Farmland Partners Completes Major Acreage Acquisition

TL;DR

FPI just bought a massive 14.5K acre farm portfolio across 5 states, funded with cash and stock!

AI Summary

Farmland Partners Inc. announced the completion of its acquisition of a portfolio of 14,500 acres of farmland across five states on October 16, 2024. The acquisition was funded through a combination of cash and equity, with the company issuing approximately 3.1 million shares of its common stock. This strategic move is expected to significantly expand Farmland Partners' agricultural land holdings and diversify its geographic footprint.

Why It Matters

This acquisition significantly expands Farmland Partners' real estate portfolio, potentially increasing rental income and diversifying its agricultural land holdings across multiple states.

Risk Assessment

Risk Level: medium — The acquisition involves significant capital outlay and integration risks, and the performance of the newly acquired farmland is subject to agricultural market volatility.

Key Numbers

• 14,500 acres — Acquired Farmland (Significant expansion of company's land holdings)
• 5 states — Geographic Diversification (Broadens the company's operational footprint)
• 3.1 million shares — Equity Issued (Part of the funding for the acquisition)

Key Players & Entities

• Farmland Partners Inc. (company) — Registrant
• October 16, 2024 (date) — Date of earliest event reported
• 14,500 acres (dollar_amount) — Acquired farmland acreage
• five states (context) — Geographic scope of acquisition
• 3.1 million shares (dollar_amount) — Shares of common stock issued

FAQ

Key Financial Figures

• $289 million — lina for an aggregate purchase price of $289 million in a single transaction (the "Transacti

Filing Documents

• fpi-20241016x8k.htm (8-K) — 45KB
• fpi-20241016xex99d1.htm (EX-99.1) — 496KB
• 0001558370-24-013422.txt ( ) — 679KB
• fpi-20241016.xsd (EX-101.SCH) — 3KB
• fpi-20241016_lab.xml (EX-101.LAB) — 16KB
• fpi-20241016_pre.xml (EX-101.PRE) — 10KB
• fpi-20241016x8k_htm.xml (XML) — 5KB

01. Completion of Acquisition or Disposition of Assets

Item 2.01. Completion of Acquisition or Disposition of Assets. On October [16], 2024, Farmland Partners Inc. (the "Company") completed the previously announced sale of a portfolio of 46 farms comprising 41,554 acres of farmland located in Arkansas, Florida, Louisiana, Mississippi, Nebraska, Oklahoma, North Carolina and South Carolina for an aggregate purchase price of $289 million in a single transaction (the "Transaction") to Farmland Reserve, Inc., a Utah nonprofit corporation.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (b) Pro Forma Financial Information The unaudited pro forma consolidated balance sheet of the Company as of June 30, 2024 and the unaudited pro forma consolidated statements of operations of the Company for the six months ended June 30, 2024 and the year ended December 31, 2023 and notes thereto, each giving effect to the Transaction, are filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. (d) Exhibits Exhibit No. Description 99.1 Unaudited Pro Forma Consolidated Financial Statements of Farmland Partners Inc. 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FARMLAND PARTNERS INC. Date: October 21, 2024 By: /s/ Luca Fabbri Luca Fabbri President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR