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National & World Ag News Headlines |
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Farmland Partners Acquires Two Illinois Farms
USAgNet - 08/04/2022
Farmland Partners Inc. announced the acquisition of two Illinois farms totaling 485 acres. The first, a 286-acre farm in Edgar County, was purchased for approximately $4.8 million on July 29. FPI also bought a 199-acre farm in Fulton County on August 1 for
$1.8 million.
"These farms are especially attractive to our business because they adjoin other farmland in our portfolio, which will allow the Company to expand its footprint in these areas, improve farming efficiency for our tenants, and drive strong rental rates," said FPI
Chairman and CEO Paul Pittman.
In addition to rental income, Pittman noted that asset appreciation is a key factor of overall farmland investment returns. Illinois farmland averaged 5.6% in annual appreciation from 1970-2021, according to the U.S. Department of Agriculture.
FPI has acquired 11 farms in 2022, spanning 3,056 acres. It is the nation's largest publicly traded farmland REIT by U.S. acreage.
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