Farmland Partners Inc. has received numerous inquiries regarding impacts from recent hurricanes and the lease renewal cycle and would like the share the following information.
Hurricanes Ida and Nicholas
In the past few weeks, the Delta region, and Louisiana in particular, has been hit by Hurricanes Ida and Nicholas. While there was substantial rain on the Company’s farms in the region, none of the Company’s farms suffered significant damage from the storms. Many farmers, other business owners, and residents were not so fortunate, and we wish them a speedy recovery.
1 Excludes farms that are expected to be under direct operations in 2022, as well as farms under contract for potential sale and purchase.
The Company’s lease renewals signed in 2021 generally commence in Q4 and, accordingly, contribute to revenue to a greater extent in 2022 and beyond than in 2021.
The Company intends to provide an update on these and other developments during its next quarterly earnings call.
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages approximately 166,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.