DENVER--(BUSINESS WIRE)--Farmland Partners Inc. (NYSE: FPI) (the “Company” or “FPI”) today released a report outlining the Company’s environmental, social, and governance (“ESG”) initiatives.
“When we think of the environmental and social components of ESG, we start with two core beliefs – that everyone has a right to an affordable and nutritious diet, and U.S. farmers are maximizing food production for a growing planet while minimizing their environmental impact,” said Luca Fabbri, FPI’s President and CEO. “Our first ESG report was designed to help spotlight the great work being done in agriculture as a whole, and by our tenants in particular.”
Key Report Highlights
- FPI’s tenants are good long-term stewards of the land. To help quantify their commitment, the Company surveyed tenants and found that 97% invest in soil health, 94% practice conservation tillage, 87% use variable rate technology, and more than half participate in federal conservation programs.
- FPI expanded its solar and wind energy portfolio, which now spans more than 13,000 acres and has the collective capacity to generate approximately 260 megawatts of renewable energy.
- FPI continued its partnership with Ducks Unlimited to support conservation and habitat restoration.
- FPI crafted a series of sustainability policies, which were adopted by the Company’s Board of Directors in February 2023.
- FPI calculated the Company’s Scope 1 and Scope 2 greenhouse gas emissions for the first time.
FPI’s 2022 ESG report is available on the Investor Relations section of www.farmlandpartners.com.
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 180,000 acres in 20 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina, Texas, and Virginia. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The Company has approximately 26 crop types and over 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.
This press release includes “forward-looking statements” within the meaning of the federal securities laws, including, without limitation, statements with respect to our environmental, social and governance (“ESG”)-related performance and initiatives, our outlook and the outlook for the farm economy generally, proposed and pending acquisitions and dispositions, 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: the ongoing war in Ukraine and its impact on the world agriculture market, world food supply, the farm economy, and our tenants’ businesses; 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, 2022, and the Company’s other filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking ESG and sustainability-related information may be based on standards for measuring progress that are still developing and internal controls and processes that continue to evolve. The standards and metrics included herein, unless otherwise specifically indicated, are non-audited estimates, were not prepared in accordance with U.S. generally accepted accounting principles (GAAP) and have not been externally assured. 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.