For the first time since listing two years ago, U.S.-based Gladstone Land met a pledge made last year to raise its payout. The group, which has a $200 million portfolio of farmland in the U.S. west, Midwest, and in Florida, has raised its monthly payout by 0.5 cents to 3.5 cents, bringing its annual payout to 42 cents and lifting the yield to 3.9%. The increase has boost Gladstone past the important milestone of surpassing the average yield of real estate investment stocks of 3.7%. Much like rival Farmland Partners, Gladstone Land invests in farmland with the goal of gaining revenue from leasing it back to farmer/operators. However, Gladstone Land focuses on more capital intensive fruit and vegetable operations rather than row crop operations. The group’s latest acquisition – a 331 acre strawberry farm in California, was purchased for 17 million, or the equivalent of more than $50,000 per acre.
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