Farmland Partners Sells 303 Acres to Solar Power Company, Achieves 132% Gain
April 11 2022 - 07:10AM
Business Wire
Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) sold
approximately 303 acres of North Carolina farmland to a large solar
power developer for $4 million on Wednesday. The Company realized a
net gain of nearly $2.3 million, or 132%, on the disposition.
The parcel was part of a 944-acre farm that FPI acquired in
2015. It will continue to rent the remaining farmland to a local
farmer.
“This sale is great news for our shareholders because of the
more than 2X gain we achieved,” said FPI Chairman and CEO Paul
Pittman. “It’s also emblematic of our Company’s strategy to work
with renewable energy producers, when possible, to maximize returns
and benefit the environment.”
FPI also leases land to renewable energy producers. Its
portfolio includes five solar and three wind projects, which
collectively have the capacity to generate more than 110 megawatts
of electricity.
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 nearly
187,000 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220411005186/en/
Phillip Hayes phayes@farmlandpartners.com
Farmland Partners (NYSE:FPI)
Historical Stock Chart
From Feb 2024 to Mar 2024
Farmland Partners (NYSE:FPI)
Historical Stock Chart
From Mar 2023 to Mar 2024