DENVER, Aug. 25, 2021 /PRNewswire/ -- Farmland
Partners Inc. (NYSE:FPI) (the "Company") announced today the
closing of a $2.1 million loan to a
farmer in Michigan under the
Company's loan program (the "FPI Loan Program"). The loan is due in
2023 with a loan-to-value ratio of approximately 65%. This loan
unlocked equity in the farmer's land and was used to refinance the
farmer's existing credit facilities.
Under the FPI Loan Program, the Company leverages its existing
infrastructure to quickly underwrite loans to meet borrowers'
funding needs, allowing farmers to generate liquidity from land
equity that is often unavailable to farmers because of traditional
lending practices. The Company expects farmer-borrowers to use the
proceeds of the loan for a variety of purposes, including expanding
operations, improving working capital, and supporting
intergenerational transitions. The FPI Loan Program is expected to
continue to complement the Company's current business of acquiring
farmland and leasing it to farmers. Under the FPI Loan Program, the
Company is targeting the origination of loans ranging from
$500,000 to approximately
$10 million dollars.
"We are pleased to assist this Michigan farm family refinance its balance
sheet. Although the agriculture economy is strong, we believe
there are opportunities for the Company to provide profitable debt
financing to high quality borrowers," said Paul Pittman, CEO of the Company.
For more information, please contact Rich Keck at FPILoans@farmlandpartners.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 and/or manages
approximately 161,000 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.
This press release includes "forward-looking statements" within
the meaning of the federal securities laws. 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 following: general volatility of the capital markets and the
market price of the Company's common stock or Series B
participating preferred stock, changes in the Company's business
strategy, availability, terms and deployment of capital, the
Company's ability to refinance existing indebtedness at or prior to
maturity on favorable terms, or at all, availability of qualified
personnel, changes in the Company's industry, interest rates or the
general economy, adverse developments related to crop yields or
crop prices, the degree and nature of the Company's competition,
the timing, price or amount of repurchases, if any, under the
Company's share repurchase program, the ability to consummate
acquisitions or dispositions under contract and the other factors
described in the section entitled "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2020, and the Company's other
filings with the Securities and Exchange Commission. 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.
SOURCE Farmland Partners Inc.