| Schedule of reconciliation of net income (loss) to FFO, 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) | | | | 2026 | | 2025 | | | 2026 | | 2025 | Net income | | | | | $ | 3,131 | | $ | 7,792 | | | $ | 3,777 | | $ | 9,885 | (Gain) on disposition of assets, net | | | | | | (3,527) | | | (24,228) | | | | (3,272) | | | (24,991) | Depreciation, depletion and amortization | | | | | | 905 | | | 1,130 | | | | 1,815 | | | 2,303 | Impairment of assets | | | | | | 751 | | | 16,821 | | | | 751 | | | 16,821 | FFO (1) | | | | | $ | 1,260 | | $ | 1,515 | | | $ | 3,071 | | $ | 4,018 | | | | | | | | | | | | | | | | | | Stock-based compensation | | | | | | 434 | | | 528 | | | | 902 | | | 1,047 | Real estate related acquisition and due diligence costs | | | | | | — | | | (3) | | | | — | | | 2 | Distributions on Series A Preferred Units | | | | | | — | | | (743) | | | | (204) | | | (1,486) | AFFO (1) | | | | | $ | 1,694 | | $ | 1,297 | | | $ | 3,769 | | $ | 3,581 | | | | | | | | | | | | | | | | | | AFFO per diluted weighted average share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AFFO weighted average common shares | | | | | | 44,008 | | | 46,765 | | | | 43,987 | | | 46,972 | | | | | | | | | | | | | | | | | | Net income available to common stockholders of Farmland Partners Inc. | | | | | $ | 0.07 | | $ | 0.15 | | | $ | 0.08 | | $ | 0.18 | Income available to redeemable non-controlling interest and non-controlling interest in operating partnership | | | | | | 0.00 | | | 0.03 | | | | 0.00 | | | 0.03 | Depreciation, depletion and amortization | | | | | | 0.02 | | | 0.02 | | | | 0.04 | | | 0.05 | Impairment of assets | | | | | | 0.02 | | | 0.36 | | | | 0.02 | | | 0.36 | Stock-based compensation | | | | | | 0.01 | | | 0.01 | | | | 0.02 | | | 0.02 | (Gain) on disposition of assets, net | | | | | | (0.08) | | | (0.52) | | | | (0.07) | | | (0.53) | Distributions on Series A Preferred Units | | | | | | 0.00 | | | (0.02) | | | | 0.00 | | | (0.03) | AFFO per diluted weighted average share (1) | | | | | $ | 0.04 | | $ | 0.03 | | | $ | 0.09 | | $ | 0.08 |
| (1) | The six months ended June 30, 2026 and 2025 included approximately $0.5 million and $1.0 million, respectively, of income as a result of a solar lease arrangement with a tenant. |
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