Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today announced it received notice that a renewable energy tenant plans to begin construction of a new solar power project in Clark County, Illinois, by the end of the month.

The development, which extends across six FPI properties spanning 1,542 acres, will generate increased rental income for the Company and expand its growing renewable energy portfolio.

The tenant will pay rents that are nearly 50% higher than current farm rents once construction is completed and will make payments above that higher level during the expected 12-month construction period.

“While working with farmers and supporting their efforts to responsibly feed the world remains our primary mission, we also recognize that investing in renewable energy benefits the environment and provides attractive returns to our shareholders,” said FPI Chairman and CEO Paul Pittman.

FPI’s renewable power portfolio currently has the capacity to produce more than 110 megawatts of electricity, across three operational wind projects and five solar projects. For perspective, that’s enough electricity to power 20,900 U.S. homes, according to methodology used by the Solar Energy Industries Association. The planned Clark County development will add additional generation capacity.

While solar projects replace farm rents entirely, wind projects supplement existing farm rents because agricultural production can continue around wind turbines. The chart below provides an overview of the Company’s energy portfolio, including expected revenue from the new solar project once it is operational.

“Including the Clark County project, energy tenants account for nearly $1.5 million in revenue a year,” Pittman explained. “Given the long-term nature of solar and wind leases – ranging from 15 to 40 years – these projects reduce risk for the Company and provide long-term inflation protection.”

FPI also has more than 13,700 additional acres of renewable energy projects under option or at various stages of development and planning. Option payments generate, on average, $45 per acre in additional annual income above farm rents.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages more than 185,750 acres in 18 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, and Virginia. We have approximately 26 crop types and more than 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements with respect to expected yields on acquired farmland, our outlook, proposed and pending acquisitions and dispositions, the potential impact of trade disputes and recent extreme weather events on the Company's results, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: risks relating to the commencement or completion of construction and development of the solar and wind projects discussed in this press release, the anticipated rents on solar and wind projects relative to existing rents, the timing and amount of rents expected to be received on the solar and wind projects discussed in this press release, the progression of the Company's other renewable energy projects, general volatility of the capital markets and the market price of the Company's common stock, changes in the Company's business strategy, availability, terms and deployment of capital, the Company's ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, availability of qualified personnel, changes in the Company's industry, interest rates or the general economy, adverse developments related to crop yields or crop prices, the degree and nature of the Company's competition, the timing, price or amount of repurchases, if any, under the Company's share repurchase program, the ability to consummate acquisitions or dispositions under contract and the other factors described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and the Company's other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

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