Farmland Partners Adds to Illinois Farm Portfolio

Rhea-AI Summary

Farmland Partners Inc. (NYSE: FPI) has announced the acquisition of a 65-acre corn and soybean farm in Edgar County, Illinois, for $910,000, which will be leased back to the seller for the remainder of the year. This acquisition expands FPI's portfolio to approximately 1,180 acres in the area. In March, FPI also purchased a 369-acre farm in Rock Island County, increasing its holdings to 187 farms across Illinois, covering 38,212 acres. CEO Paul Pittman expressed optimism about future acquisitions and the income potential of the new property.

Positive

• Acquisition of 65-acre farm for $910,000 enhances property portfolio.
• Expansion to approximately 1,180 acres of farmland improves income potential.
• FPI now owns 187 farms across 38,212 acres in Illinois, signaling growth.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) yesterday further expanded its presence in Illinois with the acquisition of a corn and soybean farm in Edgar County.

The 65-acre property, which is all tillable, was purchased for $910,000 and will be leased back to the seller for the remainder of the year.

“This tract adjoins other farmland owned by the Company, and its addition should enable us to lease a large swath of nearly contiguous land at a premium rental rate in the future,” said FPI Chairman and CEO Paul Pittman. “That dynamic improves the tract’s income-producing potential and its overall value.”

FPI now owns approximately 1,180 acres of high-quality farmland around the new property.

The Company also purchased a 369-acre farm in Rock Island County, Illinois, on March 18. It now owns 187 farms in the state, spanning 38,212 acres across 20 counties.

Pittman noted that FPI has a strong pipeline in place and should close on additional properties soon.

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 more than 186,500 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/20220322005457/en/

Phillip Hayes

phayes@farmlandpartners.com

Source: Farmland Partners Inc.

FAQ

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

Farmland Partners Inc. acquired a 65-acre corn and soybean farm in Edgar County, Illinois, for $910,000.

How much land does Farmland Partners Inc. own in Illinois now?

FPI now owns 187 farms across approximately 38,212 acres in Illinois.

What is the significance of the new acquisition for FPI?

The acquisition enhances FPI's property portfolio and future income potential from nearly contiguous land.

When did FPI purchase the 369-acre farm in Rock Island County?

FPI purchased the 369-acre farm in Rock Island County on March 18.