DENVER, Nov. 20, 2014 /PRNewswire/ -- Farmland Partners Inc. (NYSEMKT:FPI) (the "Company") today announced that its Board of Directors has approved a quarterly cash dividend of $0.116 per share to be paid on January 15, 2015 to shareholders of record at close of business on January 2, 2015. The annualized dividend of $0.464 per share represents a 10.5% increase over the Company's previous quarterly dividend of $0.105 and a 4.5% yield based on the closing price of the Company's common stock on November 19, 2014.
"The significant increase in our quarterly dividend reflects our commitment to deliver positive returns to our stockholders as we continue to generate strong cash flow fueled by the addition of high-quality assets to our portfolio," said Paul Pittman, CEO of Farmland Partners Inc.
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality primary row crop farmland located in agricultural markets throughout North America. The Company's portfolio is comprised of 47 farms with an aggregate of approximately 29,000 acres in Illinois, Nebraska, Colorado, Arkansas and Louisiana. Including twenty-eight farms under contract in South Carolina, Arkansas, Nebraska, Colorado and Mississippi, the Company's portfolio consists of approximately 48,600 acres. The Company intends to elect and qualify to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2014.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding the pending acquisitions, expected lease terms and mortgage indebtedness. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. The Company faces many risks that could cause its actual performance to differ materially from the results contemplated by its forward-looking statements, including, without limitation, the risks related to leasing farmland to third-party tenants, including delays in executing new leases and failure to negotiate leases on terms that will enable the Company to achieve its expected returns. These forward-looking statements are based upon the Company's present expectations, but the events, expectations, intentions or prospects suggested by or reflected in these statements are not guaranteed to occur or be achieved, and you should not place undue reliance on such statements. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes, except as may be required by law. For a further discussion of these and other factors that could impact the Company's future results, performance or transactions, see the section entitled "Risk Factors" in the Company's final prospectus, dated July 24, 2014, related to its recent public offering.
SOURCE Farmland Partners Inc.