Gladstone Land Buys 165 Acres of Farmland in Oregon

Gladstone Land Corporation (Nasdaq: LAND), a publicly traded real estate investment trust and sponsor of non-traded preferred stock offerings, has purchased 165 acres of farmland near Milton-Freewater, Oregon.

Gladstone Land Corporation (Nasdaq: LAND), a publicly traded real estate investment trust and sponsor of non-traded preferred stock offerings, has purchased 165 acres of farmland near Milton-Freewater, Oregon for approximately $2.4 million.

In connection with the acquisition, Gladstone Land said that it entered into a 10-year, triple-net lease agreement with an existing tenant “who is a leader in the wine industry.”

Tony Marci, managing director for Gladstone Land, said that the tenant will plant a vineyard on the land, which is located within the Walla Walla Valley American Viticultural Area.

“This land, with established water rights, will be a great addition to our portfolio,” said David Gladstone, president and chief executive officer. “We are pleased to expand the relationship with our tenant and help them to continue providing premium wines to their customers.”

Founded in 1997, Gladstone Land invests in farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers.

In April 2020, Gladstone Land launched its $500 million, 6.00% Series C Cumulative Redeemable Preferred Stock offering, with shares priced at $25.00 each. The REIT’s Series B preferred stock listed on Nasdaq under the ticker “LANDO” in October 2020 after raising $150 million between May 2018 through March 2020.

Gladstone Land currently owns 162 farms, comprised of approximately 109,000 acres in 15 different states and 45,000 acre-feet of banked water in California, valued at approximately $1.4 billion.

Gladstone Land pays monthly distributions to its stockholders and said that it has paid 105 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The company has increased its common distributions 24 times over the prior 27 quarters, and the current per-share distribution on its common stock is $0.0452 per month, or $0.5424 per year.

For more Gladstone news, please visit their directory page.