FarmlandPartners Inc. will hold its 2016 annual stockholder meeting to,among other things, consider a proposal to allow the potential future issuanceof the company's common shares upon redemption of operating partnership unitsrelated to the Justice transaction.
The OP units issued in the Justice transaction total 883,724class A common units of limited partnership interest in the company's operatingpartnership. The Justice transaction, which closed June 2, 2015, pertains tothe company's purchase of eight row-crop farms aggregating about 14,935 acresin North Carolina, South Carolina and Virginia.
The total consideration for the purchase consists of $49.8million in cash, 824,398 shares of the company's common stock and 1,993,709 OPunits.
Farmland's board is proposing that stockholders vote toapprove the redemption of the 883,724 OP units issued in the transaction toallow the company to issue common shares in satisfaction of its redemptionobligations.
The 2016 annual stockholder meeting has been scheduled forMay 25.