Farmland Partners, Ducks Unlimited Complete Land Conservation Project in Virginia

Rhea-AI Summary

Farmland Partners Inc. (NYSE: FPI) completed a three-part conservation transaction with Ducks Unlimited in Virginia, selling approximately 1,268 acres of farmland adjacent to the Great Dismal Swamp National Wildlife Refuge. The final sale consisted of more than 400 acres, providing capital for DU's habitat protection project. FPI's CEO highlighted the profitability for shareholders and the environmental benefits, emphasizing the company's sustainability efforts.

Positive

• Completion of a profitable conservation transaction
• Environmental and sustainability efforts highlighted in the ESG report

Negative

• None.

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) and Ducks Unlimited (“DU”) announced today that they recently completed the final stage of a three-part conservation transaction along a vital migratory bird pathway in Virginia.

FPI agreed in 2021 to sell DU approximately 1,268 acres of farmland adjacent to the Great Dismal Swamp National Wildlife Refuge – land that DU has prioritized for restoration and habitat protection. The unique multi-year, staged transaction provided DU maximum flexibility to secure capital for the project. The final sale consisted of more than 400 acres.

“We were pleased to be able to work with our partners at Farmland Partners and look at their portfolio to see where the farmland they owned happened to be in critical conservation areas,” explained DU CEO Adam Putnam. “The parcel that bubbled to the top of that priority list was the Great Dismal Swamp.”

“We purchased the farm in 2015 and were thrilled to have an opportunity to work with DU to protect the land for years to come,” said Luca Fabbri, FPI’s President and CEO. “This was a special transaction for our Company because it benefitted the environment and was profitable for our shareholders at the same time.”

Fabbri said this transaction was part of the Company’s ongoing sustainability efforts and was spotlighted in its recently released Environmental, Social, and Governance Report, which can be viewed here: https://bit.ly/48KtCJx.

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 176,000 acres in 19 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, 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 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.

About Ducks Unlimited

Ducks Unlimited Inc. is the world's largest nonprofit organization dedicated to conserving North America's continually disappearing wetlands, grasslands, and other waterfowl habitats. Established in 1937, Ducks Unlimited has restored or protected more than 16 million acres thanks to contributions from more than a million supporters across the continent. Guided by science, DU’s projects benefit waterfowl, wildlife, and people in all 50 states. Learn more at www.ducks.org.

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 our outlook and the outlook for the farm economy generally, proposed and pending acquisitions and dispositions, 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: the on-going war in Ukraine and its impact on the world agriculture market, world food supply, the farm economy, and our tenants’ businesses; 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, 2022, 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/20231130113675/en/

Phillip Hayes

phayes@farmlandpartners.com

Source: Farmland Partners Inc.

FAQ

What is the recent announcement from Farmland Partners Inc. (NYSE: FPI)?

Farmland Partners Inc. (NYSE: FPI) completed a three-part conservation transaction with Ducks Unlimited in Virginia, selling approximately 1,268 acres of farmland.

What is the significance of the final sale in the conservation transaction?

The final sale consisted of more than 400 acres, providing capital for Ducks Unlimited's habitat protection project.

How did FPI's CEO describe the transaction's impact?

FPI's CEO highlighted the profitability for shareholders and the environmental benefits, emphasizing the company's sustainability efforts.