Gladstone Land Increases its Credit Facility
06 10월 2016 - 10:21PM
Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the
"Company") announced today the modification of its existing credit
facility with Metropolitan Life Insurance Company (“MetLife”),
which included an increase in the overall size of the facility from
$125 million to $200 million. The new facility consists of an
aggregate of $150 million in term notes and an aggregate of $50
million in revolving lines of credit. Among other changes,
the Company also:
- reduced the blended interest rate on all previously-outstanding
borrowings under the term notes from 3.35% to 3.16%;
- extended the fixed-rate term of the term note borrowings to
January 2027; and
- increased the overall loan-to-value ratio on the underlying
properties pledged as collateral under the facility from 58% to
60%.
In addition, the Company pledged additional properties as
collateral and had certain existing properties serving as
collateral re-appraised, which resulted in higher valuations.
The reduction in the blended interest rate will result in annual
savings of over $160,000, and the increase in the loan-to-value
ratio and change in the overall value of the underlying collateral
will result in approximately $28 million of additional borrowing
availability.
“MetLife has been a long-standing lending partner for us, and we
are pleased to be able to further solidify our relationship with
them,” said David Gladstone, President and CEO of the
Company. “This modification should provide us with
significant savings, while allowing us to continue to increase the
number of farms we own. We expect that any farms we acquire
in the future will be accretive to earnings, which should allow us
to increase distributions to our stockholders.”
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 June 30, 2016,
the estimated net asset value of the Company was $13.68 per
share. Gladstone Land currently owns 56 farms, comprised of
33,800 acres in 7 different states across the U.S., valued at
approximately $377 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 44 consecutive
monthly cash distributions on its common stock since its initial
public offering in January 2013. The current per-share
distribution on its common stock 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
Gladstone Land (NASDAQ:LAND)
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