Farmland Partners Sells $19.9 Million Of Farmland, Acquires $8.85 Million Farm

DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the "Company" or "FPI") today announced that it has finalized several farmland transactions, including the disposition of more than 2,750 acres of farmland in Nebraska and Florida as well as the purchase of a 2,114-acre farm in Muskogee County, Oklahoma.

A total of seven farms were sold for approximately $19.9 million, achieving a gain of more than 26%. The Nebraska properties were auctioned by Murray Wise Associates, a wholly owned subsidiary of FPI.

"The Murray Wise team did an outstanding job during the auctions and was able to bring a qualified pool of interested buyers together to help us maximize property returns," said Luca Fabbri, FPI's President and CEO. "The farmland market remains strong and active, and we will continue to seek smart opportunities to add to our portfolio and, when appropriate, capture appreciation returns through farmland sales."

So far in 2023, FPI has disposed of nearly $52.4 million of farmland, representing a total gain on sale of $12.8 million.

The Company also acquired a farm in Oklahoma for $8.85 million. That property borders the Canadian River and has a sophisticated irrigation system in place that pulls from the waterway. Its 1,840 tillable acres are contiguous and have a strong history of wheat, corn, and soybean production.

"This is high-quality farmland with a good local tenant in place and ample water access," Fabbri explained. "The farm is our first in the state, and it will make a great addition to our portfolio."

The farm is expected to generate good rental income for FPI in addition to asset appreciation. Agricultural land in Oklahoma has averaged 5.1% in annual appreciation since 1970, according to the most recent data from the U.S. Department of Agriculture.

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 190,000 acres of farmland in 20 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, Texas, and Virginia. In addition, FPI owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. 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. 


Source: Farmland Partners news release