Farmland Partners announced it bought eight farms totaling 15,042 acres in the Southeast—South Carolina, North Carolina and Virginia.

The US-based Farmland Partners investment company, which trades on the New York Stock Exchange, buys land with the aim of profiting from rental income and capital growth.

Farmland Partners did not disclose the land seller, which agrimoney.com reported is receiving $49.8 million in cash and 2.98 million shares of the investment company. The shares at recent trading could be worth about $30 million. The seller of the farms will lease the land back for $4.3 million a year from Farmland Partners.

Farmland Partners also purchased 6,800 acres in December in South Carolina. These latest Southeast property purchases are nearly one-third of the company’s total property. 

Farmland Partners, which had approximately 7,300 acres of land in three states when it listed on the stock exchange a year ago, now will own nearly 68,000 acres total in nine states, according to agrimoney.com.

To read the full agrimoney.com article click here.