T
he Church of Jesus Christ of Latter-day Saints is expanding its agricultural presence with a massive $289 million deal to acquire 46 farms across eight states. The real estate arm of the church, Farmland Reserve Inc., is buying the farmland from Denver-based Farmland Partners Inc., a publicly traded real estate investment trust.

    The transaction involves 41,554 acres of farmland in Arkansas, Florida, Nebraska, Mississippi, and the Carolinas, with an average price of nearly $7,000 per acre. The sale will generate a significant windfall for Farmland Partners, which expects to pocket around $50 million from the deal, or roughly 21% above book value.

    Farmland Reserve Inc., owned by the Church of Jesus Christ of Latter-day Saints, is already a major player in US agriculture, with over 1 million acres of farmland under its belt. The company plans to lease the newly acquired farms to local farmers for years to come, maintaining agricultural productivity and supporting tenant farmers.

    The deal is set to close on October 16, and Farmland Partners will use the proceeds to reduce debt, buy back stock, and make future acquisitions. The company's president and CEO, Luca Fabbri, expressed excitement about the deal, citing its alignment with the company's "total return" investment strategy, which focuses on long-term asset appreciation.

    The Church of Jesus Christ of Latter-day Saints has become a dominant force in American agriculture, with vast land holdings across the US. The church is already Florida's largest private landowner and holds significant agricultural assets in Nebraska, where it has become the largest land buyer over the past five years.