MCLEAN, VA - Gladstone Land Corporation has announced it has recently entered into two purchase and sale agreements to purchase a total of five farms for approximately $35 million. These five farms include 3,519 aggregate acres of irrigated cropland in both California and Florida, and are expected to sell at a price of nearly $9,446.01 per acre. 

"All the farms we own and are evaluating for purchase have very strong water sources and are in regions that, in our opinion, are at minimal risk of having any water restrictions imposed that would impact these farms," said David Gladstone, President and CEO of the Company. "If we are able to complete these mentioned transactions, it would double our total acreage and provide a strong boost to our operating revenues.  We are encouraged by the year to date results of acquisition efforts."

The company also has its eyes on six additional properties that total 5,476 acres. These six locations are currently under signed non-binding letters of intent, and are throughout Colorado, Florida, Georgia and Nebraska. While the purchase price is continuing to be evaluated, it should be worth approximately $23 million, or nearly $4,200.15 per acre, according to a press release. 

The company is working towards completing these transactions within the next couple of months; however, each purchase is subject to customary conditions and termination rights for transactions of this type, including a due diligence-inspection period, and there can be no assurance that these acquisitions will be consummated.

Gladstone Land Corporation