Gladstone Land Corporation Announces Farmland Acquisition in Michigan
MCLEAN, Va., Nov. 6, 2013 /PRNewswire/ -- Gladstone Land Corporation (NASDAQ: LAND) ("Gladstone Land" or the "Company") announced today that it has acquired three farms in Van Buren County near South Haven, Michigan, with 149 total acres for approximately $2.0 million. The property has water on site and will be farmed for blueberries. In connection with the acquisition, the Company executed a five-year lease with one five-year option to extend with True Blue Farms Inc., one of the leading, vertically-integrated blueberry producers in Michigan. These farms are near another farm we own in the region and strengthen our representation in this particular growing area.
"We are pleased to acquire three more farms in southwestern Michigan, one of the premier growing regions for fruits and vegetables in the United States. In addition, we are excited to partner with an excellent farm operator and further diversify our tenant base," said Bill Frisbie, Director, Real Estate, of the investment adviser to the Company. "We now own 18 farms with 2,274 acres of leased land that are farmed for a variety of crops, including strawberries, lettuce, cabbage, radicchio, cantaloupes, watermelons, okra, peas, cucumbers, grape tomatoes, raspberries and blueberries."
About Gladstone Land Corporation:
Gladstone Land Corporation is an externally-managed 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 on annual row crop farmland, as well as farmland that grows permanent crops (fruit and nut orchards and grapes), and will, in the future, look at farmland that also grows commodity crops (wheat, corn and rice).
The Company is currently seeking to hire a representative in Florida to cover the southeastern region. Owners or brokers who have farmland for sale in the United States should call (703) 287-5839.
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 November 6, 2013