Gladstone Land Provides Update on Impact of Coronavirus on Operations and Distributions
Farming Operations: The Company does not believe the current Coronavirus pandemic has had a major impact on its operations or that of its tenant-farmers at this point in time. Farmland values are expected to remain stable, as they generally have throughout history during times of economic volatility, and rental payments from tenants leasing the Company’s farms are expected to continue on time. While sales volumes of the crops grown by our farmers have increased recently, the Company believes this is a temporary situation driven by the substantial increase in foot traffic within grocery stores as the public has been stocking up on food products, paper goods, and other necessities. The Company believes that sales volume is likely to return to normal in due time.
Distributions: At this time, the Company believes it is in a good position and intends to ask the Company’s board of directors to declare cash distributions for the second quarter that are at least equal to the current distribution rate. All farms continue to be leased, and all tenant-farmers continue to be current in their rental payments. Almost all of our farms grow healthy foods, such as nuts, strawberries, blueberries, and fresh vegetables, all of which have been in high demand at grocery stores due to increased traffic. Many of the Company’s farmers have also reported higher-than-average prices for their crops due to the demand for fresh produce. In short, the Company’s farmers seem to be having a good year, and more and more people are trending towards healthier diets.
The board of directors will meet on
Founded in 1997,
Owners or brokers who have farmland for sale in the
Eastern U.S.– Bill Frisbieat (703) 287-5839 or firstname.lastname@example.org
U.S.– Bill Hughesat (618) 606-2887 or email@example.com Western U.S.– Bill Reimanat (805) 263-4778 or firstname.lastname@example.org, or Tony Marciat (831) 225-0883 or email@example.com
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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
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Source: Gladstone Land Corporation