DENVER–(BUSINESS WIRE)–Farmland Companions Inc. (NYSE: FPI) (the “Firm” or “FPI”) at present introduced it closed two transactions this week – an acquisition in Illinois and a disposition in South Dakota.
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The 78.5-acre row crop farm in Illinois was bought on Tuesday for $685,000. It’s the Firm’s first acquisition in Will County, which is within the northeastern a part of the state and sits within the Chicago Metropolitan Statistical Space, as designated by the U.S. Census Bureau.
On Wednesday, FPI offered 1,690 acres of South Dakota farmland for $7.8 million to the farmer who was renting the land. The transaction resulted in an roughly 16% achieve for the Firm.
“We are sometimes prepared to promote farmland at a good value to good tenants as a means to assist them develop and enhance their companies,” stated FPI Chairman and CEO Paul Pittman. “Even with this sale, the Firm continues to be in progress mode, and we’re actively searching for new acquisition targets. The latest buy in Illinois is a main instance of the form of asset we’re searching for – it’s a productive farm strategically situated close to advertising and marketing hubs and a vibrant tenant base.”
FPI is the nation’s largest publicly traded farmland REIT by U.S. acreage.
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About Farmland Companions Inc.
Farmland Companions Inc. is an internally managed actual property firm that owns and seeks to accumulate high-quality North American farmland and makes loans to farmers secured by farm actual property. As of the date of this launch, the Firm owns and/or manages roughly 184,000 acres in 18 states, together with Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, and Virginia. We now have roughly 26 crop sorts and greater than 100 tenants. The Firm elected to be taxed as an actual property funding belief, or REIT, for U.S. federal revenue tax functions, commencing with the taxable 12 months ended December 31, 2014. Further info: www.farmlandpartners.com or (720) 452-3100.
Ahead-Trying Statements
This press launch contains “forward-looking statements” inside the that means of the federal securities legal guidelines, together with, with out limitation, statements with respect to anticipated yields on acquired farmland, our outlook, proposed and pending acquisitions and tendencies, the potential affect of commerce disputes and up to date excessive climate occasions on the Firm’s outcomes, financing actions, crop yields and costs and anticipated rental charges. Ahead-looking statements usually will be recognized by means of forward-looking terminology equivalent to “might,” “ought to,” “may,” “would,” “predicts,” “potential,” “proceed,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” or comparable expressions or their negatives, in addition to statements in future tense. Though the Firm believes that the expectations mirrored in such forward-looking statements are primarily based upon cheap assumptions, beliefs and expectations, such forward-looking statements should not predictions of future occasions or ensures of future efficiency and our precise outcomes may differ materially from these set forth within the forward-looking statements. Some components which may trigger such a distinction embody the next: basic volatility of the capital markets and the market value of the Firm’s frequent inventory, adjustments within the Firm’s enterprise technique, availability, phrases and deployment of capital, the Firm’s skill to refinance present indebtedness at or previous to maturity on favorable phrases, or in any respect, availability of certified personnel, adjustments within the Firm’s trade, rates of interest or the final economic system, antagonistic developments associated to crop yields or crop costs, the diploma and nature of the Firm’s competitors, the timing, value or quantity of repurchases, if any, beneath the Firm’s share repurchase program, the power to consummate acquisitions or tendencies beneath contract and the opposite components described within the part entitled “Danger Components” within the Firm’s Annual Report on Kind 10-Ok for the 12 months ended December 31, 2021, and the Firm’s different filings with the Securities and Change Fee. Any forward-looking info introduced herein is made solely as of the date of this press launch, and the Firm doesn’t undertake any obligation to replace or revise any forward-looking info to mirror adjustments in assumptions, the prevalence of unanticipated occasions, or in any other case.
Contacts
Phillip Hayes
[email protected]
