Item 1.01. Entry into a Material Definitive Agreement.

On October 29, 2020, certain wholly owned subsidiaries (collectively, the "Borrowers") of Farmland Partners Operating Partnership, L.P. (the "Operating Partnership"), the operating partnership of Farmland Partners Inc. (the "Company"), entered into a loan agreement (the "Loan Agreement") with Metropolitan Life Insurance Company ("MetLife"), which provides for a term loan of $54.4 million (the "Term Loan"). The proceeds of the Term Loan will be used to repay certain existing debt with near-term maturities. The Term Loan matures on October 22, 2030 (the "Maturity Date") and is secured by first and senior lien mortgages on certain of the Company's properties.

Interest on the Term Loan is payable in cash semi-annually and accrues at an initial rate of 3.00% per annum, which may be adjusted by MetLife on each of October 1, 2023, October 1, 2026 and October 1, 2029 to an interest rate agreed upon between the Borrowers and MetLife. If no such agreement exists on the third business day prior to the scheduled adjustment, the interest rate will then be adjusted to a rate consistent with interest rates quoted by MetLife for substantially similar loans secured by real estate substantially similar to the Company's properties securing the Term Loan.

Subject to certain conditions, up to 50% of the original principal amount of the Term Loan may be prepaid without premium or penalty in any calendar year. Additionally, the entire unpaid principal balance of the Term Loan may be prepaid without premium or penalty during the 75 day period following a rate adjustment or during the 30 day period preceding the Maturity Date. Any other prepayments under the Term Loan generally are subject to a minimum prepayment premium of 1.00%.

The Loan Agreement includes certain customary events of default, including a cross-default provision related to other outstanding indebtedness of the Borrowers, the Company and the Operating Partnership, the occurrence of which, after any applicable cure period, would permit MetLife, among other things, to accelerate payment of all amounts outstanding under the Term Loan and to exercise its remedies with respect to the pledged collateral, including foreclosure and sale of the Company's properties that collateralize the Term Loan.

In connection with the Term Loan, on October 29, 2020, the Company and the Operating Partnership each entered into a separate guaranty whereby the Company and the Operating Partnership jointly and severally agreed to unconditionally guarantee all of the Borrowers' obligations under the Loan Agreement.


 Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an

            Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated herein by reference.

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