffs on the agricultural market was discussed, with management noting that while there may be short-term pressures, long-term fundamentals remain strong [7][11] - The company anticipates modest rent increases in the row crop segment, reflecting a pause in rental growth [9] Other Important Information - The company won part of a legal case in Texas, which may have implications for future operations [13] - A compensation advisory vote did not pass, attributed to ISS recommendations, which management believes were misinformed [21][22] Q&A Session Summary Question: Can you provide details on the amortization of the FPI loan points? - Management indicated that approximately $2.4 million is expected to be recognized as amortization of points income for the year [40] Question: Is the increase in solar, wind, and recreational rent recurring? - Management clarified that while the arrangement with a solar tenant is recurring, it may not be at the same scale as the current year [42] Question: How have cap rates moved year-to-date? - Management noted that cap rates for row crop land values are stable, with no significant changes observed [45] Question: What is the company's stance on stock buybacks versus land purchases? - Management expressed a preference for stock buybacks due to the significant discount of the stock price compared to its perceived value [52] Question: How do tariffs affect core row crop assets versus permanent crops? - Management explained that many specialty crops are consumed domestically, which may provide some benefits amid tariff pressures [56]

Financial Data and Key Metrics Changes - For Q1 2025, net income was $2.1 million, or $0.03 per share, an increase compared to the same period in 2024, driven by higher interest income, proceeds from a solar lease, and lower interest expenses [28] - AFFO was $2.3 million, or $0.05 per weighted average share, which was lower than the same period in 2024 [29] - Interest expense decreased by $2.4 million due to a reduction in debt [29] Business Line Data and Key Metrics Changes - Fixed farm rent decreased due to property dispositions in 2024, while solar, wind, and recreation revenues increased due to a solar lease arrangement [31] - Management fees and interest income rose due to increased loan issuances under the FPI loan program [31] - Direct operations revenue increased due to higher walnut prices, offset by increased costs for water and maintenance [31] Market Data and Key Metrics Changes - The portfolio NAV is estimated to be in the mid-$14 range, reflecting a decrease due to dividend payouts [18] - The market for row crop land is stable, with no significant frothiness observed, and high-quality land remains strong [46][49] Company Strategy and Development Direction - The company plans to continue selective capital deployment, including small acquisitions and loan programs [26] - The focus remains on maintaining high cash flows and AFFO while considering stock buybacks due to perceived undervaluation [55] Management Comments on Operating Environment and Future Outlook - Management expressed concerns about tariffs and stagflation, noting that while tariffs could impact exports, stagflation historically boosts farmland values [6][11] - The company anticipates modest rent increases in the short term but remains optimistic about long-term demand for agricultural land [9][25] Other Important Information - The company won part of a legal case in Texas, which may have implications for future operations [13] - A compensation advisory vote did not pass, attributed to ISS recommendations, which management believes were incorrect [20][21] Q&A Session Summary Question: What is the amortization amount for the FPI loan points in Q1? - The company expects to recognize approximately $2.4 million in amortization of points income for the year [39] Question: Is the increase in solar, wind, and recreational rent recurring? - The arrangement with the tenant is recurring but not at the same scale as the current year [41] Question: How were the April 25 debt maturities repaid? - The company drew about $14 million from its line of credit and used operational funds for the remainder [45] Question: How have cap rates moved year-to-date? - Cap rates for row crop land values are stable, with no significant changes observed [46] Question: Will the Farmer Mac facility be renewed? - The company is likely to keep the facility in place for liquidity purposes [63][64]

Q1 2025 Supplemental Package Farmland Partners Inc. (NYSE: FPI) is an internally managed real estate company that owns and seeks to acquire high-quality farmland throughout North America addressing the global demand for food, feed, fiber and fuel. www.farmlandpartners.com | 4600 S Syracuse St Suite #1450 Denver CO 80237 | 720.452.3100 Table of Contents | Earnings Release | 1 | | --- | --- | | Consolidated Balance Sheets | 4 | | Consolidated Statements of Operations | 5 | | Reconciliation of Non-GAAP Measure ...