Farmland, News Desk
Sold! Farmland Partners Pays $110 Million for Central Valley Cropland
Farmland Partners Inc. (FPI) announced that it has entered into agreements to acquire 5,100 acres of permanent crop farmland in California’s Central Valley for $110 million from Olam International Limited. At closing, FPI will enter into a 25-year triple-net lease agreement with Olam on a revenue-share basis with Olam operating and maintaining the almond, pistachio, and walnut orchards. With more than 150,000 acres in its portfolio, FPI is the nation’s largest publicly traded farmland real estate investment trust. “We look forward to bringing these properties into our portfolio,” says FPI CEO Paul Pittman. “They are unique, high-quality farms in the heart of California’s tree nut industry. The properties and associated agreements will bring higher cap rate permanent crop production into our portfolio, furthering our goal of delivering a well-balanced portfolio of US farmland to our stockholders. On an unlevered NOI basis, we expect these leases in 2018 to be accretive to our portfolio relative to the cost of our recently issued preferred security.”
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