Denver-based agricultural REIT Farmland Partners Inc. has closed on the $289M sale of a 46-farm portfolio, which spans more than 41,000 acres across seven states, to a subsidiary of The Church of Jesus Christ of Latter-day Saints.
The deal, first announced earlier this month, marks a significant gain for Farmland Partners, which realized $50M in profit — about 21% more than the properties' net book value, according to a press release. The proceeds will help reduce the company's debt and finance future ventures, including potential stock buybacks and farmland acquisitions.
The portfolio includes land in Arkansas, Florida, Louisiana, Mississippi, Nebraska, Oklahoma, North Carolina and South Carolina.
:quality(75))
The buyer, Farmland Reserve Inc., is a private investment arm that manages vast agricultural assets of The Church of Jesus Christ of Latter-day Saints, widely known as the Mormon church. Farmland Reserve and its subsidiary AgReserves operate and lease farms and ranches globally while also leasing land for renewable energy projects, including solar and wind power.
The church owned 1.75 million acres across the U.S. worth more than $15.7B as of 2022, according to a report by Truth & Transparency, a now-shuttered investigative news outlet focused on religion. About half of the land is zoned for agricultural use, while the other half is designated for commercial or religious purposes.
Farmland Reserve, a key player in the church’s investment strategy, manages many of these assets, which aren't publicly disclosed. The organization’s website describes its mission as generating long-term value for the church through agricultural investments.
AgReserves oversees operations across the Americas, Europe and Australia, leasing land to local farmers and promoting sustainable practices. Beyond agriculture, the company also leases land for renewable energy projects, positioning itself as a diverse player in the farming and clean energy sectors.
It isn't just farmland the church owns. Church subsidiaries hold large developable suburban portfolios across the American South and West, The Salt Lake Tribune reported.
“While the church has never been listed among the largest private landowners in the U.S., this newly compiled data places them in the top five in terms of acreage and likely number one in terms of market value,” according to the Truth & Transparency report.
)
)
)
)
)
)
)
)
)
)
)
)