MCLEAN, Va., Nov. 04, 2019 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it has acquired approximately 1,100 gross acres of farmland in Coalinga, California, for $37 million. The farm consists of 1,040 planted acres of mature pistachio trees. This was the second and final phase of the purchase of this orchard that includes an eight-year, triple-net lease agreement with RTS Agri Business and Canoas Creek Pistachios. The first phase closed in August for $33 million.
“This completes our $70 million purchase of nearly 2,000 acres of pistachios trees that are just reaching prime production and represents a great example of our ability to do larger and more complex acquisitions,” said Bill Reiman, Managing Director of Gladstone Land. “We look forward to a long prosperous relationship with our new tenant.”
“We have now acquired more than $250 million worth of farmland so far in 2019,” said David Gladstone, President and CEO of Gladstone Land. “This has been a record year for us so far, and it’s not over yet. Pistachio and almond prices have remained strong, and increased trade wars have had little impact on their overall demand. The addition of these crop types has increased the diversification within our farmland holdings and has provided a strong source of additional income to our already-existing portfolio of farmland primarily growing fresh fruits and vegetables.”
About Gladstone Land Corporation:
Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that owns farmland and farm-related properties located in major agricultural markets across the U.S. and leases its properties to unrelated third-party farmers. The Company reports the fair value of its farms on a quarterly basis. The Company currently owns 103 farms, comprised of approximately 87,000 acres in 10 different states, valued at approximately $873 million. The farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The Company also owns farms growing permanent crops, such as almonds, apples, figs, olives, pistachios, and other orchards, as well as groves of blueberries and vineyards, which are generally planted every 10 to 20-plus years and harvested annually. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. The Company pays monthly distributions to its stockholders and has paid 81 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution on its common stock is $0.0446 per month, or $0.5352 per year. Additional information, including detailed information about each of the Company’s farms, can be found at www.GladstoneFarms.com.
Owners or brokers who have farmland for sale in the U.S. should contact:
Lenders who are interested in providing the Company 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.GladstoneCompanies.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, 2018 (the “Form 10-K”), as filed with the SEC on February 26, 2019, 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