MCLEAN, VA - Earlier this month, Gladstone Land Corporation launched a new program and committed over $100 million in cash to back farmers through several different types of transactions. Clearly attracting new partnerships through the announcement, the company most recently acquired roughly 230 gross acres of farmland near Homerville, Georgia, for around $2.9 million.

"High-quality farmland with access to plentiful water is becoming increasingly scarce," said David Gladstone, President and Chief Executive Officer. "We are pleased to continue our mission of securing the most productive farmland for our grower-partners, especially as we see rising inflation beginning to have a significant impact of the price of farmland and produce across the country."

The acquisition includes 175 acres of blueberry bushes and a fresh packing and shipping facility. In connection with the acquisition, Gladstone entered into a 15-year lease agreement with a regional farmer who is part of a national berry marketing group, a press release noted.

Gladstone acquires and owns farmland and farm-related properties located in major ag markets in the United States, leasing its properties to unrelated third-party farmers. The company currently owns 162 farms, comprised of approximately 109,000 acres in 15 different states.

"We are very excited to make our first acquisition in Georgia, which plays an integral role in supplying fresh blueberries across the eastern U.S. in the late spring and summer months," said Bill Frisbie, Executive Vice President for Gladstone Land. "We look forward to expanding in Georgia with additional fruit and vegetable farmland purchases."

What other transactions will follow this acquisition? Stay tuned as we report.

Gladstone Land Corporation