Farmland Partners : Investor Presentation

Portfolio

• 178,000 acres(a) (approximately 7.8 billion square feet) owned and/or managed across the United States
• 147,000(a) owned acres
• 31,000(a) acres managed for third parties
• Diversified across 20 states
• Over 100 tenants
• Over 26 crop types
• 0% vacancy across the portfolio

Ironwood - Florida

1. Values shown are approximate.
2. Based on stock price of $10.98 on 11/2/2023.

East Bardolph - Illinois

Company

• Gross real estate book value of $1.1 billion
• Equity market cap of approximately $500 million(b)
• Over 300 properties acquired since IPO in 2014
• Property manager for $60+ million Opportunity Zone Fund

3

• 1. Rising Demand + Shrinking Supply

• Food consumption is one of the most basic human needs
• • Increases with GDP per capita (higher protein diets)
  • Increases with population
• Large unmet demand: According to the UN Food and Agriculture Organization, in 2022, an estimated 29.6% of the global population -
  2.4 billion people out of a world population of 8.0 billion - moderately or severely food insecure(1)
• In contrast to traditional real estate sectors that experience consistent supply growth, agriculture land per capita consistently decreases
• • Farmland converted to alternative uses (e.g., residential, solar)
  • Water scarcity

• 2. Stable + Steady Returns(2)

• Farmland historically has delivered attractive returns over long holding periods
• • Appreciation + income
• Farmland experiences low volatility through cycles
• High Sharpe ratio compared to S&P 500, bonds, NAREIT major sector average
• Low correlation with other asset classes
• Performs well in inflationary environments

• 3. Unique Attributes vs. Traditional RE(2)

• Low risk of obsolescence
• • Traditional real estate may suffer from tenants' demand for newer assets or amenities
• Lower fungibility risk
• • Traditional real estate may be exposed to changes in demand that are so severe that buildings become unusable over time (e.g., empty office buildings, shopping malls)
• Lower capital expenditure burden
• • Traditional real estate assets depreciate over time, requiring constant reinvestment to maintain competitive positioning
  • Most farmland becomes more productive over time

• 4. Untapped Institutional Potential(2)

• Farmland is one of the largest commercial real estate sectors, ~$3.4 trillion(3), with the lowest institutional ownership

GDP/Capita (Current International $)(4)

25,000

20,000

15,000

10,000

5,000

0

Worldwide Population (in Millions)(6)

12,000

10,000

8,000

6,000

4,000

2,000

0

1950 1970 1990 2010 2030 2050 2070 2090

Please see p. 28 for end notes.

Arable Land Worldwide (Acre/Person)(5)

0.90

0.80

0.70

0.60

0.50

0.40

1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021

Arable Land USA (Acre/Person)(5)

3.00

2.50

2.00

1.50

1.00

0.50

0.00

1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021

5

• 1. Mirroring U.S. Farmland Trends

• Near-zerovacancy
• Realized approximately 7.1% gross unlevered IRR across over $220 million of dispositions, driven by land appreciation even during lean years for the farm economy
• Land scarcity driven by alternative uses
• Farmers have access to government support programs (e.g., crop insurance)
• Long-terminvestment outlook
• • Commodities: 2 to 3 quarters
  • Rents: 2 to 3 years
  • Land: 2 to 3 decades
    3. Positioned for Growth
• Access to capital
• • Public Equity: Provides liquidity and acquisition currency for sellers seeking to defer capital gains
  • Debt Capital: Long-standing relationships with ag lenders
  • Private Capital: FPI growing its asset management business
• Robust pipeline of potential transactions
• • Farms: Target accretive acquisitions with strong demand from high-quality tenants
  • FPI Loan Program: Provides capital to farmers for growth or working capital, backed by high-quality farms
• Ability to execute
• • Institutional capital coupled with boots on the ground allows for efficient identification and execution of new investment opportunities

• 2. High Quality Portfolio

• Diversified farmland portfolio of both row crops and permanent crops
• Portfolio extends across some of the world's most productive farmland

• 4. Aligned Management Team

• Internally managed REIT
• Board and management have large stock position (~10%)
• Team members in the field with "boots on the ground"
• Some management team members have farmed their own land
• Proprietary nation-wide network of tenants and other industry participants
• No fund structure forcing FPI to sell properties

6

Row Crop Farms

• Crops are planted/replanted every year
• Crops are rotated to maximize soil health and market opportunities
• Tend to be commodity products like corn, soybeans, wheat, rice, cotton
• 90% of acres(a) in FPI portfolio (70% of total by value(a))
• Representative States: AR, CO, FL, GA, IL, IN, KS, LA, MI, MO, MS, NC, NE, OK, SC, TX, VA

Dallefeld - Illinois

1. Values shown are approximate.

Permanent Crop Farms

• Trees, bushes, or vines are planted once and may last for 25 years or longer
• Tend to be more specialized products like tree nuts, citrus, avocados.
• 10% of acres(a) in FPI portfolio (30% of total by value(a))
• Representative States: AL, CA, FL, GA, MI

Jayne Ave. - California

8

Item

Explanation

Timing of Cash

Timing of Revenue Recognition

• Management fees & interest income

• Generally straight-lined over the term of the lease contract

Supp.

Category

Fixed

Payments

Variable

Payments

Direct

Operations

Gross Profit

Other Items

• Variable farm rent

How to Underwrite Credit Risk?

• FPI's standard lease includes:
• • Lien interest in growing crops
  • Crop insurance as required
  • Personal guarantees
• 50% to 100% of fixed farm rents are paid in advance of planting season (generally Q1)
• • Creates positive working capital cycle for much of the year
  • Unlikely that a farmer would default with prepaid rent and growing crop
• Low tenant turnover
• • FPI maintains long-term relationships with tenants
  • FPI has a deep understanding of the business as members of the team have been farmers themselves
• Low uncollected receivables and/or bad debt expense

Cash Receipts of Fixed Farm Rent

80%

60%

40%

20%

0%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Low Tenant Turnover (Farm Leases)

10 0

50

0