FARMLAND PARTNERS INC. (NYSE:FPI) Files An 8-K Other Events
Item 8.01. Other Events
On March31, 2017, per the previously announced Termination
Agreement (the Termination Agreement), Farmland Partners Inc.
(the Company) and PGIM Real Estate Finance, LLC, an affiliate of
Prudential Capital Mortgage Company (Prudential), terminated the
Amended and Restated Sub-Advisory Agreement (the Sub-Advisory
Agreement), dated as of October23, 2015, by and among American
Farmland Company, American Farmland Advisors, American Farmland
Company L.P. and Prudential and certain related property
management agreements (together with the Sub-Advisory Agreement,
the Prudential Agreements).
The Termination Agreement provided that, as of March31, 2017,
Prudential would no longer provide services to the Company under
the Prudential Agreements. Following the termination of the
Prudential Agreements, the Company paid Prudential $1.6 million
in cash, which is equal to the fee that was owed to Prudential
for services through the quarter ended March31, 2017 plus a
termination fee of approximately $160,000.
The foregoing description of the Termination Agreement is not
complete and is subject to and qualified in its entirety by
reference to the full text of the Termination Agreement, which is
filed as Exhibit10.1 to this Current Report on Form8-K.
Item9.01. Financial Statements and
Exhibits.
(d)Exhibits.
Exhibit No. |
|
Description |
10.1 |
Termination Agreement, dated as of February18, 2017, by and |
About FARMLAND PARTNERS INC. (NYSE:FPI)
Farmland Partners, Inc. is an internally managed real estate company. The Company owns and seeks to acquire primary crop farmland located in agricultural markets throughout North America. The Company is the sole member of the general partner of Farmland Partners Operating Partnership, LP. The Company’s principal investment focus is on farmland located in agricultural markets throughout North America, however, it may seek to acquire farmland outside of North America. It also may acquire properties related to farming, such as grain storage facilities, grain elevators, feedlots, processing plants and distribution centers, as well as livestock farms or ranches. The Company owns or has under contract approximately 260 farms with an aggregate of over 108,160 acres (including approximately five farms totaling over 8,590 acres under contract) in Arkansas, Colorado, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, Texas and Virginia. FARMLAND PARTNERS INC. (NYSE:FPI) Recent Trading Information
FARMLAND PARTNERS INC. (NYSE:FPI) closed its last trading session up +0.05 at 10.98 with 163,130 shares trading hands.