Mormon Church’s Real Estate Arm Buys 46 Farms Across 8 States
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OMAHA (DTN) — The real estate arm of the Mormon Church is growing larger this month after another corporate company announced a deal to sell it 46 farms totaling 41,554 acres for $289 million in an all-cash deal.
Denver-based publicly traded real estate investment trust Farmland Partners Inc. is selling the 46 farms across eight states to Utah-based Farmland Reserve Inc., a real-estate investment company operated by the Church of Jesus Christ of Latter-day Saints.
Collectively, the sale of the 46 farms averaged $6,955 an acre. The farms are located across Arkansas, Florida, Louisiana, Mississippi, Nebraska, Oklahoma and the Carolinas. The deal announced last week is set to close on Oct. 16.
In a news release, Farmland Partners noted the sale did not include any of the company’s Illinois farm ground “which is among the most valuable land that it owns.”
Farmland Partners, according to its investor presentation on its website, owns 145,000 acres in the U.S. and manages another 45,000 acres across 15 states. Its total real estate portfolio tops $1 billion in value. Farmland Partners has acquired more than 300 farms since its IPO in 2014.
Content retrieved from: https://www.dtnpf.com/agriculture/web/ag/news/business-inputs/article/2024/10/09/mormon-churchs-real-estate-arm-buys.
