Gladstone Land Acquires Two Farms and Facilities in Georgia

Rhea-AI Summary

Gladstone Land Corporation (NASDAQ: LAND) has acquired approximately 230 acres of farmland in Georgia for $2.9 million. This includes 175 acres of blueberries and a packing facility, alongside a 15-year lease with a regional farmer. The acquisition marks Gladstone's entry into the Georgia market, which is crucial for fresh blueberry supply in the U.S. during peak seasons. CEO David Gladstone emphasized the importance of securing productive farmland amid rising prices due to inflation, as the company currently owns 162 farms across 15 states.

Positive

• Acquisition strengthens Gladstone's presence in the lucrative blueberry market.
• Long-term lease agreement with a regional farmer ensures ongoing revenue.
• Strategically expanding in Georgia, a key area for fresh produce.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / November 15, 2021 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land") announced that it has acquired approximately 230 gross acres of farmland, including 175 acres of blueberry bushes and a fresh packing and shipping facility, located near Homerville, Georgia, for approximately $2.9 million. In connection with the acquisition, Gladstone Land entered into a 15-year lease agreement with a regional farmer who is part of a national berry marketing group.

"We are very excited to make our first acquisition in Georgia, which plays an integral role in supplying fresh blueberries across the eastern U.S. in the late spring and summer months," said Bill Frisbie, Executive Vice President for Gladstone Land. "We look forward to expanding in Georgia with additional fruit and vegetable farmland purchases."

"High-quality farmland with access to plentiful water 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 162 farms, comprised of approximately 109,000 acres in 15 different states and 45,000 acre-feet of banked water in California, valued at approximately $1.4 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 105 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The company has increased its common distributions 24 times over the prior 27 quarters, and the current per-share distribution on its common stock is $0.0452 per month, or $0.5424 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
• Eastern and Central U.S. - Bill Frisbie at (703) 287-5839 or bill.f@gladstoneland.com, or Joey Van Wingerden at (703) 287-5914 or joe.v@gladstoneland.com

Lenders who are interested in providing Gladstone Land 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 Gladstone Land'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. Gladstone Land 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 announce on November 15, 2021?

Gladstone Land announced the acquisition of approximately 230 acres of farmland in Georgia for $2.9 million.

What is the strategic significance of Gladstone Land's acquisition?

The acquisition allows Gladstone Land to expand its footprint in Georgia, a vital region for supplying fresh blueberries.

How does this acquisition impact Gladstone Land's operations?

The acquisition includes a 15-year lease with a regional farmer, providing long-term revenue potential.

What type of crops are included in the acquisition by Gladstone Land?

The acquisition includes 175 acres of blueberry bushes and a fresh packing facility.

How many farms does Gladstone Land currently own?

Gladstone Land currently owns 162 farms across 15 different states.