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Dec. 8, 2022 Source: Farmland Partners news release DENVER--(BUSINESS WIRE)-- Farmland Partners Inc. (NYSE: FPI) (the "Company" or "FPI") today announced that it purchased a Texas farm for $12.1 million. The acquisition represents FPI's first farmland transaction in the state since selling property there in 2020. The new 3,843-acre site sits in Dallam and Hartley Counties in the northwest corner of Texas. It primarily produces potatoes, in addition to corn and wheat. "This was an important purchase for the Company," explained FPI Chairman and CEO Paul Pittman. "In addition to expanding our portfolio into a key agricultural state, the farm was attractive because it has a good lease with a well-known tenant." The land is rented to CSS Farms, which is one of the largest potato growers in the country and a major chip supplier. CSS Farms was founded in 1986 when two farm families teamed up to grow their first field of potatoes. Today, it is a vertically integrated agricultural company with a presence in 10 states, producing potatoes and rotational crops. CSS Farms has been spotlighted for its commitment to sustainable farming. "Farmland Partners is widely respected within the farming community for its understanding of agriculture and willingness to partner with its tenants to help them succeed," said Steven Gangwish, President and CEO of CSS Farms. "We're excited to build a lasting relationship with the FPI team." In addition to producing rental income, the farm should continue to grow in value. Agricultural land in Texas has averaged 5.7% in annual appreciation since 1970, according to the most recent data from the U.S. Department of Agriculture. 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 and/or manages nearly 195,000 acres in 19 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, Texas, and Virginia. We have approximately 26 crop types and more than 100 tenants. 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. Additional information: www.farmlandpartners.com or (720) 452-3100. Tweet |
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