Business
Gladstone Land Acquires Citrus Groves in South Florida
MCLEAN, VA / ACCESSWIRE / August 19, 2021 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that it has acquired two
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / August 19, 2021 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has acquired two lemon and orange groves, totaling 617 acres in South Florida for approximately $5.2 million. In connection with the acquisition, Gladstone Land entered into a 12-year leaseback agreement with the seller.\"We are excited to acquire our first groves in Florida, a state with a long and celebrated citrus history. These groves produce lemons and oranges sold into the juice and fresh markets. Our tenant, the seller, has been very proactive managing the health and production of these groves, and we believe they are well-positioned for the future,\" said Bill Frisbie, Executive Vice President of Gladstone Land.\"These two properties are ideal for our growing portfolio of farms producing healthy fruits and vegetables,\" said David Gladstone, President and CEO of Gladstone Land. \"We are continuing to target the highest quality farms with secure sources of water. However, our greatest strength is that the growers we partner with are dedicated to cultivating the best produce and preserving resources.\"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 157 farms, comprised of over 106,000 acres in 14 different states and over 20,000 acre-feet of banked water in California, valued at approximately $1.3 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. The Company pa...