Land company buys Delmarva farmland for $7.4 million

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A publicly traded company that buys up and rents out farmland hasacquired 939 acres in Maryland’s Eastern Shore and Delaware for approximately $7.4 million.

A release from Gladstone Land stated that the farmland will be used primarily to grow vegetables and sod. In connection with the acquisition, Gladstone Land also entered into a 10-year lease agreement with a large sod and vegetable grower in the region.

“We are very excited about this opportunity to enter into a new region and partner with a great and diversified local grower,” said Joseph Van Wingerden, Director (Real Estate) at Gladstone Land. “We hope to continue to expand in the mid-Atlantic region and offer local farmers a chance to grow their acreage. The access to major cities and abundant water sources makes farms in this region extremely attractive.”

“With this acquisition, Gladstone Land now owns farms in 12 different states and 25 different growing regions across the U.S.,” said David Gladstone, CEO of Gladstone Land. “We are seeing increasing opportunities in this region for high-value farmland growing potatoes, peppers, sod, and other high-value crops. We hope to be able to take advantage of certain of these opportunities to increase the overall diversification within the list of farms owned by the company.

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. and leases its properties to unrelated third-party farmers.

The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 116 farms, comprised of approximately 90,000 acres in 12 different states, valued at approximately $919 million.

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, figs, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, which are generally planted every 10 to 20-plus years and harvested annually.

Additional information, including detailed information about each of the Company’s farms, can be found at www.GladstoneFarms.com.

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