Gladstone Land Acquires Blueberry Orchard in New Jersey

Rhea-AI Summary

Gladstone Land Corporation (Nasdaq: LAND) has acquired 116 acres of farmland in Hammonton, New Jersey, for approximately $2.2 million. The acquisition includes around 100 acres of blueberry bushes and a packing facility, accompanied by a 15-year triple-net lease with Berry Brothers. This marks Gladstone Land's first move into New Jersey, aiming for expansion amid strong demand for fresh blueberries in the Mid-Atlantic and Northeast. The company's portfolio now includes 144 farms across 14 states, valued at around $1.2 billion.

Positive

• Acquisition of productive farmland in New Jersey strengthens regional presence and supply chain.
• Long-term lease agreement with Berry Brothers provides stable income stream.
• Growing demand for blueberries is expected to enhance revenue potential.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / June 7, 2021 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 116 gross acres of farmland, including approximately 100 acres of blueberry bushes and a fresh packing and shipping facility, located in Hammonton, New Jersey, for approximately $2.2 million. 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 blueberry operations locally in Hammonton and three other states.

"We are very excited to make our first acquisition in New Jersey, which plays an integral role in supplying fresh blueberries to grocery stores across the Mid-Atlantic and Northeast," said Joseph Van Wingerden, Director at Gladstone Land. "The 2021 blueberry season is looking strong in the U.S., with both prices and demand well above averages. We look forward to expanding in the region and our new relationship with Berry Brothers."

"High-quality fruit and vegetable farmland with access to plentiful water and located near major population centers is becoming increasingly scarce," said David Gladstone, President and CEO of Gladstone Land. "We are pleased to continue our mission of securing the most productive farmland for our grower-partners, especially as we see rising inflation beginning to have a significant impact of the price of farmland and produce across the country."

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 144 farms, comprised of approximately 104,000 acres in 14 different states, valued at approximately $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. Gladstone Land 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 each 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 bill.r@gladstoneland.com, or Tony Marci at (831) 225-0883 or tony.m@gladstoneland.com
• Midwest U.S. - Bill Hughes at (618) 606-2887 or bill.h@gladstoneland.com
• Mid-Atlantic U.S. - Joey Van Wingerden at (703) 287-5914 or joe.v@gladstoneland.com
• Southeastern U.S. - Bill Frisbie at (703) 287-5839 or bill.f@gladstoneland.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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FAQ

What recent acquisition did Gladstone Land Corporation announce?

Gladstone Land Corporation announced the acquisition of 116 acres of farmland in Hammonton, New Jersey, for approximately $2.2 million.

Who is the tenant for the newly acquired farmland by Gladstone Land?

The tenant for the newly acquired farmland is Berry Brothers, a family-owned farming company.

What is the significance of the New Jersey acquisition for Gladstone Land?

The New Jersey acquisition marks Gladstone Land's first investment in the state, enhancing its supply chain for blueberries in the Mid-Atlantic and Northeast.

How does the blueberry season affect Gladstone Land's expectations?

The 2021 blueberry season is expected to be strong, with prices and demand above average, which could positively impact Gladstone Land's revenue.

How many farms does Gladstone Land currently own?

Gladstone Land currently owns 144 farms across 14 states, valued at approximately $1.2 billion.