11:14 AM EDT, 10/21/2024 (MT Newswires) -- Farmland Partners ( FPI ) said Monday that it has closed the $289 million all-cash sale of a portfolio of farmland to Farmland Reserve.

The deal generated a total gain of about $50 million over net book value for Farmland, it said.

The portfolio includes 46 farms, comprising 41,554 acres of farmland in Arkansas, Florida, Louisiana, Mississippi, Nebraska, Oklahoma, and the Carolinas, the company said.

Farmland said it has already used $146.6 million of the sale's proceeds to reduce debt. It is also considering further debt reductions and expects that proceeds will position the company to pay shareholders a "significant" special dividend at the end of the year.

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