NAMA Shortcuts
Member Directory
Best of NAMA 2015
Upcoming Events
Chapters
Agri-Marketing Conf
More NAMA












GLADSTONE LAND ACQUIRES FARM IN FLORIDA FOR $54 MILLION
news release Gladstone Land Corporation sent via GlobeNewswire

Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced today that it has acquired approximately 3,750 acres of organic farmland in southern Florida for $54 million. Upon acquisition, the Company entered into a lease agreement with a leading grower and marketer of fresh vegetables for a 7-year lease that provides for annual rent escalations and three, 5-year extension options.

"We are privileged to acquire more organic farmland in Florida with a highly-regarded vegetable grower as our tenant-partner," said Bill Frisbie, the Company's Managing Director for the Eastern United States. "This property is farmed for organic vegetables in a region with significant development pressure from home builders.

"We now own 59 farms across the U.S., and we seek to continue building and diversifying our high-value agricultural portfolio. We have built our farmland portfolio on the thesis that the continued growing demand for fresh fruits and vegetables and nuts will make the finite supply of farms that produce these crops more valuable over time."

"Our first acquisition of 2017 represents the largest acquisition in our Company's history and begins what we believe will be our strongest year," said David Gladstone, President and CEO of Gladstone Land. "This new farm is a great property with a strong tenant, and we expect this acquisition will provide us with a significant amount additional earnings, which we hope to be able to pass on to our stockholders in the form of increased distributions.

"We have now increased the distributions on our common stock five times over the past 24 months for a total increase of 43.3%, and our goal is to continue this trend. And these distributions we pay out to our stockholders are fully covered by our funds from operations."

About Gladstone Land Corporation:

Gladstone Land is a publicly-traded real estate investment trust that invests in farmland located in major agricultural markets in the U.S., which it leases to farmers, and pays monthly distributions to its stockholders. The Company intends to report the current fair value of its farmland on a quarterly basis; as of September 30, 2016, the estimated net asset value of the Company was $13.68 per share. Gladstone Land currently owns 59 farms, comprised of 54,340 acres in 7 different states across the U.S., valued at approximately $452 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 planted and harvested annually or more frequently; as well as permanent crops, such as almonds, blueberries, and pistachios, which are planted every 10 to 20-plus years. The Company also may acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land has paid 47 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013, and the current per-share distribution on its common stock is $0.043 per month, or $0.516 per year. Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.


Search News & Articles























Proudly associated with:
American Business Media Canadian Agri-Marketing Association National Agri-Marketing Association
Agricultural Relations Council National Association of Farm Broadcasters American Agricultural Editors' Association Livestock Publications Council
All content © 2017, Henderson Communications LLC. | User Agreement