Business
Gladstone Land Acquires Nebraska Farms to Convert to Organic Production
MCLEAN, Va., Oct. 07, 2019 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it has acquired
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, Va., Oct. 07, 2019 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it has acquired approximately 3,850 acres of farmland located in Hayes and Hitchcock Counties, Nebraska, for approximately $14.7 million. The farms currently grow corn, soybeans, and edible beans, and both farms will be converted into organic farmland by 2021. In connection with the acquisitions, Gladstone Land entered into 10-year, triple-net lease agreements on each farm.\n “This is an exciting acquisition for us,” said Bill Hughes, Managing Director of Gladstone Land. “We are entering a new farming region in the U.S. and beginning a new tenant relationship with Granstrom Farms, one of the leading organic growers in Nebraska. Having a presence in this area will not only give us a great new relationship with one of the top growers in the state but will also give us exposure to potential new crop types for our farmland portfolio. In addition to the 17 new irrigated circles, we will be constructing a state-of-the-art grain drying and storage facility to safely handle and protect the integrity of the organic grain on the farms. The Company is making a concerted effort to acquire or develop more organic crops within its farmland holdings, and it believes these acquisitions demonstrate its commitment to farms growing healthy foods.” “An interesting aspect of these purchases is that the Company will be assisting the farmers in their transition from conventional ground to organic certification of the farm,” said David Gladstone, President and CEO of Gladstone Land. “The organic certification is expected to result in the farmer receiving premium prices for the crops, which will, in turn, make the farm more valuable to the Company. The Company seeks to own farms growing healthy foods, and with the demand for organic food continuing to grow, the acquisition of these farms is evidence of its continued focus on this investment strategy.” About Gladstone Land Corporation:Gladstone Land is a publicly traded real estate investment trust that owns farmland and farm-related properties located in major agricultural markets across the U.S. and leases its properties to unrelated third-party farmers. The Company reports the fair value of its farms quarterly based on values from independent farmland appraisers. ...