Major farmland owner buys Indiana tract

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Denver-based Farmland Partners Inc. (NYSE: FPI) has purchased 161 acres of tillable farmland in Benton County. The $2.1 million acquisition represents the real estate investment trust’s first investment in the Hoosier State.

FPI Chief Executive Officer Paul Pittman says the company will be looking to add more Indiana land to its portfolio.

“We’re very familiar with the region’s soil, climate, and strong tenant base because of its proximity to eastern Illinois, where we own a lot of farmland,” said Pittman.

The real estate company owns more than 190,000 acres of farmland in 18 states. While most REITs invest in buildings, FPI says farmland provides steady appreciation, predictable income and inflation protection.