For the quarter ended September 2024, Farmland Partners (FPI) reported revenue of $13.32 million, up 14.6% over the same period last year. EPS came in at $0.03, compared to $0.07 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $11.88 million, representing a surprise of +12.07%. The company delivered an EPS surprise of +200.00%, with the consensus EPS estimate being $0.01. While investors scrutinize revenue and earnings changes year-over-year and how they compare wit ...

Farmland Partners (FPI) came out with quarterly funds from operations (FFO) of $0.03 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 200%. A quarter ago, it was expected that this real estate investment trust specializing in farmland would post FFO of $0.01 per share when it actually produced FFO of $0.01, delivering no surprise. Ove ...

Exhibit 99.1 Farmland Partners Inc. Reports Third Quarter 2024 Results Significantly Reduces Debt, Increases 2024 Earnings Guidance, And Projects Special Dividend Of At Least $1.00 DENVER, October 30, 2024 (BUSINESS WIRE) -- Farmland Partners Inc. (NYSE: FPI) ("FPI" or the "Company") today reported financial results for the quarter ended September 30, 2024. Selected Highlights During the quarter ended September 30, 2024, the Company: ● recorded net income of $1.8 million, or $0.02 per share available to com ...

Table of Contents or 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, 2024 ☐ 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 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock FPI New Yor ...

FPI LISTED Q2 2024 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 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------- ...

Farmland Partners Inc. (NYSE:FPI) Q2 2024 Earnings Call July 25, 2024 11:00 AM ET Company Participants Luca Fabbri - President and Chief Executive Officer Christine Garrison - General Counsel Paul Pittman - Executive Chairman James Gilligan - Chief Financial Officer Susan Landi - Incoming Chief Financial Officer Conference Call Participants Scott Fortune - ROTH Capital Rob Stevenson - Janney John Massocca - B. Riley Securities Operator Thank you for standing by. My name is Greg and I will be your conference ...

Farmland Partners (FPI) came out with quarterly funds from operations (FFO) of $0.01 per share, in line with the Zacks Consensus Estimate. This compares to loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust specializing in farmland would post FFO of $0.02 per share when it actually produced FFO of $0.06, delivering a surprise of 200%.Over the last four quarters, the company has surpassed consensus FFO e ...

[Q2 2024 Performance Highlights](index=1&type=section&id=Q2%202024%20Performance%20Highlights) [Selected Highlights](index=1&type=section&id=Selected%20Highlights) Farmland Partners Inc. reported a **($2.1) million net loss** in Q2 2024, with **AFFO improving to $0.5 million** Q2 2024 vs Q2 2023 Financial Highlights | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net Income (Loss) | ($2.1) million | $7.9 million | | Net Income (Loss) per Share | ($0.06) | $0.14 | | AFFO | $0.5 million | ($1.1) million | | AFFO per Share | $0.01 | ($0.02) | | Total Operating Expenses | Decreased 7.0% | - | - The decrease in average gross book value of real estate by **10.4%** to **$1.01 billion** is a result of dispositions that occurred in 2023[2](index=2&type=chunk) - Susan Landi was appointed as the company's new Chief Financial Officer (CFO) and Treasurer[2](index=2&type=chunk) [CEO Comments](index=1&type=section&id=CEO%20Comments) CEO Luca Fabbri attributed strong Q2 performance to portfolio improvements and cost savings, planning further asset disposals - The company's strong Q2 performance is credited to portfolio improvements, debt reduction from 2023 activities, and a resilient farm economy[3](index=3&type=chunk) - Future strategy includes further asset disposals to fund additional debt or preferred equity reductions and stock buybacks[3](index=3&type=chunk) - Management is optimistic that lower interest rates, a leaner corporate structure, and continued strong results will reduce the discount of the current stock price to its intrinsic value[3](index=3&type=chunk) [Financial and Operating Results](index=2&type=section&id=Financial%20and%20Operating%20Results) [Summary of Financial and Operating Results](index=2&type=section&id=Summary%20of%20Financial%20and%20Operating%20Results) Q2 2024 saw a **1.2% decrease in revenues** but a **7.8% increase in NOI to $8.8 million**; H1 AFFO grew **690.9%** Financial and Operating Results (in thousands) | Metric | Q2 2024 | Q2 2023 | Change | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) | $(2,052) | $7,899 | NM | $(644) | $9,612 | NM | | AFFO | $530 | $(1,131) | NM | $3,314 | $419 | 690.9% | | AFFO per share | $0.01 | $(0.02) | NM | $0.07 | $0.01 | 600.0% | | Adjusted EBITDAre | $6,521 | $5,400 | 20.8% | $15,103 | $12,487 | 20.9% | | Total Operating Revenues | $11,445 | $11,584 | (1.2)% | $23,435 | $24,256 | (3.4)% | | Net Operating Income (NOI) | $8,814 | $8,176 | 7.8% | $18,465 | $17,720 | 4.2% | [Acquisition and Disposition Activity](index=2&type=section&id=Acquisition%20and%20Disposition%20Activity) In H1 2024, the company was a net acquirer, purchasing **three properties for $16.3 million** with no dispositions - Acquired **three properties** for a total of **$16.3 million** during the six months ended June 30, 2024[7](index=7&type=chunk) - There were no dispositions of properties during the first six months of 2024[7](index=7&type=chunk) [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2024, total debt increased to **$393.0 million**, with total liquidity at **$163.8 million** Balance Sheet and Liquidity Highlights | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Debt Outstanding | $393.0 million | $363.1 million | | Total Liquidity | $163.8 million | $206.6 million | | - Cash | $5.7 million | $5.5 million | | - Undrawn Credit Facilities | $158.1 million | $201.1 million | - As of July 19, 2024, the company had **49,370,199 shares** of common stock outstanding on a fully diluted basis[7](index=7&type=chunk) [Dividend Declarations](index=2&type=section&id=Dividend%20Declarations) The Board declared a quarterly cash dividend of **$0.06 per share**, payable October 15, 2024 - A quarterly cash dividend of **$0.06 per share** has been declared[8](index=8&type=chunk) - The dividend is payable on October 15, 2024, to stockholders of record on October 1, 2024[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew slightly to **$1.028 billion** as of June 30, 2024, driven by increased real estate assets Consolidated Balance Sheet Data (in thousands) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total real estate, net** | **$975,513** | **$961,531** | | Cash and cash equivalents | $5,746 | $5,489 | | **TOTAL ASSETS** | **$1,028,491** | **$1,022,002** | | Mortgage notes and bonds payable, net | $391,059 | $360,859 | | **Total liabilities** | **$406,537** | **$391,192** | | **Total equity** | **$521,469** | **$528,840** | | **TOTAL LIABILITIES AND EQUITY** | **$1,028,491** | **$1,022,002** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2024 total operating revenues were **$11.4 million**, resulting in a **net loss of ($2.1) million** Consolidated Statements of Operations (in thousands) | Account | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $11,445 | $11,584 | $23,435 | $24,256 | | Total operating expenses | $8,205 | $8,827 | $15,048 | $16,663 | | (Gain) loss on disposition of assets, net | $10 | $(11,060) | $96 | $(12,886) | | Interest expense | $5,249 | $5,844 | $10,285 | $10,768 | | **NET INCOME (LOSS)** | **$(2,052)** | **$7,899** | **$(644)** | **$9,612** | | Basic net income (loss) per share | $(0.06) | $0.14 | $(0.05) | $0.15 | [Reconciliation of Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) [Reconciliation of FFO and AFFO](index=6&type=section&id=Reconciliation%20of%20FFO%20and%20AFFO) Q2 2024 net loss of **($2.1) million** reconciled to an **AFFO of $0.5 million** Q2 Reconciliation of Net Income to AFFO (in thousands) | Line Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net income (loss) | $(2,052) | $7,899 | | (Gain) loss on disposition of assets, net | $10 | $(11,060) | | Depreciation, depletion and amortization | $1,430 | $2,207 | | **FFO** | **$(612)** | **$(954)** | | Severance expense | $1,373 | $— | | Distributions on Preferred units and stock | $(743) | $(683) | | **AFFO** | **$530** | **$(1,131)** | [Reconciliation of EBITDAre and Adjusted EBITDAre](index=6&type=section&id=Reconciliation%20of%20EBITDAre%20and%20Adjusted%20EBITDAre) Q2 2024 Adjusted EBITDAre increased to **$6.5 million**, adjusted for interest, D&A, and severance Reconciliation of Net Income to Adjusted EBITDAre (in thousands) | Line Item | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $(2,052) | $7,899 | $(644) | $9,612 | | Interest expense | $5,249 | $5,844 | $10,285 | $10,768 | | Depreciation, depletion and amortization | $1,430 | $2,207 | $2,911 | $4,001 | | (Gain) loss on disposition of assets, net | $10 | $(11,060) | $96 | $(12,886) | | **EBITDAre** | **$4,636** | **$4,894** | **$12,666** | **$11,508** | | Severance expense | $1,373 | $— | $1,373 | $— | | **Adjusted EBITDAre** | **$6,521** | **$5,400** | **$15,103** | **$12,487** | [Reconciliation of Net Operating Income (NOI)](index=7&type=section&id=Reconciliation%20of%20Net%20Operating%20Income%20%28NOI%29) Q2 2024 NOI increased to **$8.8 million** from **$8.2 million**, driven by reduced operating expenses Reconciliation to NOI (in thousands) | Line Item | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $11,445 | $11,584 | $23,435 | $24,256 | | Property operating expenses | $(1,870) | $(2,428) | $(3,668) | $(4,610) | | Cost of goods sold | $(761) | $(980) | $(1,302) | $(1,926) | | **NOI** | **$8,814** | **$8,176** | **$18,465** | **$17,720** | [Company Information and Outlook](index=2&type=section&id=Company%20Information%20and%20Outlook) [Company Overview](index=3&type=section&id=Company%20Overview) Farmland Partners Inc. is an internally managed REIT owning **180,100 acres** across **17 U.S. states** - As of June 30, 2024, the company owns and/or manages approximately **180,100 acres** in **17 U.S. states**[12](index=12&type=chunk) - The portfolio includes approximately **26 crop types** and **over 100 tenants**[12](index=12&type=chunk) - The company elected to be taxed as a **REIT** starting with the taxable year ended December 31, 2014[12](index=12&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to risks including geopolitical conflicts, inflation, and interest rates - Forward-looking statements are subject to risks that could cause actual results to differ materially[13](index=13&type=chunk) - Key risk factors include the war in Ukraine, conflict in the Middle East, high inflation, elevated interest rates, extreme weather events, and changes in trade policies[13](index=13&type=chunk) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) A conference call to discuss financial results was scheduled for July 25, 2024, with a replay available - A conference call to discuss financial results was scheduled for July 25, 2024, at 11:00 a.m. (U.S. Eastern Time)[10](index=10&type=chunk) - A replay of the call will be available until August 4, 2024[11](index=11&type=chunk) [Definitions of Non-GAAP Financial Measures](index=8&type=section&id=Definitions%20of%20Non-GAAP%20Financial%20Measures) [FFO (Funds From Operations)](index=8&type=section&id=FFO%20%28Funds%20From%20Operations%29) FFO is a non-GAAP measure per Nareit standards, excluding property sales gains/losses and real estate depreciation - FFO is calculated per **Nareit standards**, defined as net income excluding gains/losses from sales of depreciable property and real estate-related depreciation and amortization[23](index=23&type=chunk) [AFFO (Adjusted Funds From Operations)](index=8&type=section&id=AFFO%20%28Adjusted%20Funds%20From%20Operations%29) AFFO adjusts FFO to represent sustainable operating performance by excluding acquisition costs and severance - AFFO adjusts FFO to exclude items not reflective of sustainable operating performance, such as acquisition costs, stock-based compensation, and severance expense[24](index=24&type=chunk) - Management considers AFFO a useful supplemental metric as it is more indicative of operational performance than FFO[25](index=25&type=chunk) [EBITDAre and Adjusted EBITDAre](index=9&type=section&id=EBITDAre%20and%20Adjusted%20EBITDAre) EBITDAre is calculated per Nareit standards, with Adjusted EBITDAre removing stock-based compensation and acquisition costs - EBITDAre is calculated according to **Nareit standards** The company also reports Adjusted EBITDAre, which adjusts for items like stock-based compensation and acquisition costs[26](index=26&type=chunk)[27](index=27&type=chunk) [Net Operating Income (NOI)](index=9&type=section&id=Net%20Operating%20Income%20%28NOI%29) NOI is total operating revenues less property-level operating expenses and cost of goods sold, reflecting direct asset profitability - NOI is calculated as total operating revenues minus property operating expenses and cost of goods sold[29](index=29&type=chunk) - It provides a performance measure that reflects revenues and expenses directly associated with owning and leasing farmland real estate[29](index=29&type=chunk)

Investing in Real Estate Investment Trusts (REITs) is great if you’re in search of dividends. Moreover, numerous REITs have shed value since the turn of the year, suggesting a buying opportunity has emerged. All sounds good, doesn’t it? Not so fast. I urge investors to reconsider before committing capital to certain REITs to sell, as various risk factors have emerged. A supply and demand imbalance has occurred, leading to a 20% year-over-year (YOY) drop in U.S. commercial real estate transactions. Commercia ...

Farmland Partners (FPI) shares rallied 5.4% in the last trading session to close at $11.51. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 4.1% loss over the past four weeks.The increased investor optimism in the stock can be attributed to the favorable operating environment.This real estate investment trust specializing in farmland is expected to post quarterly funds from operations (FFO) of $0.02 per share ...