Farmland Partners Inc. Acquires 182 Acres of Florida Farmland for $1 Million

Rhea-AI Summary

Farmland Partners Inc. (NYSE: FPI) announced the acquisition of 182 acres of cropland in Northern Florida for $1 million, comprising 160 irrigated, tillable acres. The property will generate a yield of approximately 5% and will be leased for several years. Chairman and CEO Paul A. Pittman emphasized the farm's value as a long-term investment due to its irrigation capacity and versatility in crop production. This acquisition expands the company's portfolio, which currently includes approximately 161,000 acres across 16 states.

Positive

• Acquisition of 182 acres in Northern Florida enhances portfolio and regional presence.
• Property features 160 irrigated acres, supporting diverse agricultural opportunities.
• Expected yield of approximately 5% provides a steady income stream.

Negative

• None.

DENVER, July 27, 2021 /PRNewswire/ -- Farmland Partners Inc. (NYSE: FPI) (the "Company") today announced that it purchased 182 acres of cropland in Northern Florida for total consideration of $1 million. This highly improved property consists of 160 irrigated, tillable acres. The farm is located close to the Suwannee River and contains 2 center pivot irrigation systems for overhead irrigation during the growing seasons.  The farm will be leased for the next several years at a current yield of approximately 5%.

"We are pleased to add this high-quality farm to the portfolio and expand our presence in the Southeast region," said Paul A. Pittman, the Company's Chairman and CEO.  "Farms like this one, with an abundance of irrigation water, that offer the ability to grow row crops, specialty crops, and the ability to raise cattle during off seasons are very attractive as long-term investments."

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 161,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have 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.

Owners and brokers with farmland for sale in the Southeast region, please contact Bennett Williford (bwilliford@farmlandpartners.com). 

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, 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 or Series B participating preferred 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, 2020, 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 original content:https://www.prnewswire.com/news-releases/farmland-partners-inc-acquires-182-acres-of-florida-farmland-for-1-million-301341684.html

SOURCE Farmland Partners Inc.

FAQ

What is the total cost of the Farmland Partners Inc. acquisition of Florida farmland?

The total cost of the acquisition is $1 million.

How many acres did Farmland Partners acquire in Northern Florida?

Farmland Partners acquired 182 acres of cropland in Northern Florida.

What is the expected yield from the newly acquired farmland by Farmland Partners?

The expected yield from the newly acquired farmland is approximately 5%.

Where is the acquired farmland located?

The acquired farmland is located in Northern Florida, near the Suwannee River.