Farmland Partners Inc. (NYSE:FPI)
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1 Year : From Apr 2018 to Apr 2019
DENVER, July 11, 2018 /PRNewswire/ -- Farmland Partners Inc. (NYSE: FPI) (the "Company") is the subject of an article published anonymously on an unregulated website by the holder of a short position in the Company's stock, alleging that the Company failed to meet its responsibilities of fair and full disclosure and intentionally misled investors with its financial reporting. Those allegations are false.
The Company expects to issue a more detailed response in the coming days. In the meantime, the Company believes it is appropriate to draw attention to certain facts about the Company's loan program that the article omitted and/or misrepresented:
- The total notes and interest receivable under the Company's loan program was $11.6 million, or 1.0% of the Company's total assets, as of March 31, 2018.
- The program generated $0.5 million in net revenues, or 1.1% of total revenue, in the year ended December 31, 2017.
- The program is directed at farmers, including, as previously disclosed, tenants. It was publicly announced in August 2015, and included in the Company's public disclosures since then. None of the borrowers under the program as of March 31, 2018 were related parties, or have other business relationships with the Company, other than as borrowers and, in some cases, tenants.
"It is horrifying the amount of damage that this self-interested, anonymous party's false allegations caused today to the Company's stockholders," said Paul A. Pittman, the Company's Chairman and CEO. "We are evaluating what avenues are available to the Company and its stockholders to remedy the damage inflicted."
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 166,000 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.