Business
Gladstone Land Provides Update on Impact of Coronavirus on Operations and Distributions
MCLEAN, Va., March 26, 2020 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced today that it has
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, Va., March 26, 2020 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced today that it has provided the following update to its shareholders:\n Farming Operations: The Company does not believe the current Coronavirus pandemic has had a major impact on its operations or that of its tenant-farmers at this point in time. Farmland values are expected to remain stable, as they generally have throughout history during times of economic volatility, and rental payments from tenants leasing the Company’s farms are expected to continue on time. While sales volumes of the crops grown by our farmers have increased recently, the Company believes this is a temporary situation driven by the substantial increase in foot traffic within grocery stores as the public has been stocking up on food products, paper goods, and other necessities. The Company believes that sales volume is likely to return to normal in due time. Distributions: At this time, the Company believes it is in a good position and intends to ask the Company’s board of directors to declare cash distributions for the second quarter that are at least equal to the current distribution rate. All farms continue to be leased, and all tenant-farmers continue to be current in their rental payments. Almost all of our farms grow healthy foods, such as nuts, strawberries, blueberries, and fresh vegetables, all of which have been in high demand at grocery stores due to increased traffic. Many of the Company’s farmers have also reported higher-than-average prices for their crops due to the demand for fresh produce. In short, the Company’s farmers seem to be having a good year, and more and more people are trending towards healthier diets. The board of directors will meet on April 14, 2020, to decide on the monthly cash distribution for each of April, May, and June. While it is possible that an event will occur that negatively impacts operations, the Company does not currently see such an event on the horizon. The point of this press release is to let shareholders know that the cash distributions are believed to be secure for the next quarter. 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 a...