838-Acre Nebraska Farm Added to Farmland Partners Portfolio

Rhea-AI Summary

Farmland Partners Inc. (NYSE: FPI) has successfully completed its seventh farm acquisition of the year, purchasing 838 acres in Nebraska for $11.6 million. This farm, located in Hamilton County, is a turn-key operation featuring irrigation systems and grain storage. With this acquisition, FPI now owns 31 farms in Nebraska, totaling 7,216 acres, solidifying its position as the largest publicly traded farmland REIT in the U.S. The company manages nearly 185,000 acres across 18 states.

Positive

• Acquisition of a high-quality 838-acre farm enhances portfolio value.
• Farm located in a fertile seed corn production area with strong tenant in place.
• FPI solidifies position as the largest publicly traded farmland REIT by acreage.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) on Wednesday completed its seventh farm acquisition of the year when it purchased 838 acres of Nebraska farmland for $11.6 million.

Farmland Partners Inc.'s new farm in Hamilton County, Nebraska. (Photo: Business Wire)

The row crop farm is the Company’s first in Hamilton County, which sits in the middle of a fertile seed corn production area and is known for good soils and water availability. The farm consists of nine individual tracts with several improvements, including irrigation, a grain storage system, and ample equipment storage. The acquisition also encompassed a house, office building, and heated shop.

“This is a turn-key operation and is among the nicest properties in our portfolio,” said FPI Chairman and CEO Paul Pittman. “We have an excellent tenant in place and are looking forward to a bright future in Hamilton County.”

FPI now owns 31 farms in Nebraska, spanning 7,216 acres. It 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 nearly 185,000 acres in 18 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, 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/20220602005331/en/

Phillip Hayes

phayes@farmlandpartners.com

Source: Farmland Partners Inc.

FAQ

What recent acquisition did Farmland Partners Inc. complete?

Farmland Partners Inc. acquired 838 acres of farmland in Nebraska for $11.6 million.

How many farms does Farmland Partners own in Nebraska?

Farmland Partners Inc. owns 31 farms in Nebraska, totaling 7,216 acres.

What is the significance of the recent acquisition for FPI?

The acquisition enhances FPI's portfolio and strengthens its position as the largest publicly traded farmland REIT in the U.S.

What type of farming operation is the new acquisition?

The new acquisition is a turn-key row crop farm with irrigation and grain storage systems.