DENVER, April 4, 2017 /PRNewswire/ -- Farmland Partners Inc. (NYSE: FPI) (the "Company") announced today that it has completed the integration of the American Farmland Company properties into the Company's existing portfolio, including transitioning from PGIM Real Estate Finance, LLC ("Prudential") management of properties previously held by American Farmland Company. Prudential had previously provided management services to American Farmland Company. Following the merger of American Farmland Company into Farmland Partners, FPI and Prudential agreed to transition management and end the associated agreements. FPI believes this transition will provide meaningful operational and financial benefits. Please see the Company's Form 8-K filed April 4, 2017 for further details.
FPI's internal management of the former American Farmland Company properties was the final step in realizing the full synergies of the merger. The Company previously closed the American Farmland Company corporate offices and consolidated operations into FPI's headquarters in Denver, Colorado, while retaining only one employee. Going forward, FPI will recognize full revenue from the properties acquired in the American Farmland Company merger while incurring few incremental expenses beyond property operating expenses.
"The rapid integration of the American Farmland Company assets and the rapid achievement of synergies demonstrates our ability to increase scale without materially increasing overhead cost," said Paul Pittman, CEO of the Company.
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, FPI owns or has under contract over 152,000 acres in Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia. FPI 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
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SOURCE Farmland Partners Inc.