Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today released the results of an internal survey conducted to help quantify the responsible farming practices being used within the Company’s portfolio.
“FPI’s tenants include farm families that are leading the way in sustainability by embracing the latest agronomic techniques, technologies, and conservation practices to drive efficiency and preserve the land they farm,” concluded the report.
For example, 97% of survey respondents said that they invest in soil health; 94% practice conservation tillage; 87% use variable rate application technology to apply crop inputs; and 51% participate in federal conservation programs.
The survey also found high adoption rates for other environmental strategies, such as grassed waterways or buffer strips to slow runoff and trap soil sediment, planting cover crops, and the use of diesel exhaust fluid to reduce emissions from farm equipment.
“It’s important to recognize the role farmland and farmers play in affordably feeding the world’s growing population in an environmentally responsible way,” said FPI Chairman and CEO Paul Pittman. “We’re proud to say that our tenants are leaders in this movement.”
Pittman said that this survey was used to help in identifying the agronomic tools and techniques commonly used on farmland owned and managed by the Company, and that it will continue this type of communication to better understand tenants’ operations and promote sustainability.
The survey was sent to 137 FPI tenants across the country – 63% of whom submitted responses from February 23 to March 31, 2022. The survey’s results are available at http://ir.farmlandpartners.com/Tenant-Survey/default.aspx.
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages nearly 187,000 acres in 19 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and more than 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements with respect to expected yields on acquired farmland, our outlook, proposed and pending acquisitions and dispositions, the potential impact of trade disputes and recent extreme weather events on the Company's results, financing activities, crop yields and prices and anticipated rental rates. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" or similar expressions or their negatives, as well as statements in future tense. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company's common stock, changes in the Company's business strategy, availability, terms and deployment of capital, the Company's ability to refinance existing indebtedness at or prior to maturity on favorable terms, or at all, availability of qualified personnel, changes in the Company's industry, interest rates or the general economy, adverse developments related to crop yields or crop prices, the degree and nature of the Company's competition, the timing, price or amount of repurchases, if any, under the Company's share repurchase program, the ability to consummate acquisitions or dispositions under contract and the other factors described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and the Company's other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
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Contacts
Phillip Hayes
phayes@farmlandpartners.com
