Business
Gladstone Land Announces California Farmland Acquisition
MCLEAN, VA / ACCESSWIRE / December 14, 2020 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 236
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / December 14, 2020 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has acquired 236 acres of farmland located in Fresno County, California, which are expected to be used to grow almond trees, for $3.6 million. In connection with the acquisition, Gladstone Land also entered into a 20-year lease agreement with an existing tenant.\"We are very pleased to increase our land base near Kerman, California,\" said Tony Marci, Managing Director of Gladstone Land. \"This acquisition is adjacent to one of our existing farms leased by the same tenant, which will allow them to efficiently expand their operations.\"\"We are excited to build on our relationship with an existing tenant,\" said David Gladstone, President and CEO of Gladstone Land. \"The incoming tenant on this farmland acquisition will plant almonds on the farm, adding to our acreage growing nut crops, which is an important part of our overall farmland holdings. We are continuing to evaluate a very robust list of farms to buy in the near-term future, as we work towards a strong end to 2020 and a good start for 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 128 farms, comprised of approximately 94,000 acres in 13 different states, valued at approximately $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 ...