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Farmland Partners Inc. announced the conversion of its 6.00% Series B preferred stock into common stock, with a conversion date set for October 4, 2021. The conversion will yield approximately 12.1 million shares of common stock, reflecting a conversion premium of 45.2%. This move is expected to enhance the common equity market capitalization by over 35% and simplify the company's capital structure while reducing leverage. Holders of the converted shares will be eligible for quarterly dividends, and the Series B stock will be delisted from the NYSE post-conversion.
Farmland Partners Inc. (FPI) has announced the updated Cumulative Farmland Value Appreciation (FVA) for its 6.00% Series B Participating Preferred Stock. As of September 30, 2021, the Cumulative FVA stands at 12.33%, resulting in an FVA Factor of 6.16% and an FVA Amount of $1.54. The total value, including initial liquidation preference, reaches $26.54. These figures are derived from the USDA's 2021 Land Values report and reflect the company's portfolio across multiple states, enhancing its investment appeal for current and prospective shareholders.
