Gladstone Land Gives Replace On California Flooding

MCLEAN, VA / ACCESSWIRE / March 22, 2023 / Gladstone Land Company (NASDAQ:LAND) (“Gladstone Land” or the “Firm”) supplied the next enterprise replace in gentle of the current and ongoing flooding occurring in California.

California continues to expertise one among its wettest winters in recorded historical past, which has resulted in flood situations all through a lot of the state. Because of the flooding, one of many Firm’s farms suffered injury to sure of its buildings. The Firm continues to be within the technique of assessing the injury, however at the moment, it doesn’t consider the price of the repairs will exceed $1.0 million. As well as, the injury is predicted to be absolutely lined by both insurance coverage or the tenant’s obligations pursuant to the lease. Not one of the Firm’s different farms in California have been materially impacted by the floods.

“The influence of the continued flooding is being felt by growers all through the state,” stated Invoice Reiman, Government Vice President of Gladstone Land. “Some row crop and berry growers are taking a look at delays of their early-season revenues, and even losses in some instances. Nevertheless, in discussions with the vast majority of our growers within the state, most are taking it in stride and adjusting their planting schedules accordingly. Lots of our tenants, notably everlasting crop growers, are utilizing this chance to make the most of utilizing flood or floor water instead of groundwater and even deliberately flooding their fields for the good thing about restoring groundwater ranges.”

“Because of the current storms, most reservoirs throughout California are close to or in extra of their historic averages, and snowpack ranges are approaching or already exceeding all-time highs,” stated David Gladstone, President and CEO of Gladstone Land. “A lot of the state is now free from any drought designation. On a statewide foundation, the snowpack is greater than two occasions the historic common. This could lead to robust runoff this spring and will final into the summer season. Many reservoirs throughout the state are nearing capability and have begun to launch water in anticipation of further storms and snowmelt. We consider the State and Federal water challenge allocations, which had already been elevated, are prone to be elevated even additional. We consider flood flows will likely be out there to growers all through California for early-season use or to retailer in water banks for later use. This precipitation is nice information for the agricultural business throughout the state; nevertheless, we proceed to wish for many who have skilled loss because of the flooding.”

About Gladstone Land Company:

Based in 1997, Gladstone Land is a publicly traded actual property funding belief that acquires and owns farmland and farm-related properties positioned in main agricultural markets within the U.S. and leases its properties to unrelated third-party farmers. The Firm, which reviews the mixture truthful worth of its farmland holdings on a quarterly foundation, at present owns 169 farms, comprised of roughly 116,000 acres in 15 completely different states and 45,000 acre-feet of banked water in California, valued at a complete of roughly $1.6 billion. Gladstone Land’s farms are predominantly positioned in areas the place its tenants are in a position to develop contemporary produce annual row crops, resembling berries and greens, that are usually planted and harvested yearly. The Firm additionally owns farms rising everlasting crops, resembling almonds, apples, blueberries, cherries, figs, grapes, lemons, olives, and pistachios, that are usually planted each 20-plus years and harvested yearly. Roughly 40% of the Firm’s contemporary produce acreage is both natural or in transition to turn into natural, and over 10% of its everlasting crop acreage falls into this class. The Firm may additionally purchase property associated to farming, resembling cooling amenities, processing buildings, packaging amenities, and distribution facilities. Gladstone Land pays month-to-month distributions to its stockholders and has paid 121 consecutive month-to-month money distributions on its widespread inventory since its preliminary public providing in January 2013. The Firm has elevated its widespread distributions 29 occasions over the prior 32 quarters, and the present per-share distribution on its widespread inventory is $0.0459 per 30 days, or $0.5508 per 12 months. Further info, together with detailed details about every of the Firm’s farms, will be discovered at www.GladstoneLand.com.

Homeowners or brokers who’ve farmland on the market within the U.S. ought to contact:

Lenders who’re occupied with offering Gladstone Land with long-term financing on farmland ought to contact Jay Beckhorn at (703) 587-5823 or [email protected].

For stockholder info on Gladstone Land, name (703) 287-5893. For Investor Relations inquiries associated to any of the month-to-month dividend-paying Gladstone funds, please go to www.GladstoneCompanies.com.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:

All statements contained on this press launch, apart from historic details, might represent “forward-looking statements” inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. Phrases resembling “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” and variations of the foregoing phrases and comparable expressions are supposed to establish forward-looking statements. Readers mustn’t rely on forward-looking statements as a result of the issues they describe are topic to identified and unknown dangers and uncertainties that might trigger Gladstone Land’s enterprise, monetary situation, liquidity, outcomes of operations, funds from operations or prospects to vary materially from these expressed in or implied by such statements. Such dangers and uncertainties are disclosed underneath the caption “Threat Elements” of the Firm’s Annual Report on Kind 10-Ok for the fiscal 12 months ended December 31, 2022 (the “Kind 10-Ok”), as filed with the SEC on February 21, 2023, and sure different paperwork filed with the SEC now and again. Gladstone Land cautions readers to not place undue reliance on any such forward-looking statements, which converse solely as of the date made. The Firm undertakes no obligation to publicly replace or revise any forward-looking statements, whether or not because of new info, future occasions, or in any other case, besides as required by legislation.

For a definition of web asset worth and a reconciliation to probably the most straight comparable GAAP measure, please see the Firm’s Kind 10-Ok.

For additional info: Gladstone Land, (703) 287-5893

SOURCE: Gladstone Land Company

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