Farmland Partners Inc. Announces Redemption of OP Units to Common Stock

PRNewswire 11-Jan-2019 4:05 PM

DENVER, Jan. 11, 2019 /PRNewswire/ -- Effective January 9, 2019, Paul A. Pittman, Chairman and Chief Executive Officer of Farmland Partners Inc. (NYSE:FPI) (the "Company"), tendered all his units of limited partnership interest (the "OP Units") in the Company's operating partnership for redemption in exchange for an equal number of shares of the Company's common stock. The redemption of the 985,273 OP Units has been reported to the SEC in a Form 4.

"I currently own well over 6% of the Company on a fully diluted basis. I have been an active buyer of FPI stock on my personal account since the IPO, with almost 85,000 shares purchased in 2018, of which 26,800 were purchased in the fourth quarter alone," said Mr. Pittman. "I do not intend to sell the shares I received upon redemption or any other shares that I own at the current deep discount to NAV."

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 approximately 162,000 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. We have approximately 30 crop types and over 100 tenants. 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.

 

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SOURCE Farmland Partners Inc.