Farmland Partners (FPI) to Offer 3.1M Common Shares
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Farmland Partners Inc. (NYSE: FPI) announced that it has commenced an underwritten public offering of 3,100,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 465,000 shares of the Company's common stock.
The Company will contribute the net proceeds from the offering to Farmland Partners Operating Partnership, LP, its operating partnership (the "Operating Partnership"), in exchange for Class A common units of limited partnership interest in the Operating Partnership. The Operating Partnership intends to use the net proceeds from the offering for future farmland acquisitions in accordance with the Company's investment strategy, including $3.3 million to fund the cash portion of the purchase price of one farm currently under contract, and for general corporate purposes.
Baird and Stifel are serving as active book-running managers for the offering. Janney Montgomery Scott and Wunderlich are serving as passive book-running managers for the offering.
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