Investor Presentaiton

FARMLAND 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

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