Gladstone Land owns farmland in Arizona, California, Colorado, Florida, Maryland, Michigan, Nebraska, North Carolina, Oregon, Texas and Washington. As of June 30, 2020 our portfolio had a total fair value of approximately $911.8 million. We are actively seeking other farm properties to purchase across the United States.
Additionally, as of June 30, 2020:
- we owned 115 farms comprised of 89,128 total acres across 10 states in the U.S.;
- our occupancy rate (based on gross acreage) was 100.0%, and our farms were leased to 70 different, unrelated third-party tenants growing over 45 different types of crops;
- the weighted-average remaining lease term (excluding tenant renewal options) across our agricultural real estate holdings was 6.6 years; and
- the weighted-average term to maturity of our notes and bonds payable was 10.5 years, and the weighted-average remaining fixed-price term of our borrowings was 5.7 years, with an expected weighted-average effective interest rate of 3.55% 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.