Benzinga | Jul 27, 2021 11:13AM EDT

Farmland Partners Reports Purchase Of 182 Acres Of Florida Farmland For $1M

Farmland Partners Inc. (NYSE:FPI) (the "Company") today announced that it purchased 182 acres of cropland in Northern Florida for total consideration of $1 million. This highly improved property consists of 160 irrigated, tillable acres. The farm is located close to the Suwannee River and contains 2 center pivot irrigation systems for overhead irrigation during the growing seasons. The farm will be leased for the next several years at a current yield of approximately 5%.

"We are pleased to add this high-quality farm to the portfolio and expand our presence in the Southeast region," said Paul A. Pittman, the Company's Chairman and CEO. "Farms like this one, with an abundance of irrigation water, that offer the ability to grow row crops, specialty crops, and the ability to raise cattle during off seasons are very attractive as long-term investments."