Company Release - 08/08/2014 09:00
Farmland Partners Inc. Announces Agreement for Acquisition of Second Arkansas Farm
DENVER, Aug. 8, 2014 /PRNewswire/ -- Farmland Partners Inc. (NYSEMKT:FPI) (the "Company") today announced that it has entered into a purchase agreement to acquire an approximately 690-acre row crop farm in Arkansas for approximately $2.7 million in cash. The acquisition is expected to close prior to September 9, 2014, and is subject to customary closing conditions.
"This farm is located within 2 miles of the other Arkansas farm that we have under contract, and is expected to create economies of scale for both ourselves and our tenants," said Paul Pittman, CEO of Farmland Partners Inc. "The Delta is one of the country's primary agricultural regions, and we will be pursuing further acquisition opportunities in the area."
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 41 farms with an aggregate of approximately 23,600 acres in Illinois, Nebraska and Colorado, with two farms under contract in Arkansas totaling approximately 1,900 acres. 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. The Company faces many risks that could cause its actual performance to differ materially from the results contemplated by its forward-looking statements, including, without limitation, the risks related to leasing farmland to third-party tenants, including delays in executing new leases and failure to negotiate leases on terms that will enable the Company to achieve its expected returns. 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 recent public offering dated July 24, 2014.
SOURCE Farmland Partners Inc.