Gladstone Land Expands in Maryland's Eastern Shore

Rhea-AI Summary

Gladstone Land Corporation (NASDAQ:LAND) has acquired 228 acres of farmland in Dorchester County, Maryland, for $1.6 million. This acquisition strengthens its partnership with a current tenant, a sod and vegetable grower, through a 10-year lease agreement. The company aims to expand its footprint in the Mid-Atlantic region, highlighting the importance of access to water and proximity to major cities for farming operations. Gladstone Land now owns 139 farms across 101,000 acres in 13 states, valued at approximately $1.2 billion.

Positive

• Acquisition of 228 acres enhances existing tenant relationship.
• 10-year lease with a large sod and vegetable grower ensures stable income.
• Expansion in the Mid-Atlantic region supports growth strategy and diversification.
• Current monthly distribution stands at $0.04495 per share, totaling $0.5394 annually.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / March 3, 2021 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has acquired 228 gross acres of farmland located in Dorchester County, Maryland, for $1.6 million. In connection with the acquisition, Gladstone Land expanded its relationship with a current tenant, a large sod and vegetable grower, by entering into a 10-year lease agreement.

"We are very proud to expand in the region with a current tenant and local grower," said Joseph Van Wingerden, Director at Gladstone Land. "This farm is ideal for our tenant's current operations and allows us to fill the role as a real estate partner with them. We are currently looking at several more farms in the Mid-Atlantic region as we hope to acquire more farmland for our current tenants and also add new, local growers to our tenant base."

"Expanding on the East Coast, where many farms are close to major cities and have abundant water, is integral to our continued growth and diversification," said David Gladstone, President, and CEO of Gladstone Land. "We hope to continue to assist farmers in the region and across the country secure farmland for the long-term and help them to preserve capital for use in their operations. This is especially critical in areas that are more likely to see increasing pressure on land prices from residential and commercial development."

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 139 farms, comprised of approximately 101,000 acres in 13 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. The Company pays monthly distributions to its stockholders and has paid 95 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The Company has increased its common distributions 21 times over the prior 24 quarters, and the current per-share distribution on its common stock is $0.04495 per month or $0.5394 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.

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 farmland did Gladstone Land Corporation acquire recently?

Gladstone Land Corporation acquired 228 acres of farmland in Dorchester County, Maryland.

How much was the farmland acquisition by Gladstone Land Corporation?

The acquisition cost was $1.6 million.

What is the duration of the lease agreement with the tenant?

The lease agreement with the tenant is for 10 years.

How many farms does Gladstone Land Corporation currently own?

Gladstone Land Corporation currently owns 139 farms.

What is the total value of all farms owned by Gladstone Land Corporation?

The total value of Gladstone Land's farms is approximately $1.2 billion.