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.