Gladstone Acquires Two Farms For $11 Mln - Quick Facts

(RTTNews) - Gladstone Land Corp. (LAND) said it has acquired two farms, consisting of 2,559 acres of farmland with 2,101 pivot-irrigated farmable acres, in Rock and Holt Counties, Nebraska, for about $11.0 million.

The company entered into a leaseback agreement with the seller for a 3-year lease that provides for annual rent escalations.

In addition, the company announced the issuance of two $3.3 million, 3-year, interest-only bonds, each with a fixed interest rate of 2.375 percent. The bonds were issued under the company's $75.0 million facility with Federal Agricultural Mortgage Corp.