MCLEAN, Va., Oct. 12, 2017 (GLOBE NEWSWIRE) — Gladstone Land Corporation (NASDAQ:LAND) (“Gladstone Land” or the “Company”) announced today that none of its farms or farm-related buildings in California have been impacted by the wildfires that are spreading in the northern part of the state.
“Our closest farms are well over 100 miles away from the edge of these fires and are separated by large bodies of water, so we do not believe they are at risk of being damaged by these wildfires,” said David Gladstone, President and CEO of Gladstone Land. “While our thoughts and prayers go out to those impacted by the wildfires, we are fortunate that our farms have remained unscathed, just as we were fortunate to escape damage on our Florida farms from the recent hurricanes and tropical storms. However, we stand ready to back our tenants should they need our help.”
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 reports the current fair value of its farmland on a quarterly basis; as of June 30, 2017, its estimated net asset value was $14.46 per share. Gladstone Land currently owns 73 farms, comprised of 63,074 acres in 9 different states across the U.S., valued at approximately $532 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 56 consecutive monthly…