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FULL YEAR: FARMLAND PARTNERS' NET INCOME UP 80%: $18.5 MILLION
Farmland Partners reports:

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

Selected Q4 and Full Year 2021 Highlights

During the fourth quarter of 2021, the Company:

recorded total operating revenue of $20.0 million, compared to $17.9 million for the same period in 2020, an increase of 12%;
recorded operating income of $11.3 million, compared to $9.7 million for the same period in 2020, an increase of 17%;
recorded net income of $13.2 million, compared to $6.4 million for the same period in 2020;
recorded net income excluding litigation-related items of $14.6 million1, compared to $8.3 million2 for the same period in 2020;
recorded Adjusted Funds from Operations ("AFFO") of $8.9 million, compared to $5.0 million for the same period in 2020;
recorded AFFO excluding litigation-related items of $10.3 million1, compared to $6.9 million2 for the same period in 2020;
converted its 6.00% Series B Preferred Stock into shares of common stock, eliminating the most expensive security in the capital structure, increasing cash flow after common dividends by over $6 million on an annualized basis, reducing leverage, and increasing equity market capitalization; and
completed the acquisition of Murray Wise Associates LLC for $8.1 million, increasing FPI's farm management capabilities, and adding brokerage and auction business activities.

To view the complete report, click here.


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