DENVER, Aug. 3, 2018 /PRNewswire/ -- Farmland
Partners Inc. (NYSE:FPI) (the "Company") today posted the
Cumulative Farmland Value Appreciation ("FVA"), the FVA Factor, and
the FVA Amount for 2018, as those terms are defined in the final
prospectus for the Company's 6.00% Series B Participating Preferred
Stock (NYSE:FPIPRB) ("Series B Preferred Stock").
The FVA Factor and FVA amount were calculated using data
contained in the Land Values 2018 Summary, which was released
yesterday by the National Agricultural Statistics Service (NASS),
Agricultural Statistics Board, United States Department of
Agriculture (USDA). The report is available via the following link:
https://release.nass.usda.gov/reports/land0818.pdf.
Based on the weighting of the Portfolio States established under
the terms of the Series B Preferred Stock, Cumulative FVA for the
twelve months ending September 30,
2018 is 1.65%, resulting in an FVA Factor of 0.83% and an
FVA Amount of $0.21.
The computation of these amounts appears at the end of this
press release and will also be posted to the "Investor Relations"
section of the Company's website.
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 or has under contract
over 165,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North
Carolina, South Carolina,
South Dakota, Texas and Virginia. The Company has over 100 tenants
that farm approximately 30 different varieties of crops. 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.
Measurement of
Aggregate FVA Amount Per 6% Series B Participating Preferred
Share
|
|
|
|
2017 Land
Values
|
2018 Land
Values
|
Portfolio
State
|
|
Relative
Weighting
Applied in
Determining
FVA (1)
|
Actual FVA
Value (2)
|
Assigned
Baseline Value
|
Actual
FVA Value (3)
|
FVA Value
Relative to
August, 2017
Baseline
|
Illinois
|
|
34.344%
|
$7,300
|
100.0
|
$7,450
|
2.05%
|
California
|
|
19.265%
|
$8,700
|
100.0
|
$9,000
|
3.45%
|
South
Carolina
|
|
6.892%
|
$3,000
|
100.0
|
$3,010
|
0.33%
|
North
Carolina
|
|
6.695%
|
$4,450
|
100.0
|
$4,480
|
0.67%
|
Colorado
|
|
6.318%
|
$1,430
|
100.0
|
$1,420
|
-0.70%
|
Arkansas
|
|
5.776%
|
$3,180
|
100.0
|
$3,250
|
2.20%
|
Nebraska
|
|
4.292%
|
$2,900
|
100.0
|
$2,850
|
-1.72%
|
Louisiana
|
|
4.275%
|
$3,000
|
100.0
|
$3,100
|
3.33%
|
Florida
|
|
3.580%
|
$5,700
|
100.0
|
$5,700
|
0.00%
|
Mississippi
|
|
2.037%
|
$2,500
|
100.0
|
$2,540
|
1.60%
|
Georgia
|
|
1.923%
|
$3,550
|
100.0
|
$3,500
|
-1.41%
|
Michigan
|
|
1.451%
|
$4,800
|
100.0
|
$4,780
|
-0.42%
|
Texas
|
|
0.855%
|
$2,090
|
100.0
|
$2,280
|
9.09%
|
Virginia
|
|
0.752%
|
$4,350
|
100.0
|
$4,330
|
-0.46%
|
South
Dakota
|
|
0.696%
|
$2,180
|
100.0
|
$2,170
|
-0.46%
|
Kansas
|
|
0.484%
|
$1,850
|
100.0
|
$1,800
|
-2.70%
|
Alabama
|
|
0.365%
|
$2,750
|
100.0
|
$2,780
|
1.09%
|
|
|
|
|
|
|
|
Cumulative
FVA
|
|
|
|
|
1.65%
|
|
|
|
|
|
|
|
FVA Factor (50% of
Cumulative FVA)
|
|
|
|
0.83%
|
|
|
|
|
|
|
|
FVA
Amount
|
|
|
|
|
$
0.21
|
|
|
(1)
|
Based on the total
unaudited book value of our properties in each Portfolio State as
of June 30, 2017. These will be the Weighting Factors for
measurement of Cumulative FVA and the Premium Amount and will at no
time change as it relates to the Series B Participating Preferred
Stock.
|
|
|
(2)
|
Represents the 2017
Land Values as published in the 2017 Land Value Report for each
Portfolio State. Such values will remain constant for purposes of
calculating the FVA Amount, notwithstanding any revisions to the
2017 Land Values in subsequent Land Value Reports.
|
|
|
(3)
|
Represents the 2018
Land Values as published in the 2018 Land Value Report for each
Portfolio State. Figures represent state-wide averages per the
survey methodology, as defined in the final prospectus for the
Company's 6.00% Series B Participating Preferred Stock.
|
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content:http://www.prnewswire.com/news-releases/farmland-partners-inc-announces-farmland-value-appreciation-amount-for-its-6-00-series-b-participating-preferred-stock-300691636.html
SOURCE Farmland Partners Inc.