Farmland Partners Adds Colorado and California Farms to Portfolio
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.
