Business
Gladstone Land Announces Gain on Sale of Florida Acreage
MCLEAN, VA / ACCESSWIRE / June 27, 2023 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has completed the
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / June 27, 2023 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has completed the sale of an unfarmed parcel in Florida for $9.6 million. This provided a 343% return on investment and resulted in a capital gain of approximately $6.4 million.\"We acquired this parcel several years ago as part of a larger farmland assemblage. The parcel was not actively farmed, and the location made it desirable to land buyers in the immediate region. We were able to run a successful sale process and ultimately obtained a contract to sell that had tremendous benefit to our shareholders,\" said Bill Frisbie, Executive Vice President of Gladstone Land.\"Our strategy is to buy and hold for the long term, but occasionally we receive an offer that warrants serious consideration. We intend to utilize the proceeds from this sale to acquire additional farms through one or more 1031 exchanges, as well as for general corporate purposes,\" said David Gladstone, President and CEO of Gladstone Land.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 169 farms, comprised of approximately 116,000 acres in 15 different states and 45,000 acre-feet of banked water in California, valued at a total of approximately $1.6 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 20-plus years and harvested annually. Approximately 40% of the Company's fresh produce acreage is either organic or in transition to become organic, and over 10% of its permanent crop acreage falls into this category. The Company may also acquire property related to farming, such as cooling facilities, pr...