FPI acquires real estate leased to a large farm equipment dealer

Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) acquired four farm equipment dealership properties in Ohio on November 18 for $17.2 million. The dealerships are operated by Ag-Pro, North America’s largest John Deere dealership.

“Agriculture is and remains FPI’s primary business, but this transaction delivered several strategic benefits for our company and its shareholders,” said FPI Chairman and CEO Paul Pittman. “The existing long-term lease should provide a steady stream of income at a ceiling higher than what we typically see for farmland. Additionally, this acquisition will further mitigate risk through portfolio diversification and provide a meaningful connection to a key player in the farming community.”

Technology and data collection have made farm equipment a key component of farm productivity and sustainability, Pittman said, adding, “Building a relationship with a company like Ag-Pro will expand our reach in the farm business community.”

Founded in 1958, Ag-Pro is headquartered in Boston, Georgia. Its footprint spans seven states and currently operates 80 locations in Florida, Georgia, Tennessee, North Carolina, South Carolina, Ohio and Kentucky. Ag-Pro offers a full line of agricultural equipment along with aftermarket parts and associated service support. The company also serves the lawn and garden markets as well as the compact construction market. Ag-Pro’s area of ​​responsibility covers approximately 5.4 million acres in and around Ohio.

“We pride ourselves on building long-term partnerships with our growers and customers,” said James Groover, President and CEO of Ag-Pro. “Farmland Partners shares this farmer-first mentality, which is one of the reasons this transaction made so much sense to us. We look forward to working with the FPI team.”

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire quality North American farmland and makes farmer loans secured by agricultural real estate. As of the date of this press release, the Company owns and/or manages more than 190,000 acres in 18 states including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina and Virginia. We have about 26 species of plants and more than 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for US federal income tax purposes beginning with the tax year ended December 31, 2014. For more information: www.farmlandpartners.com or (720) 452-3100.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including but not limited to statements relating to the property acquisitions described herein, including improved diversification and de-risking within our portfolio and anticipated benefits to us from increased reach within the agricultural business community, our plans with respect to future strategic acquisitions, anticipated annual returns and rates of capitalization in relation to the acquired properties, anticipated returns on acquired farmland, our prospects for proposed and pending acquisitions and divestitures, the potential impact of trade disputes and recent extreme weather events on the results of the Company, financing activities, crop yields and prices, and projected rental prices. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “should”, “could”, “would”, “projected”, “potential”, “continue”, “expected”, “anticipated”, “future”. “, “intends”, “plans”, “believes”, “estimates” or similar expressions or their negatives as well as statements in the future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance, and our actual results could differ materially from these the forward-looking statements. Some factors that could cause such a difference include the following: general volatility in the capital markets and in the market price of the Company’s common stock, changes in the Company’s business strategy, availability, terms and deployment of capital, the Company’s ability to refinance existing debt on or before maturity on favorable terms or at all, availability of qualified personnel, changes in the Company’s industry, interest rates or general economic conditions, adverse developments in crop yields or crop prices, the extent and nature of the Company’s competition, timing, price or amount of repurchases, if any, under the Company’s stock repurchase program, the ability to make acquisitions or disposals under the Agreement, and the other factors described in the “Risk Factors” section of the Company’s Annual Report on Form 10- are level. K for the year ended December 31, 2021 and the Company’s other filings with the Securities and Exchange Commission. Any forward-looking information contained herein speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events or otherwise.