Gladstone Land Acquires Farm in Florida
05 7월 2016 - 9:30PM
Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the
"Company") announced today that it has acquired approximately 401
acres of farmland in St. Lucie County, Florida, for $5.1 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 two, 7-year
extension options.
"We are privileged to make our first acquisition in Southeast
Florida with a highly-regarded vegetable grower as our
tenant-partner," said Bill Frisbie, the Company’s Managing Director
for the Eastern United States. "We now own 48 farms across
the U.S., and we seek to continue building and diversifying our
high-value agricultural portfolio. This property is farmed
for bell peppers and green beans."
"We like being real estate partners with farmers, and we seek to
buy farms that grow fresh fruits and vegetables that are healthy
for people to eat," said David Gladstone, President and CEO of
Gladstone Land. "We have built our farmland portfolio based
on the idea that the produce section of the grocery store is a good
place to base our business because returns on fruits, vegetables
and nuts have been growing at a stronger pace than other areas of
the food sector, and we believe that trend will continue."
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 farmers. The
Company intends to report the current value of its farmland on a
quarterly basis; as of March 31, 2016, based on the valuations of
our farmland portfolio, the net asset value of the Company was
$13.87 per share. Gladstone Land currently owns 48 farms,
comprised of 23,857 acres in 7 different states across the U.S.,
valued at approximately $339 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. Gladstone Land has paid
41 consecutive monthly cash distributions on its common stock since
its initial public offering in January 2013. The current
per-share distribution is $0.04125 per month, or $0.495 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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