Gladstone Land Acquires Vegetable Farm in Florida for $9.7 Million
August 09 2017 - 4:05PM
Gladstone Land Corporation (NASDAQ:LAND) (the “Company”) announced
that it has acquired a 1,910-acre farm in Okeechobee, Florida, for
$9.7 million. Upon acquisition, Gladstone Land entered into a
6-year lease agreement with Cabbage, Inc., for a 6-year, triple-net
lease that includes two extension options.
"We are privileged to acquire more farmland in Florida and
partner with Cabbage, Inc., a highly-regarded vegetable grower,"
said Bill Frisbie, Managing Director for the Company. "We now
own 70 farms across the U.S., and we seek to continue building and
diversifying our high-value agricultural portfolio."
"Cabbage Inc. is excited to partner with Gladstone Land on a
long-term basis with this transaction," said David Hille, Chairman
of Cabbage, Inc. "This property helps solidify our growing
operation as the leading cabbage grower in the Eastern U.S."
"Gladstone Land has strong roots in the produce industry, making
them a great resource for our real estate needs," added Randy
Marcum, President of Cabbage, Inc.
"We like partnering with the best farm operators in the best
growing regions in the country," said David Gladstone, President
and CEO of Gladstone Land Corporation. "We have built our
farmland portfolio on the thesis that continued growing demand for
fresh fruits & vegetables and nuts will make the finite supply
of farms that produce these crops more valuable over time."
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 30th, 2017,
the estimated net asset value of the Company was $14.46 per
share. Gladstone Land currently owns 70 farms, comprised of
60,687 acres in 8 different states across the U.S., valued at
approximately $516 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 54 consecutive
monthly cash distributions on its common stock since its initial
public offering in January 2013, and the current per-share
distribution on its common stock is $0.044 per month, or $0.528 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
- Western 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, 2016 (the “Form 10-K”), and
Quarterly Report on Form 10-Q for the three months ended March 31,
2017 (the “Form 10-Q”), each as filed with the SEC. 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 or Form 10-Q.
For further information: Gladstone Land, 703-287-5893
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