DENVER–(BUSINESS WIRE)–Farmland Partners today announced the acquisition of two Illinois farms totaling 485 acres.
The first, a 286-acre farm in Edgar County, was purchased for approximately $4.8 million on July 29. FPI also bought a 199-acre farm in Fulton County on August 1 for $1.8 million.
“These farms are especially attractive to our business because they adjoin other farmland in our portfolio, which will allow the Company to expand its footprint in these areas, improve farming efficiency for our tenants, and drive strong rental rates,” said FPI Chairman and CEO Paul Pittman.
In addition to rental income, Pittman noted that asset appreciation is a key factor of overall farmland investment returns. Illinois farmland averaged 5.6% in annual appreciation from 1970-2021, according to the U.S. Department of Agriculture.
FPI has acquired 11 farms in 2022, spanning 3,056 acres. It 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 185,750 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. Additional information: www.farmlandpartners.com or (720) 452-3100.