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1ST QUARTER: FARMLAND PARTNERS' REVENUE EVEN WITH LAST YEAR, NET INCOME UP 6X
Farmland Partners reports:

To view the complete report, click here.

Denver - Farmland Partners Inc. (NYSE: FPI) ("FPI" or the "Company") today reported financial results for the quarter ended March 31, 2021.

Paul A. Pittman, Chairman and CEO said: "The demand-driven bull market and farm productivity gains are generating a strong profit outlook for farmers, which, in turn, are generating positive momentum in land values and lease renewal rates. Q1 2021 was a strong quarter for Farmland Partners, other than for legal expenses related to the on-going Rota Fortunae litigation. Specialty crop performance is on track to equal or exceed 2020, but it is still early in the season."

Macro Comments
Commodity Demand: Soy exports for the 2020/2021 marketing year are forecasted to be the largest ever, with the first six months (August to February) showing an increase of 78% over the prior year. Soybean inventory reached its lowest level since March 2016. Corn exports increased 77% for the first six months of the 2020/2021 marketing year (August to February). Ethanol was down 6% over the same period, but gasoline production is expected to increase relative to prior year as gasoline consumption recovers from COVID-19 related travel restrictions.

Financial Results
• For the three months ended March 31, 2021, the Company recorded net income of $2.5 million ($5.0 million excluding litigation-related legal expenses), as compared to net income of $0.4 million for the same period during 2020.

• the three months ended March 31, 2021, the Company recorded basic net loss to common stockholders of $0.02 per share (basic net income to common stockholders of $0.07 per share excluding litigation-related legal expenses), as compared to basic net loss to common stockholders of $ญญญ0.09 per share for the same period during 2020.

• For the three months ended March 31, 2021, the Company recorded Adjusted Funds from Operations ("AFFO") of -$1.6 million ($0.9 million excluding litigation-related legal expenses), as compared to AFFO of -$0.4 million for the same period during 2020.

• For the three months ended March 31, 2021, the Company recorded AFFO per fully diluted share of -$0.05 ($0.03 excluding litigation-related legal expenses), as compared to AFFO per fully diluted share of -$0.01 for the same period during 2020.

• For the three months ended March 31, 2021, the Company recorded Adjusted Earnings Before Interest Taxes Depreciation and Amortization for real estate ("Adjusted EBITDAre") of $5.3 million ($7.8 million excluding litigation-related legal expenses), as compared to $7.4 million for the same period during 2020.

• 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 Adjust


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