Gladstone Land Farm Regions Outperform in 2015
22 2월 2016 - 10:30PM
Gladstone Land Corporation (NASDAQ:LAND) announced today that the
three regions in which it owns approximately 87% of its farmland
were the three highest performing regions in the United States for
2015, according to the National Council of Real Estate Investment
Fiduciaries (“NCREIF”) Farmland Property Index for 2015, released
on January 20, 2016. The NCREIF Farmland Property Index currently
tracks quarterly returns on 667 farms, coast to coast in the U.S.,
with an aggregate value of more than $6.7 billion:
States/Regions (1) |
Farms |
Market Value ($ millions) |
2015 Total Returns
(2) |
California |
219 |
3,199.3 |
|
18.47 |
% |
Mountain |
48 |
428.9 |
|
10.51 |
% |
Southeast |
32 |
362.5 |
|
10.18 |
% |
Southern Plains |
21 |
225.7 |
|
7.02 |
% |
Delta States |
70 |
1,003.1 |
|
3.19 |
% |
Lake States |
36 |
265.8 |
|
1.55 |
% |
Pacific Northwest |
58 |
473.5 |
|
0.23 |
% |
Corn Belt |
175 |
709.9 |
|
0.14 |
% |
(1) NCREIF designates California as the Pacific West even though
California is the only state in that designated region. Regions
with fewer than 10 farms are not listed.
(2) Includes appreciation (or depreciation), realized capital
gain (or loss) and income. Income is defined as each property’s net
operating income.
In spite of drought concerns, California led the index by a wide
margin, with a total 2015 return of 18.5%. The Mountain region,
which includes Arizona, came in second, with a total return of
10.5%, and the Southeast region followed closely with a total
return of 10.2%. Gladstone Land currently has approximately 87% of
the fair value of its portfolio in California, the Mountain and the
Southeast regions. Gladstone Land does not own any farms in the
states that are designated as NCREIF’s Corn Belt region.
“We are very pleased to see such strong returns for our
portfolio’s growing regions in 2015,” said David Gladstone,
President and CEO of Gladstone Land. “Historical returns continue
to show that high value fruit and vegetable farmland regions
generate the most income and most consistent appreciation.”
About Gladstone Land
Corporation:Gladstone Land is a real
estate investment trust that pays monthly distributions to its
stockholders. The company invests in farmland located in
major agricultural markets in the United States that it leases to
corporate and independent farmers and intends to continue to report
the current value of its farmland on a quarterly basis. As of
September 30, 2015, the company’s net asset value was reported in
its Form 10-Q filing as $13.64 per share. Gladstone Land
currently owns 43 farms, comprised of 16,810 acres in 6 different
states across the U.S., valued at approximately $275 million.
Its acreage is predominantly concentrated in locations where its
tenants are able to grow row crops, such as berries and vegetables,
which are planted and harvested annually or more frequently, as
well as permanent crops, such as blueberries and almonds, which are
planted every 10 to 20-plus years. The company also may
acquire property related to farming, such as storage facilities
utilized for cooling produce, processing buildings, packaging
facilities, and distribution centers. Gladstone Land has paid
35 consecutive monthly cash distributions on its common stock since
its initial public offering in January 2013. The current
per-share distribution is $0.04 per month, or a run rate of $0.48
per year. Additional information can be found at
www.GladstoneLand.com and www.GladstoneFarms.com.
Owners or brokers who have farmland for sale in the U.S. should
contact:
Eastern U.S. – Bill Frisbie at (703) 287-5839 or
bill.f@gladstoneland.comWestern U.S. – Bill Reiman at (805)
263-4778 or bill.r@gladstoneland.com Midwest U.S. – Bill Hughes at
(618) 606-2887 or bill.h@gladstoneland.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, 2014, as filed with the SEC on
February 24, 2015. 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 further information: Gladstone Land, 703-287-5893
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