Business
Gladstone Land Acquires Three Farms in South Carolina
MCLEAN, VA / ACCESSWIRE / October 26, 2020 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 597
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / October 26, 2020 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has acquired 597 gross acres of farmland and farm-related facilities across three farms located in Bamberg County and Orangeburg County, South Carolina, for approximately $3.8 million. In connection with the acquisition, Gladstone Land also entered into a 10-year lease agreement with a leading sod grower in the region.\"We are very pleased to make our first investment in South Carolina by acquiring these three farms,\" said Bill Frisbie, Executive Vice President of Gladstone Land. \"The farms are fully irrigated and are well-suited for growing numerous crop types. The tenant-farmer plans to continue growing sod to support its business in the Southeast.\"\"We are excited to enter into a new state, South Carolina,\" said David Gladstone, President, and CEO of Gladstone Land. \"With this acquisition, Gladstone Land now owns farms in 13 different states and 26 different growing regions across the United States. We are also pleased to be forming a new relationship with a strong grower in the region.\"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 127 farms, comprised of approximately 95,000 acres in 13 different states, valued at approximately $987 million. 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, figs, 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 92 consecutive mon...