Gladstone Land acquires vineyards in Washington and Oregon


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MCLEAN, Va. /ACCESSWIRE/July 25, 2022/ Gladstone Land Corporation (Nasdaq: LAND) (“Gladstone Land” or the “Company”) announced that it had acquired 1,317 gross acres of farmland located in Washington State and Oregon, for approximately 37.3 million from Horizon Vineyards (“Horizon”), an affiliate of Resource Land Holdings (“RLH”), headquartered in Denver, Colorado. As part of the acquisition, Gladstone Land also took on several long-term triple vineyard leases with an industry-leading producer.

“We are very pleased to acquire these vineyards with strong water resources,” said Tony Marci, General Manager of Gladstone Land. “The vineyards are managed by an exceptional tenant who produces top quality wine grapes for his long list of customers. It was great to work with RLH throughout this transaction as we were able to achieve the goals of all parties involved.”

Joe Leininger, Founding Partner of Resource Land Holdings, said, “RLH has greatly valued its partnership with the team that manages these vineyards, and we look forward to seeing them continue to expand their brand and further solidify their reputation as a leader in the world. within the industry. We have had the pleasure of working with Gladstone Land on several occasions over the past year and know that they will be an outstanding long-term partner to the existing operator for many years to come.”

“The purchase of vineyards in Washington State and Oregon adds to the diversification of our farmland, both by crop type and by geographic region,” said David Gladstone, President and CEO. of Gladstone Land. “We are impressed with the quality of these vineyards, as they are well maintained, and the progressive replanting plan put in place by the tenant keeps the varieties in line with customer demand. We continue to evaluate other farms to acquire as we work towards another successful year.”

About Gladstone Land Corporation:

Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and agriculture-related properties located in major agricultural markets in the United States and leases its properties to unrelated third-party farmers . The company, which publishes the aggregate fair value of its farmland on a quarterly basis, currently owns 169 farms, comprising more than 115,000 acres in 15 different states and 45,000 acre-feet of banked water in California, valued at a total over $1.5. billion. Gladstone Land’s farms are primarily located in areas where its tenants can grow annual row crops of fresh produce, such as berries and vegetables, which are typically planted and harvested each year. The Company also owns farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, olives, pistachios and other orchards, as well as blueberries and vineyards, which are generally planted every 10 to 20+ years and harvested. annually. Approximately 40% of the company’s fresh produce acreage is either organic or in transition to organic, and more than 10% of its permanent crop acreage falls into this category. The Company may also acquire assets related to agriculture, such as cooling facilities, processing buildings, packaging facilities and distribution centers. Gladstone Land pays monthly distributions to its shareholders and has paid 113 consecutive monthly cash distributions on its common stock since its IPO in January 2013. The company has increased its common distributions 27 times over the previous 30 quarters, and the price current per share distribution on its common stock is $0.0456 per month, or $0.5472 per year. Additional information, including detailed information on each of the Company’s farms, can be found at www.gladstoneland.com.

Landlords or brokers who have farmland for sale in the United States should contact:

Lenders interested in providing the company with long-term farmland financing should contact Jay Beckhorn at (703) 587-5823 or [email protected].

For information about Gladstone Land shareholders, call (703) 287-5893. For investor relations inquiries regarding any of Gladstone’s monthly dividend-paying funds, please visit www.GladstoneCompanies.com.

About land resources:

Founded in 1998, Resource Land Holdings (RLH) is a natural resource-focused real estate investment firm that has acquired assets spanning agriculture, timber, mining and environmental offsets. Frequently, RLH invests alongside owners and operators; allowing RLH to have made over 80 separate equity investments since its inception and to have acquired over 800,000 acres of natural resource real estate. RLH has raised approximately $830 million in equity commitments to date and targets investments with total deal sizes between $15 million and $100 million.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

All statements contained in this press release, other than historical facts, may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange. Act of 1934, as amended. . Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates” and variations of the preceding words and similar expressions are intended identify forward-looking statements. Readers should not rely on forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the business, financial condition, liquidity, results of operations, funds from operations or the prospects of the Company differ materially from those expressed in or implied by such statements. These risks and uncertainties are disclosed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Form 10-K”), as filed with the SEC on February 22. , 2022, and certain other documents filed with the SEC from time to time. The Company cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For a definition of net asset value and a reconciliation to the most directly comparable GAAP measure, please see the company’s Form 10-K.

For further information: Gladstone Land, 703-287-5893

THE SOURCE: Gladstone Land Corporation

See the source version on accesswire.com:
https://www.accesswire.com/709636/Gladstone-Land-Acquires-Vineyards-in-Washington-and-Oregon

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