T
he Church of Jesus Christ of Latter-day Saints' real estate arm has expanded its portfolio with the acquisition of 46 farms across eight states for $289 million. Farmland Partners Inc., a publicly traded company, sold the properties to Utah-based Farmland Reserve Inc. The sale averaged $6,955 per acre and covers over 41,000 acres in Arkansas, Florida, Louisiana, Mississippi, Nebraska, Oklahoma, and the Carolinas.

    Farmland Partners noted that the sale did not include its Illinois farm ground, which is considered some of its most valuable land. The company owns a total of 145,000 acres across the US and manages another 45,000 acres in 15 states, with a portfolio valued at over $1 billion. Since its IPO in 2014, Farmland Partners has acquired more than 300 farms.

    The company's president and CEO, Luca Fabbri, stated that the sale will result in a gain of approximately $50 million, or 21% above the aggregate net book value of the farms. The proceeds will be used to reduce debt, buy back stock, pursue acquisitions, and make a special distribution to shareholders.

    Farmland Reserve Inc., operated by the Mormon Church, has acquired over 1 million acres of farmland nationally, including large holdings in Florida and Nebraska. The company's CEO, Doug Rose, expressed gratitude for the opportunity to work with Farmland Partners and looks forward to leasing the farms to local farmers for years to come.

    The acquisition has raised concerns about corporate ownership of farmland, with some arguing that it restricts access to USDA and Farm Credit programs. A bill introduced by Sen. Cory Booker last year aimed to address this issue but has yet to receive any hearing or discussion.