Farmland Partners Inc. (the “Company” or “FPI”) 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.
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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
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