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).

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