Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”)
today announced the addition of Dr. Bruce Sherrick, a renowned
agricultural economist and farmland expert at the University of
Illinois, to its Board of Directors (the “Board”), effective July
23, 2024.
Dr. Sherrick has held the Marjorie and Jerry Fruin Professorship
at the University of Illinois since 2013 and has run the TIAA-CREF
Center for Farmland Research at the university’s Department of
Agricultural and Consumer Economics since 2014. For the past 22
years, Dr. Sherrick has also been a Managing Partner at Integrated
Financial Analytics & Research (iFAR), a consulting firm that
specializes in credit risk assessment and modeling of agricultural
finance institutions.
Throughout his career, Dr. Sherrick has been active in the
farmland investment community and currently manages webinars and
reporting related to the NCREIF Farmland Data Set, a compilation of
data that track the investment performance of farmland properties.
He also oversees the annual Farmland Values and Lease Trends
project of the Illinois Society of Professional Farm Managers and
Rural Appraisers.
Dr. Sherrick has a wealth of public company board experience,
having served as director and audit committee member of Farmer Mac
(NYSE: AGM), an agricultural credit provider, from 2012 to 2021.
Dr. Sherrick has also served as director for Peoples Company, a
farm brokerage company, since 2024, the agriculture sustainability
company Leading Harvest since 2019, and Twin Cedars Bank, an Iowa
financial institution that specializes in agricultural finance,
since 2021.
“Bruce is one of the most respected agricultural economists in
the United States. There is arguably no one in academia with more
experience or expertise in the farmland market, and we are excited
that he’s agreed to join our Board,” said Paul Pittman, FPI’s
Executive Chairman. “He will bring economic insights, data, and a
unique perspective to our team, which will be an asset for the
Company as we continue to strengthen our operational performance
and plan for the future.”
“Farmland Partners is respected in the farmland community for
its innovative approach to investing and providing a public vehicle
for access to farmland investments, and for its land management and
the creative partnerships it builds with its tenants,” Sherrick
said. “I’m excited to be a part of FPI and look forward to working
closely with Paul and the rest of the Board to help the Company and
its investors maximize returns.”
Dr. Sherrick graduated from The Ohio State University with a
Bachelor of Science and a Ph.D., with a focus on finance,
economics, and agriculture.
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 June 30, 2024, the Company owned and/or managed approximately
180,100 acres in 17 states, including Arkansas, California,
Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana,
Mississippi, Missouri, Nebraska, North Carolina, Ohio, Oklahoma,
South Carolina, and Texas. In addition, the Company owns land and
buildings for four agriculture equipment dealerships in Ohio leased
to Ag Pro under the John Deere brand. The Company has 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 ongoing war in Ukraine and
the ongoing conflict in the Middle East and their impacts on the
world agriculture market, world food supply, the farm economy
generally, and our tenants’ businesses; changes in trade policies
in the United States and other countries that import agricultural
products from the United States; high inflation and elevated
interest rates; the onset of an economic recession in the United
States and other countries that impact the farm economy; extreme
weather events, such as droughts, tornadoes, hurricanes or floods;
the impact of future public health crises on our business and on
the economy and capital markets generally; 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 outcomes of ongoing
litigation; 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, 2023, 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/20240729777423/en/
Phillip Hayes phayes@farmlandpartners.com
Farmland Partners (NYSE:FPI)
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