DENVER, Nov. 29, 2016 /PRNewswire/ -- Farmland Partners Inc. (NYSE: FPI) (the "Company") today announced that it has commenced an underwritten public offering of 3,100,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 465,000 shares of the Company's common stock.
The Company will contribute the net proceeds from the offering to Farmland Partners Operating Partnership, LP, its operating partnership (the "Operating Partnership"), in exchange for Class A common units of limited partnership interest in the Operating Partnership. The Operating Partnership intends to use the net proceeds from the offering for future farmland acquisitions in accordance with the Company's investment strategy, including $3.3 million to fund the cash portion of the purchase price of one farm currently under contract, and for general corporate purposes.
Baird and Stifel are serving as active book-running managers for the offering. Janney Montgomery Scott and Wunderlich are serving as passive book-running managers for the offering.
Copies of the preliminary prospectus may be obtained from: Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, telephone: (800) 792-2473, or email firstname.lastname@example.org; and Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, Maryland 21202, telephone: (855) 300‐7136, or email: SyndProspectus@stifel.com.
The offering will be made pursuant to the Company's shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission (the "SEC") on May 14, 2015. A prospectus supplement relating to the offering will be filed by the Company with the SEC. 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.
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 owns or has under contract (excluding the properties to be acquired upon completion of the Company's pending merger with American Farmland Company) 115,657 acres in Arkansas, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, Texas and Virginia. 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.
This press release includes "forward-looking statements," including with respect to the proposed underwritten public offering and the Company's proposed use of proceeds. 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.