Farmland Partners (FPI) can be described with the following analogies:

• It's like Public Storage (PSA), but for farmland.
• Think of it as Prologis (PLD), but for agricultural land.

• Farmland Leasing: Farmland Partners owns and leases high-quality North American farmland to tenants for agricultural production.
• Agricultural Real Estate Loans: The company provides loans to farmers that are secured by farm real estate.

Farmland Partners Inc. (FPI) primarily serves commercial farming operations and individual farmers. As a real estate investment trust (REIT) focused on farmland, its major customers are its tenants who lease its agricultural land and the farmers to whom it provides loans secured by farm real estate.

FPI does not publicly disclose the names of its individual tenants or loan recipients, as these are typically private farming businesses or individuals. Therefore, it is not possible to list specific customer company names or symbols. Instead, its customer base can be described by the following categories:

1. Farmland Lessees (Crop Farmers): These are commercial farming operations or individual farmers who lease Farmland Partners' diverse acreage across 16 states. They utilize the land to cultivate a wide variety of 26 crop types, ranging from row crops to specialty crops.

2. Farmers Utilizing Real Estate-Secured Loans: These are commercial farmers or individual farming entities who obtain financing from Farmland Partners. They use their existing farm real estate as collateral for these loans, which support their operational needs or expansion projects.

Paul Pittman, Executive Chairman

Paul Pittman, a co-founder of Farmland Partners Inc., grew up in a farm family and has been involved in buying and operating farms since the mid-1990s. Many of his personal farmland assets were contributed to Farmland Partners at its initial public offering in 2014. He served as the company's CEO until February 2023. Prior to Farmland Partners, Mr. Pittman was the CFO of Jazz Technologies, a publicly traded semiconductor foundry. He also founded TheJobsite.com, an enterprise software company that later merged into HomeSphere, where he served as President, CEO, and COO. His career also includes experience as an investment banker specializing in mergers and acquisitions with firms such as Merrill Lynch, Wasserstein Perella & Co, and ThinkEquity. He began his professional journey as an attorney with Sullivan & Cromwell.

Luca Fabbri, President and Chief Executive Officer

Luca Fabbri is a co-founder of Farmland Partners Inc., having helped establish the public company with Paul Pittman in 2014. He initially served as the company's Chief Financial Officer and Treasurer from its inception until October 2021, and then as President from October 2021 before becoming Chief Executive Officer in February 2023. Mr. Fabbri's extensive background encompasses finance, corporate development, and operational roles across the agriculture and technology sectors. Notably, he co-founded Co3 Systems, an enterprise software company that was subsequently acquired by IBM. He also held the position of Head of Corporate Development for Jazz Technologies, a semiconductor manufacturer, and was a co-founder and CFO of HomeSphere, a software company. Earlier in his career, he worked in investment banking at Merrill Lynch in London and as a consultant in technology, finance, and corporate development with Elk Creek Ventures.

Susan Landi, Chief Financial Officer and Treasurer

Susan Landi was appointed Chief Financial Officer and Treasurer of Farmland Partners Inc. on May 28, 2024. She has been a vital part of the company's team for over four years, serving as the senior accounting professional prior to her promotion. Ms. Landi brings significant experience in accounting and audit, having worked in the field since 2002 with previous tenures at Moss Adams and Hein & Associates. She is a Certified Public Accountant.

Christine Garrison, General Counsel & Corporate Secretary

Christine Garrison is the General Counsel and Corporate Secretary for Farmland Partners Inc., where she is responsible for overseeing the company's legal and governance matters.

Here are the key risks to Farmland Partners (FPI):

1. Volatility in Agricultural Commodity Prices and Market Conditions: Farmland Partners' business is significantly dependent on the profitability of its tenants' farming operations, which are directly influenced by fluctuating agricultural commodity prices. Lower commodity prices can lead to reduced variable rent income for FPI and can slow the appreciation of farmland values. Factors such as international trade policies, including tariffs and trade wars, oversupply, and global crop shifts, can also impact farmer profitability and commodity prices.
2. Adverse Weather Events, Crop Failures, and Climate Change: The productivity and value of FPI's farmland assets are susceptible to poor weather conditions, crop failures, and the broader impacts of climate change. Changes in weather patterns, an increased frequency of extreme weather events, and shifting growing seasons can adversely affect crop yields and livestock productivity, potentially reducing rental income and the long-term profitability of farmland investments.
3. Reliance on Asset Sales and Potential for Declining Recurring Rental Revenues: Farmland Partners has engaged in a strategy of selling off assets, which, while used for debt reduction and returning capital to shareholders, can lead to a decline in recurring company revenues. This focus on asset dispositions, rather than expansion, may contribute to negative revenue growth projections by reducing recurring rental streams. The intermittent nature of these sales can also make the company's profitability "bouncy" and less predictable.

For Farmland Partners (FPI), the addressable markets for their main products and services in North America are substantial:

• North American Farmland Market: The total value of agricultural real estate in the United States was a forecasted $3.67 trillion in 2025. In Canada, the agricultural real estate value was reported at $991 billion. Therefore, the estimated addressable market for owning and acquiring North American farmland is approximately $4.66 trillion.
• North American Farm Real Estate Lending Market: The volume of farm loans secured by real estate in the U.S. was expected to reach nearly $360 billion in 2024. In Canada, the long-term debt in the agricultural sector was reported as $166 billion. Thus, the estimated addressable market for loans to farmers secured by farm real estate in North America is approximately $526 billion.

Farmland Partners (FPI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and income streams:

• Growth in Variable Rents: The company anticipates an increase in variable rents, which has partially offset declines in total operating revenues from asset dispositions. This indicates an ongoing ability to capture additional rental income based on crop performance or market conditions.
• Expansion of the FPI Loan Program: Farmland Partners has seen increased interest income due to higher average balances on loans made under its loan program. This program, which provides loans to farmers secured by farm real estate, is a recurring source of revenue that is expected to continue contributing positively.
• Strategic Reinvestment in High-Quality Farmland Assets: While the company has engaged in strategic asset dispositions, it maintains a focus on acquiring and managing high-quality North American farmland. The strategic emphasis on assets in regions like Illinois, which have shown significant appreciation, positions the company for long-term rental income growth through disciplined capital management and leveraging favorable agricultural trends.

Share Repurchases

• In 2025, Farmland Partners repurchased 3,411,581 shares of common stock at a weighted average price of $11.07 per share.
• In 2024, the company repurchased 2,240,295 shares of common stock at a weighted average price of $12.25 per share, with $55.8 million remaining under the stock repurchase plan.
• In 2023, the company repurchased 6,551,087 shares of common stock at a weighted average price of $11.00 per share.

Share Issuance

• In 2022, Farmland Partners sold 8.6 million shares of common stock at a weighted average price of $14.13, generating aggregate net proceeds of $121.3 million through its "at-the-market" offering program.

Outbound Investments

• In 2025, Farmland Partners acquired six properties for $7.3 million and completed 60 property dispositions for approximately $90.2 million.
• In 2024, the company acquired four properties for $17.9 million and disposed of 54 properties for approximately $312.0 million.
• The company sold Murray Wise Associates, LLC (MWA), its auction, brokerage, and third-party management business, in 2025 for an aggregate gain of $1.0 million, representing a 23.3% capital appreciation on its original investment made in late 2021.

Capital Expenditures

• Specific dollar values for capital expenditures on existing assets (distinct from property acquisitions) are not consistently detailed in the available information for the last 3-5 years. The company states that when capital expenditures are necessary, it typically seeks to offset the costs by increasing rental rates.