Gladstone Land Announces Minimal Damage From Hurricane Irma to Its Florida Farms
September 13 2017 - 9:30AM
Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the
“Company”) announces minimal damage to its farms and farm
facilities in Florida in the wake of Hurricane Irma.
“We have spoken to our tenant-partners across the state who
reported that crop losses and property damage have been
minimal. We are grateful to have come out relatively
unscathed, given the strength of this historic storm,” said Bill
Frisbie, Managing Director of Gladstone Land.
“Our tenant-partners know that we stand behind our farms 100%,
so we will continue to closely monitor the situation and step in to
help where needed. We are fortunate to have a focus on annual
crops on our Florida farms, which allows farmers to recover quickly
when natural disasters strike,” said David Gladstone, President and
CEO of Gladstone Land.
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 reports the current fair value of
its farmland on a quarterly basis; as of June 30, 2017, its
estimated net asset value was $14.46 per share. Gladstone
Land currently owns 72 farms, comprised of 61,794 acres in 9
different states across the U.S., valued at approximately $531
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 55 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 included in the "Risk
Factors" section of the Company’s periodic filings 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 they are 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
most recent Form 10-K or Form 10-Q.
For further information: Gladstone Land, 703-287-5893
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