Gladstone Land Acquires Three Farms in South Carolina

Rhea-AI Summary

Gladstone Land Corporation (NASDAQ:LAND) has acquired 597 acres of farmland in South Carolina for approximately $3.8 million. This acquisition, which includes a 10-year lease with a local sod grower, marks Gladstone's first investment in the state, expanding its footprint to 13 states and 26 growing regions. The fully irrigated farms are ideal for various crops, enhancing Gladstone's agricultural portfolio, which currently includes 127 farms valued at approximately $987 million. The company has consistently paid monthly cash distributions to stockholders since its IPO in 2013.

Positive

• Acquisition of 597 acres for $3.8 million expands operational footprint to South Carolina.
• 10-year lease agreement with a strong regional sod grower enhances revenue stability.
• Gladstone now owns farms in 13 states, increasing diversification and growth potential.
• Total farmland holdings valued at approximately $987 million strengthens asset base.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / October 26, 2020 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 597 gross acres of farmland and farm-related facilities across three farms located in Bamberg County and Orangeburg County, South Carolina, for approximately $3.8 million. In connection with the acquisition, Gladstone Land also entered into a 10-year lease agreement with a leading sod grower in the region.

"We are very pleased to make our first investment in South Carolina by acquiring these three farms," said Bill Frisbie, Executive Vice President of Gladstone Land. "The farms are fully irrigated and are well-suited for growing numerous crop types. The tenant-farmer plans to continue growing sod to support its business in the Southeast."

"We are excited to enter into a new state, South Carolina," said David Gladstone, President, and CEO of Gladstone Land. "With this acquisition, Gladstone Land now owns farms in 13 different states and 26 different growing regions across the United States. We are also pleased to be forming a new relationship with a strong grower in the region."

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 127 farms, comprised of approximately 95,000 acres in 13 different states, valued at approximately $987 million. 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, figs, 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 92 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 23 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 did Gladstone Land Corporation acquire recently?

Gladstone Land Corporation acquired 597 acres of farmland in South Carolina for approximately $3.8 million.

What is the significance of the acquisition for LAND?

The acquisition marks Gladstone's first investment in South Carolina, expanding its presence to 13 states and 26 growing regions.

Who is the tenant for the newly acquired farms?

The farms have a 10-year lease agreement with a leading sod grower in the region.

What is the current distribution rate for Gladstone Land?

Gladstone Land currently pays a monthly distribution of $0.0449 per share, totaling $0.5388 annually.

How many farms does Gladstone Land currently own?

Gladstone Land currently owns 127 farms across various states, comprising approximately 95,000 acres.