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>>> Gladstone Land Acquires Pistachio Orchard in California

Yahoo Finance

December 6, 2021


https://finance.yahoo.com/news/gladstone-land-acquires-pistachio-orchard-133000557.html


MCLEAN, VA / ACCESSWIRE / December 6, 2021 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land") announced that it has acquired 2,635 gross acres of farmland, including 1,776 planted acres of pistachios, located near Lost Hills, California, for $88.0 million. In connection with the acquisition, Gladstone Land entered into a 10-year, triple-net lease agreement with the seller.

"We are very pleased to add these mature pistachio trees to our portfolio," said Tony Marci, Managing Director of Gladstone Land. "The trees are planted in soils and a climate that are well-suited to pistachios, which is evident in the excellent yield history of the orchard."

"We value our tenants as much as the properties in our portfolio," said Bill Reiman, Executive Vice President of Gladstone Land. "We are excited to enter into a lease and begin a relationship with an excellent and established farmer in the region."

"The acquisition of this pistachio orchard adds to our existing permanent crop farmland and is another good, long-term investment for us," said David Gladstone, President and CEO of Gladstone Land. "We have had a strong year in 2021 and look forward to another good year in 2022."

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 163 farms, comprised of over 111,000 acres in 15 different states and 45,000 acre-feet of banked water in California, valued at approximately $1.5 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 106 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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