MCLEAN, Va., Sept. 17, 2018 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the “Company”) announced that it has acquired two permanent crop farms totaling 194 gross acres in Kings County, California, for approximately $6.9 million. In connection with the acquisition, the Company and the seller entered into a 15-year, triple-net lease.
“The Gladstone Land acquisition team continues to find opportunities to add high-value, fruit-producing assets that are leased to strong, established tenants, and this acquisition is another fine example of that,” said Bill Reiman, Managing Director of Gladstone Land. “The cherry orchards on these two farms are being grown with the most advanced technology and cutting-edge horticultural expertise and are expected to produce for the next 20-plus years. This region of the San Joaquin Valley in California is a very strong production area for many crop types, including cherries, due to its combination of fertile soil and ample water, and we hope this is the first of many acquisitions in Kings County.”
“This acquisition adds two more great farms and another strong tenant to our growing list of farms, further strengthening the diversification within our farmland holdings,” said David Gladstone, President and CEO of Gladstone Land. “Cherries are one of the many healthy foods that are produced on our farms, and these two farms produce some of the types of cherries that you typically see in grocery stores in the early spring. As many people know, our strategy is to own farms that produce healthy foods that are found in the produce and nut sections of your grocery stores.”
About Gladstone Land Corporation:
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to third-party farmers. The Company reports the current fair value of its farmland on a quarterly basis; as of June 30, 2018, the estimated net asset value of the Company was $13.51 per share. Gladstone Land currently owns 82 farms, comprised of 67,826 acres in 9 different states across the U.S., valued at approximately $569 million. Its acreage is predominantly concentrated in locations where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually, as well as permanent crops, such as almonds, blueberries, and pistachios, which are planted every 10 to 20-plus years. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land pays monthly distributions to its stockholders and has paid 67 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution rate on its common stock is $0.04435 per month, or $0.5322 per year. Additional information can be found at ir.GladstoneLand.com and www.GladstoneFarms.com.
Owners or brokers who have farmland for sale in the U.S. should contact:
Lenders who are interested in providing us with long-term financing on farmland should contact Jay Beckhorn at (703) 587-5823 or Jay.Beckhorn@GladstoneCompanies.com.
For stockholder information on Gladstone Land, call (703) 287-5893. For Investor Relations inquiries related to any of the monthly dividend-paying Gladstone funds, please visit www.Gladstone.com.
All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of the foregoing words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (the “Form 10-K”), as filed with the SEC on February 20, 2018, and certain other documents filed with the SEC from time to time. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
For a definition of net asset value and a reconciliation to the most directly-comparable GAAP measure, please see the Company’s Form 10-K.
SOURCE: Gladstone Land Corporation
For further information: Gladstone Land, 703-287-5893
Source: Gladstone Land Corporation