Farmland Partners Acquires 280-Acre Corn and Soybean Farm for $3.4 Million

Rhea-AI Summary

Farmland Partners Inc. (NYSE: FPI) announced the purchase of 280 acres of farmland in Illinois for $3.4 million. This corn and soybean farm, located in Will County, is the second acquisition in the county this year. Chairman and CEO Paul Pittman stated that the acquisition aligns with FPI's growth strategy, highlighting a strong tenant and a productive location. FPI continues to be the largest publicly traded farmland REIT in the U.S., managing approximately 185,000 acres.

Positive

• Acquisition of 280 acres in Will County for $3.4 million enhances asset portfolio.
• Second acquisition in Will County this year indicates growth momentum.
• Good tenant in place suggests stable rental income from acquired farmland.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) yesterday purchased 280 acres of farmland in Illinois for $3.4 million.

The corn and soybean farm is located in Will County, which is southwest of Chicago. It is the second farm in the county that the Company has acquired this year.

“FPI is in growth mode, and we are excited to add this asset to our portfolio,” said FPI Chairman and CEO Paul Pittman. “There is a good tenant in place, and the productive farm is located in a strong market.”

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 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/20220614005318/en/

Phillip Hayes

phayes@farmlandpartners.com

Source: Farmland Partners Inc.

FAQ

What farmland did Farmland Partners Inc. acquire?

Farmland Partners Inc. acquired 280 acres of corn and soybean farmland in Will County, Illinois.

How much did Farmland Partners Inc. pay for the farmland?

The acquisition cost was $3.4 million.

Why is the acquisition of farmland important for Farmland Partners Inc.?

The acquisition aligns with FPI's growth strategy and enhances its asset portfolio in a strong market.

When was the farmland in Illinois purchased by Farmland Partners Inc.?

The farmland was purchased yesterday, as per the press release.

How many acres does Farmland Partners Inc. own in total?

Farmland Partners Inc. owns and/or manages approximately 185,000 acres across 18 states.