Gladstone Land Corporation Announces Farmland Acquisition in Arizona
MCLEAN, Va., Jan. 3, 2014 /PRNewswire/ -- Gladstone Land Corporation (NASDAQ: LAND) ("Gladstone Land" or the "Company") announced today that it has acquired a 1,760-acre farm in Willcox, Cochise County, Arizona for $6.7 million on December 27, 2013. The property is irrigated farm land with 13 existing water wells. In connection with the acquisition, the Company executed a ten-year lease with Premier Grain Farms. Premier Grain Farms is a family-owned and -operated farming company growing crops on over 14,000 acres across three states. The primary crops grown on the property are dry edible beans and corn. The area is a well-diversified agricultural region with dairies, orchards and a large greenhouse tomato operation.
"We are very excited to be diversifying our land holdings with this purchase of a prime agricultural property in Willcox, Arizona," said Bill Reiman, Managing Director, Real Estate. "The Sulphur Springs Valley in southeastern Arizona, with its unique climate, has been a very productive farming area for several generations. High quality soil and ample groundwater provide growers in this region with many cropping options. The well-established agricultural history of this area, coupled with the strategic alliance with Premier Grain Farms as our tenant, will provide us a solid footprint in this area should we choose to add farms here in the future."
About Gladstone Land Corporation:
Gladstone Land Corporation is a real estate investment company that invests in farmland and farm-related properties located in major agricultural markets throughout the United States. Gladstone Land seeks to purchase high-quality farmland in the United States that is net leased to independent or corporate farmers with significant experience and resources. The Company currently focuses primarily on annual row crop farmland, as well as farmland that grows some permanent crops, such as blueberries. It may, in the future, look at additional farmland that also grows commodity crops, such as wheat, corn and rice. The Company currently owns 21 farms encompassing 5,990 acres of land worth approximately $113 million.
Owners or brokers who have farmland for sale in the United States should call (805) 377-7701.
For further information on the Company, please visit www.gladstoneland.com. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com. For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of the foregoing words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC on March 27, 2013 and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, as filed with the SEC on October 29, 2013. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Gladstone Land Corporation
Released January 3, 2014