Farmland Partners Inc., a Denver-based agricultural real estate and lending firm, plans to buy 120 farms in Illinois, totalling more than 22,000 acres for $197 million, the company announced this week.
The cash and stock deal, which is expected to close in the first quarter of next year, would bring Farmland Partners’ total acreage to nearly 100,000 acres, officials said Monday.
Farmland plans to use the newly acquired properties as collateral for a loan to provide $100 million for additional purchases, officials said. The Illinois properties could generate $6 million in annual revenue for Farmland.
Separately on Monday, Farmland reported net income attributable to shareholders of $492,000, or 4 cents per share, on revenue for $4.2 million for the third quarter. Last year, the company made just over $5,000, or break-even, on revenue of $1.3 million.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or @aliciawallace
