November 3, 2015

Gladstone Land Corp. announced it has acquired 691 acres of farmland, including 390 acres of farmable acres in Hendry County, Florida for $3.8 million.

Under the terms of the deal, Gladstone Land agreed to a six-year lease agreement with a top grower and marketer of fresh vegetables regarding the property that includes options for yearly rent escalations and a single six-year extension.

"We are privileged to expand our acreage in the Immokalee farming region with a highly-regarded vegetable grower as our tenant-partner," said Bill Frisbie, Managing Director of the company's eastern division. "We now own 42 farms across the U.S. that primarily produce a variety of high-value fruits and vegetables. This property will be farmed for green beans and bell peppers.”

This purchase brings Gladstone’s portfolio to 42 farms, totaling 15,571 acres across six U.S. states, and brings the value of its land portfolio to $265 million. The bulk of its acreage is farmed by tenant farmers who grow row crops including berries and vegetables, but the company also holds land producing permanent crops including blueberries and almonds. Gladstone is also seeking to acquire assets that are related to agricultural production such as processing facilities, cold storage, packaging facilities, and distribution centers.

The company has now paid out 32 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013.