Colorado-based Real Estate Investment Trust (REIT), Farmland Partners, announced the completion of the sale of an additional 360,000 shares of common stock under the terms of the over-allotment option made available to the underwriters of the company’s original equity offering dated July 15.

 

The proceeds from the sale of the over-allotment shares, priced at a public offering price of $11.00 per share, will be added to the proceeds from the original offering, bringing the company total net proceeds of approximately $34.9 million.

 

Farmland Partners has seen a highly active 2015 since signaling its intent in December 2014 to increase land purchases after doubling its agreed upon bond purchase facility with Farmer Mac from $75 million to $150 million.

 

Using those funds, in March, the investment group announced the purchase of three row crop farms in Nebraska and Colorado totaling 2,592 acres for $16.6 million in limited partner interest and more than 63,000 shares of stock. Followed by the announcement just weeks later of its largest farmland purchase to date – the acquisition of 15,042 acres across eight farms located in North Carolina, South Carolina and Virginia for $80 million.

 

Since its listing in April 2014, Farmland Partners has grown meteorically, increasing its portfolio from an original 7,300 acres across three states to a total of 68,000 acres across nine states within a year.