DENVER, September 20, 2021 / PRNewswire / – Farmland Companions Inc. (NYSE: REIT) (the “Firm”) has acquired quite a few inquiries relating to the impacts of latest hurricanes and the lease renewal cycle and want to share the next data.
Hurricanes Ida and Nicholas
In latest weeks, the Delta area and Louisiana particularly, was affected by Hurricanes Ida and Nicholas. Though there have been heavy rains on the corporate’s farms within the area, not one of the firm’s farms suffered important injury from the storms. Many farmers, different enterprise house owners and residents haven’t been so lucky, and we want them a speedy restoration.
- Whole Portfolio: Roughly 158,000 acres in possession and roughly 8,300 acres underneath administration.
- 2021 renewals: Roughly 40,100 acres, or roughly 27% of the full portfolio held1
- 2021 Accomplished renewals: roughly 23,250 acres, or 59% of renewals1
- Renewal developments: weighted common enhance of roughly 10% to 11%
1 Excludes farms which might be anticipated to be in direct operation in 2022, in addition to farms underneath contract for potential sale and buy.
The Firm’s lease renewals signed in 2021 sometimes start within the fourth quarter and subsequently contribute extra to income in 2022 and past than in 2021.
The Firm intends to offer an replace on these and different developments at its subsequent quarterly earnings convention name.
About Farmland Companions Inc.
Farmland Companions Inc. is an internally managed actual property firm that owns and seeks to amass top quality North American farmland and gives loans to farmers secured by farm actual property. As of the date of this launch, the Firm owns and / or manages roughly 166,000 acres in 16 states, together with Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, Caroline from the south, South Dakota and Virginia. We’ve round 26 varieties of crops and over 100 tenants. The Firm elected to be taxed as an actual property funding belief, or REIT, for US federal revenue tax functions, efficient the tax 12 months ended. the thirty first of December, 2014. Further data: www.farmlandpartners.com or (720) 452-3100.
This press launch contains “forward-looking statements” inside the which means of federal securities legal guidelines, together with, with out limitation, statements relating to our outlook, proposed and ongoing acquisitions and divestitures, the potential affect of disputes buying and selling and up to date excessive climate occasions on the Firm’s outcomes, financing actions, crop yields and costs and rental charges. Ahead-looking statements can typically be recognized by way of forward-looking terminology resembling “might”, “ought to”, “might”, “would”, “predict”, “,” as “anticipate”, “future” , “Intends”, “plans”, “believes”, “considers” or comparable expressions or their negatives, in addition to statements sooner or later. Though the Firm believes that the expectations mirrored in these forward-looking statements are based mostly on cheap assumptions, beliefs and expectations, these forward-looking statements usually are not predictions of future occasions or ensures of future efficiency and our precise outcomes might differ. considerably from these outlined in forward-looking statements. Components that would trigger such a distinction embody: normal volatility in capital markets and the market worth of the Firm’s frequent shares or Collection B Collaborating Most well-liked Shares, modifications within the Firm’s enterprise technique, availability, circumstances and deployment of capital, the power of the Firm to refinance present debt on or earlier than maturity on favorable phrases, or by no means, availability of certified personnel, modifications within the business the Firm, rates of interest or the economic system normally, opposed developments referring to crop yields or costs, the diploma and nature of competitors from the Firm, the timing, worth or quantity of redemptions, the place relevant, inside the framework of the Firm’s share buyback program, the power to hold out acquisitions or disposals underneath contract and the opposite elements described in part i titled “Threat Components” within the Annual Report on Type 10-Okay for the 12 months ended December 31, 2020, and different paperwork filed by the Firm with the Securities and Trade Fee. Any forward-looking data offered on this doc is made solely as of the date of this press launch, and the Firm assumes no obligation to replace or revise any forward-looking data to mirror modifications in assumptions, prevalence of unexpected occasions, or in any other case.
SOURCE Farmland Companions Inc.