Farmland Partners Inc. (FPI): M&A transaction — Farmland Partners sells 46 farms for $289M; reduces debt by $146.6M

Farmland Partners Inc.

Completed sale of 46 farms (41,554 acres) in eight states for $289M to Farmland Reserve, Inc.
Net cash proceeds of ~$142.4M after repaying $146.6M in mortgage debt.
Pro forma 2023 net income available to common stockholders drops from $27.8M to $26.6M ($0.55 to $0.53 EPS).
Pro forma H1 2024 net loss available to common stockholders widens from $2.163M to $2.540M (EPS stays -$0.05).

item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Farmland Partners Inc. completed a disposition involving Farmland Reserve, Inc. for $289 million (closed 2024-10-16).

Action: disposition
Counterparty: Farmland Reserve, Inc.
Consideration: $289 million
Closing: 2024-10-16

Exact text from the filing

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.

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Farmland Partners Inc. filing history →

Source: SEC EDGAR

accession 0001558370-24-013422

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