Farmland Partners To Acquire Hudye Farms For $24.5 Mln - Quick Facts

(RTTNews) - Farmland Partners Inc. (FPI) Thursday announced that it has entered into an agreement to buy Hudye Farms U.S., Inc., for $24.5 million.

Hudye Farms owns a total of 12,500 acres of row crop farmland located primarily in Eastern Colorado, with a small portion of the farmland in Western Kansas.

The company expects to enter into about three-year leases with six current third-party tenants at an anticipated unlevered annual cash return of approximately 5%.

The acquisition, which is subject to final documentation and customary closing conditions, is expected to close in June 2014.