DENVER, June 1, 2021 /PRNewswire/ -- Farmland
Partners Inc. (NYSE: FPI) (the "Company") today announced that it
purchased 8,349 acres of cropland in Southern Louisiana for total consideration of
$26.8 million. This highly improved
property consists of 5,943 tillable acres, with a rich history of
growing rice and soybeans. The farm is located close to the
Mermentau River and contains over 20 miles of canals for surface
irrigation during the growing seasons. In addition, the transaction
will preserve over 1,200 acres of fresh-water marshland known
throughout South Louisiana for its
outstanding waterfowl habitat. This marshland will continue
to offer environmental benefits and recreational
opportunities. The farm will be leased for the next several
years at a current yield of approximately 4.2%.
"We are pleased to add this high-quality farm to the portfolio
and expand our presence in the Delta region," said Paul A. Pittman, the Company's Chairman and
CEO. "Farms of this caliber with important environmental and
agriculture production attributes do not come to market every day.
It has advanced surface irrigation networks and the ability to grow
many different crops."
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 approximately 157,000
acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North
Carolina, South Carolina,
South Dakota and Virginia. We have approximately 26 crop types
and over 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.
Owners and brokers with farmland for sale in the Delta region,
please contact Thomas Boggs
This press release includes "forward-looking statements" within
the meaning of the federal securities laws, including, without
limitation, statements with respect to 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: general volatility of the capital
markets and the market price of the Company's common stock or
Series B participating preferred 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, 2020, 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.
SOURCE Farmland Partners Inc.