Farmland Partners to Aquire 640-Acre Row Crop Farm in Nebraska
Date Posted: June 12, 2014
Denver, COFarmland Partners Inc. (NYSEMKT:FPI) (the "Company") today announced that it has entered into a purchase agreement to acquire an approximately 640-acre row crop farm in Morrill County, Nebraska for approximately $1.0 million.
The Company intends to sign a five-year lease with the seller at an anticipated unlevered annual cash return of approximately 6.25%.
The acquisition, which is subject to customary closing conditions, is expected to close on or before July 3, 2014.
"This is the second sale-leaseback transaction announced since our initial public offering in April, proving our ability to create value for our stockholders while establishing long-term partnerships with successful farmers," said Paul Pittman, CEO of Farmland Partners Inc.
"This acquisition also shows how our business model allows us to integrate smaller transactions into our portfolio in a cost effective manner."