Farmland Partners Inc. Announces Agreement for Acquisition of Nebraska Farm
DENVER, Colo., June 4, 2014 /PRNewswire/ -- Farmland Partners Inc.
(NYSEMKT:FPI) (the "Company") today announced that it has entered into
a purchase agreement to acquire an approximately 640-acre row crop
farm in Morrill County, Nebraska for approximately $1.0 million. The
Company intends to sign a five-year lease with the seller at an
anticipated unlevered annual cash return of approximately 6.25%. The
acquisition, which is subject to customary closing conditions, is
expected to close on or before July 3, 2014.
"This is the second sale-leaseback transaction announced since our
initial public offering in April, proving our ability to create value
for our stockholders while establishing long-term partnerships with
successful farmers," said Paul Pittman, CEO of Farmland Partners Inc.
"This acquisition also shows how our business model allows us to
integrate smaller transactions into our portfolio in a cost effective
About Farmland Partners Inc.
Farmland PartnersInc. 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 39 farms with an aggregate of
approximately 10,500 acres in Illinois, Nebraska and Colorado, with an
additional 12,500-acre farm in Colorado, the closing of which is
pending. 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 ending December 31, 2014.
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and
other federal securities laws, including statements regarding the
pending acquisition. Forward-looking statements are subject to known
and unknown risks and uncertainties, many of which may be beyond the
Company's control. These forward-looking statements are based upon the
Company's present expectations, but the events, expectations,
intentions or prospects suggested by or reflected in these statements
are not guaranteed to occur or be achieved, and you should not place
undue reliance on such statements. Furthermore, the Company disclaims
any obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors, of
new information, data or methods, future events or other changes,
except as may be required by law. For a further discussion of these
and other factors that could impact the Company's future results,
performance or transactions, see the section entitled "Risk Factors"
in the Company's final prospectus related to its initial public
offering dated April 10, 2014.
© 2014 Rural Radio Network. All rights reserved. Republishing, rebroadcasting, rewriting, redistributing prohibited. Copyright Information