Business
Gladstone Land Acquires Farmland in Coastal California
MCLEAN, VA / ACCESSWIRE / December 16, 2020 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 368
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / December 16, 2020 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has acquired 368 acres of farmland located in Ventura County, California, for approximately $20.8 million. Upon acquisition, Gladstone Land assumed a lease with a large farming operation growing a wide variety of fresh vegetables.\"We are excited to announce the addition of another quality farm in Ventura County,\" said Bill Reiman, Executive Vice President, West Coast Operations, of Gladstone Land. \"This acquisition is a fine example of our ability to continue adding valuable fresh produce farmland to our portfolio. We are gaining a prominent new tenant who has been in the fresh vegetable business for generations, and we look forward to further expanding our business with them in the future.\"\"This acquisition adds to our portfolio of farms growing fresh produce in the heart of the Oxnard Plain,\" said David Gladstone, President and CEO of Gladstone Land. \"We are also excited to form a relationship with a new tenant who has a long history of farming in Southern California.\"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 131 farms, comprised of approximately 95,000 acres in 13 different states, valued at over $1.0 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 94 consecutive monthly cash...