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EX - 99.1 2 tm2116159d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Farmland Partners Inc. Reports First Quarter 2021 Results DENVER , May 13 , 2021 / PRNewswire / ' -- Farmland Partners Inc. ( NYSE : FPI ) ( “ FPI ” or the " Company " ) today reported financial results for the quarter ended March 31 , 2021 . Selected Q1 2021 Highlights During the quarter ended March 31 , 2021 , the Company : CEO Comments recorded net income of $ 2.5 million , $ 5.0 million excluding litigation - related legal expenses¹ ; recorded AFFO of - $ 1.6 million , $ 0.9 million excluding litigation - related legal expenses ; completed two acquisitions , for total consideration of $ 2.9 million ; completed 14 dispositions , for total consideration of $ 28.5 million , total gain on sale of $ 3.4 million ; reduced debt by $ 20 million ; bought back 8,291 shares of Series B preferred stock at a weighted average price of $ 25.82 for an aggregate purchase price of $ 0.2 million ; and grew the off - balance sheet asset management business to ten properties and $ 21.5 million of AUM . Paul A. Pittman , Chairman and CEO said : “ The demand - driven bull market and farm productivity gains are generating a strong profit outlook for farmers , which , in turn , are generating positive momentum in land values and lease renewal rates . Q1 2021 was a strong quarter for Farmland Partners , other than for legal expenses related to the on - going Rota Fortunae litigation . Specialty crop performance is on track to equal or exceed 2020 , but it is still early in the season . ” Macro Comments دو Commodity Demand : Soy exports for the 2020/2021 marketing year are forecasted to be the largest ever , with the first six months ( August to February ) showing an increase of 78 % over the prior year . Soybean inventory reached its lowest level since March 2016. Corn exports increased 77 % for the first six months of the 2020/2021 marketing year ( August to February ) . Ethanol was down 6 % over the same period , but gasoline production is expected to increase relative to prior year as gasoline consumption recovers from COVID - 19 related travel restrictions . 1 Legal and accounting expense for the three months ended March 31 , 2021 included $ 2.5 million of legal expenses related to the Rota Fortunae litigation .