Gladstone Land Corp. has signed two separate purchase and sales agreements for a combined $58 million for the acquisition of a total of 11 farming properties across five U.S. states.

 

The first agreement is for the acquisition of five properties totaling 3,519 acres of irrigated cropland in California and Florida for $35 million. The second agreement is for six properties totaling 5,476 acres under signed non-binding letters of intent in Colorado, Florida, Georgia, and Nebraska for $23 million.

 

Gladstone Land is a real estate investment trust (REIT) that invests in U.S. row and permanent cropland that is then leased to corporate and independent farm operators. The company currently owns 34 farms totaling 8,789 acres, valued at $215 million across five U.S. states, and may acquire assets related to farming in the future such as storage, processing, packaging, and distribution facilities. Since its public listing in January 2013, the company has paid out 28 consecutive monthly distributions on its common stock.

 

Both acquisitions are scheduled to be completed within the next few months, however both are subject to the usual conditions, due diligence, and inspection actions necessary for these types of transactions.

 

“All the farms we own and are evaluating for purchase have very strong water sources and are in regions that, in our opinion, are at minimal risk of having any water restrictions imposed that would impact these farms,” said David Gladstone, President and CEO of the Company.

 

Upon closing however, these acquisitions will double Gladstone’s total acreage and will result in a jump in the company’s operating revenues.

 

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