DENVER–(BUSINESS WIRE)–Farmland Partners today announced the closing of the acquisition of a 166-acre Illinois farm for $2.4 million. The corn and soybean farm is located in Bureau County and includes a grain bin that can hold 16,000 bushels.
“We are always on the hunt for high-quality farmland, and this tract is a perfect example of what we’re seeking,” said FPI Chairman and CEO Paul Pittman. “It is located in a desirable area, has a history of profitable production, and there’s an experienced tenant in place.”
FPI now owns 220 farms in the U.S. Corn Belt, spanning 44,700 acres that are leased to 36 tenants.
“This is the first property that we have purchased in Bureau County,” explained Sam Woodrow, a farm manager for FPI who oversaw the transaction. “The area has excellent soils and is strategically located with access to several grain markets.”
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 more than 185,500 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: www.farmlandpartners.com or (720) 452-3100.
