Farmland Partners Inc. Announces Agreement for Acquisition of 15,042 Acres of Farmland for Cash and Equity Consideration

Farmland Partners Inc. FPI (the "Company") today announced that it has entered into a purchase agreement to acquire eight row crop farms in North Carolina, South Carolina, and Virginia comprising an aggregate of 15,042 acres. The farms were purchased for total consideration of $49.8 million in cash and an aggregate of 2,981,971 shares of common stock and units of limited partnership interest in the Company's operating partnership. The acquisitions are expected to close in May 2015, subject to customary closing conditions. The Company entered into a five-year lease agreement with the seller for all eight farms with an initial annual cash rent of approximately $4.3 million, including for the 2015 crop year. The Company expects this transaction to be accretive to Adjusted Funds from Operations and, as a result, the Company's management expects to recommend to the Board of Directors that, after closing of the acquisition, the Company's quarterly dividend be increased by approximately 10%, to an annual rate of $0.51 per share. "This agreement marks our largest acquisition to date," said Paul Pittman, CEO of the Company. "It is our second sizable transaction in the Southeast, following our acquisition of approximately 6,800 acres in South Carolina in December, and will expand our geographic footprint to include two new states – North Carolina and Virginia."