Farmland Partners Expands Management and Brokerage Business
15 September 2022 - 9:10PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220915005371/en/
Phillip Hayes phayes@farmlandpartners.com
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