DENVER, March 8, 2021 /PRNewswire/ -- Farmland Partners
Inc. (NYSE: FPI) (the "Company" or "FPI") announced today that it
has sold 2,811 acres across eight farms to Promised Land
Opportunity Zone Farms I, LLC ("OZ Fund"). The total purchase
price was $18.3 million. FPI repaid
$7.8 million of debt, received
$8.5 million of cash proceeds, and
received $2.0 million in a
convertible note. In January
2021, FPI announced its partnership with the OZ Fund, a
private investment vehicle focused on acquiring and improving
farmland in qualified opportunity zones in the United States, as designated under U.S.
tax provisions enacted in 2017.
"We are pleased to close the first transaction with the OZ Fund
and look forward to scaling FPI's asset management capabilities,"
stated Paul Pittman, FPI's Chairman
and CEO. "With strong commodity prices projected for 2021, we
believe the outlook for farmers is very favorable."
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 approximately 152,000
acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North
Carolina, South Carolina,
South Dakota and Virginia. We have approximately 26 crop types
and over 100 tenants. 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. Additional information:
www.farmlandpartners.com or (720) 452-3100.
About Servant Financial
Servant Financial, Ltd. is a Chicago-based investment management firm
founded in 2003. The firm serves the diverse investment, risk
management, and finance needs of individuals, high net worth
clients and family offices. Servant Financial focuses on
alternative investments – private equity and hedge funds, ETFs, and
socially responsible investments. Additional information:
www.servantfinancial.com or (630) 264-0127.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the federal securities laws, including, without
limitation, statements concerning the transaction, the anticipated
timeline for closing, the Company's ability to sell additional
properties to the OZ Fund, the anticipated gross proceeds from the
sales to the OZ Fund, the anticipated managements fees to be
received by FPI, and the ability of the OZ Fund to acquire
additional farmland properties. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "may," "should," "could," "would," "predicts,"
"potential," "continue," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" or similar expressions
or their negatives, as well as statements in future tense. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
beliefs and expectations, such forward-looking statements are not
predictions of future events or guarantees of future performance
and our actual results could differ materially from those set forth
in the forward-looking statements. Some factors that might cause
such a difference include the ability to consummate the transaction
described above, satisfaction of qualified opportunity zone
regulations as determined by OZ Fund third-party advisors, and the
general economic conditions. Any forward-looking information
presented herein is made only as of the date of this press release,
and the Company does 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.