#1Investor Presentation MARCH 2023 FARMLAND PARTNERS#2Disclaimer FARMLAND PARTNERS Forward-looking Statements This presentation made by Farmland Partners Inc. (the "Company," "FPI," "we," "us," or "our") contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. These statements include, among others, beliefs about the current condition of the market for agricultural real estate and our management's estimates with respect to net asset value per share. Although the Company believes that the expectations reflected in such forward-looking statements are based upon 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 those set forth in the forward-looking statements. For certain factors that might cause such a difference, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and the Company's other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this presentation, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. Use of Market Data We use market data throughout this presentation that has generally been obtained from publicly available information and industry publications. These sources generally state that the information they provide has been obtained from sources believed to be reliable, but that the accuracy and completeness of the information are not guaranteed. The forecasts and projections are based on industry surveys and the preparers' experience in the industry, and there is no assurance that any of the projected amounts will be achieved. We have not independently verified this information. Non-GAAP Financial Measures This presentation includes the use of certain non-GAAP financial measures, including Adjusted Funds from Operations ("AFFO") and earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre"). For the definitions of these measures and reconciliations of these measures to the most comparable GAAP measure, see pages 25-27 of this presentation. All data presented is as of the date of this presentation, unless noted otherwise. Farms photos on cover page are Bonita Break (Louisiana) above Cougar (California). FPI 2 LISTED NYSE#3Highlights . Portfolio • 196,000 acres (a) (over 8.5 billion square feet) • . owned and/or managed across the United States 165,000 (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 (a) Values shown are approximate. (b) Based on stock price of $10.66 on 3/1/2023. FARMLAND PARTNERS East Bardolph - Illinois . . Company Gross real estate book value of $1.1 billion Equity market cap of approximately $600 million (b) • Over 300 properties acquired since IPO in 2014 Property manager for $60+ million Opportunity Zone Fund FPI 3 LISTED NYSE#4Why U.S. Farmland? 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 2021, an estimated 29.3% of the global population - 2.3 billion people were 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 3. Unique Attributes vs. Traditional RE (2) Low risk of obsolescence ° Traditional real estate may suffer from tenants' demand for newer assets or amenities ° ° FARMLAND PARTNERS 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 4. Untapped Institutional Potential (2) Farmland is one of the largest commercial real estate sectors, ~$3.4 trillion (3), with the lowest institutional ownership U.S. Real Estate Estimated Sector Size & Public Ownership ⚫Public Ownership as % of Total Value Total Value of Sector 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 Please see p. 28 for end notes. $2.0-$3.0 Tn 5% $1.0-$2.0 Tn <$1.0 Tn 15% 10% 10% 10% 10% 5% <1% Farmand Apartment Net Lease Industrial 80% Office Strip Center Lodging Senior Housing Malls FPI 4 LISTED NYSE#5FARMLAND PARTNERS Attractive Supply -Demand Dynamics 20,000 GDP/Capita (Current International $) (4) 0.90 Arable Land Worldwide (Acre/Person) (5) 15,000 10,000 5,000 0.80 0.70 0.60 0.50 0.40 1990 1995 2000 2005 2010 2015 2020 Worldwide Population (in Millions) (5) 12,000 3.00 10,000 2.50 8,000 2.00 6,000 1.50 4,000 1.00 2,000 0.50 O 0.00 1950 1970 1990 2010 2030 2050 2070 2090 Please see p. 28 for end notes. 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 Arable Land USA (Acre/Person)(5) 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 FPI 5 LISTED NYSE#6Why Farmland Partners? 1. Mirroring U.S. Farmland Trends Near-zero vacancy Realized approximately 8.1% gross unlevered IRR across approximately $170 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-term investment outlook ° Commodities: 2 to 3 quarters ° Rents: 2 to 3 years Land: 2 to 3 decades Access to capital ° ° 3. Positioned for Growth 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 ° ° ° ° FARMLAND PARTNERS 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 (~8%) 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 FPI 6 LISTED NYSE#7FPI Overview Wilder-Mercer - Illinois#8Representative Assets FARMLAND PARTNERS 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: IL, MI, NE, AR, MS, LA, CO, KS, MO, IA, IN, VA, NC, SC, GA, FL, TX • 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: CA, AL, GA, FL, MI (a) Values shown are approximate. Dallefeld - Illinois Jayne Ave. - California FPI LISTED 8 NYSE#9Income Statement Overview (a) Item Fixed Payments • Variable Payments Direct Operations Gross Profit Other Supp. Category Fixed Payments FARMLAND PARTNERS • • Explanation Fixed farm rent Wind, solar, recreation rent Tenant reimbursements Management fees & interest income Rent paid by tenants, determined as a percentage of the farm revenue Low-risk variable rent: one large ~$6.5 million Crop sales and crop insurance proceeds less cost of goods sold Auction and brokerage commissions Miscellaneous Timing of Cash Farm rent: 50% to 100% of individual leases paid before planting (generally Q1) • Vast majority of cash received after harvest in Q4, with some spillover into Q1 • Varies by crop • Varies .. • Timing of Revenue Recognition Generally straight-lined over the term of the lease contract Variable rent is generally recognized when FPI has certainty of amounts Crop sales, crop insurance, and COGS are recognized when FPI has certainty of amounts . Varies Rental Income GAAP Revenue Categories Tenant Reimb. • Fixed farm rent . Tenant Solar, wind, recreation rent reimbursements Variable farm rent Variable Payments Direct Operations Gross Profit Other Items GAAP Expense Crop Sales Other Revenue Cost of Goods Sold Crop sales • Crop insurance Cost of goods sold • Auction Brokerage • Misc. items (various) (a) For revenue and cost of goods sold details, please see Supplemental Packages: https://www.farmland partners.com/ > Investor Relations > Events & Presentations. FPI 9 LISTED NYSE#10Tenant Underwriting How to Underwrite Credit Risk? FPI's standard lease includes: e Lien interest in growing crops Crop insurance as required 80% Personal guarantees 60% 40% • 50% to 100% of fixed farm rents are paid in advance of planting season (generally Q1) 20% • Creates positive working capital cycle for much of the year 0% • 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 Farms 400 350 300 250 200 150 100 50 3/31/2017 6/30/2017 9/30/2017 FARMLAND PARTNERS Cash Receipts of Fixed Farm Rent 120% 2017 2020 2018 2021 Ratable 100% 2019 2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Low Tenant Turnover (Farm Leases) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 No Change Change 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 3/31/2021 6/30/2021 9/30/2021 [202/09/6 12/31/2021 IZOZ/IS/ZI 10 10 3/31/2022 6/30/2022 9/30/2022 12/31/2022 FPI LISTED NYSE#11Recent Growth & Investment Pipeline Recent Acquisitions FARMLAND PARTNERS Investment Criteria Date Price ($mm) State Yield(a) Comments • Targeting 4% blended gross yield (revenue on cost) • 1/2022 $1.5 IL 3.6% 177 farmable acres 3/2022 $3.0 IL 4% 346 farmable acres • 3/2022 $2.6 NE 5.2% 425 farmable acres 3/2022 $0.9 IL 65 farmable acres ° 5/2022 $2.4 IL 166 total acres Strong water availability Sustainable agronomic practices Tenant availability Priced fairly as agriculture land Disciplined approach 5/2022 $0.7 6/2022 $11.6 6/2022 $3.4 6/2022 $2.0 NE 7/2022 $4.8 8/2022 $1.8 9/2022 $2.1 ZFFFF *k 79 total acres NE * 838 total acres 280 total acres 158 total acres 286 total acres * 199 total acres * ° 10/2022 $1.3 IL 10/2022 $3.2 IL 10/2022 $2.0 IL 11/2022 $17.2 OH 12/2022 $12.1 TX 3,843 total acres 12/2022 $6.5 IL 594 total acres (OZ Fund deal) 161 total acres 82 total acres 164 total acres (OZ Fund deal) 188 total acres Land and buildings for 4 agriculture equipment dealerships Lead Generation / Deal Origination Farm managers located in key agricultural markets Referrals from network of tenants across the country with extensive farming experience and relationships in the industry Market intelligence from FPI's affiliate auction and brokerage business lines FPI receives consistent inbound inquiries, as a large buyer of farms with access to capital Public sales processes 12/2022 $2.2 IL 291 total acres Total $81.3 $71.7 million by FPI $9.6 million by OZ Fund (a) Approximate going-in gross yield (revenue/cost). * indicates yield not disclosed. FPI 11 LISTED NYSE#12Financing Growth Unit Economics FARMLAND PARTNERS Agriculture Land -Long Term Appreciation (7) Example: $6,000 • $1 million invested • 4% yield on cost 6.5% annual appreciation to exit 10-year hold Ag Land Crop Land $5,000 CAGR from 1997: 5.7% 5% growth $4,000 $3,000 Unlevered ($mm) $2,000 CAGR from 1970: 5.9% $2.5 $2.4 20.0% $1,000 $0 $2.0 16.0% 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Inflation vs. Farmland Appreciation (8) $1.5 $1.5 $1.0 $1.0 12.0% 10.3% 25.0% Inflation Appreciation 8.0% 20.0% 15.0% 4.9% $0.5 4.0% 10.0% 5.0% $0.0 0.0% 0.0% Cost Yield Yield + Appreciation (5.0%) (10.0%) (15.0%) 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Please see p. 28 for end notes. FPI 12 LISTED NYSE#13FARMLAND PARTNERS Outsized Returns -Higher and Better Use Farmland Partners underwrites and purchases farms based on agriculture uses and values alone. Certain farms are well suited for higher and better use (e.g., renewable energy, other real estate development). In such cases, Farmland Partners may earn outsized returns on a given farm or sell to a developer at attractive prices. Conaghan S. - Illinois In Middle - N. Carolina Solar Solar panels displace a large amount of agriculture land—properties no longer earn farm rent once construction commences In 2022, FPI acres supported solar projects across 11 farms with capacity to generate 214 MW of renewable energy In 2022, solar projects under construction/in operation generated approximately $1.6 million of revenue, over 3x the amounts they generated as farm leases FPI has over 14,000 acres under option for solar development, generating approximately $0.4 million of option revenue in 2022 (in addition to farm rent) • Wind Wind turbines displace a small amount of agricultural land—properties continue to earn farm rent In 2022, FPI acres supported wind projects across nine farms with a capacity to generate 47 MW of renewable energy In 2022, wind leases added approximately $0.3 million of revenue, while displacing very little agricultural land FPI 13 LISTED NYSE#14Financial Overview & Capital Structure (a) FARMLAND PARTNERS (in thousands) Financial Results: Net Income Net income (loss) per share available to common stockholders AFFO AFFO per weighted average common shares Adjusted EBITDAre Operating Results: Total Operating Revenues Operating Income Net Operating Income (NOI) Debt Summary as of December 31, 2022 Financial Highlights As Reported For the 3 months ended December 31, As Reported For the years ended December 31, 2022 2021 +A $ 6,707 $ 13,313 Change (49.6)% $ 2022 2021 Change 11,960 $ 10,259 16.6% $ LA LA LA LA $ 10,031 0.11 $ $ 0.18 $ 0.14 8,901 0.19 (21.4)% $ 12.7% $ (5.3)% $ 15,107 $ 13,625 10.9% $ SASASALA 0.16 15,761 0.30 34,759 $ A A A LA $ (0.17) NM $ 410 NM $ 0.01 NM 25,845 34.5% SA LA SA $ 21,823 $ 12,473 $ 18,240 LA LA LA $ 20,046 8.9% $ $ 11,322 10.2% $ 18,156 0.5% SALASA 61,210 $ 24,974 $ 47,054 SASASA $ 51,739 18.3% $ 16,813 48.5% $ 42,883 9.7% Capitalization Summary as of December 31, 2022 ($ in thousands except per share amounts) Fully Diluted Shares Outstanding (b) Share Price as of December 31, 2022 Equity Market Capitalization SASA 55,555.651 $ $ 12.46 692,223 +A $ 439,488 110,210 (7,654) $ 1,234,267 ($ in thousands) Total Outstanding Principal $ 439,488 Debt Issuance Costs Total Debt, net $ (2,613) 436,875 Fixed Rate to Maturity $ 24,987 Total Debt Outstanding Fixed Rate Adjusting Periodically 262,001 Preferred Floating Rate (c) 152,500 Less: Cash Total Outstanding Principal $ 439,488 Weighted Average Cost of Debt (c) Enterprise Value 4.07% (a) 90 (b) Please see pp. 25-27 for reconciliation to, and definition of, non-GAAP measures. Includes unvested restricted shares. FPI 14 LISTED (c) Includes swap associated with Rabobank debt. For cost of debt details, please see Note 7 in 2022 10-K and Supplemental Packages: https://www.farmlandpartners.com/ > Investor Relations > Events & Presentations. NYSE#15Sustainability Farmland and the farmers who cultivate it create a more sustainable future by affordably feeding the world's growing population while minimizing environmental impact. Our Tenants 97% invest in improving soil health 94% of row crop practice conservation tillage techniques 87% use variable rate technologies to efficiently apply crop inputs 66% engage in conservation activities on the farm 51% participate in federal conservation service programs Our Acres Support • 6 solar energy projects ° 3 wind energy projects 250 MW+ of generation capacity 18 future renewable energy projects under option • FARMLAND PARTNERS Mermantau River - Louisiana 2023 ESG Focus Adopt written ESG policies • Publish first ESG report 15 FPI LISTED NYSE#16Board of Directors FARMLAND PARTNERS Name Position Board Experience Executive Leadership Real Estate Industry Agriculture Legal Experience Experience Finance Experience Transaction Experience Paul A. Pittman Chairman ✓ ✓ ✓ Chris A. Downey Luca Fabbri Lead Independent Director ✓ Director ✓ ✓ Joseph W. Glauber Independent Director ✓ John A. Good Independent Director ✓ Thomas P. Heneghan Danny D. Moore Independent Director ✓ ✓ ✓ ✓ ✓ Independent Director ✓ ✓ Murray R. Wise Director ✓ USDA TED STATE WASSERSTEIN PERELLA & CO M Murray Wise W A ARTHUR YOUNG NEXPOINT STORAGE PARTNERS ASSOCIATES LLC IFPRI INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE FCIC Home Partners of America® jazz SEMICONDUCTOR els Equity LifeStyle Properties W Westchester Group JERNIGAN Capital SULLIVAN & CROMWELL ThinkEquity!! Member of NYSE - FINRA-SIPC equity international Thornberry CONSULTING MORRISON FOERSTER NES COAST STATES INN 1790 ARD Merrill Lynch EQUITY GROUP INVESTMENTS STIRLING DEVELOPMENT DENOVO SOLUTIONS FPI LISTED 16 NYSE#17Sector Highlights Condor Ranch-California#18United States Farming Overview Cropland Top Sources & Uses(9) Corn, soybeans, and wheat represent ~75% of the planted acres in the United States Exports Crop Acres % of Total Corn 87 million 30% Soybeans 87 million 30% Wheat 47 million 16% 100% 90% 80% 70% Ethanol 60% Fuel DDGS 50% 40% 30% Feed 20% 2 Food 10% 0% Corn Wheat Animal Feed & Residual ■Crushings Ethanol & DDGS Food Other Food, Seeds, Residual Exports Ending Stocks or Inventory Please see p. 28 for end notes. Soybeans Soybean Oil Soybean Meal Soybean Exports FARMLAND PARTNERS Perception (10) vs. Reality (11) ~1950s Tractor on display outside Whole Foods in Cupertino, CA John Deere X9 1100 Combine Corn Fuel USA is a Top Agriculture Producer (12) Product Soybeans Wheat Almonds Feed Beef Chicken Pork #1 #2 #3 #4 #5 O (+) Food Milk O 18 FPI LISTED NYSE#19Farmland Basics FARMLAND PARTNERS Near-Zero Vacancy "Land has near-zero vacancy rates, owners collect the lease payments upfront, and there is no maintenance or capital expenditures because farmers who lease the land handle these costs..." Steady Increase in Yields (bushels/acre)(13) 190 Corn CAGR from 1990: 1.2% Soybeans 55 180 -Milwaukee Journal Sentinel, 2016 170 160 "...consistent cash returns, zero vacancy rates and low volatility make farmland a long-term asset worthy of consideration." 150 -Agri Investor, 2016 140 46 CAGR from 43 1990: 1.2% 40 130 "With historically near-zero vacancy rates for farmland and continued demand for agricultural products driven by population growth, it is becoming less likely that farm properties will sit idle without a tenant." 120 110 31 100 -Forbes, 2020 524 25 2 49 37 34 28 1990 1995 2000 2005 2010 2015 2020 Time Horizon Differences Focus Commodity Prices Time Horizon Growing season Factors Supply and demand imbalances Global weather patterns Agriculture productivity Revenue per acre (prices x yield) Farmer profitability Economic cycles Long-term farmer profitability Land appreciation Farmland Rents Approximately three years Trade policy Farmland Values Decades Higher and better use options Farmland should be assessed over a long-term horizon, mitigating short-term commodity price volatility Farmland Ownership (14) Annual Gross Number of Farm Cash Farm Category Small Family Farms Income Farms (000s) Percent of Farms Percent of Land Area Value of Production x < $350k 1,785 89.1 % 45.2 % 17.8% Midsize Family Farms x<$m 113 5.6% 17.8% 18.4% Large-Scale Family Farms x > $m 63 3.2% 26.9% 46.5% Nonfamily 43 2.1 % 10.1 % 17.3% Farms Total 2,004 100.0 % 100.0 % 100.0 % FPI 19 LISTED NYSE Soybeans#20FARMLAND PARTNERS . Established Business/Emerging REIT Sector Established Business Model U.S. farmers have long rented farmland (15) to expand operations and achieve economies of scale. Many farmers historically rented land from family members, neighbors, or other community members. 1,200 1,000 800 600 400 200 о U.S. Farmland (Millions of Acres) 1925 1930 1935 1940 1945 1950 1954 1959 1964 1969 1974 1978 1982 1987 Owner Operated Please see p. 28 for end notes. 1992 1997 2002 2007 2012 ■Rented/Leased 2017 Emerging REIT Sector Farmland is a very large scale, near-zero vacancy sector, with de-risked cash flows and government support. Demand is constant and growing, independent of discretionary income. The sector is highly fragmented and underpenetrated from an institutional investor perspective. How long has farmland existed as an investible asset class? What is the penetration of institutional investors into farmland real estate in the United States? What is the total addressable market size in the United States? What other now-established real estate sectors were considered early or emerging in recent years? How much public market capital has flowed to "emerging" real estate sectors in recent years? What are the fundamental drivers of other emerging real estate sectors? What are the fundamental drivers for farmland? What are the risks to the farmland sector? Decades, if not centuries Less than 5% ~$3.4 trillion (3) Cold Storage Gaming Data Centers Towers Single Family Rental In excess of $100 billion Food logistics Communication infrastructure Tourism, leisure spending Lack of mortgage availability Growing demand for food in the face of land scarcity See p. 22 FPI 20 LISTED NYSE#21Appendix Marquette Kauffman - Nebraska#22Risks to Sector Risk Weather Water Explanation of Risk Extreme temperatures (cold or hot), lack of water, excess water, storms, high winds, tornados, hail, flooding, etc. Droughts, depleting aquifers Competitive Geographies Trade Policy Agronomy Innovation Change in Consumer Preferences Climate Change Decreasing Food Demand Controlled Environment Agriculture Plant Based Protein Agriculture production increases in other parts of the world and makes the USA less competitive Losing access to export markets would be detrimental to the American farmer. New seeds, technology, nutrients, processes, equipment Crops may go out of favor. For example: grapefruit and grapefruit juice can cause problems with medicines that treat high cholesterol and high blood pressure. Changing temperatures may change productivity of farmland. New growing regions may emerge. Less food consumed means fewer resources needed to produce food High value crops grown indoors, close to population centers. Saves transportation costs (economic and environmental). Multiple harvest cycles per year. May replace human labor with machines. Meat alternatives (e.g., Beyond Meat) offer a protein alternative to consumers • • • • • Portfolio diversification Mitigation FARMLAND PARTNERS Weather events occur somewhere every year, but seldom occur across large geographic areas at the same time Crop insurance and property insurance can protect growers and landowners in cases of extreme weather Portfolio diversification Farmland located in regions with ample rainfall Properties with strong water rights Most viable competitor to the United States is Brazil. Brazil already has a thriving agriculture sector and exports products worldwide Sub-Saharan Africa has areas with good agriculture characteristics. Increased production will be used to meet projections of increased consumption Few other places in the world have suitable land, strong domestic consumption, infrastructure, and access to export markets Government officials have strong incentives to maintain strong trade worldwide In cases of trade policy breakdowns, the US government has moved to protect the agriculture sector Growers are always adapting to new trends to enhance productivity and profitability Annual crops are regularly replanted and can readily adapt to innovation Permanent crops are most exposed to this risk, as trees, bushes, vines, etc. have long lives and are expensive to replace Annual crops are replanted every year and can change with consumer preferences and market conditions Portfolio diversification. Changes are already occurring to growing regions, both due to environmental changes and technology changes. Less of a risk to core operating regions of the United States (e.g., corn belt) Trends of population increases and increased protein consumption with rising GDP/capita are unlikely to reverse Urbanization trends are unlikely to reverse Economically viable for certain high-value products (herbs, leafy greens, etc.) Growers must pay for energy (for photosynthesis), climate control, structural elements Unlikely to replace outdoor growing for large-area planted row crops (e.g., corn, soybeans) Consumers base long-term choices on many factors, including price, taste, ingredients, health factors, environmental impact, ease of preparation Farmland used for both plant-based proteins and traditional meat-based proteins Laboratory- Grown Meat May offer alternatives for people that are opposed to animal consumption for cultural, religious, environmental, or other reasons. Complex, precise, expensive, and energy-intensive process with today's technology Unclear of specifications required (e.g., food-grade, pharmaceutical-grade, etc.) Unproved at scale, but continual innovation will enhance today's technology and processes FPI 22 LISTED NYSE#23Glossary Term Area 43,560 ft² 1 acre 1 section 1 mile² Explanation Pivot Irrigation Drainage Tile Grain Bins Land Leveling Controlled Environment Agriculture Laboratory Grown Meat Basis Illinois Productivity Index ("PI") DDGS Scope 1 Greenhouse Gas Emissions Scope 2 Greenhouse Gas Emissions 1 mile² = 640 acres Method of crop irrigation in which equipment rotates around a pivot and crops are watered with sprinklers. A circular area centered on a pivot is irrigated Drainage system that removes excess water from soil below its surface Drainage reduces the moisture in soil and thereby increase the amount of air in its pores as to augment conditions for optimal growth of crops Metal cylinders with peaked metal roofs that store dry corn, soybeans, and other grains Primarily used in surface irrigation methods or by those wishing to improve surface drainage of fields Technology-based approach toward food production. The aim is to provide protection and maintain optimal growing conditions throughout the development of the crop. Production takes place within an enclosed growing structure such as a greenhouse or building Also known as cultured or cell-based meat, artificial meat is grown from animal cells in a laboratory setting Difference between crop futures price and local cash price, due to transportation costs, storage costs, supply and demand, local conditions, and other factors A measure of soil productivity, ranging from 100 to 147. Higher values are better Distillers' dried grains with solubles Direct greenhouse gas (GHG) emissions that occur from sources that are controlled or owned by an organization (e.g., emissions associated with fuel combustion in boilers, furnaces, vehicles) Indirect greenhouse gas (GHG) emissions associated with the purchase of electricity, steam, heat, or cooling FARMLAND PARTNERS 23 23 FPI LISTED NYSE#24FARMLAND Litigation Overview PARTNERS All class action and derivative suits have been dismissed or withdrawn. FPI pursuing hedge fund that perpetrated the short & distort attack. July 11, 2018: Quinton Mathews (a.k.a. "Rota Fortunae") publishes the "RF Post" on Seeking Alpha, targeting FPI, management and its stockholders. Quinton Mathews and his advisory clients profit from a decline in the price of FPI stock. June 20, 2021: Quinton Mathews settles with FPI and issues press release (link) admitting the falsity of key allegations in the RF Post, the scheme to short FPI stock and his profits from the stock's decline. Rota Fortunae Short & Distort Attack Class Action July 2018: FPI files federal lawsuit against Rota Fortunae and co- conspirators, later amended to include Sabrepoint. July and August 2018: Class action lawsuits are filed against FPI. The class action lawsuits assert claims based on allegations in the RF Post. Derivative Suits December 2018: 1st shareholder derivative suit filed. This suit has been stayed pending resolution of the class action lawsuit. February 2021: Federal case against Sabrepoint dismissed on procedural grounds. July 2021: FPI files Texas lawsuit against Sabrepoint. December 2021: Texas lawsuit is dismissed on procedural grounds; appeal is pending November 2019: 2nd shareholder derivative suit filed June 2021: 2nd shareholder derivative suit is dismissed (consolidated with a 3rd lawsuit). Dismissal now on appeal. 1234567890121234567890121234567890121 2018 2019 April 2022: Federal court dismisses class action lawsuit (link) May 2022: Derivative shareholder lawsuits dismissed 2 4 5 b 7 8 19 11 3 4 5 6 8 2020 2021 2022 24 FPI LISTED NYSE#25Reconciliation to Non-GAAP Measures FARMLAND PARTNERS For the three months ended December 31, For the years ended December 31, 2022 2021 2022 2021 (in thousands except per share amounts) Net income (Gain) on disposition of assets Depreciation, depletion and amortization FFO Stock-based compensation and incentive $ 6,709 $ 13,313 $ 11,960 $ 10,259 1,306 (5,935) (2,641) (9,290) 1,884 1,898 6,960 7,629 $ 9,899 $ 9,276 $ 16,279 8,598 405 344 1,999 1,263 Deferred impact of interest rate swap terminations 469 109 582 546 Real estate related acquisition and due diligence costs Distributions on Preferred units and stock 24 50 ווו 55 (766) (878) (3,210) (10,052) AFFO $ 10,031 $ 8,901 $ 15,761 $ 410 AFFO per diluted weighted average share data: AFFO weighted average common shares 55,556 46,037 52,531 36,410 Net income (loss) available to common stockholders of Farmland Partners Inc. Income available to redeemable non-controlling interest and non-controlling interest in operating partnership Depreciation, depletion and amortization $ 0.11 $ 0.14 $ 0.16 $ (0.17) 0.02 0.15 0.08 0.48 0.03 0.04 0.13 0.21 Stock-based compensation and incentive (Gain) on disposition of assets 0.01 0.01 0.04 0.03 0.02 (0.13) (0.05) (0.26) Distributions on Preferred units and stock AFFO per diluted weighted average share (0.01) (0.02) (0.06) (0.28) 0.18 $ 0.19 $ 0.30 0.01 For the three months ended For the years ended December 31, December 31, (in thousands) Net income Interest expense 2022 2021 2022 2021 $ 6,709 $ 13,313 $ 11,960 $ 10,259 4,682 3,955 16,143 15,929 Income tax expense 98 227 Depreciation, depletion and amortization 1,884 1,898 6,960 7,629 (Gain) on disposition of assets 1,306 (5,935) (2,641) (9,290) EBITDAre $ 14,678 $ 13,231 $ 32,649 $ 24,527 Stock-based compensation and incentive 405 344 1,999 1,263 Real estate related acquisition and due diligence costs 24 50 Adjusted EBITDAre $ 15,107 $ 13,625 $ 111 34,759 55 FPI $ 25,845 25 LISTED NYSE#26Non-GAAP Financial Measures FARMLAND PARTNERS The Company considers the following non-GAAP measures as 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, but not as alternatives to, net income or loss as a measure of the Company's operating performance. FFO, NOI, AFFO, EBITDAre and Adjusted EBITDAre, as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company. FFO The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income (loss) (calculated in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, plus real estate related depreciation, depletion and amortization (excluding amortization of deferred financing costs), and after adjustments for unconsolidated partnerships and joint ventures. Management presents FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the Company's operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from sales of depreciable operating properties, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. The Company also believes that, as a widely recognized measure of the performance of REITS, FFO will be used by investors as a basis to compare the Company's operating performance with that of other REITs. However, other equity REITs may not calculate FFO in accordance with the NAREIT definition as the Company does, and, accordingly, the Company's FFO may not be comparable to such other REITS' FFO. AFFO The Company calculates AFFO by adjusting FFO to exclude the income and expenses that the Company believes are not reflective of the sustainability of the Company's ongoing operating performance, including, but not limited to, real estate related acquisition and due diligence costs, stock-based compensation, deferred impact of interest rate swap terminations, and distributions on the Company's Series A preferred units. For the avoidance of doubt, $5.7 million non-cash redemption of Series B Participating Preferred Stock in Q4 2021 is not included in AFFO. Changes in GAAP accounting and reporting rules that were put in effect after the establishment of NAREIT's definition of FFO in 1999 result in the inclusion of a number of items in FFO that do not correlate with the sustainability of the Company's operating performance. Therefore, in addition to FFO, the Company presents AFFO and AFFO per share, fully diluted, both of which are non-GAAP measures. Management considers AFFO a useful supplemental performance metric for investors as it is more indicative of the Company's operational performance than FFO. AFFO is not intended to represent cash flow or liquidity for the period and is only intended to provide an additional measure of the Company's operating performance. Even AFFO, however, does not properly capture the timing of cash receipts, especially in connection with full-year rent payments under lease agreements entered into in connection with newly acquired farms. Management considers AFFO per share, fully diluted to be a supplemental metric to GAAP earnings per share. AFFO per share, fully diluted provides additional insight into how the Company's operating performance could be allocated to potential shares outstanding at a specific point in time. Management believes that AFFO is a widely recognized measure of the operations of REITs and presenting AFFO will enable investors to assess the Company's performance in comparison to other REITs. However, other REITs may use different methodologies for calculating AFFO and AFFO per share, fully diluted and, accordingly, the Company's AFFO and AFFO per share, fully diluted may not always be comparable to AFFO and AFFO per share amounts calculated by other REITs. AFFO and AFFO per share, fully diluted should not be considered as an alternative to net income (loss) or earnings per share (determined in accordance with GAAP) as an indication of financial performance, or as an alternative to net income (loss) earnings per share (determined in accordance with GAAP) as a measure of the Company's liquidity, nor are they indicative of funds available to fund the Company's cash needs, including its ability to make distributions. FPI 26 LISTED NYSE#27Non-GAAP Financial Measures (Continued) FARMLAND PARTNERS 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 with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity's pro rata share of EBITDAre of unconsolidated affiliates. EBITDAre is a key financial measure used to evaluate the Company's operating performance but should not be construed as an alternative to operating income, cash flows from operating activities or net income, in each case as determined in accordance with GAAP. The Company believes that EBITDAre is a useful performance measure commonly reported and will be widely used by analysts and investors in the Company's industry. However, while EBITDAre is a performance measure widely used across the Company's industry, the Company does not believe that it correctly captures the Company's business operating performance because it includes non-cash expenses and recurring adjustments that are necessary to better understand the Company's business operating performance. Therefore, in addition to EBITDAre, management uses Adjusted EBITDAre, a non-GAAP measure. The Company calculates Adjusted EBITDAre by adjusting EBITDAre for certain items such as stock-based compensation and real estate related acquisition and due diligence costs that the Company considers necessary to understand its operating performance. The Company believes that Adjusted EBITDAre provides useful supplemental information to investors regarding the Company's ongoing operating performance that, when considered with net income and EBITDAre, is beneficial to an investor's understanding of the Company's operating performance. However, EBITDAre and Adjusted EBITDAre have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. In prior periods, the Company has presented EBITDA and Adjusted EBITDA. In accordance with NAREIT's recommendation, beginning with the Company's reported results for the three months ended March 31, 2018, the Company is reporting EBITDAre and Adjusted EBITDAre in place of EBITDA and Adjusted EBITDA. Net Operating Income (NOI) The Company calculates net operating income (NOI) as total operating revenues (rental income, tenant reimbursements, crop sales and other revenue), less property operating expenses (direct property expenses and real estate taxes), less cost of goods sold. Since net operating income excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other income and losses and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and leasing Farmland real estate, providing a perspective not immediately apparent from net income. However, net operating income should not be viewed as an alternative measure of the Company's financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other income and losses. FPI 27 LISTED NYSE#28End Notes Note Explanation The State of Food Security and Nutrition Around the World, UN FAO, July 2022. See table on p. 50/260. Green Street Advisors U.S. Farmland sector primer 2 2. pp. 10-12, 43 3. pp. 14-16 4. pp. 7, 29 3 U.S. and State-Level Farm Income and Wealth Statistics 4 5 6 7 8 https://www.fao.org/publications/sofi/2022/en/ Link FARMLAND PARTNERS https://s201.q4cdn.com/607655624/files/doc_presentation/2021/09/15/U.S.-Farmland-Green-Street-Sector- Primer.pdf https://www.ers.usda.gov/data-products/farm-income-and-wealth-statistics/data-files-u-s-and-state- level-farm-income-and-wealth-statistics/ https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD World Bank Group . Per capita values for gross domestic product (GDP) expressed in current international dollars converted by purchasing power parity (PPP) conversion factor World Bank Group; 1 hectare = 2.47105 acres United Nations, Department of Economic and Social Affairs, Population Division (2022). World Population Prospects 2022, Online Edition. Forecast data represents medium fertility variant 2022 - 2100. USDA NASS QuickStats. . Ag Land AG LAND, INCL BUILDINGS - ASSET VALUE, MEASURED IN $/ ACRE Crop Land AG LAND, CROPLAND - ASSET VALUE, MEASURED IN $/ACRE USDA NASS QuickStats. • Ag Land AG LAND, INCL BUILDINGS - ASSET VALUE, MEASURED IN $/ ACRE Inflation information: U.S. Bureau of Labor Statistics, CPI for All Urban Consumers (CPI-U) Sources data: USDA Farm Service Agency. Total excludes grass mixed forage, CRP (conservation resource program), fallow, idle Uses data https://data.worldbank.org/indicator/AG.LND.ARBL.HA.PC https://population.un.org/wpp/Download/Standard/Most Used/ https://quickstats.nass.usda.gov/#706FA95D-B8DC-339D-B825-CB79EE1598D6 https://quickstats.nass.usda.gov/#C10D0DF6-B9D8-3F2A-8892-5728B2BC37D4 https://data.bls.gov/timeseries/CUURO000SAO?years_option=all_years https://www.fsa.usda.gov/news-room/efoia/electronic-reading-room/frequently-requested- information/crop-acreage-data/index https://www.ers.usda.gov/data-products/feed-grains-database/feed-grains-yearbook-tables.aspx https://www.usda.gov/oce/commodity/wasde 9 • Corn: USDA Feed Grains Database, combination of tables 4 and 31 Soybeans: USDA WASDE data Wheat: USDA WASDE data 10 n/a 11 n/a 12 United Nations, FAOSTAT; rank shown by 2020 production 13 USDA NASS QuickStats 14 USDA America's Farms and Ranches at a Glance 2022 Edition (12/2022) 15 United States Census of Agriculture reports from 1964, 1969, 1974, 1978, 1982, 1987, 1992, 1997, 2002, 2007, 2012, 2017 https://www.usda.gov/oce/commodity/wasde https://beermapping.com/location/10200 https://www.deere.com/en/harvesting/x-series-combines/x91100-combine https://www.fao.org/faostat/en/#data/QCL/visualize https://quickstats.nass.usda.gov/# DE946843-36B2-3B01-AFC7-65E592CDA58D https://www.ers.usda.gov/publications/pub-details/?pubid=105387 https://agcensus.library.cornell.edu 28 FPI LISTED NYSE#29FARMLAND PARTNERS © 2023 FARMLAND PARTNERS. 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