Financial Data and Key Metrics Changes - The company recorded total operating revenues of $11.6 million for Q1 2021, slightly down from $11.7 million in Q1 2020, indicating a strong performance despite a reduced portfolio [22] - Total operating income was $3.1 million in Q1 2021 compared to $5.3 million in the same period of 2020, but adjusted for litigation expenses, the performance would have been $5.6 million [22] - The basic net loss to common stockholders was $0.02 per share in Q1 2021, improved from a net loss of $0.09 per share in Q1 2020, and would have been a net income of $0.07 per share without litigation expenses [23] - Adjusted Funds from Operations (AFFO) was negative $0.05 in Q1 2021, compared to negative $0.01 in Q1 2020, but would have been positive $0.03 without legal expenses [23] Business Line Data and Key Metrics Changes - The company initiated an acquisition program, purchasing approximately $2.9 million in assets without incurring debt, indicating a shift towards growth [10] - The company reduced its debt by $20 million and repurchased a small amount of Series B preferred shares, continuing its deleveraging strategy [11] Market Data and Key Metrics Changes - The company anticipates strong rent increases in the coming quarters, with about one-third of the portfolio rolling over this summer and fall, potentially leading to rent increases of 5% to over 15% [11][39] - There is a significant increase in farmer profitability driven by rising commodity prices, particularly in corn and soybeans, which is expected to last for several years [14][17] Company Strategy and Development Direction - The company is transitioning from a focus on asset sales and stock buybacks to a growth-oriented strategy, aiming to increase assets under management and reduce leverage [10][11] - The company is also establishing a substantial off-balance sheet vehicle related to opportunity zones to enhance growth [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term demand for farmland driven by population growth and GDP increases in developing countries, alongside a decline in arable land per person [13] - The company is closely monitoring inflation trends, noting that farmland is a good hedge against inflation, which could benefit investors [20] - Management acknowledged ongoing litigation expenses but remains confident that these will eventually conclude successfully [21] Other Important Information - The net asset value is estimated to be around $14 per share, with expectations of land value appreciation continuing for several years [12] - The company has seen a significant increase in demand for U.S. food products, particularly from China, which is expected to drive commodity prices higher [18] Q&A Session Summary Question: What determined the 14 dispositions? - The majority of the dispositions were assets contributed to the Opportunity Zone Fund, which allows the company to maintain management fees on those assets [26] Question: What are the fees from the asset management business? - The company receives fees based on assets under management from the Opportunity Zone vehicle, which are set to exceed current overhead costs [29] Question: What is the mix of specialty and row crops in the lease rollover? - The lease rollover is more weighted towards row crops this year, with expectations of improved profitability in that segment [44] Question: How do you view the lease roll-ups this summer? - The company expects rent increases of 5% to over 15% for row crops, driven by improved profitability for farmers [39] Question: Are you seeing more competition for bidding on acres? - There is an increase in both prices and volumes in the farmland market, particularly in high-quality land regions like Illinois [56] Question: How are labor shortages affecting profitability? - Labor shortages are a concern, particularly in specialty crops, but the company has not faced significant operational issues [66] Question: How is the drought affecting specialty crops? - The drought's impact is more significant for non-irrigated crops, but the company is positioned well with irrigated land [70]

Farmland Partners Inc. (NYSE:FPI) Q4 2020 Earnings Conference Call March 18, 2021 11:00 AM ET Company Participants Paul Pittman - Chairman & Chief Executive Officer Luca Fabbri - Chief Financial Officer Conference Call Participants Dave Rodgers - Baird Rob Stevenson - Janney Dane Bowler - 2nd Market Craig Kucera - B. Riley FBR Operator Good day and welcome to the Farmland Partners Inc. Fourth Quarter and Fiscal Year 2020 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Ins ...

Farmland Partners Inc. (NYSE:FPI) Q3 2020 Earnings Conference Call November 9, 2020 11:00 AM ET Company Participants Paul Pittman - Chairman & Chief Executive Officer Luca Fabbri - Chief Financial Officer Conference Call Participants Rob Stevenson - Janney Buck Horne - Raymond James & Associates Operator Good day, and welcome to the Farmland Partners Inc. Third Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] I would now like to turn the conferen ...

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 September 30, 2020 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 ( ...

Farmland Ownership and Operations - The company owns approximately 156,500 acres of farmland across various states, with 70% dedicated to primary crops and 30% to specialty crops[132]. - As of June 30, 2020, the company has a portfolio breakdown of acreage: Corn Belt (43,988 acres), Delta and South (27,871 acres), High Plains (29,566 acres), Southeast (43,499 acres), and West Coast (11,586 acres)[135]. - The company engages in farming through its taxable REIT subsidiary, FPI Agribusiness, which operates on 3,676 acres and provides services to tenants[136]. Revenue and Rental Income - The principal source of revenue is rent from tenants, with a mix of fixed and variable rental agreements to mitigate credit risk[137]. - As of June 30, 2020, the company had approximately 155,981 acres leased, generating annual rents of $54,252,000, with 46.1% of annual cash rents coming from leases expiring in 2025 and beyond[155]. - The company expects flat to modestly higher rent rates for primary crop farmland in 2020 lease renewals, reflecting tenant demand despite headwinds in primary crop markets[153]. - The company anticipates continued ability to collect rents in full and on time despite the ongoing COVID-19 pandemic, with measures in place to mitigate tenant credit risk[158]. - Rental rates for farmland are influenced by the long-term profitability outlook of farmland, with a near-zero vacancy rate indicating strong demand[163]. Market Demand and Food Production - The company expects global food demand to increase significantly, requiring over one billion additional tons of grain production by 2050, a 43% increase from 2005-2007 levels[148]. - Global cropland area is projected to increase by only 173 million acres (approximately 5%) from 2005-2007 to 2050, while the world population is expected to grow by nearly 40% to 9.1 billion during the same period[149]. - The company believes that the stability of farmland values and food demand will help mitigate the effects of the pandemic on its business[145]. Financial Performance - Total operating revenues for the three months ended June 30, 2020, were $10.517 million, a decrease of $431,000 or 3.9% from $10.948 million in the same period of 2019[170]. - Net income for the three months ended June 30, 2020, was $172,000, a significant decrease of $6.353 million or 97.4% compared to $6.525 million in the same period of 2019[170]. - Operating income for the three months ended June 30, 2020, was $3.689 million, down $265,000 or 6.7% from $3.954 million in the same period of 2019[170]. - For the six months ended June 30, 2020, rental income was $19.215 million, a decrease of $154,000 or 0.8% from $19.369 million in the same period of 2019[179]. - Operating income for the six months ended June 30, 2020, was $8.979 million, an increase of $504,000 or 5.9% from $8.475 million in the same period of 2019[179]. COVID-19 Impact and Response - The company has experienced limited direct impact from COVID-19, maintaining operations while prioritizing employee health and safety[143]. - The company is prepared for potential medium-term challenges but expects its tenant base's quality and federal support measures to prevent significant creditworthiness degradation[141]. - The company anticipates that the long-term demand for food will drive higher rental rates and farmland values, despite short-term disruptions from COVID-19[141]. Costs and Expenses - The company incurs costs associated with running a public company and managing farmland, but expects these expenses to remain manageable as the portfolio grows[160]. - Total operating expenses decreased by $166,000, or 2.4%, for the three months ended June 30, 2020, totaling $6.828 million compared to $6.994 million in the same period of 2019[170]. - Legal and accounting expenses decreased by $0.7 million, or 34.0%, for the six months ended June 30, 2020, due to lower legal fees related to litigation[184]. Debt and Interest Rates - The company has secured an extension for refinancing $48.3 million of debt to October 31, 2020, due to travel restrictions caused by the COVID-19 pandemic[144]. - As of June 30, 2020, $181.0 million, or 35.3%, of the company's debt had variable interest rates[218]. - A 1.0% increase in interest rates would decrease the company's cash flow by approximately $0.9 million per year[218]. Stock and Shareholder Distributions - The company repurchased $3.2 million worth of common stock and $3.1 million of Series B Participating preferred stock during the six months ended June 30, 2020[191]. - The company’s total distributions on preferred units for the three months ended June 30, 2020, were $(3.088) million, compared to $(3.125) million for the same period in 2019[213].