Farmland Partners to sell $289M of farmland to Farmland Reserve

Farmland Partners “announced that it is selling a portfolio of 46 farms, comprising 41,554 acres of farmland, for $289M in a single transaction with Farmland Reserve, Inc. The all-cash deal has been finalized by both parties and is scheduled to close on October 16, 2024, once all conditions to closing are satisfied. The Portfolio includes farms across several regions and states, including Arkansas, Florida, Louisiana, Mississippi, Nebraska, Oklahoma, and the Carolinas. The Transaction does not include any of the Company’s Illinois farmland, which is among the most valuable land it owns. FPI‘s total gain on sale will be approximately $50M, or approximately 21% over the aggregate net book value of the farms comprising the Portfolio. In 2023, FPI also sold approximately $200M of assets at a gain in excess of 20%.”