Record Rainfall in California is Great News for Farmers
January 26 2017 - 11:36AM
Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the
“Company”) announced today that California continues to experience
dramatic drought relief and is on track to have one of the wettest
winters on record. As of January 24, 2017, the season-to-date
precipitation totals for the state’s main reporting stations ranged
between 215% and 232% of normal, and the snowpack levels are 228%
of normal in southern California and 193% across the entire state.
“The wet winter weather has been a great relief to farmers in
California, as rain and snow are both important to the supply of
irrigation water,” stated Bill Reiman, West Coast Managing Director
of the Company. “Whether it’s rain that recharges groundwater
wells and fills reservoirs or snow that melts in late spring and
summer, providing continued runoff for the main irrigation season,
water is key to good growing seasons. While all our farms
have wells that provided plenty of water during the last four years
of the drought, more abundant access to water is welcome news to
farmers across the state. We are seeing ground water levels
rising in our wells on the coast, and many lakes are filling
up. It’s always exciting to get the new growing season off to
such a good start.”
The Company does not expect any flooding from the current
excessive rainfall to have a negative impact on any of its
farms.
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 September 30,
2016, the estimated net asset value of the Company was $13.68 per
share. Gladstone Land currently owns 59 farms, comprised of
54,340 acres in 7 different states across the U.S., valued at
approximately $452 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 47 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 $0.043 per month, or $0.516 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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