Gladstone Land Corporation announced that it has acquired approximately 108,000 square feet of various cold storage and supporting facilities in Stockton, California. The facilities are primarily used for the cooling and storage of fresh organic and conventional blueberries. In connection with the acquisition, Gladstone Land entered into a 10-year lease agreement with the seller, who is an existing tenant of the Company.
"These facilities are critical to the tenant's local farming operations," said Joseph Van Wingerden, Director at Gladstone Land. "Blueberries need to be cooled very quickly after being harvested in order to preserve their quality. We are excited to continue our role as capital partners for our growers and expand our portfolio of both farmland and farm-related facilities in the fresh fruit and produce space."
"Gladstone Land has had two consecutive years of very strong growth, and we hope to continue that trend," said David Gladstone, President and CEO of Gladstone Land.
"We are also expecting another strong year from an operational standpoint. We have several additional farms that were purchased at the end of 2020 that had little impact on last year's financial results. In addition, we have more farms scheduled to pay participation rents later in 2021. We are hopeful that these additional participation rents, along with the higher margins achieved on our recent acquisitions, will allow us to further grow our adjusted funds from operations."
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