Farmland Partners Inc. Acquires 815 Acres of Missouri Farmland for $6.5 Million
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.
