Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 11:34 PM
|This Slide: #209 of 581|
Slide #209. Farmland Partners Inc. — Preferred Stock Offering
Farmland Partners Inc. (NYSE:FPI)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Farmland Partners Inc. (NYSE: FPI) (the "Company") today announced that it has priced its underwritten public offering of 5,250,000 shares of its newly designated 6.00% Series B participating preferred stock (the "Series B Participating Preferred Stock") at a public offering price of $25.00 per share, for gross proceeds of approximately $131.3 million, before deducting underwriting discounts and estimated offering expenses payable by the Company. Shares of Series B Participating Preferred Stock have an initial liquidation preference of $25.00 per share. Investors in the Series B Participating Preferred Stock may potentially benefit from farmland value appreciation in the 17 states in which the Company owns farmland as of June 30, 2017, as determined by the "Farm Real Estate, Average Value per Acre" contained in the annual agricultural land value summary released by the National Agricultural Statistics Service, the Agricultural Statistics Board and the United States Department of Agriculture. The offering is expected to close on August 17, 2017, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 787,500 shares of Series B Participating Preferred Stock at the public offering price less underwriting discounts and commissions. The Company intends to apply to list the shares of Series B Participating Preferred Stock on the New York Stock Exchange under the symbol "FPI PR B." If the application is approved, the Company expects trading to commence 30 days after initial delivery of the shares of Series B Participating Preferred Stock.
Farmland Partners is an internally managed real estate company that owns and seeks to acquire farmland located in agricultural markets throughout North America. Co. owns farms in Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, and Virginia. In addition, the main portion of Co.'s portfolio (by value) was used to grow primary crops, such as corn, soybeans, wheat, rice and cotton, with the balance used to produce specialty crops, such as blueberries, vegetables, citrus, nuts and edible beans. In addition, Co. is engaged in farmland asset management on behalf of third parties.
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Buy (2.60 out of 4)
(ranked lower than approx. 94% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com