DENVER, August 6, 2021 / PRNewswire / – Farmland Partners Inc. (NYSE: FPI) (the “Company”) today released the Cumulative Appraisal of Farmland Value (“FVA”), FVA Factor and FVA Amount. date for 2021, as those terms are defined in the final prospectus for the Company’s 6.00% Series B Participating Preferred Shares (NYSE: FPIPRB) (“Series B Preferred Shares”).
The FVA factor and FVA amount were calculated using data contained in the 2021 Summary of Land Values, which was released today by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, Department of United States Agriculture (USDA). The report is available via the following link: https://release.nass.usda.gov/reports/land0821.pdf.
Based on the portfolio state weightings established under the Series B Preferred Shares, the cumulative FVA for the period ending September 30, 2021 is 12.33%, which gives 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 calculation of these amounts appears at the end of this press release and will also be published in 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 provides 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, Caroline from the south, South Dakota and Virginia. We have around 26 types of crops and over 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for US federal income tax purposes, effective the tax year ended. the 31st of December, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.
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Assessment of the total amount of FVA per participating preferred share Series B at 6% |
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Real estate values 2017 |
Real estate values 2021 |
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Portfolio Status |
Relative |
Actual FVA |
Assigned |
Actual FVA |
FVA value |
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Illinois |
34.344% |
$ 7,300 |
100.0 |
$ 7,900 |
8.22% |
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California |
19.265% |
$ 8,700 |
100.0 |
$ 10,900 |
25.29% |
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Caroline from the south |
6.892% |
$ 3,000 |
100.0 |
$ 3,600 |
20.00% |
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North Carolina |
6.695% |
$ 4,450 |
100.0 |
$ 4,750 |
6.74% |
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Colorado |
6.318% |
$ 1,430 |
100.0 |
$ 1,610 |
12.59% |
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Arkansas |
5.776% |
$ 3,180 |
100.0 |
$ 3,390 |
6.60% |
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Nebraska |
4.292% |
$ 2,900 |
100.0 |
$ 3,100 |
6.90% |
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Louisiana |
4.275% |
$ 3,000 |
100.0 |
$ 3,220 |
7.33% |
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Florida |
3.580% |
$ 5,700 |
100.0 |
$ 6,020 |
5.61% |
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Mississippi |
2.037% |
$ 2,500 |
100.0 |
$ 2,860 |
14.40% |
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Georgia |
1.923% |
$ 3,550 |
100.0 |
$ 3,670 |
3.38% |
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Michigan |
1.451% |
$ 4,800 |
100.0 |
$ 5,300 |
10.42% |
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Texas |
0.855% |
$ 2,090 |
100.0 |
$ 2,380 |
13.88% |
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Virginia |
0.752% |
$ 4,350 |
100.0 |
$ 4,700 |
8.05% |
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South Dakota |
0.696% |
$ 2,180 |
100.0 |
$ 2,190 |
0.46% |
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Kansas |
0.484% |
$ 1,850 |
100.0 |
$ 2,100 |
13.51% |
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Alabama |
0.365% |
$ 2,750 |
100.0 |
$ 3,200 |
16.36% |
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Cumulative FVA |
12.33% |
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FVA factor (50% of cumulative FVA) |
6.16% |
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FVA amount |
$ 1.54 |
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FVA amount + initial liquidation preference |
$ 26.54 |
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(1) |
Based on the total unaudited book value of our properties in each Portfolio State as of June 30, 2017. |
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(2) |
Represents the 2017 property values as published in the 2017 Property Values report for each State in the portfolio. |
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(3) |
Represents the 2021 property values as published in the 2021 property values report for each portfolio state. |
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SOURCE Farmland Partners Inc.
