Gladstone Land Acquires Farm in Florida for $2.6 Million
07 9월 2018 - 5:50AM
Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the
“Company”) announced that it has acquired a farm in northern
Florida totaling 574 acres for $2.6 million. Upon
acquisition, Gladstone Land assumed a lease that has more than two
years remaining on it with a farming operation growing primarily
peanuts and melons.
“We are pleased to acquire our first farm in the
Florida panhandle,” said Bill Frisbie, Managing Director of
Gladstone Land. “This region has very fertile ground and many
strong farm operators who we can partner with to continue expanding
our farmland holdings in the region.”
“This acquisition adds another strong tenant and
farm growing healthy produce to our growing list of owned and
leased farmland,” said David Gladstone, President and CEO of
Gladstone Land. “We hope to have several more acquisitions to
announce throughout the rest of 2018.”
About Gladstone Land
Corporation:Gladstone Land is a
publicly-traded real estate investment trust that invests in
farmland and farm-related properties located in major agricultural
markets in the U.S., which it leases to third-party farmers.
The Company reports the current fair value of its farmland on a
quarterly basis; as of June 30, 2018, the estimated net asset value
of the Company was $13.51 per share. Gladstone Land currently
owns 80 farms, comprised of 67,632 acres in 9 different states
across the U.S., valued at approximately $563 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 generally planted and harvested
annually, as well as permanent crops, such as almonds, blueberries,
and pistachios, which are planted every 10 to 20-plus years.
The Company may also acquire property related to farming, such as
cooling facilities, processing buildings, packaging facilities, and
distribution centers. Gladstone Land pays monthly
distributions to its stockholders and has paid 67 consecutive
monthly cash distributions on its common stock since its initial
public offering in January 2013. The current per-share
distribution rate on its common stock is $0.04435 per month, or
$0.5322 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.com
- Midwest U.S. – Bill Hughes at (618) 606-2887 or
bill.h@gladstoneland.com
- Western U.S. – Bill Reiman at (805) 263-4778 or
bill.r@gladstoneland.com, or Tony Marci at (831) 225-0883 or
tony.m@gladstoneland.com
Lenders who are interested in providing us with long-term
financing on farmland should contact Jay Beckhorn at (703) 587-5823
or Jay.Beckhorn@GladstoneCompanies.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, 2017 (the “Form 10-K”), as filed
with the SEC on February 20, 2018, and certain other documents
filed with the SEC from time to time. 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 a definition of net asset value and a reconciliation to the
most directly-comparable GAAP measure, please see the Company’s
Form 10-K.
SOURCE: Gladstone Land Corporation
For further information: Gladstone Land, 703-287-5893
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