Business
Gladstone Land Announces Large Farmland Acquisition in California
MCLEAN, VA / ACCESSWIRE / December 17, 2020 / 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 / December 17, 2020 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\" or the \"Company\") announced that it has acquired 4,642 acres of farmland located in Tulare County, California, for $61.5 million. The farm includes nearly 3,000 planted acres of almonds, pistachios, and both conventional and organic pomegranates. In connection with the acquisition, Gladstone Land entered into a 10-year leaseback agreement with the seller.\"Today, we are extremely excited to announce our first acquisition in Tulare County, California,\" said Bill Reiman, Executive Vice President of Gladstone Land. \"The addition of this farm is a good example of one of our typical sale-leaseback transactions. We are adding a very large block of premium farmland and gaining one of the best operators in the southern San Joaquin Valley as a tenant-partner. We are looking forward to many years of fruitful ownership of this property and building a close relationship with our new tenant.\"\"We are pleased to be adding a new crop, pomegranates, to our diverse portfolio with this acquisition,\" said David Gladstone, President, and CEO of Gladstone Land. \"This acquisition is another addition to our many farms in the U.S. and also allows us to develop a new relationship with a strong grower in the San Joaquin Valley.\"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 132 farms, comprised of approximately 99,000 acres in 13 different states, valued at approximately $1.1 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 ...