Gladstone Land Corporation Announces Farmland Acquisition in Oregon
MCLEAN, Va., June 2, 2014 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced today that it has acquired two farms in Columbia County, Oregon, totaling 200 acres and 157 farmable acres for $2.6 million. The properties have water on site and have been farmed for blueberries for decades. In connection with the acquisition, the Company has entered into a 10-year lease on the properties with a large farming operation that grows blueberries for one of the world's largest supplier of berries.
"We are pleased to add two great farms in Oregon 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. We can also provide them with ongoing support in the form of capital for improvements on the property to enhance their farming operations," said Bill Frisbie, Director at the Company. "We now own 23 farms across the U.S. that produce a variety of high-value fruits and vegetables."
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 6,200 acres on 23 farms in 5 different states across the U.S., appraised at an aggregate value of approximately $123 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 2, 2014