Company Release - 05/20/2014 09:00
Farmland Partners Inc. Announces Second Quarter Dividend of $0.105 Per Share and Filing of 10-Q for the First Quarter of 2014
DENVER, May 20, 2014 /PRNewswire/ -- Farmland Partners Inc. (NYSEMKT:FPI) (the "Company") today announced a second quarter dividend of $0.105 per share and the filing of its quarterly report on Form 10-Q for the three months ended March 31, 2014. On April 16, 2014, the Company closed on its initial public offering (the "IPO") and the related formation transactions. As a result, the Company's quarterly report on Form 10-Q for the first quarter ended March 31, 2014 only reflects results of the predecessor and is not representative of the Company's consolidated future results.
Recent Highlights
Closed on the IPO of common stock generating $53 million in gross proceeds.
Announced entry into an agreement to acquire a 3,171-acre row crop farm in Burlington, Colorado, for approximately $7.6 million.
Dividend Declaration
On May 14, 2014, the Company's Board of Directors declared a second quarter dividend of $0.105 per share payable on July 15, 2014 to all stockholders of record on July 1, 2014. The dividend payment will not be pro-rated for the portion of the second quarter that the Company has been in existence as a public company. On an annualized basis, this dividend equates to $0.42 per share, which represents an annual distribution rate of 3%, based on the Company's IPO price of $14 per share, or 3.44%, based on the closing price of the Company's common stock on Monday May 19, 2014.
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 38 farms with an aggregate of approximately 7,300 acres in Illinois, Nebraska and Colorado. 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.
Forward-Looking Statements
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.
SOURCE Farmland Partners Inc.
