Farmland Partners, the ag-focused public real estate company, is adding acres left and right.
According to its latest financial figures, the Denver-based company now controls 116 farms totaling 68,439 acres in 10 states. (Those figures include nine farms (and more than 15,000 acres) currently under contract as of May 5.)
It represents quite a growth curve for Farmland Partners, which went public in April 2014 with a $53.2 million IPO. At the time, the company had just four tenants in two states.
Barely a year later, the firm reaches from the Corn Belt into the Mississippi Delta, Southeast U.S. and the High Plains. The net value of its real estate assets? $179 million as of March 31, when the first quarter ended.
As Farmland Partners’ portfolio has grown, so has its rental income. While same-property rent only inched up $1 year-over-year in the first quarter (to $361 per acre), total rental income jumped 219% to $2 million.
Overall, Farmland reported $199.5 million in assets and $116 million in liabilities in the first quarter. It also posted a dividend of $.116 per share.
Company executives are also starting to explore potential economies of scale for Farmland and its business partners. CEO Paul Pittman said that the firm has “started to actively recruit vendors and tenants to participate in our volume purchasing program, which will reduce costs for our farmers in the 2016 crop year."