FPI Provides Update on Recent Storms (No Significant Damage), Strong Lease Renewals, and Increased Sale Transactions for 2023
- Lease renewals: 14% of total revenue, with an average increase of more than 15% in rental rates.
- Identified transactions increased to approximately $190 million.
- None.
Hurricane Idalia (Southeast) and Tropical Storm Hilary (
While there was substantial rain on the Company’s farms in the areas affected by Hurricane Idalia and Tropical Storm Hilary, there was no significant damage that would impair productivity. Many farmers, businesses, and residents in both areas were not so fortunate, and we wish them a speedy recovery.
Lease Renewals:
-
Leases to renew in 2023: Approximately
14% of total revenue. -
Renewals already completed: Approximately
50% by acres. -
Rental rates: Average increases more than
15% .
Lease renewals signed in the fall of 2023 generally commence in Q4 and, accordingly, contribute to revenue to a greater extent in 2024 and beyond than in 2023.
Identified Transactions:
When reporting earnings for the quarter ended June 30, 2023, the Company estimated that it would sell up to
FPI intends to provide an update on these and other developments during its next quarterly earnings call.
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 187,000 acres in 20 states, including
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230911951840/en/
Phillip Hayes
phayes@farmlandpartners.com
Source: Farmland Partners Inc.