Recent Sales Support that Farmland Market Remains Strong

CHAMPAIGN, Ill., Dec. 13, 2021 /PRNewswire/ -- Recent transactions across the country demonstrate the growing strength of the farm real estate market. That's according to Murray Wise Associates (MWA), which has helped sell approximately 9,560 acres across seven states for more than $84 million over the last four months. 

Among the sales was 889 acres in Edgar Co., Illinois. The farm was offered for sale at auction on November 30 and sold for more than $13 million, with some tracts fetching as much as $17,200 per acre.

"We had institutional investors, local farmers, and local investors all vying for the opportunity to own this farm," said Eric Sarff, president of MWA. "It shows the demand for high-quality farmland is at levels not seen before."

The firm also auctioned 356 acres of rural recreational lakefront lots in Franklin County, Virginia, on December 3. The final sale of more than $16.2 million was considered a high-water mark for the area, with some lots bringing as much as $800,000. MWA partnered with Schrader Auctions and Real Estate, and broker, Woltz and Associates, on the project.

"The recent sales have outshone previous transactions in these areas," said Paul Pittman, Chairman and CEO of Farmland Partners Inc., which recently acquired Murray Wise Associates. "We couldn't be happier with the MWA team, the value they've added to our company, and immediate results we've seen."

About Murray Wise Associates LLC
Murray Wise Associates LLC ("MWA") is a leading national agricultural real estate marketing, management and investment firm. On November 15, 2021, MWA was acquired by FPI Agribusiness Inc., a wholly owned subsidiary of Farmland Partners Inc. Additional information: www.murraywiseassociates.com or (800) 607-6888.

About Farmland Partners Inc.
Farmland Partners Inc. ("FPI") 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 communication, FPI owns and/or manages approximately 179,000 acres in 18 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. FPI has approximately 26 crop types and more than 100 tenants. FPI 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 communication includes "forward-looking statements" within the meaning of the federal securities laws, including, without limitation, statements with respect to the outlook of FPI and MWA and proposed and pending farmland auction, brokerage, financing and asset management activities. 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 FPI and MWA believe 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 actual results could differ materially from those set forth in the forward-looking statements. Any forward-looking information presented herein is made only as of the date of this communication, and FPI and MWA do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

SOURCE Murray Wise Associates LLC