PR Newswire | Aug 6, 2021 04:33PM EDT

6.00% Series B Participating Preferred Stock

08/06 15:32 CDT

Farmland Partners Inc. Announces Farmland Value Appreciation Amount for its 6.00% Series B Participating Preferred Stock DENVER, Aug. 6, 2021

DENVER, Aug. 6, 2021 /PRNewswire/ -- Farmland Partners Inc. (NYSE: FPI) (the "Company") today posted the Cumulative Farmland Value Appreciation ("FVA"), the FVA Factor, and the FVA Amount as updated for 2021, as those terms are defined in the final prospectus for the Company's 6.00% Series B Participating Preferred Stock (NYSE:FPIPRB) ("Series B Preferred Stock").

The FVA Factor and FVA Amount were calculated using data contained in the Land Values 2021 Summary, which was released today by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA). The report is available via the following link: https://release.nass.usda.gov/reports/land0821.pdf.

Based on the weighting of the Portfolio States established under the terms of the Series B Preferred Stock, Cumulative FVA for the period ending September 30, 2021 is 12.33%, resulting in an FVA Factor of 6.16% and an FVA Amount of $1.54. The FVA Amount plus the initial liquidation preference is equal to $26.54.

The computation of these amounts appears at the end of this press release and will also be posted to the "Investor Relations" section of the Company's website.

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 approximately 161,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or 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.

Measurement of Aggregate FVA Amount Per 6% Series B Participating PreferredShare

2017 Land Values 2021 Land Values

Relative FVA Value Weighting Actual FVA Assigned Actual FVA Relative toPortfolio State Applied in Value (2) Baseline Value (3) August, 2017 Determining Value Baseline FVA (1)

Illinois 34.344% $7,300 100.0 $7,900 8.22%

California 19.265% $8,700 100.0 $10,900 25.29%

South Carolina 6.892% $3,000 100.0 $3,600 20.00%

North Carolina 6.695% $4,450 100.0 $4,750 6.74%

Colorado 6.318% $1,430 100.0 $1,610 12.59%

Arkansas 5.776% $3,180 100.0 $3,390 6.60%

Nebraska 4.292% $2,900 100.0 $3,100 6.90%

Louisiana 4.275% $3,000 100.0 $3,220 7.33%

Florida 3.580% $5,700 100.0 $6,020 5.61%

Mississippi 2.037% $2,500 100.0 $2,860 14.40%

Georgia 1.923% $3,550 100.0 $3,670 3.38%

Michigan 1.451% $4,800 100.0 $5,300 10.42%

Texas 0.855% $2,090 100.0 $2,380 13.88%

Virginia 0.752% $4,350 100.0 $4,700 8.05%

South Dakota 0.696% $2,180 100.0 $2,190 0.46%

Kansas 0.484% $1,850 100.0 $2,100 13.51%

Alabama 0.365% $2,750 100.0 $3,200 16.36%

Cumulative FVA 12.33%

FVA Factor (50% of Cumulative FVA) 6.16%

FVA Amount $ 1.54

FVA Amount + initial liquidation preference $ 26.54

Based on the total unaudited book value of our properties in each Portfolio State as of June 30, 2017.(1) These will be the Weighting Factors for measurement of Cumulative FVA and the Premium Amount and will at no time change as it relates to the Series B Participating Preferred Stock.

Represents the 2017 Land Values as published in the 2017 Land Value Report for each Portfolio State.(2) Such values will remain constant for purposes of calculating the FVA Amount, notwithstanding any revisions to the 2017 Land Values in subsequent Land Value Reports.

Represents the 2021 Land Values as published in the 2021 Land Value Report for each Portfolio State.(3) Figures represent state-wide averages per the survey methodology, as defined in the final prospectus for the Company's 6.00% Series B Participating Preferred Stock.

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SOURCE Farmland Partners Inc.