Benzinga | Dec 7, 2021 07:11AM EST

Farmland Partners Adds Colorado and California Farmland to Portfolio

Farmland Partners Inc. (NYSE:FPI) (the "Company") today announced that it added more than 1,400 acres of farmland to its portfolio with the purchase of two properties last week. FPI, the country's largest publicly traded farmland REIT by acreage, now owns and/or manages approximately 179,000 acres across 18 states.

The first acquisition, totaling 1,287 acres in Kit Carson and Yuma Counties, Colorado, closed on Dec. 1 for $5.6 million. More than 1,000 acres of the farm are irrigated. FPI also secured a three-year lease at a 5 percent gross yield on the land, which has traditionally produced corn and wheat.

The next day, FPI finalized a $6 million deal for a 166-acre citrus farm in Tulare County, California. That purchase included the soon-to-be harvested crop of navel oranges, Valencia oranges, lemons, and grapefruit currently on trees. Moving forward, FPI will directly manage the farm, which has favorable water resources.

"Growing our asset base of high-quality farms is a large part of FPI's strategy, and we're excited about the deals we've been able to put together in recent months," explained Paul Pittman, Chairman and CEO of the Company. "Our diverse portfolio, combined with stable rental income and land appreciation, are key ingredients to achieving attractive risk-adjusted returns for our investors."