Farmland Partners Inc. (NYSE: FPI) has recently made a significant addition to its board of directors. Dr. Bruce Sherrick, a distinguished agricultural economist and farmland expert at the University of Illinois, has joined the board effective July 23, 2024.
Dr. Sherrick brings a wealth of experience to Farmland Partners Inc., having held the Marjorie and Jerry Fruin Professorship at the University of Illinois since 2013 and managed the TIAA-CREF Center for Farmland Research since 2014. He has also been a managing partner at Integrated Financial Analytics & Research (IFAR), a consulting firm specializing in credit risk assessment and modeling of agricultural finance institutions for the past 22 years.
In addition to his academic and consulting roles, Dr. Sherrick has extensive public company board experience, having served as a director and audit committee member of Farmer Mac (NYSE: AGM) from 2012 to 2021, among other director roles for various agricultural and financial institutions.
Paul Pittman, FPI's executive chairman, expressed his excitement about Dr. Sherrick's addition to the board, highlighting his extensive experience and expertise in the farmland market. Pittman believes that Sherrick's economic insights, data, and unique perspective will be an asset as the company continues to strengthen its operational performance and plan for the future.
Dr. Sherrick also expressed his enthusiasm about joining Farmland Partners Inc., acknowledging the company's innovative approach to farmland investing and its reputation in the farmland community. He looks forward to working closely with Paul and the rest of the board to help the company and its investors maximize returns.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of June 30, 2024, the company owned and/or managed approximately 180,100 acres in 17 states, including Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Oklahoma, South Carolina, and Texas. Additionally, the company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. The company has approximately 26 crop types and over 100 tenants.
The addition of Dr. Sherrick to the board of Farmland Partners Inc. is expected to bring a valuable perspective to the company's strategic direction and decision-making processes as it continues to navigate the complex landscape of farmland investments and agricultural finance. As a result of these announcements, the company's shares have moved -1.5% on the market, and are now trading at a price of $10.3. For the full picture, make sure to review Farmland's 8-K report.
