Gladstone Land Reports No Damage to Farms from California Wildfires

About this update from Gladstone Land Corporation

[{"type":"text","content":"MCLEAN, VA / ACCESS Newswire / January 27, 2025 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") announced that none of its California farms have been impacted by the recent wildfires that have occurred in the southern part of the state. The Company further notes that all of its farms in the state growing permanent crops are insured by the Company or its tenant-farmers under policies that would cover both the crops and any potential loss of crop income.\"Our hearts and prayers go out to all of those who were negatively affected by the recent wildfires in California,\" said Bill Reiman, Executive Vice President of Gladstone Land. \"Our farms typically have low risk of being damaged from wildfires; however, we are always on alert and ready to react should action be required to protect our assets. We also stand ready to help our neighbors and communities should we be in a position to do so.\"\"Wildfires in California generally occur in the hills and mountains where the brush is,\" said David Gladstone, President and CEO of Gladstone Land. \"Our farms are mostly located in the farming plains that are far below the hills, usually separated by large bodies of water, and there is very little brush to burn there.\"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 157 farms, comprised of approximately 111,000 acres in 15 different states and over 55,000 acre-feet of water assets in California, valued at a total of approximately $1.4 billion. 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, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, which are generally planted every 20-plus years and harvested annually. Approximately 30% of the Company's fresh produce acreage is ei...

More updates from Gladstone Land Corporation