Farmland Partners Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	35.93	47.12	49.19	48.88	45.25
Tenant Reimbursements	-	-	-	-	3.45
Other Revenue	16.44	11.23	8.28	12.38	3.06
Total Revenue	52.37	58.35	57.47	61.26	51.76
Revenue Growth (YoY	-10.25%	1.54%	-6.19%	18.36%	2.11%
Property Expenses	10.26	11.31	13.41	14.16	8.86
Selling, General & Administrative	14.65	14.35	12.55	14.88	18.36
Depreciation & Amortization	4.17	5.59	7.5	6.96	7.63
Other Operating Expenses	0.04	0.1	0.14	0.13	0.03
Total Operating Expenses	29.12	31.35	33.61	36.13	34.87
Operating Income	23.25	27	23.86	25.14	16.89
Interest Expense	-9.63	-18.85	-22.66	-16.14	-15.93
Other Non-Operating Income	0.49	0.12	0.04	0.66	0.07
EBT Excluding Unusual Items	14.12	8.27	1.24	9.66	1.02
Merger & Restructuring Charges	-0	-0.03	-0.02	-0.11	-0.06
Gain (Loss) on Sale of Assets	35.86	54.15	36.13	2.64	9.29
Asset Writedown	-17.82	-0.79	-5.84	-	-
Other Unusual Items	-	-0.17	-	-	-
Pretax Income	32.16	61.43	31.52	12.19	10.26
Income Tax Expense	-0.02	-0.02	-0.17	0.23	-
Earnings From Continuing Operations	32.17	61.45	31.68	11.96	10.26
Minority Interest in Earnings	-0.63	-1.54	-0.77	-0.29	-0.27
Net Income	31.55	59.91	30.91	11.67	9.99
Preferred Dividends & Other Adjustments	2.75	3.48	3.13	3.27	15.83
Net Income to Common	28.8	56.43	27.79	8.4	-5.83
Net Income Growth	-47.35%	93.81%	164.80%	16.84%	40.34%
Basic Shares Outstanding	44	48	50	51	35
Diluted Shares Outstanding	51	56	58	51	35
Shares Change (YoY)	-8.45%	-3.95%	14.40%	47.09%	17.92%
EPS (Basic)	0.65	1.19	0.55	0.16	-0.17
EPS (Diluted)	0.61	1.06	0.53	0.16	-0.17
EPS Growth	-42.29%	101.08%	229.76%	-	-
Dividend Per Share	0.240	0.240	0.240	0.230	0.200
Dividend Growth	-	-	4.35%	15.00%	-
Operating Margin	44.39%	46.28%	41.51%	41.03%	32.63%
Profit Margin	54.98%	96.70%	48.35%	13.71%	-11.27%
EBITDA	27.42	32.59	31.36	32.1	24.52
EBITDA Margin	52.35%	55.85%	54.56%	52.39%	47.37%
D&A For Ebitda	4.17	5.59	7.5	6.96	7.63
EBIT	23.25	27	23.86	25.14	16.89
EBIT Margin	44.39%	46.28%	41.51%	41.03%	32.63%
Funds From Operations (FFO)	18.3	13.68	8.89	16.28	8.6
FFO Per Share	0.40	0.28	0.17	0.31	0.24
Adjusted Funds From Operations (AFFO)	17.87	14.07	8.14	15.76	0.41
AFFO Per Share	0.39	0.29	0.16	0.30	0.01
FFO Payout Ratio	348.38%	158.11%	138.10%	68.35%	73.97%
Effective Tax Rate	-	-	-	1.86%	-
Revenue as Reported	52.18	58.23	57.47	61.21	51.74

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.