DENVER, July 29, 2021 /PRNewswire/ -- Farmland Partners
Inc. (NYSE:FPI) (the "Company") announced today the closing of new
loans under the FPI Loan Program. This agricultural lending
product allows farmers with qualifying collateral to generate
liquidity from land equity that is often tied up because of
traditional lending practices. The Company expects the farmer
borrowers to use the proceeds of the loan for a variety of
purposes, including, but not limited to, expanding their farms,
improving their working capital position, and supporting
intergenerational transitions. The FPI Loan Program will
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.
The Company leverages its existing infrastructure to quickly
underwrite loans to meet borrowers' funding needs on a timely
basis.
The Company closed $1.6 million of
loans to a major High Plains farm and ranch operator in late July.
The loans are due in 2023 with a loan-to-value ratio of
approximately 75%. The use of proceeds is to expand the farming
operation through the purchase of nearby farmland.
"We are pleased to assist this Colorado farm family to expand their operation
by purchasing additional land from other extended family members,"
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.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the federal securities laws, including, without
limitation, statements with respect to our outlook, proposed and
pending acquisitions and dispositions, the potential impact of
trade disputes and recent extreme weather events on the Company's
results, financing activities, crop yields and prices and
anticipated rental rates. 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.
View original
content:https://www.prnewswire.com/news-releases/farmland-partners-inc-reopens-loan-program-to-enhance-farmers-access-to-liquidity-301343628.html
SOURCE Farmland Partners Inc.