Gladstone Land Reports No Damage to Farms from Wildfires in Southern California
December 07 2017 - 9:54AM
Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the
“Company”) announced today that none of its farms or farm-related
buildings in Southern California have been impacted by the
wildfires that are currently spreading in that part of the
state. The Company further announced that, due to the
location of its farms, it does not expect any damage to its
properties in the region as a result of the current wildfires.
“Although the community here in Ventura County is experiencing
horrible losses from the Thomas Fire, our portfolio of farms in the
area remains unscathed due to their location,” said Bill Reiman,
Managing Director of Gladstone Land. “Our farms in the area
are all located in the farming plain that is far below the hills
where the fire has raged out of control. We will continue to
monitor the fire and support our community in its efforts to battle
the blaze and support those in need.”
“We remain fortunate once again to escape damage from the fires
in Southern California,” said David Gladstone, President and CEO of
Gladstone Land. “Given the location of our farms and
farm-related buildings and the current path of the fires, we
believe the probability of any of the fires reaching our areas is
extremely remote. As we have in the past, we stand ready to
assist our farmers and others in the community should they need our
help. We hope the fires will recede soon.”
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 September 30, 2017, its
estimated net asset value was $14.15 per share. Gladstone
Land currently owns 72 farms, comprised of 62,855 acres in 9
different states across the U.S., valued at approximately $528
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 58 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
$0.0441 per month, or $0.5292 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.
SOURCE: Gladstone Land Corporation
For further information: Gladstone Land, 703-287-5893
Gladstone Land (NASDAQ:LAND)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gladstone Land (NASDAQ:LAND)
Historical Stock Chart
From Apr 2023 to Apr 2024