Farmland Partners Inc. Reports Farm Sales, Further Boosts Liquidity

DENVER, July 16, 2018  /PRNewswire/ - Farmland Partners Inc. (NYSE: FPI) (the "Company") has announced that it has sold five farms comprising 1,245 acres for total gross proceeds of $9.2 million. Four of the farms are located in Illinois and one is located in Texas. The farms were sold at a collective gain of $0.8 million or 10%, relative to the Company's book value.

"As discussed in the most recent earnings call we intend to sell approximately $20-40 million of assets. These sales are a part of that process," said Paul A. Pittman, the Company's Chairman and CEO. "Normally, we would not announce transactions that are this small, but these are the first asset sales ever done by the Company. We are pleased with the gains we received on these properties."

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 or has under contract over 165,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia. The Company has over 100 tenants that farm approximately 30 different varieties of crops. 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.

 

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SOURCE Farmland Partners Inc.

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