Farmland Partners Completes $8.9 Million in Farmland Sales at 73% Gain - Farmland Partners (NYSE:FPI)
Benzinga Farmland Partners Inc. FPI (the "Company" or "FPI") today announced that it has sold 1,370 acres of farmland stretching across four farms in Arkansas, Georgia, Illinois, and South Carolina. The transactions totaled $8.9 million and resulted in a cumulative gain on sale of $3.7 million approximately 73% over net book value.
"Asset appreciation is a major factor in farmland investment returns, and good farmland is still in high demand," said Luca Fabbri, FPI's President and CEO. "Sales like these, and dispositions planned in the coming months, help us capture those returns and generate value for our shareholders."
So far in 2023, the Company has completed $32.5 million in farmland sales, representing a total gain on sale of nearly $8.7 million.
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, operates, and/or manages approximately 193,000 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.
