Farmland Partners Inc. to Acquire Farms in Nebraska and Colorado in Equity and Cash Transactions
DENVER, March 13, 2015 /PRNewswire/ -- Farmland Partners Inc. (NYSEMKT:FPI) (the "Company") today announced that it has entered into separate purchase agreements to acquire three row crop farms in Nebraska and Colorado. The farms total 2,592 acres and were purchased for $16.6 million in cash, 63,581 shares of common stock and $2.7 million in units of limited partnership interest in Farmland Partners Operating Partnership, LP, the Company's operating partnership. The Company intends to sign lease agreements with the sellers or other third-party tenants.
"We are pleased to be able to increase our acreage in Nebraska and Colorado through deals involving cash and equity securities," said Paul Pittman, CEO of the Company. "The desire of the sellers, one of whom is an existing tenant, to take a stake in our Company is indicative of local farming communities' positive view of our value."
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 91 farms with an aggregate of 48,528 acres in Illinois, Nebraska, Colorado, Arkansas, Louisiana, Mississippi, and South Carolina, with five farms under contract in South Carolina, Arkansas, Nebraska, and Colorado totaling 4,028 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 ended 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 leases. 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 Annual Report on Form 10-K for the year ended December 31, 2014 and other documents filed by the Company with the Securities and Exchange Commission.
SOURCE Farmland Partners Inc.
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