Business
Gladstone Land Completes Acquisition of Irrigated Farmland in Nebraska
MCLEAN, Va., May 07, 2020 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it has acquired 678
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, Va., May 07, 2020 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it has acquired 678 gross acres of farmland in Chase County, Nebraska, for $3.5 million. The farm consists of 648 irrigated acres and will grow a rotation of potatoes, edible beans, and corn. In connection with the acquisition, Gladstone Land also entered into a seven-year, triple-net lease with a local, well-respected tenant who will process all the potatoes raised on the farm at one of their own facilities.\n “We continue to add farms in this area due to the good water, crop diversity, and the ability to find quality tenants” said Bill Hughes, Managing Director of Gladstone Land. “We are especially excited when we can find tenants that are willing to grow a quality, non-GMO product that consumers can feel good about.” “This is a nice property with on-site wells and good overall access to water that will be leased to a large grower in the area,” said David Gladstone, President and CEO of Gladstone Land. “About half of the acreage on this farm will be planted in potatoes, a crop that is currently in extremely high demand. In addition, these potatoes will be shipped directly to a nearby processing facility owned by the same tenant. We believe in teaming up with the strongest growers in any given region, and we believe this tenant fits that profile for us. 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 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 114 farms, comprised of approximately 89,000 acres in 10 different states, valued at approximately $895 million. 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, figs, olives,...