DENVER, Aug. 17, 2017 /PRNewswire/ -- Farmland Partners
Inc. (the "Company") (NYSE: FPI) today announced that it has closed
its previously announced underwritten public offering of 6,037,500
shares of its newly designated 6.00% Series B participating
preferred stock (the "Series B Participating Preferred Stock"),
which included 787,500 shares pursuant to the full exercise of the
underwriters' option to purchase additional shares. Net proceeds
from the offering were approximately $144.2
million, after deducting the underwriting discount and
estimated offering expenses payable by the Company.
The shares of Series B Participating Preferred Stock have been
approved for listing on the New York Stock Exchange under the
symbol "FPI PR B." The Company expects trading to commence on
August 18, 2017.
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
served as joint book-running managers for the offering. Morrison
& Foerster LLP served as legal counsel for the Company.
Latham & Watkins LLP served as legal counsel to the
underwriters.
The offering was 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 final prospectus supplement
relating to the offering was filed by the Company with the SEC on
August 10, 2017.
Copies of the final prospectus supplement and accompanying
prospectus related to the offering may be obtained by visiting
EDGAR on the SEC website 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.
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 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.