Business
Gladstone Land Announces Expansion & Extension of Credit Facility
MCLEAN, VA / ACCESSWIRE / December 14, 2020 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it, through one of
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, through one of its wholly-owned subsidiaries, has expanded its secured note purchase facility with Federal Agricultural Mortgage Corporation (\"Farmer Mac\") (NYSE:AGM and AGM.A) from $125.0 million to $225.0 million and extended the date up to which the Company can issue new bonds to May 31, 2023. Bonds issued under this facility are secured by mortgage loans on agricultural real estate owned by the Company and have an effective loan-to-value ratio of up to 60% of the underlying agricultural real estate.\"Farmer Mac has been a supportive lender of ours for many years, and we are pleased to expand on our existing facility with them,\" said David Gladstone, President, and CEO of Gladstone Land. \"We believe this upsized facility will play an important role in our continued growth.\"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. Most of the crops grown on the Company's farms are sold to grocery stores and can be found in the produce sections. Farms owned by the Company grow only a small amount of corn, wheat, and other commodity products. 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 ...