DENVER, Sept. 18, 2014 /PRNewswire/ -- Farmland Partners
Inc. (NYSEMKT:FPI) (the "Company") today announced that it has
entered into purchase agreements to acquire two farms in
Colorado totaling approximately
1,400 acres for aggregate consideration of approximately
$6 million in cash. The acquisitions
are expected to close in 2014, and are subject to customary closing
conditions.
"The acquisition of the Dionisio farm in Pueblo County will mark our entry in vegetable
farms. This sale and leaseback transaction with an experienced
local grower and marketer is expected to provide a 7.5% cash rent
and creates the potential for additional transactions with this
operator in the future," said Paul
Pittman, CEO of Farmland Partners Inc. "The acquisition of
the Stonington farm will expand our presence in irrigated farmland
in Baca County, giving us scale in
the area and the potential to lower input costs for our
tenants."
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 seven farms under contract in
Arkansas, Louisiana, Nebraska and Colorado totaling approximately 5,475 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 and expected rents. 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.