DENVER, Aug. 7, 2017 /PRNewswire/ -- Farmland
Partners Inc. (NYSE: FPI) (the "Company") today announced that
it has commenced an underwritten public offering of its newly
designated Series B participating preferred stock (the "Series B
Participating Preferred Stock"). Investors in the Series B
Participating Preferred Stock may potentially benefit from farmland
value appreciation in the 17 states in which the Company owns
farmland as of June 30, 2017, as
determined by the "Farm Real Estate, Average Value per Acre"
contained in the annual agricultural land value summary released by
the National Agricultural Statistics Service, the Agricultural
Statistics Board and the United States Department of
Agriculture.
The Company expects to grant the underwriters a 30-day option to
purchase additional shares of Series B Participating Preferred
Stock. The Company intends to apply to list the shares of Series B
Participating Preferred Stock on the New York Stock Exchange under
the symbol "FPI PR B."
The Company will contribute the net proceeds from the offering
to Farmland Partners Operating Partnership, LP, its operating
partnership (the "Operating Partnership"), in exchange for a number
of newly designated Series B participating preferred units of
limited partnership interest in the Operating Partnership equal to
the number of shares sold in the offering. The Operating
Partnership intends to use the net proceeds from the offering for
future farmland acquisitions in accordance with the Company's
investment strategy and for general corporate purposes.
Raymond James and Jefferies are
serving as joint book-running managers for the offering. Morrison
& Foerster LLP is serving as legal counsel for the
Company. Latham & Watkins LLP is serving as legal counsel
to the underwriters.
Copies of the preliminary prospectus supplement and accompanying
prospectus related to the offering may be obtained, when available,
by visiting EDGAR on website of the Securities and Exchange
Commission's (the "SEC") at www.sec.gov or from Raymond James & Associates, Inc., 880
Carillon Parkway, St. Petersburg,
FL 33716, telephone: (800) 248-8863, email:
prospectus@raymondjames.com and Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor,
New York, NY 10022, telephone:
(877) 821-7388, email: Prospectus_Department@Jefferies.com.
The offering will be made pursuant to the Company's shelf
registration statement on Form S-3 that was declared effective by
the SEC on May 14, 2015. A prospectus
supplement relating to the offering will be filed by the Company
with the SEC. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy, nor shall there be any
sale of, these shares in any state in which such offer,
solicitation or sale would be unlawful, prior to registration or
qualification under the securities laws of any such state.
About Farmland Partners Inc.
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 the date of this release, the Company owns over 154,000 acres in
Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North
Carolina, South Carolina,
South Dakota, Texas and Virginia. The Company elected to be taxed as a
real estate investment trust, or REIT, for U.S. federal income tax
purposes, commencing with the taxable year ended December 31, 2014.
Forward-Looking Statements
This press release includes "forward-looking statements,"
including with respect to the proposed underwritten public offering
and the Company's proposed use of proceeds. Forward-looking
statements are subject to known and unknown risks and
uncertainties, many of which may be beyond our control. We caution
you that the forward-looking information presented in this press
release is not a guarantee of future events, and that actual events
may differ materially from those made in or suggested by the
forward-looking information contained in this press release. In
addition, forward-looking statements generally can be identified by
the use of forward-looking terminology such as "may," "plan,"
"seek," "comfortable with," "will," "expect," "intend," "estimate,"
"anticipate," "believe" or "continue" or the negative thereof or
variations thereon or similar terminology. Any forward-looking
information presented herein is made only as of the date of this
press release, and we do not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
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SOURCE Farmland Partners Inc.