Gladstone Land enters third of three lease renewals Gladstone Land announced that it has entered into the third of three lease renewals over the course of the previous nine months, all at an increase in rental rates. The renewal terms range from six to nine years, with an average increase in annual straight-line rental income of 21.0%. The aggregate increase in rental income will be approximately $470K per year. Each lease also has a reset provision to market rates at various times over its term.
Gladstone Land acquires two farms for $15.8M Gladstone Land announced that it has acquired 2,668 acres of land with 1,664 farmable acres in Hendry County, Florida, for approximately $15.8M. The company entered into a 5-year lease agreement with a leading grower and marketer of fresh vegetables. The lease provides for annual escalations and two 5-year extension options.