Farmland Partners Inc. Provides Update on Renewable Energy Projects
DENVER, Nov. 5, 2021 /PRNewswire/ -- Farmland Partners Inc. (NYSE: FPI) (the "Company") today announced updates on the development of solar projects on certain of its farms in Illinois. The first project consists of approximately 432 acres, with power production tentatively slated to commence as early as December 2021. The second solar project is comprised of approximately 1,542 acres, for which the Company received notice of construction commencement on November 1, 2021. The average agricultural rent for the two farms is approximately $245 per acre. Once the farms are fully developed as solar projects, the average rent is expected to be $570 per acre. A third 52-acre solar project in North Carolina continues to produce revenue of approximately $600 per acre in excess of the farm rent that would have been generated solely from agricultural uses.
Portfolio-wide, the Company has approximately 20,000 acres of solar and wind projects under option or at various stages of development and planning. As these projects progress, the Company will continue to provide further updates. In addition to providing opportunities for increased rental income, solar and windfarm developments diversify the Company's revenue stream.
"While supporting farmers and worldwide food production remains our primary focus, investing in clean energy alternatives is good for our shareholders and our environment," said Paul A. Pittman, the Company's Chairman and CEO.
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: risks relating to the commencement or completion of construction and development of the solar projects discussed in this press release, the anticipated rents on solar projects relative to existing rents, the timing and amount of rents expected to be received on the solar projects discussed in this press release, the progression of the Company's other renewable energy projects, 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.
