DENVER, Aug. 6, 2021 /PRNewswire/ -- Farmland Partners
Inc. (NYSE: FPI) (the "Company") today posted the Cumulative
Farmland Value Appreciation ("FVA"), the FVA Factor, and the FVA
Amount as updated for 2021, 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 2021 Summary, which was released today
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/land0821.pdf.
Based on the weighting of the Portfolio States established under
the terms of the Series B Preferred Stock, Cumulative FVA for the
period ending September 30, 2021 is
12.33%, resulting in an FVA Factor of 6.16% and an FVA Amount of
$1.54. The FVA Amount plus the
initial liquidation preference is equal to $26.54.
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 and/or manages
approximately 161,000 acres in 16 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North
Carolina, South Carolina,
South Dakota and Virginia. We have approximately 26 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. Additional information:
www.farmlandpartners.com or (720) 452-3100.
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Measurement of
Aggregate FVA Amount Per 6% Series B Participating Preferred
Share
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2017 Land
Values
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2021 Land
Values
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Portfolio
State
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Relative
Weighting
Applied in
Determining
FVA (1)
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Actual FVA
Value (2)
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Assigned
Baseline
Value
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Actual FVA
Value (3)
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FVA Value
Relative to
August, 2017
Baseline
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Illinois
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34.344%
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$7,300
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100.0
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$7,900
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8.22%
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California
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19.265%
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$8,700
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100.0
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$10,900
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25.29%
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South
Carolina
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6.892%
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$3,000
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100.0
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$3,600
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20.00%
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North
Carolina
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6.695%
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$4,450
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100.0
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$4,750
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6.74%
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Colorado
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6.318%
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$1,430
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100.0
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$1,610
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12.59%
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Arkansas
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5.776%
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$3,180
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100.0
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$3,390
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6.60%
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Nebraska
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4.292%
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$2,900
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100.0
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$3,100
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6.90%
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Louisiana
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4.275%
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$3,000
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100.0
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$3,220
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7.33%
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Florida
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3.580%
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$5,700
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100.0
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$6,020
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5.61%
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Mississippi
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2.037%
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$2,500
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100.0
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$2,860
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14.40%
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Georgia
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1.923%
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$3,550
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100.0
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$3,670
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3.38%
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Michigan
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1.451%
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$4,800
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100.0
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$5,300
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10.42%
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Texas
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0.855%
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$2,090
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100.0
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$2,380
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13.88%
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Virginia
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0.752%
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$4,350
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100.0
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$4,700
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8.05%
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South
Dakota
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0.696%
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$2,180
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100.0
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$2,190
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0.46%
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Kansas
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0.484%
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$1,850
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100.0
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$2,100
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13.51%
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Alabama
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0.365%
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$2,750
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100.0
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$3,200
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16.36%
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Cumulative
FVA
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12.33%
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FVA Factor (50% of
Cumulative FVA)
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6.16%
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FVA
Amount
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$
1.54
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FVA Amount +
initial liquidation preference
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$
26.54
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(1)
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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.
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(2)
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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.
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(3)
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Represents the 2021
Land Values as published in the 2021 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.
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content:https://www.prnewswire.com/news-releases/farmland-partners-inc-announces-farmland-value-appreciation-amount-for-its-6-00-series-b-participating-preferred-stock-301350541.html
SOURCE Farmland Partners Inc.