Farmland Partners Inc. and Prudential Announce Termination of Management Agreement

DENVER, Feb. 21, 2017 /PRNewswire/ -- Farmland Partners Inc. ("FPI" or the "Company") (NYSE: FPI) and Prudential announced today that they have mutually agreed to terminate the Sub-Advisory and asset management agreements under which Prudential has provided services to the properties formerly owned by American Farmland Company. American Farmland Company merged into FPI on February 2, 2017. FPI and Prudential will work through March 31, 2017 to transition all management activities at which time the agreements will terminate. 

Paul Pittman, Chairman and CEO of Farmland Partners said, "We appreciate Prudential's work assembling a portfolio of high-quality farms and farmers. We look forward to working with the team at Prudential in other capacities going forward."   

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, FPI owns or has under contract over 144,000 acres in Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, Texas and Virginia. FPI 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.

Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected portfolio growth, the elimination of duplicative costs, anticipated synergies and accretion to FPI's FFO and AFFO per share. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address events or developments that we expect or anticipate will occur in the future are forward-looking statements. These statements are not guarantees of future events and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

 

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SOURCE Farmland Partners Inc.

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