Farmland Partners Buys Illinois Farm for $3 Million
March 21 2022 - 7:10AM
Business Wire
Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) on
Friday purchased 369 acres of Illinois farmland for $3 million.
The corn and soybean farm in Rock Island County includes 346
tillable acres, and its three-year, cash-rent lease is expected to
yield a 4 percent annual return in addition to asset
appreciation.
“Tenants are some of our best sources for acquisition leads, and
this deal is a prime example of how effective that referral base
can be,” Paul Pittman, FPI’s Chairman and CEO, said. “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 himself
to be a top-notch producer who cares for 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 of productivity.
“We have a significant presence in the area and own four other
farms nearby. Together, these properties represent a large
collection of fertile Mississippi River bottom farmland,” he
explained. “The strong lease terms we negotiated reflect that
presence and the local relationships we’ve built.”
The Company has now amassed a nearly contiguous block of land in
the area totaling approximately 5,620 acres, which is farmed by a
single tenant.
FPI is the nation’s largest publicly traded farmland REIT by
U.S. acreage.
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 186,400 acres in 19 states, including Alabama,
Arkansas, California, Colorado, Florida, Georgia, Illinois,
Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri,
Nebraska, North Carolina, South Carolina, South Dakota and
Virginia. We have approximately 26 crop types and more than 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.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the federal securities laws, including, without
limitation, statements with respect to expected yields on acquired
farmland, 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, 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, 2021, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220321005291/en/
Phillip Hayes phayes@farmlandpartners.com
Farmland Partners (NYSE:FPI)
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