Farmland Partners Acquires Two Illinois Farms
Farmland Partners Inc. (NYSE:FPI) announced the acquisition of two farms in Illinois totaling 485 acres. The first, a 286-acre farm in Edgar County, was bought for approximately $4.8 million on July 29, while a 199-acre farm in Fulton County was purchased for about $1.8 million on August 1. These acquisitions allow FPI to expand its farmland portfolio and improve efficiencies for its tenants, driving potential rental income and asset appreciation. The company has acquired 11 farms in 2022, covering 3,056 acres, solidifying its position as the largest publicly traded farmland REIT in the U.S.
- Acquisition of 485 acres of farmland enhances portfolio and operational efficiency.
- Potential for strong rental rates and long-term appreciation, as Illinois farmland has historically appreciated at 5.6% annually.
- None.
The first, a 286-acre farm in
“These farms are especially attractive to our business because they adjoin other farmland in our portfolio, which will allow the Company to expand its footprint in these areas, improve farming efficiency for our tenants, and drive strong rental rates,” said FPI Chairman and CEO
In addition to rental income, Pittman noted that asset appreciation is a key factor of overall farmland investment returns.
FPI has acquired 11 farms in 2022, spanning 3,056 acres. It is the nation’s largest publicly traded farmland REIT by
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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
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