DENVER, Dec. 16, 2021 /PRNewswire/ -- Farmland Partners
Inc. (NYSE: FPI) (the "Company") yesterday finalized two farm
purchases in eastern Louisiana,
totaling more than 8,000 acres. The company now owns four farms and
more than 17,000 acres in the state.
"We're always excited to add profitable farms with a history of
reliable production," said FPI Chairman and CEO Paul Pittman. "These acquisitions checked all
the boxes for us, including land quality, good tenants with proven
track records, and diversified crops."
The biggest of the two farms is in Avoyelles Parish and has 7,273 contiguous
acres – 6,553 of which are tillable. The farm, which grows corn,
cotton, rice, soybeans, and grain sorghum, was purchased for
$25.1 million. Additionally, a
732-acre farm in West Carroll
Parish was acquired for $3.6
million. Corn, soybeans, wheat, and sweet potatoes are grown
on 689 acres of the land, which is prized for excellent soil and
water conditions.
Leases for the farms include cash rent and bonus rent and are
expected to yield between 3.5 percent and 4 percent annually,
assuming crop production and prices in line with recent historical
production and crop prices on the acquired farmland.
FPI is the nation's largest publicly traded farmland REIT by
U.S. acreage and has added 9,458 acres to its portfolio through
acquisitions since Dec. 1.
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 187,000 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 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, 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.