Gladstone Land Announces Winning a $17M Farm at Auction

Gladstone Land Corporation

(the "Company") announced today that it won, at a public auction, the right to acquire a 331-acre strawberry farm in Salinas, California, for approximately $17.0 million. The property, located in a premier agricultural region in Monterey County, has four wells on site with ample water and has excellent soil. The current tenant on the farm is one of the nation's largest shippers of fresh strawberries. The Company intends to finance this acquisition through its new facility with Federal Agricultural Mortgage Corporation ("Farmer Mac"). The acquisition is expected to close early in January 2015. "We were very pleased to win the auction to buy this farm," said David Gladstone, Chairman of the Company. "With the continued growth of our portfolio and increase in borrowing facilities, we are able to take on larger transactions, as evidenced by this acquisition potentially marking the third farm purchase greater than $13 million that we will have closed in the past four months. We continue to see a number of excellent opportunities on the near-term horizon that we hope to be able to take advantage of. As mentioned in an earlier press release, we believe that the additional income from our recent farm acquisitions will allow the board to consider an increase in the dividend from its current rate of $0.03 per share per month, or $0.36 per year, in early 2015."