Farmland Partners Inc. Reports Fourth Quarter and Fiscal Year 2020 Results

• For the three months ended December 31, 2020, the Company recorded net income of $6.4 million and basic net income to common stockholders of $0.10 per share, as compared to net income of $9.8 million and basic net income to common stockholders of $­­­0.20 per share for the same period during 2019. For the year ended December 31, 2020, the Company recorded net income of $7.5 million and a basic net loss to common stockholders of $(0.18) per share, as compared to net income of $14.9 million and basic net income to common stockholders of $0.04 per share for the same period during 2019.
• For the three months ended December 31, 2020, the Company recorded Adjusted Funds from Operations ("AFFO") of $5.0 million and AFFO per fully diluted share of $0.16, as compared to AFFO of $9.0 million and AFFO per fully diluted share of $0.28 for the same period during 2019. For the year ended December 31, 2020, the Company recorded AFFO of $1.8 million and AFFO per fully diluted share of $0.06, as compared to AFFO of $4.4 million and AFFO per fully diluted share of $0.13 for the same period during 2019.
• For the three months ended December 31, 2020, the Company recorded Adjusted Earnings Before Interest Taxes Depreciation and Amortization for real estate ("Adjusted EBITDAre") of $12.0 million, as compared to $16.9 million for the same period during 2019. For the year ended December 31, 2020, the Company recorded Adjusted EBITDAre of $31.3 million, as compared to $36.4 million for the same period during 2019.
• See "Non-GAAP Financial Measures" for complete definitions of AFFO and Adjusted EBITDAre and the financial tables accompanying this press release for reconciliations of net income to AFFO and Adjusted EBITDAre.

Operating Results            

• For the three months ended December 31, 2020, the Company recorded total operating revenues of $17.9 million, as compared to $21.9 million for the same period during 2019. For the year ended December 31, 2020, the Company recorded total operating revenues of $50.7 million, as compared to $53.6 million for the same period during 2019.
• For the three months ended December 31, 2020, the Company recorded total operating income of $9.7 million and net operating income ("NOI") of $16.2 million, as compared to total operating income of $14.6 million and NOI of $20.2 million for the same period in 2019. For the year ended December 31, 2020, the Company recorded total operating income of $22.3 million and NOI of $43.3 million, as compared to total operating income of $26.3 million and NOI of $45.7 million for the same period in 2019.
• See "Non-GAAP Financial Measures" for a complete definition of NOI and the financial tables included in this press release for reconciliations of net income to NOI.

Acquisition and Disposition Activity

• During the quarter ended December 31, 2020, the Company completed one acquisition for total consideration of $0.04 million. During the year ended December 31, 2020, the Company completed three acquisitions for total consideration of $1.4 million.
• During the quarter ended December 31, 2020, the company the Company completed three dispositions for total consideration of $7.1 million and total gain on sale was $0.9 million. During the year ended December 31, 2020, the company the Company completed seven dispositions for total consideration of $20.5 million and total gain on sale was $3.2 million.

Balance Sheet

• During the quarter ended December 31, 2020, the Company repurchased 30,000 shares of common stock at a weighted average price of $8.37 per share for an aggregate purchase price of $0.3 million. During the year ended December 31, 2020, the Company repurchased 1,034,167 shares of common stock at a weighted average price of $6.59 per share for an aggregate purchase price of $6.8 million.
• During the quarter ended December 31, 2020, the Company did not repurchase any shares of Series B preferred stock. During the year ended December 31, 2020, the Company repurchased 140,189 shares of Series B preferred stock at a weighted average price of $22.08 per share for an aggregate purchase price of $3.1 million.
• As of December 31, 2020, and the date of this press release, the Company had, respectively, 32,210,063 and 32,207,458 shares of common stock outstanding on a fully diluted basis.
• The Company had total debt outstanding of $508.2 million at December 31, 2020, compared to total debt outstanding of $512.9 million at December 31, 2019.

Dividend Declarations

• The Company announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share of common stock and per Class A Common OP unit. The dividends are payable on April 15, 2021, to stockholders and unit holders of record on April 1, 2021.
• The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.3750 per share of Series B Participating Preferred Stock. The dividends are payable on March 31, 2021 to holders of Series B Participating Preferred Stock of record on March 15, 2021.

Conference Call Information

The Company has scheduled a conference call on March 18, 2021 at 11:00 a.m. (Eastern Time) to discuss its financial results for the quarter and fiscal year ended December 31, 2020. The call can be accessed live over the phone toll-free by dialing 1-866-262-6804 (U.S.), or 1-855-669-9657 (Canada), or 1-412-902-4107 (International).  Participants can reference the Farmland Partners Inc. Fourth Quarter and Fiscal Year 2020 Earnings Conference Call. 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 conference call will be available beginning shortly after the end of the event until March 27, 2021 at 11:59 p.m. (Eastern Time), by dialing 1-877-344-7529 (U.S.), or 1-855-669-9658 (Canada), or 1-412-317-0088 (International); passcode: 10152751. 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.

A supplemental information package accompanying this release will be made available on the Investor Relations section of the Company's website.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns approximately 150,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and over 100 tenants. 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, proposed and pending acquisitions and dispositions, the potential impact of trade disputes and recent extreme weather events on the Company's results, 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: general volatility of the capital markets and the market price of the Company's common stock or Series B participating preferred 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 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, 2019, 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.

Farmland Partners Inc. Consolidated Balance Sheets As of December 31, 2020 and December 31, 2019 (in thousands except par value and share data)
		December 31,
		2020			2019
ASSETS
Land, at cost		$	924,952			937,813
Grain facilities			12,091			12,091
Groundwater			10,214			11,473
Irrigation improvements			53,887			53,871
Drainage improvements			12,805			12,674
Permanent plantings			54,374			52,089
Other			8,167			7,827
Construction in progress			9,284			11,911
Real estate, at cost			1,085,774			1,099,749
Less accumulated depreciation			(32,654)			(25,277)
Total real estate, net			1,053,120			1,074,472
Deposits			—			1
Cash			27,217			12,561
Notes and interest receivable, net			2,348			4,767
Right of Use Asset			93			73
Deferred offering costs			—			—
Deferred financing fees, net			87			174
Accounts receivable, net			4,120			5,515
Inventory			1,117			1,550
Prepaid expenses and other assets			2,889			3,440
TOTAL ASSETS		$	1,090,991		$	1,102,553
LIABILITIES AND EQUITY
LIABILITIES
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