DENVER, Sept. 11, 2014
/PRNewswire/ -- Farmland Partners Inc. (NYSEMKT:FPI) (the
"Company") today announced that it has entered into purchase
agreements to acquire two farms in Louisiana and one farm in Nebraska totaling approximately 2,130 acres
for aggregate consideration of approximately $10.7 million in cash. The acquisitions are
expected to close in 2014, and are subject to customary closing
conditions.
"The Louisiana acquisitions
will strengthen our presence in the Mississippi Delta, one of the
country's primary agricultural regions, and expand our portfolio's
crop capabilities in rice and cotton," said Paul Pittman, CEO of Farmland Partners Inc.
"Wade Harrison, an experienced
Memphis-based farm manager, joined
our team in August, and will significantly enhance our acquisition
and portfolio management capabilities in the Mississippi Delta and
surrounding areas."
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate
company that owns and seeks to acquire high-quality primary row
crop farmland located in agricultural markets throughout
North America. The Company's
portfolio is comprised of 41 farms with an aggregate of
approximately 23,600 acres in Illinois, Nebraska and Colorado, with five farms under contract in
Arkansas, Louisiana and Nebraska totaling approximately 4,075 acres.
The Company intends to elect and qualify to be taxed as a real
estate investment trust, or REIT, for U.S. federal income tax
purposes, commencing with the taxable year ending December 31, 2014.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
and other federal securities laws, including statements regarding
the pending acquisitions. Forward-looking statements are subject to
known and unknown risks and uncertainties, many of which may be
beyond the Company's control. The Company faces many risks that
could cause its actual performance to differ materially from the
results contemplated by its forward-looking statements, including,
without limitation, the risks related to leasing farmland to
third-party tenants, including delays in executing new leases and
failure to negotiate leases on terms that will enable the Company
to achieve its expected returns. These forward-looking statements
are based upon the Company's present expectations, but the events,
expectations, intentions or prospects suggested by or reflected in
these statements are not guaranteed to occur or be achieved, and
you should not place undue reliance on such statements.
Furthermore, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, of new information, data or
methods, future events or other changes, except as may be required
by law. For a further discussion of these and other factors that
could impact the Company's future results, performance or
transactions, see the section entitled "Risk Factors" in the
Company's final prospectus related to its recent public offering
dated July 24, 2014.
SOURCE Farmland Partners Inc.