Gladstone Land Announces a Farm Acquisition for $15.5 Million
06 4월 2016 - 5:05AM
Gladstone Land Corporation (NASDAQ:LAND) (the "Company") announced
today that it has acquired 453 acres of farmland in Fresno County,
California, for approximately $15.5 million. The property
includes 435 planted acres of pistachio trees ranging from 5 to 19
years old. In connection with the acquisition, the Company
entered into a leaseback agreement with the seller for a 10-year,
triple-net lease that includes one, 5-year extension option.
The lease consists of a fixed cash rent component plus a
variable rent component based on the gross crop revenues earned on
the property.
“We are excited to announce another acquisition that continues
to diversify our high-value agricultural portfolio,” said Bill
Reiman, the Company’s Managing Director for the Western United
States. “Adding the first pistachio orchard to our portfolio
and one of California’s premier nut growers as a tenant shows our
dedication towards broadening our exposure to high-value crops and
our ability to source great properties. This orchard is young
and healthy, and the farm has three wells on it, two of which are
new. The production potential of this farm should be
tremendous, both in the immediate time frame and as a long-term
investment.”
“We are pleased to purchase our first pistachio farm and enter
into a lease agreement with another highly-respected operator,”
said David Gladstone, President and CEO of the Company. “This farm
allows us to further diversify our portfolio by crop type, which we
believe will help reduce risks. The orchard is already in
strong production, so we will immediately be receiving rent
payments in the form of both fixed cash rents and crop share cash
payments based on the revenues earned on the farm. We are
looking forward to a strong performance in 2016 for our Company
after purchasing more than $41 million in new farms so far this
year. Our board will meet later this month to review our
projections and vote on our next quarterly distribution payments,
so please stay tuned, and eat more pistachios!”
About Gladstone Land
Corporation:Gladstone Land is a real
estate investment trust that pays monthly distributions to its
stockholders and invests in farmland located in major agricultural
markets in the United States that it leases to corporate and
independent farmers. The Company intends to report the
current value of its farmland on a quarterly basis; as of December
31, 2015, based on the valuations of our farmland portfolio, the
net asset value of the Company was $14.20 per share. The
Company currently owns 47 farms, comprised of 23,456 acres in 7
different states across the U.S., valued at approximately $327
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 almonds,
blueberries, and pistachios, which are planted every 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. The Company has paid 38 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 $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, 2015, as filed with the SEC on
February 23, 2016. 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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