DENVER, Aug. 7, 2017 /PRNewswire/ -- Farmland Partners Inc. (NYSE: FPI) (the "Company") today announced that it has commenced an underwritten public offering of its newly designated Series B participating preferred stock (the "Series B Participating Preferred Stock"). Investors in the Series B Participating Preferred Stock may potentially benefit from farmland value appreciation in the 17 states in which the Company owns farmland as of June 30, 2017, as determined by the "Farm Real Estate, Average Value per Acre" contained in the annual agricultural land value summary released by the National Agricultural Statistics Service, the Agricultural Statistics Board and the United States Department of Agriculture.
The Company expects to grant the underwriters a 30-day option to purchase additional shares of Series B Participating Preferred Stock. The Company intends to apply to list the shares of Series B Participating Preferred Stock on the New York Stock Exchange under the symbol "FPI PR B."
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 a number of newly designated Series B participating preferred units of limited partnership interest in the Operating Partnership equal to the number of shares sold in the offering. The Operating Partnership intends to use the net proceeds from the offering for future farmland acquisitions in accordance with the Company's investment strategy and for general corporate purposes.
Raymond James and Jefferies are serving as joint book-running managers for the offering. Morrison & Foerster LLP is serving as legal counsel for the Company. Latham & Watkins LLP is serving as legal counsel to the underwriters.
Copies of the preliminary prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by visiting EDGAR on website of the Securities and Exchange Commission's (the "SEC") at www.sec.gov or from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, telephone: (800) 248-8863, email: email@example.com and Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, telephone: (877) 821-7388, email: Prospectus_Department@Jefferies.com.
The offering will be made pursuant to the Company's shelf registration statement on Form S-3 that was declared effective by 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. As of the date of this release, the Company owns over 154,000 acres in Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, 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.