Farmland Partners Completes $289 Million Farmland Sale
2024年10月21日 - 8:10PM
ビジネスワイヤ(英語)
Transaction Generated Approximate $50
Million Gain Over Net Book Value
Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”)
today confirmed that the recently announced sale of a portfolio of
farmland to Farmland Reserve, Inc. (“Farmland Reserve”) closed as
scheduled on October 16, 2024 (the “Transaction”).
The portfolio sold to Farmland Reserve consisted of 46 farms,
comprising 41,554 acres of farmland in Arkansas, Florida,
Louisiana, Mississippi, Nebraska, Oklahoma, and the Carolinas. The
$289 million all-cash Transaction generated a total gain for FPI of
approximately $50 million, or approximately 21 percent over the
aggregate net book value of the farms within the portfolio.
FPI has already used $146.6 million of the proceeds from the
Transaction to reduce its debt, and further debt reductions are
being considered. In addition, remaining capital may be deployed
for stock buybacks, new farmland acquisitions, and other corporate
purposes. FPI also expects that the proceeds from the Transaction
will put FPI in a position to make a significant special dividend
to its stockholders at the end of the year.
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 owned and/or managed
approximately 136,000 acres of farmland in 15 states, including
Arkansas, California, Colorado, Illinois, Indiana, Iowa, Kansas,
Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Ohio,
South Carolina, and Texas. In addition, the Company owns land and
buildings for four agriculture equipment dealerships in Ohio leased
to Ag Pro under the John Deere brand. 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.
About Farmland Reserve, Inc.
Farmland Reserve, https://farmlandreserve.org, is an integrated
investment auxiliary of The Church of Jesus Christ of Latter-day
Saints. Farmland Reserve’s earnings support the mission of the
Church and its religious, humanitarian, educational, and charitable
good works.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the federal securities laws, including, without
limitation, statements with respect to our outlook and the outlook
for the farm economy generally, proposed and pending acquisitions
and dispositions, financing activities, crop yields and prices and
anticipated rental rates. Forward-looking statements generally can
be identified by the use of forward-looking terminology such as
“may,” “should,” “could,” “would,” “predicts,” “potential,”
“continue,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates” or similar expressions or their negatives,
as well as statements in future tense. Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, beliefs and
expectations, such forward-looking statements are not predictions
of future events or guarantees of future performance, and our
actual results could differ materially from those set forth in the
forward-looking statements. Some factors that might cause such a
difference include the following: the benefits to be realized in
connection with the intended use of the proceeds from the
Transaction; market factors and other considerations that could
result in the Company deciding not to declare and pay a special
dividend or to declare and pay a special dividend that is less than
shareholders anticipate; the ongoing war in Ukraine and the ongoing
conflict in the Middle East and their impacts on the world
agriculture market, world food supply, the farm economy generally,
and our tenants’ businesses; changes in trade policies in the
United States and other countries that import agricultural products
from the United States; high inflation and elevated interest rates;
the onset of an economic recession in the United States and other
countries that impact the farm economy; extreme weather events,
such as droughts, tornadoes, hurricanes or floods; the impact of
future public health crises on our business and on the economy and
capital markets generally; general volatility of the capital
markets and the market price of the Company’s common stock; changes
in the Company’s business strategy, availability, terms and
deployment of capital; the Company’s ability to refinance existing
indebtedness at or prior to maturity on favorable terms, or at all;
availability of qualified personnel; changes in the Company’s
industry, interest rates or the general economy; adverse
developments related to crop yields or crop prices; the degree and
nature of the Company’s competition; the outcomes of ongoing
litigation; the timing, price or amount of repurchases, if any,
under the Company's share repurchase program; the ability to
consummate acquisitions or dispositions under contract; and the
other factors described in the section entitled “Risk Factors” in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2023, and the Company’s other filings with the
Securities and Exchange Commission. Any forward-looking information
presented herein is made only as of the date of this press release,
and the Company does not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20241021733604/en/
Phillip Hayes phayes@farmlandpartners.com
Farmland Partners (NYSE:FPI)
過去 株価チャート
から 11 2024 まで 12 2024
Farmland Partners (NYSE:FPI)
過去 株価チャート
から 12 2023 まで 12 2024