Gladstone Land Reports No Damage to Farms from California Wildfires

Rhea-AI Summary

Gladstone Land (Nasdaq:LAND) reported that its California farms remain unaffected by recent wildfires in the southern part of the state. The company confirmed that all its permanent crop farms in California are protected by insurance policies covering both crops and potential income loss, whether through the company itself or its tenant-farmers.

Executive VP Bill Reiman emphasized that while their farms typically face low wildfire risk, they maintain constant vigilance to protect their assets. CEO David Gladstone explained that their farms' locations in farming plains, typically separated from hills by large bodies of water and having minimal brush, contribute to their lower risk profile compared to the hill and mountain areas where wildfires usually occur.

Positive

• All permanent crop farms are insured against crop and income loss
• Farms strategically located in low-risk areas for wildfires
• No damage reported to any company farms from recent wildfires

Negative

• None.

News Market Reaction

+3.23%

1 alert

+3.23% News Effect

On the day this news was published, LAND gained 3.23%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MCLEAN, VA / ACCESS Newswire / January 27, 2025 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") announced that none of its California farms have been impacted by the recent wildfires that have occurred in the southern part of the state. The Company further notes that all of its farms in the state growing permanent crops are insured by the Company or its tenant-farmers under policies that would cover both the crops and any potential loss of crop income.

"Our hearts and prayers go out to all of those who were negatively affected by the recent wildfires in California," said Bill Reiman, Executive Vice President of Gladstone Land. "Our farms typically have low risk of being damaged from wildfires; however, we are always on alert and ready to react should action be required to protect our assets. We also stand ready to help our neighbors and communities should we be in a position to do so."

"Wildfires in California generally occur in the hills and mountains where the brush is," said David Gladstone, President and CEO of Gladstone Land. "Our farms are mostly located in the farming plains that are far below the hills, usually separated by large bodies of water, and there is very little brush to burn there."

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. 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 157 farms, comprised of approximately 111,000 acres in 15 different states and over 55,000 acre-feet of water assets in California, valued at a total of approximately $1.4 billion. 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, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, which are generally planted every 20-plus years and harvested annually. Approximately 30% of the Company's fresh produce acreage is either organic or in transition to become organic, and over 20% of its permanent crop acreage falls into this category. The Company may also acquire property related to farming, such as cooling facilities, processing buildings, packaging facilities, and distribution centers. Gladstone Land pays monthly distributions to its stockholders and has paid 143 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. 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, 2023 (the "Form 10-K"), as filed with the SEC on February 20, 2024, 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

How were Gladstone Land's (LAND) California farms affected by the recent wildfires?

Gladstone Land reported that none of its California farms were impacted by the recent wildfires in the southern part of the state.

What insurance coverage does Gladstone Land (LAND) have for its California farms?

All of Gladstone Land's permanent crop farms in California are insured either by the company or its tenant-farmers, with policies covering both crops and potential loss of crop income.

Why are Gladstone Land's (LAND) farms at lower risk for wildfires?

The farms are located in farming plains far below hills, separated by large bodies of water, and have very little brush, making them less susceptible to wildfires compared to hill and mountain areas.

What protective measures does Gladstone Land (LAND) have in place for wildfire threats?

While their farms typically have low wildfire risk, the company maintains constant vigilance and readiness to protect their assets when necessary.