MCLEAN, VA - Gladstone Land Corporation announced that it has completed the sale of a property in Florida (consisting of five farms) for $52.5 million. The investment in this property provided a 112 percent return on equity invested, and the sale resulted in a net capital gain for the company.

"This property was acquired less than seven years ago through a purchase from a large landholder in Immokalee, Florida," said Brett Smith, Director of the Southeastern U.S. at Gladstone Land. "In late 2024, we received an offer to purchase the property at a compelling valuation and elected to proceed with the sale. We still own over 13,000 acres of farmland in Florida."

"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 Chief Executive Officer of Gladstone Land, in a press release. "We intend to use a portion of the proceeds from this sale to retire approximately $19 million of debt on the property that was scheduled for an interest rate repricing later this year.

"In the past, we focused on holding farms for the long term and leasing them in exchange for cash rental payments," Gladstone continued. "However, with interest rates remaining high, we are exploring alternative options with certain of our farms, including some strategic sales and, at times, entering into agreements where we finance a portion of the planting, growing, and harvesting costs on certain farms in exchange for receiving a larger share of the resulting crop sales."