Gladstone Land Acquires Blueberry Orchard & Facilities in Michigan
MCLEAN, VA / ACCESSWIRE / June 10, 2021 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 930 gross acres of farmland, including approximately 480 acres of blueberry bushes, and support facilities located in Paw Paw, Michigan, for $13.3 million. The facilities include a 23,000 SF cooling and packing plant, a 9,000 SF box barn, and a blueberry retail store for selling fruit from the farm directly to vendors and consumers. In connection with the acquisition, Gladstone Land entered into a 15-year, triple-net lease agreement with Berry Brothers, a family-owned farming company with local blueberry operations in Holland, Michigan, and three other states.
"This acquisition was a great opportunity to acquire a highly desirable blueberry farm for our grower-partner and to expand our portfolio in Michigan," said Joseph Van Wingerden, Director at Gladstone Land. "The large cooling and packing facility is essential to the local blueberry operations. We continue to be very optimistic about the 2021 blueberry season and the ongoing strength of fruit and produce sales across the United States."
"We are very excited to make our largest acquisition to date in the state of Michigan," said David Gladstone, President and CEO of Gladstone Land. "This purchase also highlights our ability to acquire farmland for our growers across the country to help expand and diversify their growing season. We hope to continue our steady acquisition growth during the second half of 2021, although I wouldn't count on us continuing at the same recent pace of three acquisitions within seven days!"
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 152 farms, comprised of over 105,000 acres in 14 different states and over 20,000 acre-feet of banked water in California, valued at over $1.2 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. The Company pays monthly distributions to its stockholders and has paid 100 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The Company has increased its common distributions 22 times over the prior 26 quarters, and the current per-share distribution on its common stock is $0.045 per month, or $0.54 per year. Additional information, including detailed information about ach of the Company's farms, can be found at www.GladstoneLand.com.
Owners or brokers who have farmland for sale in the U.S. should contact:
- Western U.S. - Bill Reiman at (805) 263-4778 or email@example.com, or Tony Marci at (831) 225-0883 or firstname.lastname@example.org
- Midwest U.S. - Bill Hughes at (618) 606-2887 or email@example.com
- Mid-Atlantic U.S. - Joey Van Wingerden at (703) 287-5914 or firstname.lastname@example.org
- Southeastern U.S. - Bill Frisbie at (703) 287-5839 or email@example.com
Lenders who are interested in providing the Company with long-term financing on farmland should contact Jay Beckhorn at (703) 587-5823 or Jay.Beckhorn@GladstoneCompanies.com.
For stockholder information on Gladstone Land, call (703) 287-5893. For Investor Relations inquiries related to any of the monthly dividend-paying Gladstone funds, please visit www.GladstoneCompanies.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:
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, 2020 (the "Form 10-K"), as filed with the SEC on February 24, 2021, and certain other documents filed with the SEC from time to time. 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.
For a definition of net asset value and a reconciliation to the most directly comparable GAAP measure, please see the Company's Form 10-K.
For further information: Gladstone Land, 703-287-5893
SOURCE: Gladstone Land Corporation
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Released June 10, 2021