DENVER, Oct. 28, 2021 /PRNewswire/ -- Farmland
Partners Inc. (NYSE: FPI) (the "Company") today announced that it
purchased 815 acres of cropland in Mississippi County, Missouri for a total
consideration of $6.5 million. This
nearly all tillable property consists of 802 tillable acres that
has been precision leveled to 1% grade. The farm is irrigated and
located near the town of East Prairie,
Missouri and will primarily grow rice, corn, and soybeans.
The farm will be leased for three years at a current yield of
approximately 4%. This acquisition allowed the farmer to expand his
operation and acquire another farm close by their main
operation. The Company intends to expand its portfolio in
Missouri during the next few
years.
The Company has also recently acquired two properties in
central Illinois. The first farm
consists of 80 acres, of which 70 are irrigated, in an area of
Mason County, Illinois that
produces a large quantity of specialty crops such as potatoes,
sweet corn, popcorn, green beans, and pumpkins along with
yellow corn, soybeans and wheat. The second farm consists of
178 acres in Marshall County,
Illinois of very high-quality soils. The Company
is expecting to receive a current annual return of 3.5% on these
recent Illinois acquisitions.
"We are pleased to add these high-quality farms to the portfolio
and to acquire our first Missouri
farm," said Paul A. Pittman, the
Company's Chairman and CEO. "Midwest row crop farms with good
soil and abundant water are good long-term investments and the
backbone of the worldwide food production system. "
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 167,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North
Carolina, South Carolina,
South Dakota and Virginia. 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.
Owners and brokers with farmland for sale in the Midwest region,
please contact Sam Woodrow,
Acquisitions and Management Associate - Midwest at
swoodrow@farmlandpartners.com.
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, 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, 2020, 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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SOURCE Farmland Partners Inc.