Business
Gladstone Land Acquires Almond Orchard in California
MCLEAN, VA / ACCESSWIRE / October 25, 2021 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land") announced that it has acquired 219 gross acres of
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / October 25, 2021 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\") announced that it has acquired 219 gross acres of farmland located in Madera County, California, for $3.3 million. In connection with the acquisition, Gladstone Land entered into a 10-year, triple-net lease agreement with an existing tenant.\"We are very pleased to build upon the relationship with our tenant,\" said Tony Marci, Managing Director of Gladstone Land. \"This farm near Madera, California, is a nice almond orchard and a great addition to our farmland ownership in the area. The almonds are in the peak of their production cycle, which is a great benefit to us and our tenant.\"\"We value the opportunity to own an almond orchard with two sources of irrigation water,\" said David Gladstone, President and CEO of Gladstone Land. \"Almonds fit well in our portfolio, and we feel the crop provides a long-term market position that will benefit our shareholders. We continue to evaluate additional farms to acquire as we work towards another successful year.\"About Gladstone Land Corporation:Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 160 farms, comprised of over 108,000 acres in 14 different states and 45,000 acre-feet of banked water in California, valued at approximately $1.4 billion. Gladstone Land's farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The company also owns farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, which are generally planted every 10 to 20-plus years and harvested annually. 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 104 consecutive monthly cash dis...