Farmland Partners Expands Management and Brokerage Business

Rhea-AI Summary

Farmland Partners Inc. (NYSE: FPI) has expanded its asset management portfolio by acquiring an additional 4,488 acres and reinforcing its brokerage operations with the hire of William Hughes as Director of Acquisitions. Hughes brings nearly 25 years of experience in agriculture and real estate, previously leading U.S. Agri-Services Group LLC. FPI now manages nearly 30,000 acres for third parties and owns over 160,000 acres across the U.S. This strategic move aims to enhance FPI's capabilities and growth potential in farmland management.

Positive

• Acquisition of 4,488 acres enhances asset portfolio.
• Hiring of William Hughes strengthens brokerage business and asset management.
• Expanded management capabilities with nearly 30,000 acres managed for third parties.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today expanded its asset management portfolio by 4,488 acres and strengthened its brokerage business with the addition of William Hughes to its staff.

Hughes was the president of U.S. Agri-Services Group LLC, a real estate management and consulting company based in Freeburg, Illinois. He brought the firm’s clients to FPI, where Hughes will continue to manage farms in Colorado, Illinois, and Missouri on behalf of third parties. He will also serve as a broker with Murray Wise Associates (MWA), a subsidiary of FPI.

“Bill is well-known and well-respected in the farmland industry, and his addition further strengthens our Company’s capabilities as we focus on growth,” said FPI Chairman and CEO Paul Pittman. “We’re pleased to welcome Bill to the team as Director of Acquisitions, and we’re excited to get him in the field to partner with tenants, manage assets, work with MWA, and source new deals.”

Hughes comes from a farm family with deep roots in southern Illinois, and he has worked in agriculture and real estate for nearly 25 years. In that time, he’s managed both dryland and irrigated farms in 11 states and has experience with a wide variety of crops ranging from apples and cherries to corn, soybeans, cotton, and rice. Hughes holds degrees in farm management and agribusiness economics from Southern Illinois University.

“I’ve always been passionate about agriculture and farmland and have always held Farmland Partners in the highest regards,” Hughes explained. “The Company understands and prioritizes farmers, and its leadership has been directly involved in production agriculture. FPI was a perfect fit for my clients because the Company understands that farmland management and investment is more than just spreadsheets. It’s about connecting in a positive way with people and their families.”

FPI now manages nearly 30,000 acres for third parties in addition to the more than 160,000 acres it owns.

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 190,000 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/20220915005371/en/

Phillip Hayes

phayes@farmlandpartners.com

Source: Farmland Partners Inc.

FAQ

What recent acquisition did Farmland Partners Inc. make?

Farmland Partners Inc. acquired an additional 4,488 acres to expand its asset management portfolio.

Who is the new Director of Acquisitions at Farmland Partners?

William Hughes has been appointed as the new Director of Acquisitions at Farmland Partners Inc.

How many acres does Farmland Partners currently manage?

Farmland Partners Inc. manages nearly 30,000 acres for third parties in addition to over 160,000 acres it owns.

What is the stock symbol for Farmland Partners Inc.?

The stock symbol for Farmland Partners Inc. is FPI.