Business
Gladstone Land Acquires Citrus Orchard in California
MCLEAN, VA / ACCESSWIRE / January 4, 2021 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 160
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / January 4, 2021 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has acquired 160 gross acres of farmland located in Tulare County, California, for $4.2 million. In connection with the acquisition, Gladstone Land also entered into an eight-year leaseback agreement with the seller.\"We have explored citrus deals for many years, and we are very pleased to add another crop type to our portfolio,\" said Tony Marci, Managing Director of Gladstone Land. \"This farm near Ducor, California, is the right combination of varieties and age that we are looking for, and we look forward to owning this relatively young asset for many years.\"\"We are excited to purchase this citrus orchard that produces Meyer lemons and two varieties of mandarins,\" said David Gladstone, President, and CEO of Gladstone Land. \"We are equally excited to add another great farmer to our list of tenants. We finished the year well on the acquisition front, and we look forward to another strong year in 2021.\"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 137 farms, comprised of approximately 101,000 acres in 13 different states, valued at approximately $1.2 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 pays monthly distributions to its stockholders and has paid 95 consecutive monthly cash distributions on its common stock since its initial public off...