Benzinga | Oct 28, 2021 08:35AM EDT

Farmland Partners Inc. Acquires 815 Acres Of Missouri Farmland For $6.5M

Farmland Partners Inc. (NYSE:FPI) (the "Company") today announced that it purchased 815 acres of cropland in Mississippi County, Missouri for a total consideration of $6.5 million. This nearly all tillable property consists of 802 tillable acres that has been precision leveled to 1% grade. The farm is irrigated and located near the town of East Prairie, Missouri and will primarily grow rice, corn, and soybeans. The farm will be leased for three years at a current yield of approximately 4%. This acquisition allowed the farmer to expand his operation and acquire another farm close by their main operation. The Company intends to expand its portfolio in Missouri during the next few years.

The Company has also recently acquired two properties in central Illinois. The first farm consists of 80 acres, of which 70 are irrigated, in an area of Mason County, Illinois that produces a large quantity of specialty crops such as potatoes, sweet corn, popcorn, green beans, and pumpkins along with yellow corn, soybeans and wheat. The second farm consists of 178 acres in Marshall County, Illinois of very high-quality soils. The Company is expecting to receive a current annual return of 3.5% on these recent Illinois acquisitions.

"We are pleased to add these high-quality farms to the portfolio and to acquire our first Missouri farm," said Paul A. Pittman, the Company's Chairman and CEO. "Midwest row crop farms with good soil and abundant water are good long-term investments and the backbone of the worldwide food production system. "