Farmland Partners Purchases More Than 8,000 Acres in Louisiana
DENVER, Dec. 16, 2021
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.
Farmland Partners, Inc
Symbol: FPI
CIK: 1591670
Exchange: NYSE
Founded: 2013 (11 years)
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Specialty
REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score.
Latest Price: $11.18
High: $11.26
Low: $11.12
Open: $11.25
Previous Close: $11.28
Volume: 142,994
52-Week High: $12.78
52-Week Low: $9.64
Last updated: 2024-11-21 - v1.3