Business
Gladstone Land Completes Acquisition of Irrigated Farmland in Colorado
MCLEAN, Va., Jan. 16, 2020 (GLOBE NEWSWIRE) -- 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., Jan. 16, 2020 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it has acquired 1,324 gross acres of farmland in Holyoke, Colorado, for $7.5 million. The farm consists of 1,064 irrigated acres and will grow a rotation of potatoes, corn for use in the tenant’s feedlots, and sugar beets, which is a new crop type in the Gladstone Land portfolio. In connection with the acquisition, Gladstone Land also entered into a six-year, triple-net leaseback agreement with the seller.\n “This property represents our first closing of 2020,” said Bill Hughes, Managing Director of Gladstone Land. “We’re excited to be in a new region of Colorado and even more excited to be partnering with one of the premier farmers and feedlot operators in the area. We look forward to doing more business with them in the future.” As an interesting side note, during Gladstone Land’s title review of the property, the document conveying the property from the federal government to the first-time private owner was discovered. The document was dated December 10, 1894, and was signed by Grover Cleveland, former president of the United States. “As noted before, 2019 was a record year of purchasing farms for Gladstone Land, and we are hoping to replicate that success in 2020,” said David Gladstone, President and CEO of Gladstone Land. “This acquisition increases the number of regions where we own farms and the number of different crop types grown on our farms, and it also adds a new operator to the number of tenants on our farms. We believe the increased diversification in our farmland holdings helps to provide a steady and secure source of income with which to pay dividends to our shareholders. We look forward to continuing to add more farms to our already-existing portfolio of farmland primarily growing fresh fruits and vegetables.” About Gladstone Land Corporation: Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that owns farmland and farm-related properties located in major agricultural markets across the U.S. and leases its properties to unrelated third-party farmers. The Company reports the fair value of its farms on a quarterly basis. The Company currently owns 113 farms, comprised of approximately 88,000 acres in 10 different states, valued at approximately ...