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Farmland Partners exchanges shares for land

The farmland REIT has bought farmland in Nebraska and Colorado for a combination of cash, REIT shares and limited partnership units.

Farmland Partners, the NYSE-listed farmland real estate investment trust (REIT), has bought 2,592 acres of farmland in Nebraska and Colorado.

The farmland was acquired in a purchase agreement with the sellers involving $16.6 million in cash, 63,581 shares of stock in the REIT and $2.7 million units of limited partnership in Farmland Partners Operating Partnership, the REIT’s operating partnership.

The REIT has not yet signed leases with prospective tenants, according to a press release.

“We are pleased to be able to increase our acreage in Nebraska and Colorado through deals involving cash and equity securities,” said Paul Pittman, chief executive. “The desire of the sellers, one of whom is an existing tenant, to take a stake in our Company is indicative of local farming communities’ positive view of our value.”