Gladstone Land Corporation has signed agreements to acquire five farms encompassing 3,522 acres of irrigated cropland in California and Florida for $45 million, and has non-binding letters of intent to purchase three additional properties totaling 2,300 acres for $39 million. The company plans to close the deals within the coming months upon the completion of due diligence and inspections. Once completed, these deals would increase the total acreage owned by Gladstone by 50%. Gladstone currently owns 6,833 acres on 28 farms across five U.S. states valued at $144 million. The land is concentrated in both row and permanent crops which the company leases to corporate and independent farmers.
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