MCLEAN, Va., Sept. 06, 2018 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) announced that it has acquired a farm in northern Florida totaling 574 acres for $2.6 million. Upon acquisition, Gladstone Land assumed a lease that has more than two years remaining on it with a farming operation growing primarily peanuts and melons.
“We are pleased to acquire our first farm in the Florida panhandle,” said Bill Frisbie, Managing Director of Gladstone Land. “This region has very fertile ground and many strong farm operators who we can partner with to continue expanding our farmland holdings in the region.”
“This acquisition adds another strong tenant and farm growing healthy produce to our growing list of owned and leased farmland,” said David Gladstone, President and CEO of Gladstone Land. “We hope to have several more acquisitions to announce throughout the rest of 2018.”
About Gladstone Land Corporation:
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to third-party farmers. The Company reports the current fair value of its farmland on a quarterly basis; as of June 30, 2018, the estimated net asset value of the Company was $13.51 per share. Gladstone Land currently owns 80 farms, comprised of 67,632 acres in 9 different states across the U.S., valued at approximately $563 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 generally planted and harvested annually, as well as permanent crops, such as almonds, blueberries, and pistachios, which are planted every 10 to 20-plus years. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land pays monthly distributions to its stockholders and has paid 67 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution rate on its common stock is $0.04435 per month, or $0.5322 per year. Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.
