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Farmland 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

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