DENVER, Sept. 20, 2021 /PRNewswire/ -- Farmland
Partners Inc. (NYSE: FPI) (the "Company") has received
numerous inquiries regarding impacts from recent hurricanes
and the lease renewal cycle and would like the share the following
Hurricanes Ida and Nicholas
In the past few weeks, the Delta region, and Louisiana in particular, has been hit by
Hurricanes Ida and Nicholas. While there was substantial rain
on the Company's farms in the region, none of the
Company's farms suffered significant damage from the
storms. Many farmers, other business owners, and residents
were not so fortunate, and we wish them a speedy recovery.
- Total portfolio: Approximately 158,000 acres owned and
approximately 8,300 acres managed.
- 2021 Renewals: Approximately 40,100 acres, or approximately 27%
of total owned portfolio1
- 2021 Renewals Completed: Approximately 23,250 acres, or 59% of
- Renewal Trends: Weighted average increase of approximately 10%
farms that are expected to be under direct operations in
2022, as well as farms under contract for potential sale and
The Company's lease renewals signed in 2021
generally commence in Q4 and, accordingly, contribute
to revenue to a greater extent in 2022 and beyond than in
The Company intends to provide an update on these and other
developments during its next quarterly earnings call.
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
approximately 166,000 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.
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.