Gladstone Land Acquires Add-on Farm in Colorado
October 02 2017 - 4:05PM
Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the
“Company”) announced that it has acquired a 1,280-acre farm in Baca
County, Colorado, for $900,000. Upon acquisition, the Company
entered into a 4-year, triple-net lease backed by one of the
leading farm operators in the area. The farm is adjacent to
another farm Gladstone Land owns and will grow hay for cattle
feedlots located throughout the Southern Plains and Southwest
United States.
"We are happy to be able to add this property to
our portfolio. Although it’s a smaller deal for us, it
demonstrates our commitment to our tenant-farmers and our
willingness to assist them in growing their operations,” said Bill
Hughes, Managing Director of Gladstone Land. "We now own 73
farms across the U.S., and we seek to continue building and
diversifying our high-value agricultural portfolio.”
"This acquisition was completed at the request of
an existing tenant to allow them to continue growing their farming
operations, providing further evidence of us always standing behind
our tenant-farmers,” said David Gladstone, President and CEO of
Gladstone Land. “Similar to our other purchases in Colorado,
the soil on this farm is ideally suited to grow high-quality crops
to serve the cattle industry. This acquisition is expected to
yield strong returns for us and was another opportunity to
strengthen our relationship with a very strong tenant and further
diversify our farmland portfolio. We just completed another
active quarter, and we expect to remain so over the next few
months, so please stay tuned.”
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 73 farms, comprised of 63,074 acres in 9
different states across the U.S., valued at approximately $532
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 56 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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