Home Alts News Gladstone Land Buys Pistachio Orchard in California

Gladstone Land Buys Pistachio Orchard in California

Gladstone Land Corporation (Nasdaq: LAND) buys 2,635 acres of farmland.

Gladstone Land Corporation (Nasdaq: LAND), a publicly traded real estate investment trust and sponsor of non-traded preferred stock offerings, has purchased 2,635 acres of farmland, including 1,776 planted acres of pistachios, located near Lost Hills, California, for $88 million.

In connection with the acquisition, Gladstone Land entered into a 10-year, triple-net lease agreement with the seller, who is an “established” farmer in the region.

“The acquisition of this pistachio orchard adds to our existing permanent crop farmland and is another good, long-term investment for us,” said David Gladstone, president and chief executive officer. “We have had a strong year in 2021 and look forward to another good year in 2022.”

In other recent news, Gladstone Land purchased 165 acres of farmland for a vineyard near Milton-Freewater, Oregon for approximately $2.4 million.

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.

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