Farmland Partners Cash Flow 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
Net Income	31.55	59.91	30.91	11.67	9.99
Depreciation & Amortization	4.17	5.59	7.5	6.96	7.63
Other Amortization	0.41	0.68	0.69	0.38	0.38
Gain (Loss) on Sale of Assets	-35.86	-54.15	-36.13	-2.64	-9.29
Gain (Loss) on Sale of Investments	-0.81	-0.11	0.2	0.45	0.87
Asset Writedown	17.82	0.79	5.84	-	-
Stock-Based Compensation	2.16	2.35	1.85	1.94	1.26
Income (Loss) on Equity Investments	-0.19	-0.13	-0	-0.05	-0.02
Change in Accounts Receivable	-0.07	1.78	0.8	-2.45	-1.07
Change in Other Net Operating Assets	-2.43	-2	-0.65	-0.04	-0.96
Other Operating Activities	-1.83	0.88	0.75	0.41	0.82
Operating Cash Flow	17.43	16.14	12.89	17.05	7.86
Operating Cash Flow Growth	7.95%	25.26%	-24.42%	117.04%	-60.17%
Acquisition of Real Estate Assets	-7.85	-19.39	-27.98	-58.76	-83.89
Sale of Real Estate Assets	95.53	311.97	195.49	17	70.64
Net Sale / Acq. of Real Estate Assets	87.68	292.58	167.5	-41.76	-13.26
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
Investing Cash Flow	63.4	268.75	158.46	-60.4	-18.77
Long-Term Debt Issued	31.5	81	79.5	223	41.11
Long-Term Debt Repaid	-74.48	-239.52	-155.89	-296.94	-35.91
Net Debt Issued (Repaid)	-42.98	-158.52	-76.39	-73.94	5.2
Issuance of Common Stock	-	0.03	0.16	121.37	27.16
Repurchase of Common Stock	-38.14	-27.72	-72.65	-0.19	-
Preferred Share Repurchases	-	-	-8.1	-10.16	-0.65
Common Dividends Paid	-63.74	-21.63	-12.27	-11.13	-6.36
Preferred Dividends Paid	-	-	-	-	-6.54
Total Dividends Paid	-63.74	-21.63	-12.27	-11.13	-12.9
Other Financing Activities	-5.11	-4.11	-4.25	-5.13	-4.94
Net Cash Flow	-69.15	72.95	-2.17	-22.52	2.95
Cash Interest Paid	10.86	20.96	22.45	-	14.7
Levered Free Cash Flow	-46.58	51.93	20.3	-1.43	7.79
Unlevered Free Cash Flow	-40.97	63.03	33.77	8.28	17.36
Change in Working Capital	-1.85	0.21	1.19	-2.18	-3.81

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