MCLEAN, Va., June 16, 2014 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced today that it has acquired a 145-acre farm in Watsonville, California for $5.9 million. The property has water on site and has been farmed for row crop fruits and vegetables for decades. In connection with the acquisition, the Company assumed a lease on the property with 28 months remaining with a large farming operation as the tenant.
"We are pleased to add another first-rate farm in California to our portfolio and partner with the existing farmers on a long-term basis. Our objective is to be a strategic real estate partner for farmers so they can secure their land for the long haul," said Bill Frisbie, Director at the Company. "We now own 24 farms across the U.S. that produce a variety of high-value fruits and vegetables."
"We are excited when an opportunity arises to add prime strawberry land to our existing farmland in the Watsonville region, and we will always maximize our efforts in attempting to complete such deals. We have great relationships with growers here, and we will always do what we can to provide our services to them in order to support a healthy industry," said Bill Reiman, Managing Director at the Company.About Gladstone Land Corporation : Gladstone Land is seeking to be a real estate investment trust that pays monthly dividends to its stockholders, and the Company intends to report the current value of its farmland on a quarterly basis. Gladstone Land invests in farmland located in major agricultural markets in the United States that it leases to corporate and independent farmers. The Company currently owns 6,345 acres on 24 farms in 5 different states across the U.S., appraised at an aggregate value of approximately $129 million. Its acreage is predominantly concentrated in locations where its tenants are able to grow row crops, such as berries and vegetables, which are planted and harvested annually or more frequently, as well as more permanent crops, such as blueberries. The Company also may acquire property related to farming, such as storage facilities utilized for cooling crops, processing plants, packaging facilities and distribution centers. The Company has paid 16 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. Additional information can be found at www.GladstoneLand.com . Owners or brokers who have farmland for sale in the United States should call (703) 287-5839.
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