Farmland Partners Inc | 6.00% Series B Participating Preferred Stock (FPI.PRB)
This preferred is marked as having been called.
Prospectus excerpt: We are offering 5,250,000 shares of our 6.00% Series B Participating Preferred Stock, $0.01 par value per share, or the Series B Participating Preferred Stock. We are organized and conduct our operations to qualify as a real estate investment trust, or REIT, for U.S. federal income tax purposes. To assist us in qualifying as a REIT, among other purposes, our charter generally limits any person from beneficially or constructively owning more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our capital stock. Liquidation Preference and Farmland Value Appreciation Amount. The Series B Participating Preferred Stock has an initial liquidation preference of $25.00 per share, or the initial liquidation preference, that may be increased by an additional Farmland Value Appreciation Amount, or the FVA Amount, that represents the cumulative change, from the 2017 estimated average value per acre of farmland in the 17 states in which we own farmland, or the Portfolio States, weighted by the percentage of the total unaudited book value of our properties held in each Portfolio State as of June 30, 2017, or the Weighting Factor. Farmland value appreciation, or FVA, is determined using "Farm Real Estate, Average Value per Acre," or Land Value, contained in the annual agricultural Land Values summary, or Land Value Report, released by the National Agricultural Statistics Service, or NASS, the Agricultural Statistics Board, or ASB, and the United States Department of Agriculture, or USDA. The FVA Amount will become fixed (based on the FVA Amount calculated based on the 2024 Land Value Report (as defined herein)) and cease to accrue on and after September 30, 2024. The FVA Amount and the Premium Amount (as defined herein) will be subject to a cap as described below.
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Farmland Partners is a real estate investment trust. Co. 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, Missouri, North Carolina, Nebraska, South Carolina, South Dakota, and Virginia. Majority of Co.'s owned portfolio is used to grow primary crops, such as corn, rice and cotton, with the balance is used to produce specialty crops, such as almonds, citrus blueberries, and vegetables. Co. provides a loan program pursuant to which it makes loans to third-party farmers. Preferred: FPI.PRB Open the FPI Information Page » |
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