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>>> Farmland Partners Sells 303 Acres to Solar Power Company, Achieves 132% Gain


BusinessWire

April 11, 2022


https://finance.yahoo.com/news/farmland-partners-sells-303-acres-111000130.html


DENVER, April 11, 2022--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (the "Company" or "FPI") sold approximately 303 acres of North Carolina farmland to a large solar power developer for $4 million on Wednesday. The Company realized a net gain of nearly $2.3 million, or 132%, on the disposition.

The parcel was part of a 944-acre farm that FPI acquired in 2015. It will continue to rent the remaining farmland to a local farmer.

"This sale is great news for our shareholders because of the more than 2X gain we achieved," said FPI Chairman and CEO Paul Pittman. "It’s also emblematic of our Company’s strategy to work with renewable energy producers, when possible, to maximize returns and benefit the environment."

FPI also leases land to renewable energy producers. Its portfolio includes five solar and three wind projects, which collectively have the capacity to generate more than 110 megawatts of electricity.

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 nearly 187,000 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. Additional information:

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