| Schedule of reconciliation of net income (loss) to AFFO and AFFO per share |
| | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | | For the six months ended June 30, | (in thousands except per share amounts) | | | | 2025 | | 2024 | | | 2025 | | 2024 | Net income (loss) | | | | | $ | 7,792 | | $ | (2,052) | | | $ | 9,885 | | $ | (644) | (Gain) loss on disposition of assets, net | | | | | | (24,228) | | | 10 | | | | (24,991) | | | 96 | Depreciation, depletion and amortization | | | | | | 1,130 | | | 1,430 | | | | 2,303 | | | 2,911 | Impairment of assets | | | | | | 16,821 | | | — | | | | 16,821 | | | — | FFO (1) | | | | | $ | 1,515 | | $ | (612) | | | $ | 4,018 | | $ | 2,363 | | | | | | | | | | | | | | | | | | Stock-based compensation | | | | | | 528 | | | 512 | | | | 1,047 | | | 1,037 | Real estate related acquisition and due diligence costs | | | | | | (3) | | | — | | | | 2 | | | 27 | Distributions on Series A Preferred Units | | | | | | (743) | | | (743) | | | | (1,486) | | | (1,486) | Severance expense | | | | | | — | | | 1,373 | | | | — | | | 1,373 | AFFO (1) | | | | | $ | 1,297 | | $ | 530 | | | $ | 3,581 | | $ | 3,314 | | | | | | | | | | | | | | | | | | AFFO per diluted weighted average share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AFFO weighted average common shares | | | | | | 46,765 | | | 49,379 | | | | 46,972 | | | 49,325 | | | | | | | | | | | | | | | | | | Net income (loss) available to common stockholders of Farmland Partners Inc. | | | | | $ | 0.15 | | $ | (0.06) | | | $ | 0.18 | | $ | (0.05) | Income available to redeemable non-controlling interest and non-controlling interest in operating partnership | | | | | | 0.03 | | | 0.02 | | | | 0.03 | | | 0.04 | Depreciation, depletion and amortization | | | | | | 0.02 | | | 0.03 | | | | 0.05 | | | 0.06 | Impairment of assets | | | | | | 0.36 | | | 0.00 | | | | 0.36 | | | 0.00 | Stock-based compensation | | | | | | 0.01 | | | 0.01 | | | | 0.02 | | | 0.02 | (Gain) on disposition of assets, net | | | | | | (0.52) | | | 0.00 | | | | (0.53) | | | 0.00 | Distributions on Series A Preferred Units | | | | | | (0.02) | | | (0.02) | | | | (0.03) | | | (0.03) | Severance expense | | | | | | 0.00 | | | 0.03 | | | | 0.00 | | | 0.03 | AFFO per diluted weighted average share (1) | | | | | $ | 0.03 | | $ | 0.01 | | | $ | 0.08 | | $ | 0.07 |
(1)The six months ended June 30, 2024 includes approximately $1.2 million of income from forfeited deposits due to the termination of a repurchase agreement. The six months ended June 30, 2025 includes approximately $1.0 million of income as a result of a solar lease arrangement with a tenant.
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