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>>> Farmland Partners Buys Illinois Farm, Sells Farm in South Dakota


BusinessWire

May 27, 2022


https://finance.yahoo.com/news/farmland-partners-buys-illinois-farm-111000192.html


DENVER, May 27, 2022--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (the "Company" or "FPI") today announced it closed two transactions this week – an acquisition in Illinois and a disposition in South Dakota.

The 78.5-acre row crop farm in Illinois was purchased on Tuesday for $685,000. It is the Company’s first acquisition in Will County, which is in the northeastern part of the state and sits in the Chicago Metropolitan Statistical Area, as designated by the U.S. Census Bureau.

On Wednesday, FPI sold 1,690 acres of South Dakota farmland for $7.8 million to the farmer who was renting the land. The transaction resulted in an approximately 16% gain for the Company.

"We are often willing to sell farmland at a fair price to good tenants as a way to help them grow and improve their businesses," said FPI Chairman and CEO Paul Pittman. "Even with this sale, the Company continues to be in growth mode, and we are actively seeking new acquisition targets. The recent purchase in Illinois is a prime example of the kind of asset we’re looking for – it’s a productive farm strategically located near marketing hubs and a vibrant tenant base."

FPI is the nation’s largest publicly traded farmland REIT by U.S. acreage.

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 184,000 acres in 18 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, 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.

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