DENVER, Nov. 30, 2016 /PRNewswire/ -- Farmland Partners
Inc. (NYSE: FPI) (the "Company") today announced that it has
priced its underwritten public offering of 3,100,000 shares of its
common stock at a public offering price of $11.25 per share, for gross proceeds to the
Company of approximately $33.3
million.
The offering is expected to close on December 5, 2016, subject to customary closing
conditions. The Company has granted the underwriters a 30-day
option to purchase up to an additional 465,000 shares of the
Company's common stock.
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 Class A
common units of limited partnership interest in the Operating
Partnership. The Operating Partnership intends to use the net
proceeds from the offering for future farmland acquisitions in
accordance with the Company's investment strategy, including
$3.3 million to fund the cash portion
of the purchase price of one farm currently under contract, and for
general corporate purposes.
Baird and Stifel are serving as active book-running managers for
the offering. Wunderlich and Janney
Montgomery Scott are serving as passive book-running
managers for the offering. FBR is serving as co-manager for the
offering.
The offering is being made pursuant to the Company's shelf
registration statement on Form S-3 that was declared effective by
the Securities and Exchange Commission (the "SEC") on May 14, 2015. A preliminary prospectus supplement
relating to the offering was filed by the Company with the SEC on
November 29, 2016. 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.
Copies of the preliminary prospectus may be obtained from:
Robert W. Baird & Co. Incorporated, Attention: Syndicate
Department, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, telephone: (800)
792-2473, or email syndicate@rwbaird.com; and Stifel,
Nicolaus & Company, Incorporated, Attention: Syndicate
Department, One South Street, 15th
Floor, Baltimore, Maryland 21202,
telephone: (855) 300‐7136, or 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 North American
farmland and makes loans to farmers secured by farm real estate.
The Company owns or has under contract (excluding the properties to
be acquired upon completion of the Company's pending merger with
American Farmland Company) 115,657 acres in Arkansas, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North
Carolina, South Carolina,
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.