Farmland Partners Inc 2024年度报告

Farmland Partners Inc.4600 S Syracuse StreetSuite 1450Denver, CO 80237 t (720) 452-3100f (720) 398-3238www.farmlandpartners.com March 24, 2025 Fellow Shareholders: Farmland Partners Inc. (FPI) had a remarkable year in 2024, underscoring the strength of our businessmodel and the resilience of farmland as an asset class. Despite macroeconomic headwinds and elevatedinterest rates, we executed our strategy with precision, delivering strong financial results and meaningfulreturns to our investors. Our focus in 2024 was threefold: optimizing our portfolio, reducing leverage, and increasing shareholdervalue. We successfully completed $312 million in asset sales, generating $54.1 million in gains. Thesetransactions reinforced the appreciation of our high-quality farmland and allowed us to return value directlyto shareholders through a one-time special dividend of $1.15 per share. At the same time, we significantly reduced our total indebtedness by $158.5 million, eliminatingfloating rate debt and positioning the company for approximately $10.9 million in projected annual interestsavings. Our balance sheet is now stronger than ever, providing stability and flexibility for futureopportunities. FPI reported net income of $61.5 million, or $1.19 per share, nearly doubling the prior year’s results.Adjusted funds from operations (AFFO) per share surged by over 81% year-over-year, reaching $0.29 pershare. This growth was driven by strong rent renewals, de-levering, continued cost-cutting measures, anddisciplined asset management. Our leasing strategy continues to pay off, with our portfolio fully leased heading into 2025. Specialtycrop farms delivered strong performance, and our ability to secure favorable rental increases in previous yearscontinues to benefit our bottom line. And our optimized portfolio is now even more focused on the core ofthe Midwest, which has historically had the best long-term rates of appreciation. We remain confident in our ability to navigate the evolving economic landscape while maintaining ourcommitment to long-term shareholder value. With a strengthened balance sheet, a streamlined cost structure,and a continued focus on strategic investments, we believe FPI is well-positioned for sustained growth. Asalways, we appreciate your continued trust and investment in Farmland Partners Inc., and we look forwardto another year of growth and value creation. Luca FabbriPresident and Chief Executive Officer [This Page Intentionally Left Blank] UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☑ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past90 days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☑Smaller reporting company☑Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflectthe correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by anyof the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b