Farmland Partners Asset Appreciation Leads To Expected Special Distribution Of Between $0.20 And $0.38 Per Share

Farmland Partners Inc. (NYSE:FPI) (the "Company" or "FPI") today announced an update to its expected special dividend, resulting from the significant appreciation of assets sold during 2023.

FPI has been selectively selling farmland, focusing on properties that are no longer a long-term strategic fit for the portfolio. While these are not the best assets of the portfolio, their sales have generated substantial gains, requiring the Company to pay a special dividend, as detailed below, to remain in compliance with REIT income distribution rules.

Special Dividend Details:

• Consideration: cash.
• Timing expectation: to be officially declared in December to stockholders of record on a date later in December, and to be paid in January 2024.
• Amount: FPI expects the special dividend to be between $0.20 and $0.38 per share of common stock and Class A Common OP Unit. This amount could decrease or increase with asset sale transactions that have not been finalized.
• Note: the special dividend described herein is in addition to the quarterly dividend of $0.06 per share of common stock and Class A Common OP Unit that was declared on October 24, 2023. For more details, please see "Note 12—Subsequent Events" of the Company's 9/30/2023 10-Q.

"Selectively pruning our portfolio in a strong farmland marketplace was a business priority this year, and those efforts have enabled us to improve our portfolio, using sales proceeds to buy back stock, reduce debt, and buy other attractive assets," said Luca Fabbri, FPI's President and CEO. "While required under Federal income tax rules, shareholders should regard this special distribution as tangible proof of the power of appreciation in our asset class and the significant upside in the current price of our common stock."