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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Farmland Partners Inc. | NYSE:FPI.PRB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
DENVER, Aug. 3, 2018 /PRNewswire/ -- Farmland Partners Inc. (NYSE:FPI) (the "Company") today posted the Cumulative Farmland Value Appreciation ("FVA"), the FVA Factor, and the FVA Amount for 2018, as those terms are defined in the final prospectus for the Company's 6.00% Series B Participating Preferred Stock (NYSE:FPIPRB) ("Series B Preferred Stock").
The FVA Factor and FVA amount were calculated using data contained in the Land Values 2018 Summary, which was released yesterday by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA). The report is available via the following link: https://release.nass.usda.gov/reports/land0818.pdf.
Based on the weighting of the Portfolio States established under the terms of the Series B Preferred Stock, Cumulative FVA for the twelve months ending September 30, 2018 is 1.65%, resulting in an FVA Factor of 0.83% and an FVA Amount of $0.21.
The computation of these amounts appears at the end of this press release and will also be posted to the "Investor Relations" section of the Company's website.
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns or has under contract over 165,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia. The Company has over 100 tenants that farm approximately 30 different varieties of crops. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014.
Measurement of Aggregate FVA Amount Per 6% Series B Participating Preferred Share | ||||||
2017 Land Values |
2018 Land Values | |||||
Portfolio State |
Relative |
Actual FVA |
Assigned |
Actual |
FVA Value | |
Illinois |
34.344% |
$7,300 |
100.0 |
$7,450 |
2.05% | |
California |
19.265% |
$8,700 |
100.0 |
$9,000 |
3.45% | |
South Carolina |
6.892% |
$3,000 |
100.0 |
$3,010 |
0.33% | |
North Carolina |
6.695% |
$4,450 |
100.0 |
$4,480 |
0.67% | |
Colorado |
6.318% |
$1,430 |
100.0 |
$1,420 |
-0.70% | |
Arkansas |
5.776% |
$3,180 |
100.0 |
$3,250 |
2.20% | |
Nebraska |
4.292% |
$2,900 |
100.0 |
$2,850 |
-1.72% | |
Louisiana |
4.275% |
$3,000 |
100.0 |
$3,100 |
3.33% | |
Florida |
3.580% |
$5,700 |
100.0 |
$5,700 |
0.00% | |
Mississippi |
2.037% |
$2,500 |
100.0 |
$2,540 |
1.60% | |
Georgia |
1.923% |
$3,550 |
100.0 |
$3,500 |
-1.41% | |
Michigan |
1.451% |
$4,800 |
100.0 |
$4,780 |
-0.42% | |
Texas |
0.855% |
$2,090 |
100.0 |
$2,280 |
9.09% | |
Virginia |
0.752% |
$4,350 |
100.0 |
$4,330 |
-0.46% | |
South Dakota |
0.696% |
$2,180 |
100.0 |
$2,170 |
-0.46% | |
Kansas |
0.484% |
$1,850 |
100.0 |
$1,800 |
-2.70% | |
Alabama |
0.365% |
$2,750 |
100.0 |
$2,780 |
1.09% | |
Cumulative FVA |
1.65% | |||||
FVA Factor (50% of Cumulative FVA) |
0.83% | |||||
FVA Amount |
$ 0.21 |
(1) |
Based on the total unaudited book value of our properties in each Portfolio State as of June 30, 2017. These will be the Weighting Factors for measurement of Cumulative FVA and the Premium Amount and will at no time change as it relates to the Series B Participating Preferred Stock. | |||||
(2) |
Represents the 2017 Land Values as published in the 2017 Land Value Report for each Portfolio State. Such values will remain constant for purposes of calculating the FVA Amount, notwithstanding any revisions to the 2017 Land Values in subsequent Land Value Reports. | |||||
(3) |
Represents the 2018 Land Values as published in the 2018 Land Value Report for each Portfolio State. Figures represent state-wide averages per the survey methodology, as defined in the final prospectus for the Company's 6.00% Series B Participating Preferred Stock. |
View original content:http://www.prnewswire.com/news-releases/farmland-partners-inc-announces-farmland-value-appreciation-amount-for-its-6-00-series-b-participating-preferred-stock-300691636.html
SOURCE Farmland Partners Inc.
Copyright 2018 PR Newswire
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