Gladstone Land Acquires a Large Coastal Farm in Oxnard, California
MCLEAN, Va., Sept. 03, 2019 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it has acquired approximately 413 gross acres of farmland within the Oxnard Plain of California. At closing, the Company entered into lease agreements with two different, unrelated third-party tenants to operate the property. The seller will lease back most of the farm to continue their sod business, while the remainder of the farm will be leased to a local berry grower to grow a variety of berry crops.
“Opportunities to acquire large coastal California farmland do not come along very often, and we feel very fortunate to have been able to complete this transaction,” said Bill Reiman, Managing Director of Gladstone Land. “We had been in discussions with the seller of this property for several years, and only recently were we able to come to terms on an agreement that fulfills all parties’ goals. This property is in a prime location, and we look forward to being stewards of this large farm for many years.”
“This was a rare opportunity,” said David Gladstone, President and CEO of Gladstone Land. “This farm was operated by a single family for many generations. This is a wonderful farm located in the heart of the Oxnard Plain, a superior growing region of California. We have several excellent tenants who are long-time farming families in this growing area. The Company continues to build a diverse portfolio of farmland focused on healthy foods, such as fresh produce and nuts. Acquisitions like this demonstrate our business strategy of buying high-quality farms that provide steady rental income that is used to pay dividends to stockholders.”
About Gladstone Land Corporation:
Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that owns farmland and farm-related properties located in major agricultural markets across the U.S. and leases its properties to unrelated third-party farmers. The Company reports the fair value of its farms on a quarterly basis. The Company currently owns 94 farms, comprised of approximately 81,000 acres in 10 different states, valued at approximately $789 million. The 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, figs, olives, pistachios, and other orchards, as well as groves of blueberries 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 78 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution on its common stock is $0.04455 per month, or $0.5346 per year. Additional information, including detailed information about each of the Company’s farms, can be found at www.GladstoneFarms.com.
Owners or brokers who have farmland for sale in the U.S. should contact:
- Eastern U.S. – Bill Frisbie at (703) 287-5839 or firstname.lastname@example.org
- Midwest U.S. – Bill Hughes at (618) 606-2887 or email@example.com
- Western U.S. – Bill Reiman at (805) 263-4778 or firstname.lastname@example.org, or
Tony Marci at (831) 225-0883 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.
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, 2018 (the “Form 10-K”), as filed with the SEC on February 26, 2019, 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.
SOURCE: Gladstone Land Corporation
For further information: Gladstone Land, 703-287-5893
Released September 3, 2019