Farmland Partners Inc. Announces Farmland Value Appreciation Amount for its 6.00% Series B Participating Preferred Stock

Rhea-AI Summary

Farmland Partners Inc. (FPI) has announced the updated Cumulative Farmland Value Appreciation (FVA) for its 6.00% Series B Participating Preferred Stock. As of September 30, 2021, the Cumulative FVA stands at 12.33%, resulting in an FVA Factor of 6.16% and an FVA Amount of $1.54. The total value, including initial liquidation preference, reaches $26.54. These figures are derived from the USDA's 2021 Land Values report and reflect the company's portfolio across multiple states, enhancing its investment appeal for current and prospective shareholders.

Positive

• Cumulative FVA of 12.33% indicates strong farmland value growth.
• FVA Amount of $1.54 contributes to a total value of $26.54 including liquidation preference.

Negative

• None.

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.

Measurement of Aggregate FVA Amount Per 6% Series B Participating Preferred Share
			2017 Land Values		2021 Land Values
Portfolio State		Relative Weighting Applied in Determining FVA (1)	Actual FVA Value (2)	Assigned  Baseline Value	Actual FVA Value (3)	FVA Value Relative to August, 2017 Baseline
Illinois		34.344%	$7,300	100.0	$7,900	8.22%
California		19.265%	$8,700	100.0	$10,900	25.29%
South Carolina		6.892%	$3,000	100.0	$3,600	20.00%
North Carolina		6.695%	$4,450	100.0	$4,750	6.74%
Colorado		6.318%	$1,430	100.0	$1,610	12.59%
Arkansas		5.776%	$3,180	100.0	$3,390	6.60%
Nebraska		4.292%	$2,900	100.0	$3,100	6.90%
Louisiana		4.275%	$3,000	100.0	$3,220	7.33%
Florida		3.580%	$5,700	100.0	$6,020	5.61%
Mississippi		2.037%	$2,500	100.0	$2,860	14.40%
Georgia		1.923%	$3,550	100.0	$3,670	3.38%
Michigan		1.451%	$4,800	100.0	$5,300	10.42%
Texas		0.855%	$2,090	100.0	$2,380	13.88%
Virginia		0.752%	$4,350	100.0	$4,700	8.05%
South Dakota		0.696%	$2,180	100.0	$2,190	0.46%
Kansas		0.484%	$1,850	100.0	$2,100	13.51%
Alabama		0.365%	$2,750	100.0	$3,200	16.36%
Cumulative FVA						12.33%
FVA Factor (50% of Cumulative FVA)						6.16%
FVA Amount						$           1.54
FVA Amount + initial liquidation preference						$         26.54
(1)	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.
(2)	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.
(3)	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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SOURCE Farmland Partners Inc.