DENVER, March 8, 2021 /PRNewswire/ — Farmland Associates Inc. (NYSE: FPI) (the “Enterprise” or “FPI”) announced currently that it has marketed 2,811 acres throughout eight farms to Promised Land Option Zone Farms I, LLC (“OZ Fund”). The complete obtain value was $18.3 million. FPI repaid $7.8 million of personal debt, been given $8.5 million of money proceeds, and received $2. million in a convertible take note. In January 2021, FPI declared its partnership with the OZ Fund, a non-public investment automobile centered on acquiring and enhancing farmland in qualified possibility zones in the United States, as designated under U.S. tax provisions enacted in 2017.
“We are happy to near the 1st transaction with the OZ Fund and appear forward to scaling FPI’s asset management abilities,” mentioned Paul Pittman, FPI’s Chairman and CEO. “With robust commodity prices projected for 2021, we feel the outlook for farmers is quite favorable.”
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed genuine estate firm that owns and seeks to get significant-quality North American farmland and makes financial loans to farmers secured by farm authentic estate. As of the day of this launch, the Company owns roughly 152,000 acres in 16 states, which includes Alabama, Arkansas, California, Colorado, Florida, Ga, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and around 100 tenants. The Organization elected to be taxed as a actual estate expense believe in, or REIT, for U.S. federal income tax reasons, commencing with the taxable yr ended December 31, 2014. Additional information and facts: www.farmlandpartners.com or (720) 452-3100.
About Servant Fiscal
Servant Economical, Ltd. is a Chicago-centered investment decision administration firm launched in 2003. The business serves the assorted investment decision, threat management, and finance requires of people today, high web value shoppers and family workplaces. Servant Monetary focuses on different investments – private equity and hedge money, ETFs, and socially accountable investments. Further information and facts: www.servantfinancial.com or (630) 264-0127.
Ahead-Hunting Statements
This press release contains “ahead-searching statements” within just the that means of the federal securities laws, together with, devoid of limitation, statements about the transaction, the anticipated timeline for closing, the Firm’s means to sell further attributes to the OZ Fund, the expected gross proceeds from the revenue to the OZ Fund, the expected managements fees to be received by FPI, and the skill of the OZ Fund to get extra farmland properties. Forward-searching statements frequently can be discovered by the use of ahead-hunting terminology these as “might,” “must,” “could,” “would,” “predicts,” “possible,” “proceed,” “expects,” “anticipates,” “long run,” “intends,” “programs,” “believes,” “estimates” or very similar expressions or their negatives, as well as statements in foreseeable future tense. While the Firm thinks that the expectations reflected in such ahead-searching statements are based upon reasonable assumptions, beliefs and anticipations, this kind of forward-looking statements are not predictions of potential events or assures of foreseeable future functionality and our actual final results could vary materially from those set forth in the forward-looking statements. Some aspects that might trigger these kinds of a big difference include the ability to consummate the transaction described earlier mentioned, satisfaction of certified opportunity zone polices as determined by OZ Fund 3rd-get together advisors, and the general financial disorders. Any forward-on the lookout facts offered herein is designed only as of the date of this push launch, and the Firm does not undertake any obligation to update or revise any ahead-looking information to replicate adjustments in assumptions, the prevalence of unanticipated situations, or or else.
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Resource Farmland Partners Inc.
