Farmland Partners Finalizes $16.2 Million in Farmland Sales for a 24% Gain
15 Maio 2023 - 8:10AM
Business Wire
Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”)
today announced that it sold 2,426 acres of farmland in Nebraska
and South Carolina to the tenants who rented the properties. The
transactions totaled $16.2 million and represented a total gain on
sale of more than $3.1 million, or approximately 24% over net book
value.
“These transactions highlight the appreciation power of
farmland, as well as the health of the farm economy in general. The
proceeds from these asset sales are being used to generate value
for our shareholders, reducing indebtedness and buying back stock
at a discount to our estimate of its value,” said Luca Fabbri,
FPI’s President and CEO. “Additional dispositions will be
forthcoming, but we continue to look for smart additions for our
portfolio as well.”
The Company also completed two property dispositions for $7.1
million and a total gain on sale of $1.8 million in the quarter
ending March 31, 2023.
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, operates, and/or
manages nearly 195,000 acres of farmland in 20 states, including
Alabama, Arkansas, California, Colorado, Florida, Georgia,
Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi,
Missouri, Nebraska, North Carolina, Oklahoma, South Carolina,
Texas, and Virginia. In addition, FPI owns land and buildings for
four agriculture equipment dealerships in Ohio leased to Ag Pro
under the John Deere brand. 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.
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 Ukraine and
its impact on the world agriculture market, world food supply, the
farm economy, and our tenants’ businesses; 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, 2022, 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/20230515005239/en/
Phillip Hayes phayes@farmlandpartners.com
Farmland Partners (NYSE:FPI)
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