Farmland Partners Announces Change to its Board of Directors

Rhea-AI Summary

Farmland Partners Inc. (NYSE: FPI) announced the resignation of Murray Wise, founder of FPI subsidiary Murray Wise Associates LLC, from the Company's Board of Directors effective January 1, 2024. Wise is a trailblazer in the farmland investment arena with over 40 years of experience. FPI's Executive Chairman, Paul Pittman, expressed gratitude for Wise's contributions and wished him well in his planned retirement. Wise founded the Westchester Group in 1986, which has grown to become the world's largest institutional farmland asset manager. FPI acquired MWA in November 2021, at which time Wise joined the Company's Board of Directors.

Murray Wise Resigns from Board

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today announced that Murray Wise, the founder of FPI subsidiary Murray Wise Associates LLC (“MWA”), plans to step down from the Company’s Board of Directors effective January 1, 2024.

“Murray is a mentor and a friend. He is a trailblazer in the farmland investment arena and should be extremely proud of everything he’s built throughout his more than 40 years in the farmland market,” said Paul Pittman, FPI’s Executive Chairman. “We wish Murray well as he begins his planned transition towards retirement to spend more time with his family. I want to personally thank Murray for his contributions to the Board and assure him that all of us at FPI and MWA will continue his important work.”

Wise founded the Westchester Group in 1986, which has grown to become the world’s largest institutional farmland asset manager. He started MWA as a spinoff of Westchester’s brokerage, auction, and farm management businesses when the company was acquired by TIAA in 2010. FPI acquired MWA in November 2021, at which time Wise joined the Company’s Board of Directors.

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 165,000 acres in 17 states, including Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, and Texas. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company has approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231229397058/en/

Phillip Hayes

phayes@farmlandpartners.com

Source: Farmland Partners Inc.

FAQ

When did Murray Wise resign from Farmland Partners Inc. (NYSE: FPI) Board of Directors?

Murray Wise plans to step down from the Company's Board of Directors effective January 1, 2024.

Who is Paul Pittman and what was his statement regarding Murray Wise's resignation?

Paul Pittman is FPI's Executive Chairman. He expressed gratitude for Wise's contributions and wished him well in his planned retirement.

What is the significance of Murray Wise's role in the farmland investment arena?

Murray Wise is a trailblazer in the farmland investment arena with over 40 years of experience.

What is the history of Murray Wise's involvement with FPI?

FPI acquired MWA in November 2021, at which time Wise joined the Company's Board of Directors.