 |
| CLICK HERE TO VIEW CURRENT ISSUE |
 |
| Best of NAMA 2025 |
|
 |
|
FARMLAND PARTNERS TO ACQUIRE FARMS TOTALING $46 MILLION
Nov. 18, 2014
Source: Farmland Partners news release
Farmland Partners Inc. (NYSEMKT:FPI) (the "Company") today announced that it has entered into a purchase agreement to acquire seven row crop farms in South Carolina totaling approximately 6,819 acres for $28 million. The Company intends to sign multi-year leases with the seller and other third party tenants.
The acquisition, which is subject to customary closing conditions, is expected to close no later than December 22, 2014. The Company intends to obtain mortgage financing on the farms at closing in an amount representing approximately 60% of the purchase price.
The Company also announced eight other separate purchase agreements with seven separate sellers to acquire eight farms in Colorado, Arkansas and Nebraska totaling approximately 3,588 acres for aggregate consideration of approximately $18 million in cash. The acquisitions are expected to close in 2014, and are subject to customary closing conditions.
"The South Carolina purchase is our largest acquisition since the IPO, and marks the expansion of our portfolio into the southeastern U.S.," said Paul Pittman, CEO of Farmland Partners Inc. "The region is characterized by a strong, favorable grain pricing environment for our tenants due to the significant local feed demand from poultry and hog operations."
|
|
|
|
|
