Gladstone Land Corporation (Nasdaq: LAND) has announced the retirement of Terry Lee Brubaker as Chief Operating Officer, effective December 2, 2024. Following his departure, Michael LiCalsi, the General Counsel and Secretary, will assume certain additional operational responsibilities, while Gladstone Management conducts a national search for a Chief Investment Officer to fill Brubaker’s investment committee responsibilities.
Gladstone Land was founded in 1997 and is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties in major agricultural markets in the U.S. The company currently owns 168 farms, comprising approximately 112,000 acres in 15 different states and nearly 54,000 acre-feet of water assets in California, valued at a total of approximately $1.5 billion.
The company’s farms are predominantly located in regions where its tenants grow fresh produce annual row crops, such as berries and vegetables, as well as permanent crops like almonds, apples, cherries, figs, lemons, olives, pistachios, and other orchards, along with blueberry groves and vineyards. Notably, about 30% of the company’s fresh produce acreage is either organic or in transition to become organic, and nearly 20% of its permanent crop acreage falls into this category.
Gladstone Land pays monthly distributions to its stockholders and has paid 141 consecutive monthly cash distributions on its common stock since its initial public offering in January 2013. The company has increased its common distributions 35 times over the prior 39 quarters, and the current per-share distribution on its common stock is $0.0467 per month, or $0.5604 per year.
Additionally, Gladstone Land has farms growing permanent crops, such as almonds, apples, cherries, figs, lemons, olives, pistachios, and other orchards, as well as blueberry groves and vineyards, which are generally planted every 20-plus years and harvested annually.
For further information, interested parties are encouraged to visit the company’s website at www.GladstoneLand.com. The market has reacted to these announcements by moving the company's shares 0.2% to a price of $11.99. If you want to know more, read the company's complete 8-K report here.
