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April 19, 2015 5:36 AM ET

Real Estate Management and Development

Company Overview of Farmland Partners Inc.

Company Overview

Farmland Partners Inc., a real estate company, owns and seeks to acquire primary crop farmland located in agricultural markets throughout North America. As of March 19, 2015, the company owned 93 farms with an aggregate of approximately 49,346 acres in Arkansas, Colorado, Illinois, Louisiana, Mississippi, Nebraska, and South Carolina. Farmland Partners Inc. was founded in 2013 and is based in Westminster, Colorado.

8670 Wolff Court

Suite 240

Westminster, CO 80031

United States

Founded in 2013

7 Employees



Key Executives for Farmland Partners Inc.

Executive Chairman, Chief Executive Officer and President
Age: 51
Total Annual Compensation: $333.3K
Chief Financial Officer, Treasurer and Secretary
Age: 45
Total Annual Compensation: $166.7K
Compensation as of Fiscal Year 2014.

Farmland Partners Inc. Key Developments

Farmland Partners Mulls Acquisitions

Farmland Partners Inc. (AMEX:FPI), which has announced the issuance of a $14.9 million 10-year, interest-only bond, is looking for acquisitions. Chief Executive Officer of Farmland Partners, Paul Pittman said, “This 10-year bond will begin to extend the average maturity of our debt and provide us with capital for additional acquisitions.”

Farmland Partners Appoints Joseph Glauber as Independent Director

Farmland Partners Inc. announced its board of directors has appointed Dr. Joseph Glauber as an independent director. Glauber served as the chief economist of the US Department of Agriculture from 2008 to 2014 and has been active in the agricultural industry since the early 1980s.

Farmland Partners Inc. and First Midwest Bank Enter into Amendment to Amended and Restated Business Loan Agreement

On February 24, 2015, Farmland Partners Operating Partnership, LP, the operating partnership of Farmland Partners Inc. and First Midwest Bank entered into an amendment to the amended and restated business loan agreement, dated as of April 16, 2014, to amend certain covenants of the loan agreement as follows: the requirement to maintain a minimum debt service coverage ratio of 1.25 to 1.00 was replaced with a requirement to maintain a minimum fixed charge coverage ratio of 1.50 to 1.00 as of the end of each fiscal quarter beginning June 30, 2015; the requirement to maintain a maximum debt to net worth ratio of 1.00 to 1.00 was replaced with a requirement to maintain a maximum leverage ratio of 0.60 to 1.00; and the requirement to maintain two deposit accounts with the lender was decreased to one deposit account. Other than the amendments described above, the terms of the loan agreement remain unchanged. In connection with the amendment, First Midwest waived the Operating Partnership's failure to comply, as of December 31, 2014, with covenants in the loan agreement regarding the minimum debt service coverage ratio, the maximum debt to net worth ratio and the maintenance of two deposit accounts with First Midwest. In connection with the Amendment, PH Farms LLC and Cottonwood Valley Land, LLC, which are wholly owned subsidiaries of the Operating Partnership, Paul A. Pittman, the company's Executive Chairman, President and Chief Executive Officer, and Jesse J. Hough, the company's consultant, as guarantors under the loan agreement, executed a consent to the Amendment and a ratification of their guarantees.

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