Business
Gladstone Land Acquires Organic Blueberry Orchards in Oregon & California
MCLEAN, VA / ACCESSWIRE / August 12, 2021 / 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 / ACCESSWIRE / August 12, 2021 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has acquired approximately $42.3 million of farmland, blueberry plantings, and improvements located in Kern County, California, and Yamhill County, Oregon. Both farms are 100% certified USDA organic. In connection with the acquisitions, Gladstone Land entered into triple-net leaseback agreements with the seller on each farm, ranging in length from 10 years to 15 years.\"Both of these organic blueberry farms utilize advanced irrigation methods, high density plantings, and shade structures to minimize inputs and protect the quality of the fruit,\" said Joseph Van Wingerden, Director at Gladstone Land. \"Organic produce sales reportedly increased by 11% in 2020 as the demand for organics continues to grow. The innovative growing methods used by our tenant on these properties represent how the best farmers are continually striving to meet this demand with the highest quality produce while being good stewards of the land and minimizing water use.\"\"These two acquisitions are ideal properties for our growing portfolio of farms producing healthy produce,\" said David Gladstone, President and CEO of Gladstone Land. \"We are continuing to target the highest quality farms with secure sources of water. But our greatest strength is that the growers we partner with are dedicated to cultivating the best produce and preserving resources. I recommend going to your local grocery store and buying as many fruits, vegetables, and nuts as you can!\"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 155 farms, comprised of approximately 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 annu...