Gladstone Land Completes Acquisition of Large Pistachio Orchard in California

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[{"type":"text","content":"MCLEAN, Va., Nov. 04, 2019 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it has acquired approximately 1,100 gross acres of farmland in Coalinga, California, for $37 million. The farm consists of 1,040 planted acres of mature pistachio trees. This was the second and final phase of the purchase of this orchard that includes an eight-year, triple-net lease agreement with RTS Agri Business and Canoas Creek Pistachios. The first phase closed in August for $33 million. \n “This completes our $70 million purchase of nearly 2,000 acres of pistachios trees that are just reaching prime production and represents a great example of our ability to do larger and more complex acquisitions,” said Bill Reiman, Managing Director of Gladstone Land. “We look forward to a long prosperous relationship with our new tenant.” “We have now acquired more than $250 million worth of farmland so far in 2019,” said David Gladstone, President and CEO of Gladstone Land. “This has been a record year for us so far, and it’s not over yet. Pistachio and almond prices have remained strong, and increased trade wars have had little impact on their overall demand. The addition of these crop types has increased the diversification within our farmland holdings and has provided a strong source of additional income 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 103 farms, comprised of approximately 87,000 acres in 10 different states, valued at approximately $873 million. The 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, pistachios, and other orchards, as well as groves of blueberries and vineyards, which are generally planted every 10 to 20-plus years and ha...

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