Farmland Partners Inc. · NYSE:FPI
Farmland Partners — Investor Presentation (July 2026)
29 slides from Farmland Partners's investor presentation, July 2026
Slide 1: Investor Presentation
Investor Presentation JULY 2026
Slide 2: Disclaimer
Disclaimer Forward-looking Statements This presentation made by Farmland Partners Inc. (the “Company,” “FPI,” “we,” “us,” or “our”) contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements generally can be identified by the use of forward-lo
Slide 3: Highlights
Highlights Portfolio • Approximately 70,100 acres (3 billion square feet) owned across the United States • Diversified across 11 states with more than 180 properties plus land and buildings leased to agriculture equipment dealerships in Ohio • 0% vacancy across the portfolio East Bardolph - Illinois
Slide 4: Why U.S. Farmland?
Why U.S. Farmland? 1. Rising Demand + Shrinking Supply 2. Stable + Steady Returns(2) • Food consumption is one of the most basic human needs • Farmland historically has delivered attractive returns over long holding periods • Increases with GDP per capita (higher protein diets) • Appreciation + inco
Slide 5: Attractive Supply-Demand Dynamics
Attractive Supply-Demand Dynamics GDP/Capita (Current International $)(4) Arable Land Worldwide (Acre/Person)(5) 30,000 0.90 25,000 0.80 20,000 0.70 15,000 0.60 10,000 5,000 0.50 0 0.40 1990 1995 2000 2005 2010 2015 2020 2025 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021 Worldwide
Slide 6: Why Farmland Partners?
Why Farmland Partners? 1. Mirroring U.S. Farmland Trends 2. High Quality Portfolio • Near-zero vacancy • Diversified farmland portfolio of both row crops and permanent crops • As of June 30, 2026, realized approximately 6.2% gross unlevered IRR • Portfolio extends across some of the world’s most pro
Slide 7: FPI Overview
FPI Overview Wilder-Mercer - Illinois
Slide 8: Representative Assets
Representative Assets Row Crop Farms Permanent Crop Farms • Crops are planted/replanted every year • Trees, bushes, or vines are planted once and may last • Crops are rotated to maximize soil health and market for 25 years or longer opportunities • Tend to be more specialized products like tree nuts
Slide 9: Income Statement Overview
Income Statement Overview(a) Item Explanation Timing of Cash Timing of Revenue Recognition • Fixed farm rent • Farm rent: 50% to 100% of individual • Generally straight-lined over the term of the • Solar, wind, recreation rent leases paid before planting lease contract Fixed Payments • Tenant reimbu
Slide 10: Tenant Underwriting
Tenant Underwriting How to Underwrite Credit Risk? Cash Receipts of Fixed Farm Rent 120% 2020 2021 2022 • FPI’s standard lease includes: 2023 2024 2025 Ratable • Lien interest in growing crops 100% • Crop insurance as required 80% • Personal guarantees 60% 40% • 50% to 100% of fixed farm rents are p
Slide 11: Recent Growth & Investment Pipeline
Recent Growth & Investment Pipeline Recent acquisitions as of June 30, 2026 Investment Criteria Date Price State Comments • Targeting 4% blended gross yield (revenue on cost) ($mm) • Strong water availability 3/2025 $1.0 NE 80 total acres • Sustainable agronomic practices 3/2025 $1.8 NE 155 total ac
Slide 12: Financing Growth
Financing Growth Unit Economics Agriculture Land — Long Term Appreciation(7) Example: $7,000 CAGR from • $1 million invested • 6.5% annual appreciation to exit $6,000 Ag Land Crop Land 1997: 5.5% • 4% yield on cost • 10-year hold • 5% growth $5,000 $4,000 $3,000 Unlevered ($mm) CAGR from $2,000 1970
Slide 13: Outsized Returns — Higher and Better Use
Outsized Returns — Higher and Better Use Farmland Partners underwrites and purchases farms based on agriculture uses and values alone. Certain farms are well suited for higher and better use (e.g., renewable energy, other real estate development). In such cases, Farmland Partners may earn outsized r
Slide 14: Financial Overview & Capital Structure
Financial Overview & Capital Structure Financial Highlights For the three m onths For the six m onths ended (in thousands) ended June 30, June 30, Financial Results: 2026 2025 Chang e 2026 2025 Chang e Net Income $ 3,131 $ 7,792 (59.8) % $ 3,777 $ 9,885 (61.8) % (a) Net income available to common st
Slide 15: Sustainability
Sustainability Farmland and the farmers who cultivate it create a more sustainable future by affordably feeding the world’s growing population while minimizing environmental impact. Our Tenants • 97% invest in improving soil health • 94% of row crop practice conservation tillage techniques • 87% use
Slide 16: Board of Directors
Board of Directors Board Executive Real Estate Agriculture Legal Finance Transaction Name Position Experience Leadership Industry Experience Experience Experience Experience Paul A. Pittman Chairman Luca Fabbri Director John A. Good Independent Director Danny D.
Slide 17: Sector Highlights
Sector Highlights Condor Ranch - California
Slide 18: United States Farming Overview
United States Farming Overview Cropland Top Sources & Uses(9) Perception(10) vs. Reality(11) • Corn, soybeans, and wheat represent ~79% of the planted John Deere A Tractor used from John Deere acres in the United States ~1930s – 1950s S7 900 Combine Crop Acres % of Total Corn 95 million 33% Soybeans
Slide 19: Farmland Basics
Farmland Basics Near-Zero Vacancy Steady Increase in Yields (bushels/acre)(13) “Land has near-zero vacancy rates, owners collect the lease CAGR from payments upfront, and there is no maintenance or capital 1990: 1.3% 190 55 expenditures because farmers who lease the land handle these Corn Soybeans c
Slide 20: Established Business/Emerging REIT Sector
Established Business/Emerging REIT Sector Established Business Model Emerging REIT Sector • U.S. farmers have long rented farmland(15) to expand • Farmland is a very large scale, near-zero vacancy sector, with operations and achieve economies of scale. de-risked cash flows and government support. •
Slide 21: Appendix
Appendix John’s Shop - Illinois
Slide 22: Risks to Sector
Risks to Sector Risk Explanation of Risk Mitigation Weather Extreme temperatures (cold or hot), lack of water, • Portfolio diversification excess water, storms, high winds, tornados, hail, • Weather events occur somewhere every year, but seldom occur across large geographic areas at the same floodin
Slide 23: Glossary
Glossary Term Explanation 1 acre = 43,560 ft2 Area 1 section = 1 mile2 1 mile2 = 640 acres Method of crop irrigation in which equipment rotates around a pivot and crops Pivot Irrigation are watered with sprinklers. A circular area centered on a pivot is irrigated Drainage system that removes excess
Slide 24: Litigation Overview
Litigation Overview All class action and derivative suits have been dismissed or withdrawn. FPI pursuing hedge fund that perpetrated the short & distort attack. February 2021: Federal case against Sabrepoint dismissed on procedural grounds. June 20, 2021: Quinton Mathews July 11, 2018: Quinton Mathe
Slide 25: Reconciliation to Non-GAAP Measures
Reconciliation to Non-GAAP Measures F or the three m onths F or the six m onths ended June 30, ended June 30, (in thousands except per share amounts) 2026 2025 2026 2025 Net income $ 3,131 $ 7,792 $ 3,777 $ 9,885 (Gain) on disposition of assets, net (3,527) (24,228) (3,272) (24,991) Depreciation, de
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company considers the following non-GAAP measures as 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
Slide 27: Non-GAAP Financial Measures (Continued)
Non-GAAP Financial Measures (Continued) 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
Slide 28: End Notes
End Notes Note Explanation Link 1 The State of Food Security and Nutrition Around the World, UN FAO, July 2026. https://www.fao.org/publications/fao-flagship-publications/the-state-of-food-security-and-nutrition-in- See pp. xii out of 249. the-world/en 2 Green Street Advisors U.S. Farmland sector pr
Slide 29: © 2026 FARMLAND PARTNERS. ALL RIGHTS RESERVED
© 2026 FARMLAND PARTNERS. ALL RIGHTS RESERVED
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