Farmland Partners Inc. recently completed its first farm acquisition of 2022, a 177-acre tract in Mercer County, Illinois.
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The corn and soybean farm was acquired on January 28 for $1.475 million, and its current three-year cash lease is expected to yield 3.6 percent annually.
“With this purchase and a promising pipeline in place, 2022 is off to a great start for the Company,” said FPI Chairman and CEO Paul Pittman. “We target properties and tenants with strong histories and bright futures. The Mercer County farm certainly fits that profile and adds to our robust portfolio in the state.”
FPI is the nation’s largest publicly traded farmland REIT by U.S. acreage. It now owns 185 farms in Illinois, spanning 38,343 acres across 19 counties.
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 186,600 acres in 19 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, 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.
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.