Farmland Partners Inc. · NYSE:FPI
Farmland Partners — Q3 2026 Earnings Presentation
21 slides from Farmland Partners's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Supplemental Package
Q3 2026 Supplemental Package Farmland Partners Inc. (NYSE: FPI) is an internally managed real estate company that owns and seeks to acquire high-quality farmland throughout North America addressing the global demand for food, feed, fiber and fuel. www.farmlandpartners.com | 4600 S Syracuse St Suite
Slide 2: Table of Contents
Table of Contents Earnings Release ........................................................................................................................................... 1 Consolidated Balance Sheets ...............................................................................................
Slide 3: Earnings Release: Third Quarter 2026 Results
Earnings Release Farmland Partners Inc. Reports Third Quarter 2026 Results Repurchased 1.7 Million Shares; Revised Guidance Due to Credit Loss Reserves and Litigation Risk DENVER, October 28, 2026 (BUSINESS WIRE) -- Farmland Partners Inc. (NYSE: FPI) (“FPI” or the “Company”) today reported financial
Slide 4: Financial and Operating Results
Financial and Operating Results • The table below shows financial and operating results for the three and nine months ended September 30, 2026 and 2025 (unaudited). For the three months For the nine months ended (in thousands) ended September 30, September 30, Financial Results: 2026 2025 Change 202
Slide 5: 2026 Earnings Guidance and Supplemental Package
2026 Earnings Guidance and Supplemental Package The Company’s 2026 AFFO per share earnings guidance decreased compared to the prior quarter. For details, please see page 15 of the supplemental package, which can be accessed through the Investor Relations section of the Company's website. Conference
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets Farmland Partners Inc. Consolidated Balance Sheets As of September 30, 2026 (Unaudited) and December 31, 2025 (in thousands, except par value and share data) September 30, December 31, 2026 2025 ASSETS Land, at cost $ 546,664 $ 565,002 Grain facilities 7,249 7,476 Groundw
Slide 7: Consolidated Statements of Operations
Consolidated Statements of Operations of Operations Farmland Partners Inc. Consolidated Statements of Operations Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) (in thousands except per share amounts) For the Three Months Ended For the Nine Months Ended September 30, September 30
Slide 8: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Farmland Partners Inc. Reconciliation of Non-GAAP Measures Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) For the three months ended For the nine months ended September 30, September 30, (in thousands except per share amounts) 2026 2025 2026 2
Slide 9: Reconciliation of Non-GAAP Measures
Farmland Partners Inc. Reconciliation of Non-GAAP Measures Three and Nine Months Ended September 30, 2026 and 2025 (Unaudited) For the three months ended September 30, For the nine months ended September 30, ($ in thousands) 2026 2025 2026 2025 OPERATING REVENUES: Rental income $ 5,646 $ 5,991 $ 17,
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures The Company considers the following non-GAAP measures to be 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,
Slide 11: EBITDAre and Adjusted EBITDAre
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 net income (calculated in accordance wi
Slide 12: Supplemental Information
Supplemental Information Supplemental Information Farmland Partners Inc. Q3 2026 10
Slide 13: Overview Information
Overview Information About Farmland Partners (NYSE: FPI) ● Internally managed REIT that owns and manages high-quality farmland located in agricultural markets throughout North America. ● Approximately 60% of FPI's portfolio (by value) grows primary crops, such as corn, soybeans, wheat, rice, and cot
Slide 14: FPI Third Quarter Financial Review
FPI Third Quarter Financial Review Financial Highlights For the Three Months Ended September 30, June 30, March 31, December 31, September 30, ($ in thousands except per share amounts) 2026 2026 2026 2025 2025 Total operating revenues $ 9,777 $ 9,397 $ 10,102 $ 20,715 $ 11,251 Net income (loss) $ (1
Slide 15: Income Statement Overview
Income Statement Overview (in millions) Item Explanation Timing of Cash Timing of Revenue Recognition Fixed Payments • Fixed farm rent • Farm rent: 50% to 100% • Generally straight-lined over the • Solar, wind, recreation rent of individual leases paid term of the lease contract • Tenant reimburseme
Slide 16: Income Statement Details 2026 vs. 2025
Income Statement Details 2026 vs. 2025 (in millions) Mgmt Fees & Interest Income Tenant Reimbursements Solar, Wind, Recreation Total Revenue - COGS Cost of Goods Sold Variable Payments Fixed Farm Rent Crop Insurance Total Revenue Other Items Crop Sales 2025 Yes Q1 2025 $4.8 $1.5 $0.6 $1.8 $0.0 $0.8
Slide 17: Year 2026 Outlook
Year 2026 Outlook (in millions, except per share data) February 2026 April 2026 July 2026 October 2026 2025 2026 Forecast Range 2026 Forecast Range 2026 Forecast Range 2026 Forecast Range Actual Low High Low High Low High Low High Fixed Farm Rent $ 19.5 $ 18.2 $ 18.5 $ 18.3 $ 18.6 $ 18.3 $ 18.5 $ 18
Slide 18: Portfolio Overview
Portfolio Overview Portfolio ● As of September 30, 2026, the Company's portfolio included approximately 70,000 acres of owned farmland. ● 11 states with more than 180 properties plus land and buildings leased to agriculture equipment dealerships in Ohio. ● Portfolio vacancy is 0%. Region (1) Total A
Slide 19: Consolidated Balance Sheets — Quarterly
Consolidated Balance Sheets — Quarterly (Unaudited) September 30, June 30, March 31, December 31, September 30, (in thousands) 2026 2026 2026 2025 2025 ASSETS Total real estate, net $ 584,041 $ 601,131 $ 605,855 $ 616,268 $ 643,036 Deposits — — — — 500 Cash and cash equivalents and restricted cash 7
Slide 20: Consolidated Statement of Operations — Quarterly
Consolidated Statement of Operations — Quarterly (Unaudited) For the Three Months Ended September 30, June 30, March 31, December 31, September 30, (in thousands except per share amounts) 2026 2026 2026 2025 2025 OPERATING REVENUES: Rental income $ 5,646 $ 5,705 $ 6,297 $ 16,944 $ 5,991 Crop sales 1
Slide 21: Reconciliation of Non-GAAP Measures — Quarterly
Reconciliation of Non-GAAP Measures — Quarterly (Unaudited) For the Three Months Ended September 30, June 30, March 31, December 31, September 30, (in thousands except per share amounts) 2026 2026 2026 2025 2025 Net income (loss) $ (15,512) $ 3,131 $ 646 $ 21,796 $ 491 (Gain) loss on disposition of