DENVER, July 24, 2014 /PRNewswire/ -- Farmland Partners
Inc. (NYSEMKT: FPI) (the "Company") today announced that it has
priced its underwritten public offering of 3,717,472 shares of its
common stock at a public offering price of $12.50 per share, for net proceeds, after the
underwriting discount but before estimated expenses of the offering
payable by the Company, of approximately $44.1 million.
The offering is expected to close on July
30, 2014, subject to customary closing conditions. The
Company has granted the underwriters a 30-day option to purchase up
to an additional 557,620 shares to cover over-allotments, if
any.
The Company intends to use the net proceeds from the offering
for future farmland acquisitions and for general corporate
purposes.
Baird and Stifel are serving as joint book-running managers for
the offering. BMO Capital Markets, FBR, Janney Montgomery Scott and MUFG are serving as
co-lead managers for the offering.
A registration statement relating to the offering of the
Company's common stock discussed above was declared effective by
the Securities and Exchange Commission on July 24, 2014. 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 or
jurisdiction in which such offer, solicitation or sale would be
unlawful, prior to registration or qualification under the
securities laws of any state or jurisdiction.
Copies of the preliminary prospectus may be obtained from:
Robert W. Baird & Co. Incorporated, Attention: Syndicate
Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, telephone: 800-792-2473
or email syndicate@rwbaird.com; and Stifel, Nicolaus &
Company, Incorporated, Attention: Syndicate Department,
One South Street, 15th Floor,
Baltimore, MD 21202, telephone:
(855) 300‐7136, email: SyndProspectus@stifel.com.
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. 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 its short taxable
year ending December 31, 2014.
Forward-Looking Statements
This press release includes "forward-looking statements,"
including with respect to the closing of the 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. For example, the fact
that the offering described above has priced may imply that the
offering will close, but the closing is subject to conditions
customary in transactions of this type and may be delayed or may
not occur at all. In addition, the fact that the underwriters have
an option to purchase additional shares may imply that this option
will be exercised. However, the underwriters are not under any
obligation to exercise this option, or any portion of it, and may
not do so. Completion of the offering on the date and the terms
described, and the application of net proceeds, are subject to
numerous conditions, many of which are beyond the control of the
Company. 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.
SOURCE Farmland Partners Inc.