Farmland Partners Inc. Announces Agreement for Acquisition of 7,400 Acres in Louisiana, $31.8M

Farmland Partners Inc.

(the "Company") today announced that it has entered into a purchase agreement to acquire a 7,400 acre farm in Louisiana for a purchase price of $31.8 million in cash. The acquisition is expected to close in the first quarter of next year, subject to customary closing conditions, including satisfactory completion of the Company's due diligence. The Company also entered into a three-year lease agreement with the seller of the Louisiana farm. The lease agreement will have rental payments based on a percentage of gross farm proceeds and includes a minimum cash payment for the use of improvements on the farm. Using conservative assumptions of commodity prices and crop yields, we believe the return will be approximately 5.0% annually. "Our third largest acquisition agreement to date is comprised of roughly 7,400 contiguous, irrigated acres, nearly all of which have been precision leveled. A substantial amount of acreage will be dedicated to growing rice, meaning this transaction will further diversify our portfolio by not only geography, but also crop type," said Paul Pittman, CEO of the Company. "This agreement, which was enabled in part by the structure of our recently announced $197 million Paris, Illinois pending acquisition, demonstrates our ability to consistently put capital to work at good cap rates."