December 20, 2021

By Lynda Kiernan, Global AgInvesting Media

Well, the way Gladstone Land has been on an investing spree, there’s no telling if this will be their last deal of the year, or not. 

Wrapping up a truly impressive year of portfolio expansion, Gladstone announced it has acquired 1,204 gross acres of farmland, including 975 farmable acres, north of Fort Myers, Florida, for approximately $7.4 million. 

In connection with the acquisition of the land, the company has entered into a five-year, triple-net lease agreement with the seller and current tenant.

Described by Gladstone as “versatile”, the land is currently being used to grow sod and melons, and to raise cattle. 

“We are very pleased to add this versatile property to our portfolio,” said Bill Frisbie, executive vice president, Gladstone Land. “Demand for farmable acreage in Florida continues to increase, and we are excited to partner with a very strong tenant who will manage the property well.”

This acquisition marks the eighth deal for Gladstone just since August, spanning everything from pistachio orchards, to blueberry operations, citrus groves, vineyards, ancillary facilities, and more.

Looking back at H2 2021, Gladstone continued to expand its holdings in the Mid-Atlantic region of the U.S., announcing its acquisition of 116 gross acres of farmland, including 100 acres of blueberry bushes along with a fresh packing and shipping facility in Hammonton, New Jersey, for approximately $2.2 million.

In mid-August the company closed on the acquisition of two blueberry farms in Kern County, California, and Yamhill County, Oregon. Both farms are 100 percent certified USDA organic, and both feature high-density plantings, shade structures to minimize inputs and to ensure the quality of the fruit, and both have advanced irrigation systems in place.

Within days, Gladstone announced that it had acquired two lemon and orange groves totaling 617 acres in South Florida for approximately $5.2 million. In connection with the deal, which marked the company’s first acquisition of groves in Florida, Gladstone entered into a 12-year leaseback agreement with the seller.

Then, days later, on August 24, Gladstone announced it had acquired 479 gross acres of farmland, including 460 planted acres of almonds, in Kern County, California, along with 5,000 acre-feet of stored water equal to about 1.6 billion gallons, located in the Semitropic Water Storage District water bank, for a total consideration of approximately $14.8 million.

By mid-October, the company shared that it had acquired 1,284 gross acres of farmland, including more than 1,200 acres of planted (partially organic) pistachio and almond orchards, in Kern County, California. 

The company also announced that the deal included 19,670 acre-feet of stored water, equal to 6.4 billion gallons, located within the Semitropic Water Storage District water bank for a total sum of approximately $43 million.

One month later, Gladstone expanded into a new state when it acquired 230 gross acres of farmland, including 175 acres of blueberry bushes and a fresh packing and shipping facility, near Homerville, Georgia, for approximately $2.9 million.

Two weeks later, the company was on the opposite side of the country, acquiring 165 gross acres of farmland located near Milton-Freewater, Oregon, on which the company plans to plant a vineyard, and most recently, in early December, Gladstone completed one of its largest deals, with the acquisition of 2,635 gross acres of farmland, including 1,776 acres planted in pistachios, near Lost Hills, California, for $88 million.

This year of expansion lifted the value of Gladstone’s portfolio to $1.5 billion. And with the closing of this latest deal, the company’s holdings now stand at 164 farms comprising approximately 113,000 acres across 15 different U.S. states.

“The acquisition of this farm adds to our existing properties in the Southeast and is another good, long-term investment for us,” said David Gladstone, president and CEO, Gladstone Land. “We have had a strong year in 2021 with acquisitions and look forward to another good year in 2022.”

– Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan-stone@globalaginvesting.com.