MCLEAN, Va., Aug. 09, 2017 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (NASDAQ:LAND) announced that it has acquired a 1,910-acre farm in Okeechobee, Florida, for $9.7 million. Upon acquisition, Gladstone Land entered into a 6-year lease agreement with Cabbage, Inc., for a 6-year, triple-net lease that includes two extension options.
"We are privileged to acquire more farmland in Florida and partner with Cabbage, Inc., a highly-regarded vegetable grower," said Bill Frisbie, Managing Director for the Company. "We now own 70 farms across the U.S., and we seek to continue building and diversifying our high-value agricultural portfolio."
"Cabbage Inc. is excited to partner with Gladstone Land on a long-term basis with this transaction," said David Hille, Chairman of Cabbage, Inc. "This property helps solidify our growing operation as the leading cabbage grower in the Eastern U.S."
"Gladstone Land has strong roots in the produce industry, making them a great resource for our real estate needs," added Randy Marcum, President of Cabbage, Inc.
"We like partnering with the best farm operators in the best growing regions in the country," said David Gladstone, President and CEO of Gladstone Land Corporation. "We have built our farmland portfolio on the thesis that continued growing demand for fresh fruits & vegetables and nuts will make the finite supply of farms that produce these crops more valuable over time."
About Gladstone Land Corporation:
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland located in major agricultural markets in the U.S., which it leases to farmers, and pays monthly distributions to its stockholders. The Company intends to report the current fair value of its farmland on a quarterly basis; as of June 30th, 2017, the estimated net asset value of the Company was $14.46 per share. Gladstone Land currently owns 70 farms, comprised of 60,687 acres in 8 different states across the U.S., valued at approximately $516 million. Its acreage is predominantly concentrated in locations where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are planted and harvested annually or more frequently; as well as permanent crops, such as almonds, blueberries, and pistachios, which are planted every 10 to 20-plus years. The Company also may acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land has paid 54 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013, and the current per-share distribution on its common stock is $0.044 per month, or $0.528 per year. Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.