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>>> Gladstone Land Acquires Two Farms and Facilities in Georgia


Yahoo Finance

November 15, 2021


https://finance.yahoo.com/news/gladstone-land-acquires-two-farms-133000482.html


MCLEAN, VA / ACCESSWIRE / November 15, 2021 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land") announced that it has acquired approximately 230 gross acres of farmland, including 175 acres of blueberry bushes and a fresh packing and shipping facility, located near Homerville, Georgia, for approximately $2.9 million. In connection with the acquisition, Gladstone Land entered into a 15-year lease agreement with a regional farmer who is part of a national berry marketing group.

"We are very excited to make our first acquisition in Georgia, which plays an integral role in supplying fresh blueberries across the eastern U.S. in the late spring and summer months," said Bill Frisbie, Executive Vice President for Gladstone Land. "We look forward to expanding in Georgia with additional fruit and vegetable farmland purchases."

"High-quality farmland with access to plentiful water is becoming increasingly scarce," said David Gladstone, President and CEO of Gladstone Land. "We are pleased to continue our mission of securing the most productive farmland for our grower-partners, especially as we see rising inflation beginning to have a significant impact of the price of farmland and produce across the country."

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 162 farms, comprised of approximately 109,000 acres in 15 different states and 45,000 acre-feet of banked water in California, valued at 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 10 to 20-plus years and harvested annually. The company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land pays monthly distributions to its stockholders and has paid 105 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The company has increased its common distributions 24 times over the prior 27 quarters, and the current per-share distribution on its common stock is $0.0452 per month, or $0.5424 per year. Additional information, including detailed information about each of the company's farms, can be found at www.GladstoneLand.com.

Owners or brokers who have farmland for sale in the U.S. should contact:

Western U.S. - Bill Reiman at [phone] or [e-mail], or Tony Marci at [phone] or [e-mail]

Eastern and Central U.S. - Bill Frisbie at [phone] or [e-mail], or Joey Van Wingerden at [phone] or [e-mail]

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