Farmland Partners Inc. Announces the Closing of 2,436 Acres in Nebraska and Colorado and the Issuance of a 10-Year $11.2 Million Bond under the Farmer Mac Facility
DENVER, April 13, 2015 /PRNewswire/—Farmland Partners Inc. (NYSEMKT: FPI) (the "Company") today announced the closing of the previously announced acquisitions of two row crop farms in Nebraska totaling 2,276 acres for total consideration of $15.2 million in cash and 238,587 units of limited partnership interest in Farmland Partners Operating Partnership, LP, the Company's operating partnership. Additionally, the Company announced that it has closed on one farm totaling 160 acres in Colorado for a purchase price of $1.0 million.
The Company also announced the issuance of an $11.2 million, 10-year, interest-only bond with a fixed interest rate of 3.68%. The bond was issued under the Company's $150.0 million secured note purchase facility (the "Farmer Mac Facility") with the Federal Agricultural Mortgage Corporation (NYSE: AGM and AGM.A), bringing the total principal amount outstanding under the Farmer Mac Facility to $107.2 million.
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 107 farms with an aggregate of 68,439 acres (including 11 farms with an aggregate of 16,657 acres under contract) in Illinois, Nebraska, Colorado, Arkansas, Louisiana, Mississippi, South Carolina, North Carolina and Virginia. 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.
SOURCE Farmland Partners Inc.
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