DENVER, Dec. 7, 2021 /PRNewswire/ -- Farmland Partners
Inc. (NYSE: FPI) (the "Company") today announced that it added more
than 1,400 acres of farmland to its portfolio with the purchase of
two properties last week. FPI, the country's largest publicly
traded farmland REIT by acreage, now owns and/or manages
approximately 179,000 acres across 18 states.
The first acquisition, totaling 1,287 acres in Kit Carson and Yuma Counties, Colorado, closed on Dec. 1 for $5.6
million. More than 1,000 acres of the farm are irrigated.
FPI also secured a three-year lease at a 5 percent gross yield on
the land, which has traditionally produced corn and wheat.
The next day, FPI finalized a $6
million deal for a 166-acre citrus farm in Tulare County, California. That purchase
included the soon-to-be harvested crop of navel oranges,
Valencia oranges, lemons, and
grapefruit currently on trees. Moving forward, FPI will directly
manage the farm, which has favorable water resources.
"Growing our asset base of high-quality farms is a large part of
FPI's strategy, and we're excited about the deals we've been able
to put together in recent months," explained Paul Pittman, Chairman and CEO of the Company.
"Our diverse portfolio, combined with stable rental income and land
appreciation, are key ingredients to achieving attractive
risk-adjusted returns for our investors."
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 179,000 acres in 18 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, 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 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.