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>>> Gladstone Land Acquires Farmland in Oregon


Yahoo Finance

November 29, 2021


https://finance.yahoo.com/news/gladstone-land-acquires-farmland-oregon-133000467.html


MCLEAN, VA / ACCESSWIRE / November 29, 2021 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land") announced that it has acquired 165 gross acres of farmland located near Milton-Freewater, Oregon, for approximately $2.4 million. In connection with the acquisition, Gladstone Land entered into a 10-year, triple-net lease agreement with an existing tenant who is a leader in the wine industry.

"We are excited to make another acquisition in Oregon," said Tony Marci, Managing Director for Gladstone Land. "Our tenant will plant a vineyard on this land, which is located within the Walla Walla Valley AVA. The property is in a beautiful setting on land overlooking the Walla Walla Valley."

"This land, with established water rights, will be a great addition to our portfolio," said David Gladstone, President and CEO of Gladstone Land. "We are pleased to expand the relationship with our tenant and help them to continue providing premium wines to their customers."

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.

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