Farmland Partners Adds Second Farm in Hamilton County, Nebraska

Rhea-AI Summary

Farmland Partners Inc. (NYSE:FPI) has acquired 158 acres of farmland in Hamilton County, Nebraska, for $2 million. This acquisition marks the company's second purchase in the county within the month. The farm will be leased back to the seller and is located near an 838-acre farm purchased on June 1. With this addition, FPI now owns 32 farms across Nebraska, totaling 7,374 acres, solidifying its position as the largest publicly traded farmland REIT by U.S. acreage.

Positive

• Acquisition of 158 acres in Hamilton County for $2 million strengthens the company's portfolio.
• FPI now owns 32 farms in Nebraska, totaling 7,374 acres.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) yesterday acquired 158 acres of farmland in Hamilton County, Nebraska – its second purchase in the county this month.

The Company bought the irrigated row crop farm for $2 million and will lease the property back to the seller. The property is located approximately 16 miles from an 838-acre farm that the Company purchased on June 1.

“Hamilton County is in the heart of a fertile seed corn area, and it’s highly regarded for its good soils and water access,” said FPI Chairman and CEO Paul Pittman. “This farm has a great productivity track record and is a good addition to the Company’s portfolio.”

FPI now owns 32 farms in Nebraska, spanning 7,374 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 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/20220623005018/en/

Phillip Hayes

phayes@farmlandpartners.com

Source: Farmland Partners Inc.

FAQ

What recent acquisition did Farmland Partners Inc. (FPI) make?

Farmland Partners Inc. acquired 158 acres of farmland in Hamilton County, Nebraska, for $2 million.

How many farms does Farmland Partners Inc. own in Nebraska?

FPI owns 32 farms in Nebraska, totaling 7,374 acres.

What was the purchase date of FPI's second farm in Hamilton County?

FPI's second farm in Hamilton County was purchased in June 2023.

What was the price of FPI's recent farmland acquisition?

FPI bought the farmland for $2 million.

How does FPI rank among farmland REITs in the U.S.?

FPI is the largest publicly traded farmland REIT by U.S. acreage.