Indiana
Farmland Partners Adds First Indiana Farm to Portfolio
DENVER, September 16, 2022–(BUSINESS WIRE)–Farmland Companions Inc. (NYSE: FPI) (the “Firm” or “FPI”) yesterday bought 161 acres of cropland in Benton County, Indiana. The corn and soybean farm consists of two contiguous tracts and was acquired for roughly $2.1 million.
“That is the primary farm that the Firm has purchased in Indiana, and we want to add extra,” stated FPI Chairman and CEO Paul Pittman. “We’re very acquainted with the area’s soil, local weather, and robust tenant base due to its proximity to jap Illinois, the place we personal plenty of farmland.”
The farm is leased by way of the top of the 12 months, and Pittman believes that the property will demand sturdy rental charges for 2023 given its historical past of productiveness and present market circumstances. He defined that, along with rental earnings, shareholders ought to profit from the asset’s continued appreciation.
Agricultural land in Indiana has averaged 5.9% in annual appreciation since 1970, in accordance with the newest information from the U.S. Division of Agriculture.
About Farmland Companions Inc.
Farmland Companions Inc. is an internally managed actual property firm that owns and seeks to amass high-quality North American farmland and makes loans to farmers secured by farm actual property. As of the date of this launch, the Firm owns and/or manages greater than 190,000 acres in 18 states, together with Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, and Virginia. Now we have roughly 26 crop sorts and greater than 100 tenants. The Firm elected to be taxed as an actual property funding belief, or REIT, for U.S. federal earnings tax functions, commencing with the taxable 12 months ended December 31, 2014. Further info: www.farmlandpartners.com or (720) 452-3100.
Ahead-Trying Statements
This press launch consists of “forward-looking statements” throughout the which means of the federal securities legal guidelines, together with, with out limitation, statements with respect to anticipated yields on acquired farmland, our outlook, proposed and pending acquisitions and tendencies, the potential impression of commerce disputes and up to date excessive climate occasions on the Firm’s outcomes, financing actions, crop yields and costs and anticipated rental charges. Ahead-looking statements typically might be recognized by means of forward-looking terminology similar to “could,” “ought to,” “might,” “would,” “predicts,” “potential,” “proceed,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” or comparable expressions or their negatives, in addition to statements in future tense. Though the Firm believes that the expectations mirrored in such forward-looking statements are based mostly upon affordable assumptions, beliefs and expectations, such forward-looking statements should not predictions of future occasions or ensures of future efficiency and our precise outcomes might differ materially from these set forth within the forward-looking statements. Some components which may trigger such a distinction embrace the next: normal volatility of the capital markets and the market value of the Firm’s frequent inventory, adjustments within the Firm’s enterprise technique, availability, phrases and deployment of capital, the Firm’s means to refinance present indebtedness at or previous to maturity on favorable phrases, or in any respect, availability of certified personnel, adjustments within the Firm’s trade, rates of interest or the overall financial system, hostile developments associated to crop yields or crop costs, the diploma and nature of the Firm’s competitors, the timing, value or quantity of repurchases, if any, beneath the Firm’s share repurchase program, the power to consummate acquisitions or tendencies beneath contract and the opposite components described within the part entitled “Threat Components” within the Firm’s Annual Report on Kind 10-Ok for the 12 months ended December 31, 2021, and the Firm’s different filings with the Securities and Alternate Fee. Any forward-looking info offered herein is made solely as of the date of this press launch, and the Firm doesn’t undertake any obligation to replace or revise any forward-looking info to replicate adjustments in assumptions, the prevalence of unanticipated occasions, or in any other case.
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Contacts
Phillip Hayes
phayes@farmlandpartners.com