DENVER, March 21, 2022–(BUSINESS WIRE)–Farmland Partners Inc. (NYSE: REIT) (the “Company” or “REIT”) purchased 369 acres of farmland in Illinois on Friday for $3 million.
The corn and soybean farm in Rock Island County comprises 346 tillable acres, and its three-year lease with cash rent is expected to generate a 4% annual return in addition to asset appreciation.
“Tenants are among our best sources of acquisition leads, and this deal is a great example of the effectiveness of that baseline,” said Paul Pittman, President and CEO of FPI. “We have a long-standing relationship with the tenant who first alerted us to this farm. He will be renting this property and has proven to be a top notch grower who cares about the land.”
Sam Woodrow, a farm manager for FPI who oversaw the transaction, said the farm was attractive to the company because of its location and record productivity.
“We have a significant presence in the area and own four other farms nearby. Together, these properties represent a vast collection of fertile farmland at the bottom of the Mississippi River,” he explained. “The solid rental terms we have negotiated reflect this presence and the local relationships we have established.”
The Company has now amassed a nearly contiguous block of land in the area totaling approximately 5,620 acres, which is operated by a single tenant.
REIT is the nation’s largest publicly traded farmland REIT by land area in the United States.
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 provides loans to farmers secured by agricultural real estate. As of the date of this release, the Company owns and/or manages approximately 186,400 acres in 19 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana , Iowa, Kansas, Louisiana, Michigan, Mississippi and Missouri. , Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have around 26 types of crops and over 100 tenants. The Company has elected to be taxed as a real estate investment trust, or REIT, for US federal income tax purposes, commencing with the tax year ended December 31, 2014. Further information: www .farmlandpartners.com or (720) 452-3100.
This press release contains “forward-looking statements” within the meaning of the federal securities laws, including, without limitation, statements regarding expected returns on farmland acquired, our outlook, proposed acquisitions and divestitures and ongoing, the potential impact of trade disputes and recent extreme weather events on the Company’s results, financing activities, crop yields and prices and expected rental rates. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “should”, “could”, “would”, “predict”, “potential”, “continue”, “expect”. , “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” or similar expressions or their negatives, as well as statements in the future tense. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, beliefs and expectations, these forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ significantly from those established. in forward-looking statements. Some factors that could cause such a difference are: general volatility in the financial markets and in the 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 debt on or before maturity on favorable terms, or not at all, the availability of qualified personnel, changes in the Company’s industry, interest rates or the general economy, adverse developments relating to crop yields or prices, the degree and nature of the Company’s competition, the timing, price or amount of redemptions, if any, under the program repurchase of the Company’s shares, the ability to make acquisitions or divestitures under contract and the other factors described in the section entitled “Risk Factors” of the Company’s annual report. the Company on Form 10-K for the fiscal year ended December 31, 2021 and other documents filed by the Company 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 undertakes no obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unforeseen events or otherwise.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220321005291/en/