Farmland Partners Inc. commenced an underwritten public offering of series B participating preferred stock.
The company intends to grant the underwriters a 30-day option to acquire additional shares of the new series of securities.
The net proceeds from the offering will be contributed to Farmland Partners Operating Partnership LP in exchange for an equal number of newly designated series B participating preferred units of limited partnership interest.
The operating partnership plans to use the net proceeds for future farmland acquisitions and for general corporate purposes.
Raymond James and Jefferies are serving as joint book-running managers for the offering. Morrison & Foerster LLP is serving as legal counsel to the company. Latham & Watkins LLP is serving as legal counsel to the underwriters.