New York, New York-based American Farmland Co. has filed with the Securities and Exchange Commission (SEC) to raise up to $100 million through an initial public offering. No pricing terms have been released at this time.

 

Founded in 2009, the internally managed, farm-focused real estate investment trust (REIT) will be the second farm-focused REIT to go public, after Farmland Partners went public in April 2014.

 

American Farmland owns and operates a portfolio of farmland across the five U.S. states of California, Illinois, Florida, Arkansas, and Georgia through four segments including Permanent crops, Vegetable row crops, Commodity row crops, and Development. The portfolio includes land in the production of (or in the development stage to produce) wine grapes, citrus and other fruits including strawberries, almonds and pistachios, among other crops.

 

The company leases its farms to farmer-tenants through both fixed and participating lease structures of various and staggered durations, and has posted sales totaling $8 million for the 12 months ending on March 31, 2015.

 

The REIT plans to list on the New York Stock Exchange under the symbol AFCO, and Deutsche Bank, Raymond James, and FBR Capital Markets are the joint bookrunners for the listing.