Gladstone Land Corporation Announces Farmland Acquisition in California
MCLEAN, Va., June 16, 2014 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced today that it has acquired a 145-acre farm in Watsonville, California for $5.9 million. The property has water on site and has been farmed for row crop fruits and vegetables for decades. In connection with the acquisition, the Company assumed a lease on the property with 28 months remaining with a large farming operation as the tenant.
"We are pleased to add another first-rate farm in California to our portfolio and partner with the existing farmers on a long-term basis. Our objective is to be a strategic real estate partner for farmers so they can secure their land for the long haul," said Bill Frisbie, Director at the Company. "We now own 24 farms across the U.S. that produce a variety of high-value fruits and vegetables."
"We are excited when an opportunity arises to add prime strawberry land to our existing farmland in the Watsonville region, and we will always maximize our efforts in attempting to complete such deals. We have great relationships with growers here, and we will always do what we can to provide our services to them in order to support a healthy industry," said Bill Reiman, Managing Director at the Company.
About Gladstone Land Corporation:
Gladstone Land is seeking to be a real estate investment trust that pays monthly dividends to its stockholders, and the Company intends to report the current value of its farmland on a quarterly basis. Gladstone Land invests in farmland located in major agricultural markets in the United States that it leases to corporate and independent farmers. The Company currently owns 6,345 acres on 24 farms in 5 different states across the U.S., appraised at an aggregate value of approximately $129 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 more permanent crops, such as blueberries. The Company also may acquire property related to farming, such as storage facilities utilized for cooling crops, processing plants, packaging facilities and distribution centers. The Company has paid 16 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. Additional information can be found at www.GladstoneLand.com.
Owners or brokers who have farmland for sale in the United States should call (703) 287-5839.
For Investor Relations inquiries related to any of the monthly dividend-paying Gladstone funds, please visit www.Gladstone.com and www.GladstoneCompanies.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 June 16, 2014