Mar 15, 2018Gladstone Land buys Michigan blueberry farm for $2.1 million
McLean, Virginia-based Gladstone Land Corp. (NASDAQ:LAND) (“Gladstone Land” or the “Company”) has acquired a 176-acre blueberry farm in Van Buren County, Michigan, for $2.1 million. Upon acquisition, Gladstone Land entered into a 10-year, triple-net lease with True Blue Farms, one of the most prominent blueberry growers and marketers in the country. The property currently consists of approximately 100 planted acres of blueberries and is fully irrigated with access to multiple water sources.
“We are pleased to announce the acquisition of another excellent blueberry farm and to expand our relationship with True Blue Farms,” said Joseph Van Wingerden, senior associate of Gladstone Land. “Western Michigan offers fertile growing conditions due to the lake-effect climate and highly-productive soils. We hope to continue expanding our holdings in the region.”
“This acquisition adds another top-tier farm growing healthy produce to our portfolio,” said David Gladstone, president and CEO of Gladstone Land. “We look forward to continuing to build on our existing tenant-farmer partnerships during 2018. Our current acquisition backlog remains healthy, and we hope to be able to acquire several additional farms that grow a variety of crop types throughout the year.”
About Gladstone Land Corp.
Gladstone Land is a publicly-traded real estate investment trust that invests in farmland and farm-related properties located in major agricultural markets in the U.S., which it leases to farmers, and pays monthly distributions to its stockholders.
The company reports the current fair value of its farmland on a quarterly basis; as of Dec. 31, 2017, the estimated net asset value of the company was $13.96 per share. Gladstone Land currently owns 75 farms, comprised of 63,351 acres in nine different states across the U.S., valued at approximately $538 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 generally planted and harvested annually, as well as permanent crops, such as almonds, blueberries, and pistachios, which are planted every 10 to 20-plus years.
The company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land has paid 61 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution is $0.04425 per month, or $0.531 per year. Additional information can be found at www.GladstoneLand.com and www.GladstoneFarms.com.