Gladstone Land Acquires Farmland in Coastal California

Rhea-AI Summary

Gladstone Land Corporation (Nasdaq: LAND) announced the acquisition of 368 acres of farmland in Ventura County, California, for approximately $20.8 million. This acquisition includes a lease with a large farming operation specializing in fresh vegetables. Executives expressed enthusiasm about expanding their portfolio with a reputable tenant known for generations in the vegetable business. Currently, Gladstone Land owns 131 farms across 13 states, valued at over $1 billion, and has consistently paid monthly distributions to shareholders since 2013.

Positive

• Acquisition of 368 acres of farmland enhances portfolio.
• Lease with established farming operation in fresh vegetables.
• Further potential for business expansion with new tenant.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / December 16, 2020 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 368 acres of farmland located in Ventura County, California, for approximately $20.8 million. Upon acquisition, Gladstone Land assumed a lease with a large farming operation growing a wide variety of fresh vegetables.

"We are excited to announce the addition of another quality farm in Ventura County," said Bill Reiman, Executive Vice President, West Coast Operations, of Gladstone Land. "This acquisition is a fine example of our ability to continue adding valuable fresh produce farmland to our portfolio. We are gaining a prominent new tenant who has been in the fresh vegetable business for generations, and we look forward to further expanding our business with them in the future."

"This acquisition adds to our portfolio of farms growing fresh produce in the heart of the Oxnard Plain," said David Gladstone, President and CEO of Gladstone Land. "We are also excited to form a relationship with a new tenant who has a long history of farming in Southern California."

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 131 farms, comprised of approximately 95,000 acres in 13 different states, valued at over $1.0 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 94 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The Company has increased its common distributions 20 times over the prior 24 quarters, and the current per-share distribution on its common stock is $0.0449 per month, or $0.5388 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:

• 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.

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, 2019 (the "Form 10-K"), as filed with the SEC on February 19, 2020, 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 is the acquisition value of the farmland by Gladstone Land?

Gladstone Land acquired the farmland for approximately $20.8 million.

How many acres of farmland did Gladstone Land acquire?

Gladstone Land acquired 368 acres of farmland in Ventura County.

What type of farming operation is associated with the new acquisition?

The acquisition involves a lease with a large farming operation growing fresh vegetables.

What is the current valuation of Gladstone Land's farmland holdings?

Gladstone Land's farmland holdings are valued at over $1 billion.

How many farms does Gladstone Land currently own?

Gladstone Land currently owns 131 farms across 13 states.