MCLEAN, Va., June 29, 2015 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq:LAND) (the "Company") announced today that it has acquired 2,668 acres of land with 1,664 farmable acres in Hendry County, Florida, for approximately $15.8 million. The Company entered into a 5-year lease agreement with a leading grower and marketer of fresh vegetables. The lease provides for annual escalations and two 5-year extension options.
"We are privileged to expand into another growing region in the Southeast with a highly regarded vegetable grower as our tenant partner," said Bill Frisbie, Managing Director at the Company. "We now own 36 farms across the U.S. that produce a variety of high-value fruits and vegetables."
About Gladstone Land Corporation:
Gladstone Land is a real estate investment trust that pays monthly distributions to its stockholders. The Company invests in farmland located in major agricultural markets in the United States that it leases to corporate and independent farmers and intends to report the current value of its farmland on a quarterly basis. As of March 31, 2015, the net asset value of the Company was $13.91 per share. The Company currently owns 36 farms, comprised of 11,457 acres in 5 different states across the U.S., valued at approximately $231 million. Its acreage is predominantly concentrated in locations where its tenants are able to grow row crops, such as berries and vegetables, which are planted and harvested annually or more frequently, as well as permanent crops, such as blueberries. The Company also may acquire property related to farming, such as storage facilities utilized for cooling produce, processing buildings, packaging facilities and distribution centers. The Company has paid 28 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution is $0.04 per month, or $0.48 per year. Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.
Owners or brokers who have farmland for sale in the U.S. should contact:
Bill Frisbie at (703) 287-5839 or firstname.lastname@example.org – Eastern U.S.
Bill Reiman at (805) 263-4778 or email@example.com – Western U.S.
Bill Hughes at (618) 920-1287 or firstname.lastname@example.org – Midwest U.S.
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.Gladstone.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, 2014, as filed with the SEC on February 24, 2015. 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.
CONTACT: For further information: Gladstone Land, 703-287-5893
Source:Gladstone Land Corporation