Gladstone Land Corporation Opens Office in the Midwest
MCLEAN, Va., Jan. 20, 2015 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq:LAND) (the "Company") announced that William "Bill" Hughes has joined the Company's management team to seek potential acquisitions of farms in the Midwest. Mr. Hughes has been in the farm business for over 20 years and will be responsible for originating and managing all new investment opportunities in the midwestern United States. Prior to joining the Company, Mr. Hughes was a manager at U.S. Trust, where he purchased and managed farms for individuals.
"We welcome Bill to the Gladstone team. He has a long and outstanding career in the farming business in the Midwest. We expect Bill will add many years of experience to our team, which will help us grow even faster," said David Gladstone, Chairman of the Company.
Mr. Hughes will be looking for farms that grow fresh produce (fruits and vegetables), such as sweet corn, green beans, melons, potatoes, cabbage, and other produce items. As time goes on, he may also seek out certain specialty crops. Mr. Hughes is seeking excellent farms with plenty of water for irrigation. Mr. Hughes is located near St. Louis, Missouri, and can be contacted at (571) 386-7469 or Bill.Hughes@GladstoneCompanies.com.
About Gladstone Land Corporation:
Gladstone Land is a real estate investment trust that pays monthly distributions to its stockholders. The Company invests in farmland located in major agricultural markets in the United States that it leases to corporate and independent farmers and intends to report the current value of its farmland on a quarterly basis. As of September 30, 2014, the net asset value of the Company was $13.77 per share. The Company currently owns 33 farms, comprised of 8,370 acres in 5 different states across the U.S., valued at approximately $207 million. Its acreage is predominantly concentrated in locations where its tenants are able to grow row crops, such as berries and vegetables, which are planted and harvested annually or more frequently, as well as permanent crops, such as blueberries. The Company also may acquire property related to farming, such as storage facilities utilized for cooling produce, processing buildings, packaging facilities and distribution centers. The Company has paid 23 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution is $0.035 per month, or $0.42 per year. Additional information can be found at www.GladstoneLand.com
Owners or brokers who have farmland for sale in the western part of the United States (especially California) should contact Bill Reiman at (805) 263-4778 or Bill.Reiman@GladstoneCompanies.com. Those with farmland for sale in the eastern part of the United States (especially Florida) should contact Bill Frisbie at (703) 287-5839 or Bill.Frisbie@GladstoneCompanies.com. Those with farmland for sale in the midwestern part of the United States should contact Bill Hughes at (571) 386-7469 or Bill.Hughes@GladstoneCompanies.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, 2013, as filed with the SEC on February 24, 2014. 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.
CONTACT: For further information: Gladstone Land, 703-287-5893
Released January 20, 2015