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Merger Creates Largest Public Farmland REIT in U.S.
USAgNet - 09/30/2016

Farmland Partners Inc. is acquiring all of the outstanding common stock of American Farmland Company in a stock-for-stock transaction. The combined company will be the largest public farmland real estate investment trust in the nation spanning more than 133,000 acres across 16 states, along both coasts, the Midwest, the Plains and the Delta.

The merger brings together two highly complementary leading farmland portfolios. FPI's assets are comprised primarily of premier row crop farmland, while AFCO's portfolio is concentrated in high-quality specialty and permanent crop farms across the U.S. On a consolidated basis, the combined company's portfolio is expected to consist of approximately 75% row crop farmland and 25% specialty crops by value. FPI expects to consolidate AFCO's operations into FPI's existing Denver-based headquarters and to realize significant cost synergies through eliminating duplicate administrative and other public company costs.

Paul A. Pittman will continue as FPI's Chairman and CEO. D. Dixon Boardman and Thomas S. T. Gimbel, AFCO's Chairman and CEO, respectively, will join FPI's Board of Directors.

Both companies' boards of directors have approved the transaction and recommend the transaction for approval by their respective stockholders. The parties currently expect the transaction to close in the later part of this year or early during the first quarter of 2017.


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