FPI - Farmland partners purchases two new farms for $3.36M
- Farmland Partners ( NYSE: FPI ) has acquired two tracts of farmland on Friday, October 7, first farm of 82 acres acquired for $1.32M and also purchased a 188-acre parcel for $2.04M.
- The corn and soybean farms collectively cover 270 acres in Edgar County, Illinois.
- The acquisition of 82 acres will create a contiguous block of farmland spanning more than 1,200 acres when combined with other farms in the portfolio.
- Both farms are leased and will produce rental income in addition to asset appreciation.
-
“Buying land that neighbors existing FPI farms is one of our core business strategies because it creates efficiencies for our tenants and the Company, and it enables us to secure top rental rates. Eastern Illinois has some of the most productive, sought-after farmland in the country, and we believe it will be a smart long-term investment for our shareholders.” said Paul Pittman, FPI’s Chairman and CEO.
For further details see:
Farmland partners purchases two new farms for $3.36M