Farmland Partners Inc. (NYSE: FPI) is buying three farms in Nebraska and Colorado in a cash and stock deal.
Together, the farms total 2,592 acres and produce row crops, which are crops planted in rows that can be tended to by machinery. Farmland Partners is paying $16.6 million in cash, plus 63,581 shares of common stock and $2.7 million in units of limited partnership interest in its operating partnership, Farmland Partners Operating Partners LP. Farmland's stock was trading at around $10.89 mid-day on March 13, after the deal was announced.
The buyer plans to lease the farms back to the sellers or other third-parties.
The Denver-based company owns and acquires row crop farmland in North American agricultural markets. The buyer owns 91 farms in Illinois, Nebraska, Colorado, Arkansas, Louisiana, Mississippi and South Carolina, and has another five farms under contract in South Carolina, Arkansas, Nebraska and Colorado.
In another recent farm-related deal, Land O'Lakes bought agribusiness marketing company Farmer Lumpe + McClelland.