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1ST QUARTER: FARMLAND PARTNERS' REVENUES UP 21%, EARNINGS DOWN 54%: $1.13 MILLION
Farmland Partners reports:

Denver - Farmland Partners Inc. (NYSE: FPI) ("FPI" or the "Company") today reported financial results for the quarter ended March 31, 2022.

Selected Q1 2022 Highlights

During the three months ended March 31, 2022, the Company:

recorded net income of $1.1 million (including $0.7 million of gain on sale of properties), compared to $2.5 million for the same period in 2021 (which included $3.4 million of gain on sale of properties);
recorded net income excluding litigation-related items of $2.0 million, compared to $5.0 million2 for the same period in 2021 (which included the aforementioned gain on sale of properties);
recorded net income per share available to common stockholders of $0.00, compared to $(0.02) for the same period in 2021;
increased AFFO to $2.1 million from $(1.6) million for the same period in 2021;
increased AFFO excluding litigation-related items over 200% to $3.0 million from $0.9 million for the same period in 2021;
increased AFFO per weighted average common share to $0.04, compared to $(0.05) for the same period in 2021;
decreased debt by $48.4 million (with a further reduction of $16.9 million after the end of the quarter) while maintaining $30.0 million of undrawn capacity under its line of credit.

On April 6, 2022, a federal judge dismissed a class action lawsuit brought against FPI, which stemmed from a 2018 short and distort attack against the Company (link). The court's dismissal follows the June 2021 admission by Quinton Mathews, the previously anonymous author of the 2018 accusations against the Company, of the falsity of his work, acknowledgment that he was hired by a hedge fund that shorted FPI stock, and agreement to return a multiple of the trading profits he gained.

To view the complete report, click here.


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