Gladstone Land Provides Update On California Flooding

About this update from Gladstone Land Corporation

[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / March 22, 2023 / Gladstone Land Corporation (NASDAQ:LAND) (\"Gladstone Land\" or the \"Company\") provided the following business update in light of the recent and ongoing flooding occurring in California.California continues to experience one of its wettest winters in recorded history, which has resulted in flood conditions throughout much of the state. As a result of the flooding, one of the Company's farms suffered damage to certain of its structures. The Company is still in the process of assessing the damage, but at this time, it does not believe the cost of the repairs will exceed $1.0 million. In addition, the damage is expected to be fully covered by either insurance or the tenant's obligations pursuant to the lease. None of the Company's other farms in California have been materially impacted by the floods.\"The impact of the continued flooding is being felt by growers throughout the state,\" said Bill Reiman, Executive Vice President of Gladstone Land. \"Some row crop and berry growers are looking at delays in their early-season revenues, or even losses in some cases. However, in discussions with the majority of our growers in the state, most are taking it in stride and adjusting their planting schedules accordingly. Many of our tenants, particularly permanent crop growers, are using this opportunity to take advantage of using flood or surface water in place of groundwater or even intentionally flooding their fields for the benefit of restoring groundwater levels.\"\"Due to the recent storms, most reservoirs across California are near or in excess of their historical averages, and snowpack levels are approaching or already exceeding all-time highs,\" said David Gladstone, President and CEO of Gladstone Land. \"Most of the state is now free from any drought designation. On a statewide basis, the snowpack is more than two times the historical average. This should result in strong runoff this spring and could last into the summer. Many reservoirs across the state are nearing capacity and have begun to release water in anticipation of additional storms and snowmelt. We believe the State and Federal water project allocations, which had already been increased, are likely to be increased even further. We believe flood flows will be available to growers throughout California for early-season use or to...

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