Farmland Partners Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	68.87	59.91	30.91	11.67	9.99	7.12
Depreciation & Amortization	4.5	5.59	7.5	6.96	7.63	7.97
Other Amortization	0.45	0.68	0.69	0.38	0.38	0.31
Gain (Loss) on Sale of Assets	-76.72	-54.15	-36.13	-2.64	-9.29	-2.99
Gain (Loss) on Sale of Investments	-0.73	-0.11	0.2	0.45	0.87	-
Asset Writedown	18.61	0.79	5.84	-	-	-
Stock-Based Compensation	2.04	2.35	1.85	1.94	1.26	1.06
Income (Loss) on Equity Investments	-0.19	-0.13	-0	-0.05	-0.02	-
Change in Accounts Receivable	3.31	2.86	0.8	-2.45	-1.07	1.26
Change in Other Net Operating Assets	-4.26	-2	-0.65	-0.04	-0.96	2.43
Other Operating Activities	0.45	0.88	0.75	0.41	0.82	1.76
Operating Cash Flow	16.85	16.14	12.89	17.05	7.86	19.73
Operating Cash Flow Growth	94.02%	25.26%	-24.42%	117.04%	-60.17%	9.63%
Acquisition of Real Estate Assets	-9.57	-19.39	-27.98	-58.76	-83.89	-3.57
Sale of Real Estate Assets	395.99	311.97	195.49	17	70.64	20.48
Net Sale / Acq. of Real Estate Assets	386.42	292.58	167.5	-41.76	-13.26	16.9
Cash Acquisition	-	-	-	-	-0.86	-
Investment in Marketable & Equity Securities	0.05	0.16	0.05	-0.71	-0.99	-
Other Investing Activities	-	-	-	-20.72	-3.67	1.76
Investing Cash Flow	346.6	268.75	158.46	-60.4	-18.77	18.67
Long-Term Debt Issued	-	81	79.5	223	41.11	54.36
Long-Term Debt Repaid	-	-239.52	-155.89	-296.94	-35.91	-59.03
Net Debt Issued (Repaid)	-223.57	-158.52	-76.39	-73.94	5.2	-4.67
Issuance of Common Stock	-	0.03	0.16	121.37	27.16	10
Repurchase of Common Stock	-65.64	-27.72	-72.65	-0.19	-	-6.82
Preferred Share Repurchases	-	-	-8.1	-10.16	-0.65	-3.1
Common Dividends Paid	-64.05	-21.63	-12.27	-11.13	-6.36	-5.94
Preferred Dividends Paid	-	-	-	-	-6.54	-8.82
Total Dividends Paid	-64.05	-21.63	-12.27	-11.13	-12.9	-14.77
Other Financing Activities	-4.81	-4.11	-4.25	-5.13	-4.94	-4.39
Net Cash Flow	5.38	72.95	-2.17	-22.52	2.95	14.66
Cash Interest Paid	13.79	20.96	22.45	-	14.7	15.48
Levered Free Cash Flow	7.11	53.04	20.3	-1.43	7.79	17.58
Unlevered Free Cash Flow	13.18	64.14	33.77	8.28	17.36	28.32
Change in Working Capital	-0.59	0.21	1.19	-2.18	-3.81	4.27

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