MCLEAN, VA / ACCESSWIRE / January 16, 2024 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has completed the sale of a farm in Florida for approximately $65.7 million. The investment in this farm provided a 60% return on equity, and the sale price reflected a 22% increase over the original purchase price.

"We acquired this property seven years ago through a sale-leaseback with a large vegetable operation. In 2023, we received an offer to purchase the property at a compelling valuation and elected to proceed with the sale. We still own nearly 3,500 acres of farmland that is contiguous to this property being sold, and we plan to hold that property for years to come," said Bill Frisbie, Executive Vice President of Gladstone Land.

"Our strategy is generally to buy and hold for the long term, but occasionally we receive an offer that warrants serious consideration. We intend to use a portion of these proceeds to retire $16 million of debt, as well as for other general corporate purposes. Overall, prices of farmland continue to grow over long-term holding periods, and we believe this is yet another transaction that demonstrates this thesis," said David Gladstone, President and CEO of Gladstone Land.

About Gladstone Land Corporation:
Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. The Company currently owns 168 farms, comprised of approximately 112,000 acres in 15 different states and over 45,000 acre-feet of banked water in California, valued at a total of over $1.5 billion. Gladstone Land's farms are predominantly located in regions where its tenants are able to grow fresh produce annual row crops, such as berries and vegetables, which are generally planted and harvested annually. The Company also owns farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, which are generally planted every 20-plus years and harvested annually. Approximately 40% of the Company's fresh produce acreage is either organic or in transition to become organic, and over 10% of its permanent crop acreage falls into this category. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land pays monthly distributions to its stockholders and has paid 131 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The Company has increased its common distributions 33 times over the prior 36 quarters, and the current per-share distribution on its common stock is $0.0465 per month, or $0.558 per year. Additional information, including detailed information about each of the Company's farms, can be found at www.GladstoneLand.com.