Farmland Partners agrees to sell 46 farms for $289M; expects ~$50M gain

Farmland Partners Inc.

Portfolio of 46 farms (41,554 acres) sold to Farmland Reserve for $289M all-cash; close Oct 16, 2024.
Expected pre-tax gain of ~$50M, or ~21% over aggregate net book value.
Proceeds: reduce debt by ~$140M, buy back stock, pursue acquisitions, and general corporate purposes.
FPI expects to make a significant special distribution to shareholders at year-end.
Portfolio excludes Illinois farmland; includes farms in AR, FL, LA, MS, NE, OK, NC, SC.

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