Farmland Partners Inc. Announces Commencement of $25 Million At-the-Market Equity Offering Program
DENVER, Sept. 16, 2015 /PRNewswire/ -- Farmland Partners Inc. (NYSE:FPI) (the "Company") today announced that it has filed a prospectus supplement with the Securities and Exchange Commission (the "SEC") under which it may sell shares of its common stock having an aggregate gross sales price of up to $25 million through an "at-the-market" offering program.
The program is intended to provide additional financing alternatives in the capital markets, but the Company still has a strong cash position and therefore has no intention to utilize the program in the near term. The Company intends to contribute the proceeds from the offering, if any, to Farmland Partners Operating Partnership, LP, its operating partnership (the "Operating Partnership"), in exchange for units of limited partnership interest in the Operating Partnership. The Operating Partnership intends to use the net proceeds from the offering, if any, for future farmland acquisitions in accordance with the Company's investment strategy and for general corporate purposes, which may include originating loans to farmers.
The shares may be offered from time to time pursuant to (i) an Equity Distribution Agreement by and among the Company, the Operating Partnership and Robert W. Baird & Co., (ii) an Equity Distribution Agreement by and among the Company, the Operating Partnership and Stifel, Nicolaus and Company, Incorporated and (iii) an Equity Distribution Agreement by and among the Company, the Operating Partnership and Cantor Fitzgerald & Co.
The offering is being made pursuant to a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on May 14, 2015, and a prospectus supplement relating to the offering dated September 15, 2015. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state.
Copies of the prospectus supplement and prospectus relating to these securities may be obtained from: Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, telephone: 800-792-2473 or email [email protected]; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, telephone: (855) 3007136, email [email protected]; or Cantor Fitzgerald & Co., Attention: Equity Capital Markets, 110 East 59th Street, New York, New York 10022, telephone: 212-829-7122.
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. The Company's portfolio is comprised of 123 farms with an aggregate of 72,423 acres (including two farms with an aggregate of 1,229 acres under contract) in Illinois, Nebraska, Colorado, Kansas, Arkansas, Louisiana, Mississippi, South Carolina, North Carolina, Virginia, Georgia and Michigan. The Company has 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 closing of the Company's proposed use of proceeds from the offering. 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.
SOURCE Farmland Partners Inc.
Related Links
http://www.farmlandpartners.com
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