DENVER, July 15, 2015 /PRNewswire/ -- Farmland Partners Inc. (the "Company") today announced that it has priced its underwritten public offering of 3,000,000 shares of its common stock at a public offering price of $11.00 per share, for net proceeds, after the underwriting discount and estimated expenses of the offering payable by the Company, of approximately $31.2 million.
The offering is expected to close on July 21, 2015, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of the Company's common stock to cover over-allotments, if any.
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 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 and for general corporate purposes, including the potential partial repayment of outstanding mortgage indebtedness with First Midwest Bank.
Baird, Stifel, Nomura and Wunderlich are serving as joint book-running managers for the offering. FBR, Janney Montgomery Scott and Feltl and Company are serving as co-managers for the offering.
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 (the "SEC") on May 14, 2015. A preliminary prospectus supplement relating to the offering was filed by the Company with the SEC on July 14, 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@example.com; and Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, telephone: (855) 3007136, email: SyndProspectus@stifel.com.
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. As of July 10, the Company's portfolio was comprised of 122 farms with an aggregate of 71,299 acres (including three farms with an aggregate of 1,415 acres under contract) in Illinois, Nebraska, Colorado, Kansas, Arkansas, Louisiana, Mississippi, South Carolina, North Carolina, Virginia and Michigan. 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 ended December 31, 2014.
This press release includes "forward-looking statements," including with respect to the closing of the 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. For example, the fact that the offering described above has priced may imply that the offering will close, but the closing is subject to conditions customary in transactions of this type and may be delayed or may not occur at all. In addition, the fact that the underwriters have an option to purchase additional shares may imply that this option will be exercised. However, the underwriters are not under any obligation to exercise this option, or any portion of it, and may not do so. Completion of the offering on the date and the terms described, and the application of net proceeds, are subject to numerous conditions, many of which are beyond the control of the Company. 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.