Colorado-based Farmland Partners has announced the purchase of three row crop farms in Nebraska and Colorado totaling 2,592 acres for $16.6 million, $2.7 million in limited partner interest, and more than 63,000 shares of stock.
This latest purchase brings Farmland Partners’ portfolio to 48,000 acres of farmland across 91 farms in seven U.S. states.
In less than a year, since Farmland Partners’ initial public offering (IPO) in April 2014, the group has made 33 acquisitions including an 11-farm purchase in Kansas for $24.5 million in cash. At this time, the group has five additional farms under contract.
Although Farmland Partners has been in the spotlight for the past year regarding its aggressive building of its portfolio, the group has also face some economic hurdles over the last year as well, losing approximately $671,000 on $4.2 million in revenues.
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