Farmland Sells 303 Acre Land For 132% Gain
Denver-based Farmland Partners (FPI) has sold approximately 303 acres of farmland in North Carolina to a large solar power developer for an amount of $4 million.
April 12, 2022. By News Bureau
The farmland was part of a larger 944-acre estate that the company purchased in 2015. It will continue to rent out the remaining farmland to a local farmer.
“This sale is great news for our shareholders because of the more than 2X gain we achieved,” said Paul Pittman, Chairman and CEO, FPI. “It’s also emblematic of our Company’s strategy to work with renewable energy producers, when possible, to maximize returns and benefit the environment.”
The company also leases land to make it available to renewable energy producers. Its portfolio comprises five solar and three wind projects, which have the collective capacity to generate more than 110 megawatts of electricity.
An internally managed real estate company, Farmland owns and has plans to further acquire high-quality farmland in North America and makes loans to farmers secured by farm real estate. The company owns and/or manages nearly 187,000 acres in 19 states, having approximately 26 crop types and more than 100 tenants.
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