DENVER, Feb. 21, 2017 /PRNewswire/ -- Farmland Partners
Inc. ("FPI" or the "Company") (NYSE: FPI) and Prudential announced
today that they have mutually agreed to terminate the Sub-Advisory
and asset management agreements under which Prudential has provided
services to the properties formerly owned by American Farmland
Company. American Farmland Company merged into FPI on February 2, 2017. FPI and Prudential will work
through March 31, 2017 to transition
all management activities at which time the agreements will
terminate.
Paul Pittman, Chairman and CEO of
Farmland Partners said, "We appreciate Prudential's work assembling
a portfolio of high-quality farms and farmers. We look forward to
working with the team at Prudential in other capacities going
forward."
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, FPI owns or has under contract over
144,000 acres in Alabama,
Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North
Carolina, South Carolina,
Texas and Virginia. FPI 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.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements regarding
the expected portfolio growth, the elimination of duplicative
costs, anticipated synergies and accretion to FPI's FFO and AFFO
per share. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," variations of such words
and similar expressions are intended to identify such
forward-looking statements, which generally are not historical in
nature. All statements that address events or developments that we
expect or anticipate will occur in the future are forward-looking
statements. These statements are not guarantees of future events
and involve certain risks, uncertainties and assumptions that are
difficult to predict. Although we believe the expectations
reflected in any forward-looking statements are based on reasonable
assumptions, we can give no assurance that our expectations will be
attained and therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements.
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SOURCE Farmland Partners Inc.