Gladstone Land owns farmland in Arizona, California, Colorado, Delaware, Florida, Georgia, Maryland, Michigan, Nebraska, New Jersey, North Carolina, Oregon, South Carolina, Texas and Washington. As of May, 10, 2022, our portfolio had a total fair value of approximately $1.5 billion. We are actively seeking other farm properties to purchase across the United States.
Additionally, as of May 10, 2022:
- we owned 164 farms comprised of approximately 113,000 total acres across 15 states in the U.S.;
- our occupancy rate (based on gross acreage) was 100.0%, and our farms were leased to 86 different, unrelated third-party tenants growing over 60 different types of crops;
- the weighted-average remaining lease term (excluding tenant renewal options) across our agricultural real estate holdings was 6.5 years; and
- the weighted-average term to maturity of our notes and bonds payable was 9.7 years, and the weighted-average remaining fixed-price term of our borrowings was 5.4 years, with an expected weighted-average effective interest rate of 3.25% over that term.
Gladstone Land acquires farmland that it rents to corporate and independent farmers on a triple-net lease basis, an arrangement under which the farmer maintains the property while paying rent to Gladstone Land. We offer land owners and farmers the following options:
- For farmers who are selling their land: We offer long-term sale leaseback transactions which allow them to free up capital to improve their farming operations.
- For farmers who identify land they want to farm, but not own: We can purchase the farms and rent them to the farmers with flexible lease terms.
- For sellers who do not farm the land: We offer cash purchase of the land, while either keeping the existing tenant-farmers in place or finding new farmers if needed.
Our goal is to build the premier farmland real estate company focused on ownership of high quality farms and farm-related properties that are leased on a triple-net basis lease to good tenants.