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Farmland Partners Asset Appreciation Leads to Declaration of $0.21 per Share Special Dividend

By: via Business Wire

Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today announced that its Board of Directors has declared a one-time dividend of $0.21 per share of common stock and Class A Common OP Unit, payable in cash on January 12, 2024 to shareholders of record on December 29, 2023.

“The Company made it a priority this year to take advantage of a strong farmland market, selling assets with a focus on strategic fit and long-term water issues, and using proceeds to buy back stock and reduce leverage. Even after applying tax deferral and mitigation strategies available to us, these sales generated a sizeable aggregate gain,” said Luca Fabbri, FPI’s President and CEO. “We view the resulting special dividend as evidence of the strength of farmland as an investment class and its historically consistent appreciation.”

The special dividend is required in order for the Company to remain in compliance with U.S. federal income tax rules for real estate investment trusts (“REITs”). The amount of the special dividend has been calculated based on estimates of operating performance for the year ending December 31, 2023, sales expected to be completed by year end and book-to-tax adjustments.

The special dividend is in addition to the quarterly dividend of $0.06 per share of common stock and Class A Common OP Unit that FPI declared on October 24, 2023. For more details on the quarterly dividend, please see “Note 12—Subsequent Events” of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, as filed with the U.S. Securities and Exchange Commission on October 26, 2023.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages nearly 176,000 acres in 19 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, and Texas. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company has approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.

Forward-Looking Statements

This press release includes “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, including statements with respect to our operating performance for the year ending December 31, 2023, sales expected to be completed by year end and book-to-tax adjustments. 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. Any forward-looking information presented herein is made only as of the date of this press release, 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.

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