Shares of publicly traded FarmLand Partners (NYSEMKT:FPI) jumped over 8% in the last couple of days on last weeks announcement that the soon-to-be-classified REIT was increasing its quarterly cash dividend by 10.5% to $0.116/share.
“The significant increase in our quarterly dividend reflects our commitment to deliver positive returns to our stockholders as we continue to generate strong cash flow fueled by the addition of high-quality assets to our portfolio,” said Paul Pittman, CEO of Farmland Partners Inc.
Farmland Partners is a farmland with a portfolio of row crop farmland located in agricultural markets throughout North America. The Company’s portfolio is comprised of 47 farms with an aggregate of approximately 29,000 acres in Illinois, Nebraska, Colorado, Arkansas and Louisiana. Including twenty-eight farms under contract in South Carolina, Arkansas, Nebraska, Colorado and Mississippi, the Company’s portfolio consists of approximately 48,600 acres. The Company intends to elect and qualify to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2014.
After it’s $13/share IPO back in April, Farmland Partners has struggled in a volatile public market and has faced headwinds as low commodity prices have put downward pressure on the red hot farmland market.
Have news or tips? Email [email protected]
We are democratizing access to venture capital. Learn how you can invest with us.