Source: Gladstone news release
Gladstone Land Corporation (NASDAQ: LAND) (“Gladstone Land” or the “Company”) announced that it has acquired a 695-acre farm in Lincoln County, Nebraska, for $2.4 million. The farm consists of 600 tillable acres rotated between popcorn, edible beans, and potatoes and is irrigated with three on-site wells and recently-updated pivots and electrical panels. Upon acquisition, Gladstone Land entered into a long-term lease agreement with the seller, Malmkar Farms of Grant, Nebraska.
“This farm is located in an area of Nebraska known for good water and specialty crop production,” said Bill Hughes, Managing Director of Gladstone Land. “We look forward to opening up this new region and adding edible beans and popcorn to our already diverse crop portfolio. We anticipate our relationship with such a respected and established operator as Malmkar Farms will provide us with opportunities to add even more acres of specialty crops to our holdings.”
“This is the first of what we hope will be many new acquisitions during 2019,” said David Gladstone, President and CEO of Gladstone Land.
“This farm has good water, grows some specialty crops that aren’t as volatile in pricing as certain other types of crops in the region, such as corn, and add another established and long-term operator to our list of farm tenants. We believe these factors combine to make this acquisition a relatively safe investment that will be accretive to our company and its shareholders, allowing us to continue our goal of frequently increasing the distributions on our common stock. We look forward to more good things to come in 2019,” said Gladstone.