Farmland Partners Shares Drop 6%

Farmland Partners shares fell 6% morning trading on Wednesday after the internally managed real estate company priced its underwritten public offering of 3.1 million shares at $11.25 per share, a 5% discount to the share’s closing price on Tuesday.

The offering, expected to close on Dec. 5, aims to make gross proceeds to the company of $33.3 million.

The company has granted the underwriters a 30-day option to purchase up to an additional 465,000 shares of the company’s common stock.

The company will contribute the net proceeds from the offering to Farmland Partners Operating Partnership, its operating partnership, in exchange for Class A common units of limited partnership interest in the Operating Partnership.

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