Gladstone Land Acquires Specialty Crop Farm in Nebraska
24 1월 2019 - 6:05AM
Gladstone Land Corporation (NASDAQ: LAND) (“Gladstone Land”
or the “Company”) announced that it has acquired a 695-acre farm in
Lincoln County, Nebraska, for $2.4 million. The farm consists
of 600 tillable acres rotated between popcorn, edible beans, and
potatoes and is irrigated with three on-site wells and
recently-updated pivots and electrical panels. Upon
acquisition, Gladstone Land entered into a long-term lease
agreement with the seller, Malmkar Farms of Grant, Nebraska.
“This farm is located in an area of Nebraska known for good
water and specialty crop production,” said Bill Hughes, Managing
Director of Gladstone Land. “We look forward to opening up
this new region and adding edible beans and popcorn to our already
diverse crop portfolio. We anticipate our relationship with
such a respected and established operator as Malmkar Farms will
provide us with opportunities to add even more acres of specialty
crops to our holdings.”
“This is the first of what we hope will be many new acquisitions
during 2019,” said David Gladstone, President and CEO of Gladstone
Land. “This farm has good water, grows some specialty crops
that aren’t as volatile in pricing as certain other types of crops
in the region, such as corn, and add another established and
long-term operator to our list of farm tenants. We believe
these factors combine to make this acquisition a relatively safe
investment that will be accretive to our company and its
shareholders, allowing us to continue our goal of frequently
increasing the distributions on our common stock. We look
forward to more good things to come in 2019.”
About Gladstone Land
Corporation:Gladstone Land is a
publicly-traded real estate investment trust that invests in U.S.
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 September 30, 2018, the estimated net asset
value of the Company was $13.79 per share. Gladstone Land
currently owns 86 farms, comprised of 73,900 acres in 10 different
states across the U.S., valued at approximately $621 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 and
harvested annually. 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 71 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 $0.04445
per month, or $0.5334 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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