Gladstone Land Announces Gain on Sale of Two Florida Farms

Rhea-AI Summary

Gladstone Land Corporation (NASDAQ:LAND) has successfully sold two Florida farms for $21.5 million, achieving a significant 36% premium over the original purchase price from 2015. The investment generated a strong 13% internal rate of return for the company.

The company maintains a substantial presence in Florida with over 10,000 acres dedicated to fruit, vegetables, and sod production. While Gladstone Land typically follows a buy-and-hold strategy, management is open to strategic sales opportunities, particularly in the current high-interest-rate environment.

Positive

• Sale price represents a 36% premium over original purchase price
• Investment generated 13% internal rate of return
• Company maintains strong Florida presence with over 10,000 acres
• Strategic flexibility to capitalize on compelling valuations

Negative

• Reduction in total farmland holdings through property disposition
• Potential impact on rental income stream from disposed properties

MCLEAN, VA / ACCESS Newswire / August 27, 2025 / Gladstone Land Corporation (NASDAQ:LAND) ("Gladstone Land" or the "Company") announced that it has completed the sale of a property in Florida (consisting of two farms) for $21.5 million. The sale price represents a 36% premium over the original purchase price 10 years ago, and the investment generated a 13% internal rate of return for the Company.

"This property was acquired as a turn-key investment in 2015 through a purchase from a large landholder in Southwest Florida," said Brett Smith, Director of the Southeastern U.S. at Gladstone Land. "In June, we received an offer to purchase the property at a compelling valuation and elected to proceed with the sale. Florida remains an important market for us, as we still own over 10,000 acres dedicated to the production of fruit, vegetables, and sod."

"Our strategy is generally to buy and hold properties for the long term; however, we are willing to listen to offers for our farms if the price is right and we believe it to be in the best interest of the Company and its shareholders," said David Gladstone, President and CEO of Gladstone Land. "With interest rates remaining high, we continue to explore alternative options with certain of our farms, including some strategic sales."

About Gladstone Land Corporation:
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. The Company, currently owns 148 farms, comprised of over 100,000 acres in 15 different states and over 55,000 acre-feet of water assets in California. 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, blueberries, figs, olives, pistachios, and wine grapes, which are generally planted every 20-plus years and harvested annually. Over 30% of the Company's fresh produce acreage is either organic or in transition to become organic, and nearly 20% of its permanent crop acreage falls into this category. Gladstone Land pays monthly distributions to its stockholders and has paid 150 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The current per-share distribution on its common stock is $0.0467 per month, or $0.5604 per year. Additional information, including detailed information about each of the Company's farms, can be found at www.GladstoneLand.com.

Owners or brokers who have farmland for sale in the U.S. or those looking to buy farms should contact:

• Western U.S. - Bill Reiman at (805) 263-4778 or Bill.R@GladstoneLand.com;

• Mid-Atlantic and Midwest U.S. - Joey Van Wingerden at (703) 287-5914 or Joe.V@GladstoneLand.com; or

• Southeastern U.S.- Brett Smith at (703) 287-5837 or Brett.S@GladstoneLand.com.

Lenders who are interested in providing Gladstone Land with long-term financing on farmland should contact Jay Beckhorn at (703) 587-5823 or Jay.Beckhorn@GladstoneCompanies.com.

For stockholder information on Gladstone Land, call (703) 287-5893. For Investor Relations inquiries related to any of the monthly dividend-paying Gladstone funds, please visit www.GladstoneCompanies.com.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS:
All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of the foregoing words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause Gladstone Land's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the "Form 10-K"), as filed with the SEC on February 19, 2025, and certain other documents filed with the SEC from time to time. Gladstone Land cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

For a definition of net asset value and a reconciliation to the most directly comparable GAAP measure, please see the Company's Form 10-K.

For further information: Gladstone Land, (703) 287-5893

SOURCE: Gladstone Land Corporation

View the original press release on ACCESS Newswire

FAQ

What was the sale price of Gladstone Land's Florida farms in 2025?

Gladstone Land (NASDAQ:LAND) sold the two Florida farms for $21.5 million, representing a 36% premium over the original purchase price from 2015.

What return did Gladstone Land generate from the Florida farms sale?

The investment generated a 13% internal rate of return for Gladstone Land over the approximately 10-year holding period.

How many acres does Gladstone Land still own in Florida after the sale?

After the sale, Gladstone Land still owns over 10,000 acres in Florida, dedicated to the production of fruit, vegetables, and sod.

Why did Gladstone Land decide to sell these Florida properties?

Gladstone Land received a compelling valuation offer in June and decided to proceed with the sale, citing high interest rates and strategic considerations for shareholders' best interests.

What is Gladstone Land's typical property investment strategy?

Gladstone Land generally follows a buy-and-hold strategy for properties long-term, but will consider sales when pricing is attractive and aligns with shareholder interests.