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Farmland Partners Inc. Reports Third Quarter 2021 Results Exhibit 99.1 DENVER , Oct. 27 , 2021 / PRNewswire / -- Farmland Partners Inc. ( NYSE : FPI ) ( " FPI " or the " Company " ) today reported financial results for the three and nine months ended September 30 , 2021 . Selected 2021 Highlights During the nine months ended September 30 , 2021 , the Company : • recorded net income of $ ( 3.1 ) million , $ 3.8 million excluding litigation - related items¹ , compared to $ 1.2 million , $ 1.9 million excluding litigation related items² , for the same period in 2020 ; • • • • • 1 . recorded AFFO of $ ( 8.5 ) million , $ ( 1.6 ) million excluding litigation - related items¹ , compared to $ ( 3.2 ) million , $ ( 2.4 ) million excluding litigation related items² , for the same period in 2020 ; completed five acquisitions , for total consideration of $ 31.0 million ; completed seventeen property dispositions , for total consideration of $ 31.1 million and total gain on sale of $ 3.4 million ; retained property management for ten out of seventeen disposed properties and closed an additional acquisition in the third quarter , growing the asset management business's assets under management to over $ 50 million ; and sold 1,959,512 shares of common stock at an average price of $ 13.12 for aggregate net proceeds of $ 25.4 million under the ATM Program . For the nine months ended September 30 , 2021 , legal and accounting expense included $ 7.4 million related to litigation and revenue included $ 0.6 million of litigation settlement proceeds related to Rota Fortunae , resulting in a net impact of $ 6.9 million . 2. For the nine months ended September 30 , 2020 , legal and accounting expense included $ 0.8 million related to litigation . The Company also : • • announced the conversion of its 6.00 % Series B Preferred Stock into shares of common stock effective October 4 , 2021 ( FPI press release ) ; reopened its loan program to enhance farmers ' access to liquidity ; • • experienced strong farmland values with accelerating appreciation , especially in row crop regions ; showed substantial increases in lease renewal rates , reflecting increased farmer profitability ; and reached a settlement with Quinton Mathews regarding the falsity of claims that were used to launch the " short and distort " scheme targeting FPI , its management , and its stockholders ( FPI press release ) . CEO Comments Paul A. Pittman , Chairman and CEO said : " This was another solid quarter for FPI , but for the litigation expense . We converted the Series B Preferred Stock to common stock after quarter - end , a transaction that creates value for shareholders by improving cash flow , reducing leverage , and increasing equity market capitalization . Strong farmer profits are driving our 2021 lease renewals to an increase of over 10 % through approximately 70 % of the year's renewals . We are actively pursuing investment opportunities and building a strong pipeline of potential transactions . "