DENVER, April 4, 2017 /PRNewswire/ -- Farmland
Partners Inc. (NYSE: FPI) (the "Company") announced today that it
has completed the integration of the American Farmland Company
properties into the Company's existing portfolio, including
transitioning from PGIM Real Estate Finance, LLC ("Prudential")
management of properties previously held by American Farmland
Company. Prudential had previously provided management services to
American Farmland Company. Following the merger of American
Farmland Company into Farmland Partners, FPI and Prudential agreed
to transition management and end the associated agreements. FPI
believes this transition will provide meaningful operational and
financial benefits. Please see the Company's Form 8-K filed
April 4, 2017 for further
details.
FPI's internal management of the former American Farmland
Company properties was the final step in realizing the full
synergies of the merger. The Company previously closed the American
Farmland Company corporate offices and consolidated operations into
FPI's headquarters in Denver,
Colorado, while retaining only one employee. Going forward,
FPI will recognize full revenue from the properties acquired in the
American Farmland Company merger while incurring few incremental
expenses beyond property operating expenses.
"The rapid integration of the American Farmland Company assets
and the rapid achievement of synergies demonstrates our ability to
increase scale without materially increasing overhead cost," said
Paul Pittman, CEO of the
Company.
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, FPI owns or has under contract over
152,000 acres in Alabama,
Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North
Carolina, South Carolina,
South Dakota, Texas and Virginia. FPI 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
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SOURCE Farmland Partners Inc.