Farmland Partners Adds to Illinois Farm Portfolio
22 March 2022 - 10:10PM
Business Wire
Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”)
yesterday further expanded its presence in Illinois with the
acquisition of a corn and soybean farm in Edgar County.
The 65-acre property, which is all tillable, was purchased for
$910,000 and will be leased back to the seller for the remainder of
the year.
“This tract adjoins other farmland owned by the Company, and its
addition should enable us to lease a large swath of nearly
contiguous land at a premium rental rate in the future,” said FPI
Chairman and CEO Paul Pittman. “That dynamic improves the tract’s
income-producing potential and its overall value.”
FPI now owns approximately 1,180 acres of high-quality farmland
around the new property.
The Company also purchased a 369-acre farm in Rock Island
County, Illinois, on March 18. It now owns 187 farms in the state,
spanning 38,212 acres across 20 counties.
Pittman noted that FPI has a strong pipeline in place and should
close on additional properties soon.
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 186,500 acres in 19 states, including Alabama, Arkansas,
California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa,
Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North
Carolina, South Carolina, South Dakota 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220322005457/en/
Phillip Hayes phayes@farmlandpartners.com
Farmland Partners (NYSE:FPI)
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